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08-06-2011, 10:15 AM
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#29
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Senior Member
Join Date: Jul 2009
Posts: 466
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On my car, the dealer offered me a better price if I financed it. I agreed, made one payment then paid it off.
Jim E
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08-06-2011, 10:27 AM
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#30
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Senior Member
Winnebago Owners Club Coastal Campers
Join Date: Oct 2009
Location: Marathon, Florida
Posts: 2,909
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Paid cash for the last MH but couldn't quite squeeze the full amount for this one. Put down a big chunk and paid it off in a year.
At one point the house we owned still had a mortgage but we had enough cash to pay it off so we asked our tax guy if it was a better deal to pay it off or take the deduction. He said it is like 2/3 to the bank or 1/3 to Uncle Sam. Did cash for current sticks and bricks.
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Mark & Nancy
2004 Winnebago Vectra 40KD
Shep dog, R.I.P. Kenzie dog Toad 2015 Jeep Wrangler Willys Wheeler
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08-06-2011, 11:16 AM
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#31
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Senior Member
Forest River Owners Club Freightliner Owners Club
Join Date: Apr 2011
Location: Florida / Georgia / Michigan
Posts: 481
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Quote:
Originally Posted by Dave and Jaime
On the other hand, I have read many times where car dealers, in particular, may have arrangements with lenders and get a commission or kickback from lenders to whom they steer buyers. So, when they calculate their net profit on the deal they also figure what they will get from the bank, as part of it, if you indicate you will be financing. (Sometimes the "bank" may be the franchise's financial institution, like GMAC).
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Auto and RV dealers have at least 3 profit centers for themselves. The sale of the unit, The financing of the unit and the service department. Right now unit sales are the lowest margin profit centers (Unless you get taken). If your going to finance, get with your bank, and take the dealer a pre-approved line of credit letter, stating the amount your approved for on the coach you want to buy. If they want to arrange financing for you then tell them sure but you must beat the pre-approved financing! More often than you think they can beat what you've arranged just because they buy blocks of credit at discounted rates. They offer you a rate that may be 1/2 percent higher than the buy rate for their block of credit. Guess who get the extra 1/2%. Tell them you want your APR at their buy rate!
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Marc & Jan
Molly, Abby & Katie | The Cocker K-9 Kids!|Toad 2014 Cadillac SRX
2012 Berkshire 360FWS, Brake Buddy Vantage|Wineguard Travler SK-3005 |TST 507 TPMS
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08-06-2011, 07:34 PM
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#32
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Senior Member
Join Date: Nov 2008
Location: Bakersfield CA
Posts: 259
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Quote:
Originally Posted by MickBrennan
You get a MUCH better deal with a pile of Benjamins.
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Many dealers like to 'help' arrange or provide the financing, and will give you a better deal when they can 'help'.
CarlGeo
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08-06-2011, 07:46 PM
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#33
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Senior Member
Solo Rvers Club iRV2 No Limits Club
Join Date: Feb 2011
Location: Yuma County, AZ
Posts: 10,868
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I put 70% down and paid off the balance 2 months later. I needed to pick up my new MH before enough cash was ready to come out of my investment acct without penalty. I asked my financial advisor if I should keep the loan for the 5 year term or pay it off. He said pay it off.
In the current economy it feels good to be debt free and the fewer payments I have to make each month, the better my mood.
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Barb (RVM18) with Morkies Lily & Bebe RIP Sena FMCA#F466348
"Homer" ‘11 Shasta Cynara, pulling "Ranger" '97 Ford Ranger toad
The Journey is Our Destination. Full-timer May 2011 - July 2021
[SIGPIC][/SIGPIC]
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08-06-2011, 08:00 PM
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#34
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bnb1313@aol.com
Monaco Owners Club
Join Date: Feb 2008
Location: Western Montana on the Divide
Posts: 1,561
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Cash, no question.
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Bob Retired Army Traveling alone now, had to put Charlie the Beagle down :(.
2008 Camelot 40 PDQ 4 slides ISL400 towing a 2020 1500 GMC Sierra Denali 4x4 Crewcab
Western MT in summer, AZ, NV in winter
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