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Old 08-10-2013, 07:03 AM   #29
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Originally Posted by Stan.Birch View Post
[moderator edit]

I can't see where the RV dealer has done anything wrong. The problem seems to be your credit rating.
You might be surprised. First this is a very common practice (Called Bait and Switch by the way) and dealers from coast to coast try this trick.. Often getting away with it for many years before they get busted.

Second, it takes the dealer's finance manager like 2 minutes to fully check your credit raiting, So there is no excuse for this type of thing. 3 minutes if he types slow.

I would report them to both the better business folks (or C of C) and to the department of motor vehicles (The division that regulates auto dealers). and to the financial and insurance division (Regulate loan companies).
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Old 08-10-2013, 07:51 AM   #30
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Originally Posted by wa8yxm View Post
You might be surprised. First this is a very common practice (Called Bait and Switch by the way) and dealers from coast to coast try this trick.. Often getting away with it for many years before they get busted.

Second, it takes the dealer's finance manager like 2 minutes to fully check your credit raiting, So there is no excuse for this type of thing. 3 minutes if he types slow.

I would report them to both the better business folks (or C of C) and to the department of motor vehicles (The division that regulates auto dealers). and to the financial and insurance division (Regulate loan companies).
Maybe I am missing something but actually I believe you are. The OP states that it is the bank requiring more down payment, neither the bank nor the dealer are increasing the cost of the unit, if fact it appears that the dealer has actually lowered the contract price. Remember the finance man at the dealer sent that package to a bank "hoping" it would be approved with the terms they asked for but I can tell you as a former banker it is quite commom in fact almost written in stone that with marginal credit you will be asking for more money down or equity from the potential borrower.

Fraud or deciet, come on guys these types of situations occur daily in consumer financing situations. Report this and you will be laughed out of the office.
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Old 08-10-2013, 08:13 AM   #31
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No offense intended, but sounds like you should look for a cheaper trailer. I would suggest you go to your credit union and discuss how much they would finance for you, then go shopping with those numbers. Maybe look at some private sellers that might provide you a better deal for starting out.

Good luck with your decision.
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Old 08-10-2013, 08:36 AM   #32
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Well I was very excited when I walked off the lot, we had signed tons of papers/contract. We left a check for the down payment and assumed it was a done deal, pending arrival of our trailer. Well one week goes by and I don't get any calls or anything, I call and the finance guy tells me that the bank is still waiting to approve the loan.

They call me back and ask for recent pay stubs and proof of address, which I faxed. I asked for them to confirm that the fax sent. Again no calls, I finally say [ Moderator Edit ] and call but get no answers. I called today and a new finance guy tells me he is handling my loan and hasn't heard from the bank....a few minutes later I get the call "ok the bank approved your loan, but they are requiring $680 more on down payment. I was able to lower the price of the trailer by $800 to even it out and meet the 10% down Payment needed". Now I respond by telling him that I can't and won't give them another dime, if you want to lower the total well go ahead but I stand by the original contract agreement of $1000 down.

Now I feel I shouldn't have to give more out of pocket. We had settled on a price and now they want more? I called them back and left a message explaining. And didn't hear back, now do I have a right to back out if they won't accept the original agreement? I might report this to the BBB.

Any advice appreciated thanks
The bank KNOWS and so should you, that the second you drive off the lot with your new TT, you and the bank, if it ends up with it, are under water. You would be very unlikely to be able to sell the TT for what you owe. That is why the bank wants more down. Bankers are always looking at the worst case scenario when they extend credit.
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Old 08-10-2013, 09:52 AM   #33
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No offense intended, but sounds like you should look for a cheaper trailer. I would suggest you go to your credit union and discuss how much they would finance for you, then go shopping with those numbers. Maybe look at some private sellers that might provide you a better deal for starting out.

Good luck with your decision.
I second this. Before making a big purchase like this, I have found that it's always been in my favor to secure the loan before going shopping.
I've never bought a new car or RV for that matter. I always buy used and one thing I have found with used dealers is they are always in bed with a finance company. I assume new dealers are as well.
Most of the time they will try to get you to finance everything including taxes, title, and license fees. I don't know why, but I assume they get some sort of kickback from the finance company.
Anyway, your deal doesn't really sound all that bad considering everything you have told us.
I have a feeling that even if you talk them down, the bank is still going to want you to put more money out of pocket, to share more of the risk.

Anyway, I stick to my advice, always secure the financing before you talk to the dealer(s). You will be in a far better position to bargain with them if they know you aren't beholden to them for financing, and can go anywhere you want to make the purchase.
It does add a little more legwork on your part, but not much, and it pays off in the end.
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Old 08-10-2013, 11:51 AM   #34
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The larger downpayment just helps you in the end with less to finance. Right?
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Old 08-10-2013, 12:03 PM   #35
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I would threaten to walk. You'd be amazed the last minute concessions a dealer will make when you say 'Give me back my money, I don't want this deal'. I wouldn't under any circumstances give them any more money. They're already going to screw you on the financing.
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Old 08-10-2013, 12:07 PM   #36
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Breach of contract? No. I'm a former director of contracting for the USAF. If the financing company requires a larger down payment, that's a separate issue aside from the purchase agreement (contract). It's best to get pre-qualified for a loan before shopping - then you'll know what you can purchase, and the terms of the down payment. The agreement between the OP and RV sales office didn't change as a result of the finance company needing a larger down payment.

When we bought our coach, we were pre-qualified, and the finance company wanted another $5K down - we too had already agreed on the price. Our credit is above 800. No problem with their request - it's a part of the industry's new reality, as the finance folks also were burned as part of the housing bubble when owners walked away from their RVs.
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Old 08-10-2013, 12:17 PM   #37
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I just wonder why anyone would let any kind of a dealer of any sorts handle their financial affairs? Go to your financial intuition and come up with a loan that you can afford and then you will know what you can buy, cash in hand is the best way to shop. When you find what you want write a check and if any is left over go and put it on the principle of the loan. Nothing like shopping with cash! Sales people don't like it to much......
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Old 08-10-2013, 01:27 PM   #38
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I would threaten to walk. You'd be amazed the last minute concessions a dealer will make when you say 'Give me back my money, I don't want this deal'. I wouldn't under any circumstances give them any more money. They're already going to screw you on the financing.
Yes I already left a message saying I won't and can't give any more $$$ please shred all my paper work or send it back thank you
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Old 08-10-2013, 01:44 PM   #39
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They have you pegged as a sucker. They are letting you sweat. Tell them to come get it if they can't follow the contract. The more you care the more they will wait.
If you pay off I have some kitchen knives for sale.
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Old 08-10-2013, 02:02 PM   #40
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I'm surprised they would loan someone with that credit rating 90% on a travel trailer in the first place. Good luck to you
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Old 08-10-2013, 02:30 PM   #41
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Thank you for the advise, but w the "new" But it would only lower it $8 a month. So $690 for $8 a month? I can't do $690 additional. I'm sure if they want the sale they can work it out somehow.

What is a possible scenario if I can't come up w what they want?
I'm just curious, but if you can't come up with the $690 to buy it how are you going to be able to afford a weekend camping trip. Because once buy it you are going to have an RV payment and insurance. Then you are still going to have to come up with $400-$500 for a low budget weekend of camping. $690 is a walk in the park compared to how much it's going to cost to maintain and use it once you have it. Just some food for thought.

Your alternative is to save some more money and make the purchase when you can afford it. The bank clearly feels that the original terms of the loan put them at more risk than they were comfortable with.
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Old 08-10-2013, 02:30 PM   #42
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... it is not an uncommon ploy by dealers to try and squeeze a little more and with todays electronics your credit check can be made in seconds...
Don G.
There is a BIG difference between a 10 second check on credit "score" and a lender's decision on credit "worthiness", which is why you have to provide a million and one documents when you finance a home mortgage. Like the OP said earlier... "They call me back and ask for recent pay stubs and proof of address...". The dealer may do a preliminary check on your "score" to make sure you pass a minumum threshhold, but then he forwards the docs to a lender, who may then consider everything from debt/income ratio to whether you rent your home (transient?) or own it (more stable).

Quote:
Originally Posted by wa8yxm View Post
You might be surprised. First this is a very common practice (Called Bait and Switch by the way) and dealers from coast to coast try this trick.. Often getting away with it for many years before they get busted.

Second, it takes the dealer's finance manager like 2 minutes to fully check your credit raiting, So there is no excuse for this type of thing. 3 minutes if he types slow...
and with all due respect, this is NOT "bait and switch" ... which is when a dealer advertises one thing at one price, but only has available something more expensive. The OP picked out his trailer, the dealer put together a standard deal, the lender said no, the credit isn't strong enough, we want more money down and a shorter term...

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Originally Posted by garyswann View Post
They have you pegged as a sucker. They are letting you sweat. Tell them to come get it if they can't follow the contract. The more you care the more they will wait.
If you pay off I have some kitchen knives for sale.
geez! ... pay off??? You sound like someone who has never financed anything. Those are the lender's terms ... accept or walk.

It may not be a $350k DP, but a $16k starter trailer can be perfect to begin

The ONLY chance on a compromise is if the dealer would agree to an additional reduction in price ... either the entire $680 or split with you ... and then see if the lender will accept that. Been in sales 40 years - anything is possible.

Kathryn

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