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Old 06-04-2010, 01:05 PM   #1
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Extended warranty/ rv loan

Hello, Has anyone ever heard of an extended warranty being required as a condition of a bank loan? This is a loan for a $190k motorhome. I was told by a reputable dealer that some banks are requiring this because of all the reposessions and the deplorable condition many of them are returned in, many requiring expensive repairs. Is there any truth to this or am I being scamed. Thanks, Gary
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Old 06-04-2010, 01:54 PM   #2
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Gary,
Sounds like a scam. Is the loan through your own private financing or an RV dealer. Dealers make a good buck on those extended warranties. You can see that by getting their price then shopping around. If it was a dealer telling you this I would be afraid to buy from them.

If it is your own bank you could shop around to see if they are the only ones.

When we purchased our MH the dealers extended plan was much higher than we paid for Good Sam. We decided since it was previously owned we would take out the warranty for at least the first year just in case there was some hidden problem. So far we have not needed it though.
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Old 06-04-2010, 02:03 PM   #3
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We were offered a lower interest rate IF we signed up for a extended warranty.
I turned them down.
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Old 06-04-2010, 02:25 PM   #4
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You may want to check with Bank of America for a rate. Last I knew they had real, real good motorhome interest rates if you have great credit
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Old 06-05-2010, 07:23 AM   #5
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Sounds like a dealer sales gimmick to me. Collision insurance, to be sure, but not an extended warranty.
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Old 06-05-2010, 07:37 AM   #6
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I agree with ED S about Bank of America
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Old 06-05-2010, 09:47 AM   #7
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I never heard of such a thing. If the RV was repossessed and in deplorable condition I don't see how the extended warranty could cover it.
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Old 06-05-2010, 02:01 PM   #8
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This was for a loan on a brand new 2008 Newmar Kountry Star 400HP Cummins. US Bank was the lender at 5.99%. Of course I have all the warrantys that come with a new coach. I purchased it from Robert Crist RV in Mesa Az. The extended warranty is through Priority RV which is a national REDEX member. The cost was about $3000 for 5yrs, 50,000 miles. Robert Crist is a family owned 3rd generation business that has been around for 46 yrs. Normally I stay away from extended warrantys of any kind. So if I did indeed get flim -flammed and hood-winked I will not be a happy camper! Anyone that has any comments on the extended warranty or the dealership, I would like to hear them. Gary in Tucson
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Old 06-05-2010, 06:46 PM   #9
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Quote:
Originally Posted by TUCSONRAIL View Post
Hello, Has anyone ever heard of an extended warranty being required as a condition of a bank loan? This is a loan for a $190k motorhome. I was told by a reputable dealer that some banks are requiring this because of all the reposessions and the deplorable condition many of them are returned in, many requiring expensive repairs. Is there any truth to this or am I being scamed. Thanks, Gary
Quote:
This was for a loan on a brand new 2008 Newmar Kountry Star 400HP Cummins.
I had to laugh when I read this.

I have been RVing since 1972 and have bought new and used rigs and I have never hear of this. A couple of ideas. 1) Call the loan company yourself and ask them if an extended service plan is a requirement. 2) Ask the dealer to see the extended service contract and see if it covers "deplorable condition." I know it will probably cover the refrigerator, furnace, air conditioners, etc, but I bet it does not cover "deplorable".

An extended service plan will be a waste of your money since your new motorhome comes with a one year bumper-to-bumper warranty. During the first year the service plan with pay nothing, nada, not one cent. Then the engine, transmission and chassis will be warranted for 3-5 years and the appliances may be covered up to 3 years.

Good luck with the deal and your new motorhome, but do not buy an extended service plan. Keep the money in your pocket for diesel fuel and vacations.
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Old 06-05-2010, 10:07 PM   #10
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Just to clarify things the word "deplorable" is mine and was used to desrcibe some of the bank repos. I bought new 2008 coach for a used price after looking looking at many new, used and also bank repos. Since an extended warranty is transferable the bank would now own the coach and the warranty which would cover major repairs. This makes sense in todays climate of defaults and walk aways. (am i arguing with myself or what?) i walked away from the first deal because of the high down payment, and received my deposit back. 2 weeks later i went back and the dealer was able to renegotiate with the bank for a lower down payment. That is when the sprung the extended warranty on me. I did indeed call the bank but really didn't talk to a rv loan officer. I believe must of the dealers have a loan officer they deal with. So it is plausible to me that the bank might feel their collateral is protected with an extended warranty ( am i arguing with my self again? Am i rationalizing getting hood-winked by a clever dealer?) gary
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Old 06-05-2010, 10:33 PM   #11
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I'm with Norm on this topic. First off, it is NOT an extended warranty, it is a service contract, there are major differences. When we bought a new RV every appliance came with a minimum 1 year warranty, the frig 2, A/C units 3. This means while "warranties are in effect the service plan collects your money, nothing else.
I would visit the lending institution and ask the loan manager (not loan officer) what's up with this. There is such a thing as kick-backs, right.
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Old 06-06-2010, 08:53 AM   #12
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If the "bank" wants the Extended service Contract, my thought is they need to provide it in the cost of servicing the loan. The contracts sold by the dealers are BIG money makers for them and you can shop outside the dealer and save lots of money.

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Old 06-06-2010, 02:19 PM   #13
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I guess that it is a service contract. It is a priority rv extended care. It covers everything from tv's to slide out motors, and ball joints to the radiator for 5yrs, 50000 miles. Very comprehensive. I have never had a service conract or extended warranty on anything i have owned. It seems the consensus is that i was lied to by the dealer, whick frakly surprises me. They were at rock bottom on the price and trade, so maybe they needed to make some money on a service contract. Like i said before i had walked away once, but after i lot of looking and research i concluded this was the right coach at the right price even with the service contract. ( am i arguing with myself yet again?) thanks for all your input. I believe i will talk to mr robert crist jr. Next week.
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Old 06-06-2010, 05:25 PM   #14
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Read it closely 'cuz I was looking at one that was $4k and 100,000 miles and 48 months.It covered everything EXCEPT my fridge and if this one goes bad ,12cf side by side,that's another $4K out of my pocket.I tried to get Good Sam as I've had them on my last two TTs and had really good luck with them and the cost wasn't too bad and was paid monthly.I didn't qualify as I had a couple of thousand too many miles on the rig.They will only cover you if you have less than 80K miles.They would cover a 10 y/o rig,but not the same one with 80K+ miles....Bummer..
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