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Old 04-20-2016, 10:14 AM   #1
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Lease purchase

Good morning all.
My work requires me to be on the road 90% of the year. In order to feel at home wherever I go, I'm looking for a toy hauler so I can have my toys and pets with me. In 2015 I purchased 2 new trucks, one for myself and one for my teenage son, because of these 2 large purchases I'm finding it next to impossible to get financing for a toy hauler. It's not the ability to pay that's a hold up but the fact that there are 2 large, new accounts that has me held up.
Does anyone have any ideas or suggestions?
Also, I hear there are MANY RVs that are up for auction. Is this true and where can I find them?
Thank you all in advance for your assistance and information
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Old 04-20-2016, 01:28 PM   #2
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Sell the truck you bought your son. Eat the loss and buy a beater for him. You can work on it together.

You asked......
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Old 04-20-2016, 01:32 PM   #3
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Quote:
Originally Posted by Khicks3 View Post
It's not the ability to pay that's a hold up but the fact that there are 2 large, new accounts that has me held up.
Umm, I would think that's exactly the reason.
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Old 04-21-2016, 11:17 AM   #4
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Umm, I would think that's exactly the reason.
I agree.. It's likely credit to income concerns.
And OP - we're not saying that you can't afford it, we're just indicating what the bank it looking at. It may be slightly tilted if you're really full time and not carrying "normal" house expenses otherwise.

I see them from time to time at auction, but most auctions in my state are dealer-only. CoPart is one - mainly salvage, but they do some repos.

You'd need to be very careful, RV quality isn't what you'd think with a new one.. And it's even more suspect with something that has been repo'd.

Generally, towing a big toy hauler (37+) and associated toys tends to require a 1-ton truck.
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Old 04-21-2016, 12:17 PM   #5
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Lenders don't like to see multiple big ticket items being bought in a short period of time. Which is what you've done. Lenders like to see that once you make a large purchase you have the ability to pay them. Credit ratings will also affect their decision. See where you are.
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Old 04-22-2016, 06:11 AM   #6
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Thanks

My debt to income is under 20%. It's not my opinion that I can pay for the RV, it's in the numbers. Both loans are paid a month in advance and for 15% more than the required payment.
I'll keep searching. Thanks
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Old 04-22-2016, 03:54 PM   #7
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You might take a look at CrankyApe.com for RVs at auction....but as mentioned above, they are 'as is" and you are taking a chance, especially if you can't take a look at one in person first.
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Old 04-22-2016, 09:05 PM   #8
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Cut the payments back and put the money into savings. Get a large deposit together, greater than 20% and you'll have more options. Have your son make any extra payments on his vehicle to help pay it off earlier.
Or have him buy the truck from you, and you make the payment for him.
I would do a combo of both ideas. Make the basic payments for awhile and help your son buy his truck from you. Gets him credit established and your debt looks better. Then save all you can for a downpayment of greater than 20% of what you want.
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Old 04-27-2016, 12:15 AM   #9
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Can you add a bigger down payment? RVs depreciate like crazy.
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Old 05-03-2016, 05:07 PM   #10
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My debt to income is under 20%. It's not my opinion that I can pay for the RV, it's in the numbers. Both loans are paid a month in advance and for 15% more than the required payment.
I'll keep searching. Thanks
Banks that you would be financing something else at don't see the fact that you are paying in advance and paying down the principle... so that information is irrelevant to them in the grand scheme of things.

Son should buy his own truck.
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Old 05-05-2016, 02:58 PM   #11
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My daughter is now over 30 and is very financially independent now. Many years ago, when she was starting out, we made her obtain her own car loan, auto insurance and all the things that help a young person start to build an independent financial future. When I grew up, my parents were poor and didn't have two pennies to rub together so I had no choice. When it became my turn to be a parent, I used my experience to help my daughter. That meant she was going to have a used quality car, financed by her credit union and insured by her own policy. My wife and I had the income to support her fully and lessen that pain, but we would have been robbing her of a need learning experience. Like others have mentioned, try to come to a solution where your needs and your sons needs are satisfied, but where your son is independent and not a drag on your credit file. Now days, banks are only looking at numbers that affect their bottom line and could care less about you as a person. They have the financial wizards and math algorithms on their side. Good luck.
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