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Old 07-10-2012, 08:44 PM   #15
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Quote:
Originally Posted by markhansen
I just purchased a 2007 Tiffin and finaced w/ BOA at a fixed rate under 5% APR
How much down and how many years, and did they base the value for the loan on what?
Thanks
Tom
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Old 07-10-2012, 09:16 PM   #16
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I am in Alabama, will they finance for 20 yrs? I want to finance for 20 yrs with the intentions of paying the loan off early.
Thanks
Tom
I think you better check your numbers very closely. Commiting to a double decade loan on an item that bleeds depreciation with every passing day... being upside down in a motorhome is not something Suze Ormand would suggest. (unless of course its her motorhome to sell)

Either way thats ALOT of principle to dump a "down" payment onto.
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Old 07-10-2012, 09:30 PM   #17
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Originally Posted by WeatherTodd

I think you better check your numbers very closely. Commiting to a double decade loan on an item that bleeds depreciation with every passing day... being upside down in a motorhome is not something Suze Ormand would suggest. (unless of course its her motorhome to sell)

Either way thats ALOT of principle to dump a "down" payment onto.
I fully understand what you are saying, however I can't afford the payment on a 10 year loan. I am purchasing the unit already discounted 40% from a new unit, the unit is a 2011 with less than 3000 miles.
Tom
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Old 07-11-2012, 06:58 AM   #18
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Is this purchase from a private party or a dealer? I shopped around looking at rates before we just got our new rig. However, our dealer was able to do much better than I could as an individual in terms of the rate. Just a thought there...
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Old 07-11-2012, 07:15 AM   #19
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I fully understand what you are saying, however I can't afford the payment on a 10 year loan. I am purchasing the unit already discounted 40% from a new unit, the unit is a 2011 with less than 3000 miles.
Tom
my calcs put it around $600/month more for 1/2 the time.
If the unit has been previously titled...most institutions will consider it "used" and therefore extremely hard to qualify a longer term.
On the flip side I have a friend that did a 20yr note on a new rig in 2009. Making his minimum payments and a lil extra resulted in him being ~$40k under water this year when he tried to sell it. (Asking $80k vs $35k ACV) Thats only 3yrs into a 20yr schedule with ~$10k extra in principal paid down.
And yes... he got a 23% discount off the MSRP and all those sale time schenanigans.

The lions share of interest is saved on the front of the loan. Especially with a large 6 figure amount.
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Old 07-11-2012, 07:49 AM   #20
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Originally Posted by WeatherTodd

my calcs put it around $600/month more for 1/2 the time.
If the unit has been previously titled...most institutions will consider it "used" and therefore extremely hard to qualify a longer term.
On the flip side I have a friend that did a 20yr note on a new rig in 2009. Making his minimum payments and a lil extra resulted in him being ~$40k under water this year when he tried to sell it. (Asking $80k vs $35k ACV) Thats only 3yrs into a 20yr schedule with ~$10k extra in principal paid down.
And yes... he got a 23% discount off the MSRP and all those sale time schenanigans.

The lions share of interest is saved on the front of the loan. Especially with a large 6 figure amount.
I understand, but I am planning a two year road trip and then maybe selling unit. If I pay around 155k for a 2011 and say in 2 yrs it is 3 yrs old I still can get a fairly good selling price if I maintain the coach, just a thought with alot of "if's" . I am on a limited budget and want to purchase a coach that is reliable.
Tom
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Old 07-11-2012, 11:27 AM   #21
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Look at a three or four year old unit. If your going to sell in two years you might recoup all your investment. If you buy a newer unit, you probable better off letting them repo it. Not saying that's the thing to do, just money wise, think about it.

Plus, you'll pick up a higher end model for less cost. The bugs probably already run out.

I picked up a 3 year old Newmar Essex in '09 for $209 and the Nada is still more than what I paid for it.

That's why I can't see buying a new one. New one lists for $731, want to sell it to me for $540 and next year this time it will be worth maybe $389
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Old 07-11-2012, 11:45 AM   #22
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Look at a three or four year old unit. If your going to sell in two years you might recoup all your investment. If you buy a newer unit, you probable better off letting them repo it. Not saying that's the thing to do, just money wise, think about it.

Plus, you'll pick up a higher end model for less cost. The bugs probably already run out.

I picked up a 3 year old Newmar Essex in '09 for $209 and the Nada is still more than what I paid for it.

That's why I can't see buying a new one. New one lists for $731, want to sell it to me for $540 and next year this time it will be worth maybe $389
Sorry I value my good credit too much to do the repo thing, and that's not something I would do anyway.i just don't believe this motorhome would drop in price more than 50k in 2 years.
Tom
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Old 07-11-2012, 04:07 PM   #23
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Why do people so easily talk about letting a motorhome go back to the bank like that? I know people do it with houses. It seems to me that there is a moral issue with this kind of action.

Steve
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Old 07-11-2012, 05:17 PM   #24
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Why do people so easily talk about letting a motorhome go back to the bank like that? I know people do it with houses. It seems to me that there is a moral issue with this kind of action.

Steve
THe folks I know that have done the turnkey repos never really tell the whole truth anyways. I have an acquaintence that used to underwrite loans. He bought a bunch of investment homes with his liquidity. Although he didnt put much cash into the deals... most of them went underwater. Thinking he was out of the storm...his bank froze his savings accounts until they settled the debt.
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Old 07-11-2012, 06:26 PM   #25
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Clever fellows these finance companies

I have used Bank of the West three times now and have no complaints. But, I am finding that anytime I think I want to sell my motorhome, I figure out an estimate of the value, and then I find out that is exactly the amount of the balance I owe on it. No profit there.
How do they do that?? I guess they are in the business of doing that and they are smarter than me!
A motorhome is just like that boat that is " a hole in the water that you keep throwing money into".

Good Luck and tell us if you find a way to make money on the deal.
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Old 07-11-2012, 07:57 PM   #26
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I have used Bank of the West three times now and have no complaints. But, I am finding that anytime I think I want to sell my motorhome, I figure out an estimate of the value, and then I find out that is exactly the amount of the balance I owe on it. No profit there.
How do they do that?? I guess they are in the business of doing that and they are smarter than me!
A motorhome is just like that boat that is " a hole in the water that you keep throwing money into".

Good Luck and tell us if you find a way to make money on the deal.
ReAlly all I want to do. Is keep a payment I can handle and use the MH for a couple of years to see our great country. After a couple years of traveling if I can sell it and not lose more than 25% I will a very happy camper. I hope I can get a loan that keeps my payment under $1000 a month.
Tom
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Old 07-11-2012, 11:10 PM   #27
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Tom,

What's the comparable NADA for a 2007 model right now? That will give you a ballpark figure to think about... but to be honest, you also need to consider HOW you are going to sell it. Selling it yourself relies totally on the buyer to figure out a loan, or you will need someone to kick up cash.

There are cash buyers and people that get their own financing, of course, but it's always narrower than the number of people that a dealership can help get financed because they know more financing options than the average person. Of course, you pay a price for their engagement...

My personal feeling just looking at a couple of various examples is that your 50k loss figure is probably not high enough. Don't forget that your tires will likely be very close to a 7 year mark and many buyers will press you on that issue -- which can be every bit of 5 grand these days.

Steve
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Old 07-11-2012, 11:14 PM   #28
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Tom222.......If you can find a loan that you feel comfortable with, go for it. As I read your original post, it seemed to me that you were looking for a bank that would fit your needs, not a lot of internet financial advisers.
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