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Old 01-13-2014, 07:03 PM   #1
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Financing

We just ordered a new motorhome from Sherman Rv in Sherman, Ms. Their finance person said we could get 3.9%. Then she called back and said that the bank looked up our address(which is our legal add. ) and said we were full timers and they will not give us a loan. Now I try to find financing and no one will give me 3.9 for anything more than 7 years. Canceling is not an option as they told us our deposit of $5,000 was non refundable. Anyone have a good financial institute that has good rates?
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Old 01-13-2014, 07:12 PM   #2
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Try Good Sam Financing. I don't know their rates but they do work with full timers.
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Old 01-13-2014, 07:19 PM   #3
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Quote:
Originally Posted by roaming nana View Post
We just ordered a new motorhome from Sherman Rv in Sherman, Ms. Their finance person said we could get 3.9%. Then she called back and said that the bank looked up our address(which is our legal add. ) and said we were full timers and they will not give us a loan. Now I try to find financing and no one will give me 3.9 for anything more than 7 years. Canceling is not an option as they told us our deposit of $5,000 was non refundable. Anyone have a good financial institute that has good rates?
Always make the sale contingent on getting financing! The dealer probably can't keep the deposit though since it's not your fault they can't get financing.
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Old 01-13-2014, 07:21 PM   #4
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Hi roaming nana,
I see you live in Florida. If you can, come to the Tampa RV Super Show January 15-19 there will be companies that finance coaches. The two vendors that come to mind are Essex Credit and Sun Trust Bank. Both have had advertisements in recent motor coach magazines. Motor Home, and FMCA magazines are an excellent resource for finding companies the finance coaches. Also, consider posting this question in the Full Timers forum on iRV2. I'm sure those who post in this forum have the knowledge to help you. The forum is at Full-Timers - iRV2 Forums
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Old 01-13-2014, 09:13 PM   #5
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I think 3.9 for seven years is a pretty good deal.
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Old 01-14-2014, 06:26 AM   #6
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I think 3.9 for seven years is a pretty good deal.
Yes, Great Deal. but as they said they have lost that deal! Essex would finance you but you will not see those rates. Good Luck
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Old 01-14-2014, 06:53 AM   #7
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just checked suntrust will not finance full timers.
https://www.suntrust.com/PersonalBan...andRVLoanRates
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Old 01-14-2014, 07:03 AM   #8
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Thank y'all for responding so quickly. Love this site. If the dealership cannot get us financing, I think we will go with Good Sam. Have everything else with them and they love RV'ers (they dang well better ha ha)
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Old 01-14-2014, 07:45 AM   #9
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Originally Posted by roaming nana View Post
Thank y'all for responding so quickly. Love this site. If the dealership cannot get us financing, I think we will go with Good Sam. Have everything else with them and they love RV'ers (they dang well better ha ha)
I think they are offering 4.2% for 120 months with good credit.
Good Luck and let us know...
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Old 01-14-2014, 07:56 AM   #10
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I just looked and it does not look that bad, here are their min requirements.
Some qualifications for this opportunity include:
  • 700 minimum credit score required
  • For a refinance, RV must be 2004 model years or newer
  • For a purchase, RV must be 2006 model years or newer
  • Boat must be 1994 model years or newer for purchase or refinance
  • Maximum loan term is based on model year of RV or Boat
  • Subject to loan program guidelines and credit approval
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Old 01-14-2014, 08:48 AM   #11
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... Canceling is not an option as they told us our deposit of $5,000 was non refundable. Anyone have a good financial institute that has good rates?
Roaming Nana,

I'm not familiar with the laws in MS, but in most cases the dealer cannot keep your deposit if you can't get financing. Most dealers I've dealt with wouldn't even try.

In fact, until you take delivery, you can back out of the deal for any reason. That's why most dealers will push you to take delivery, even when the coach is not perfect. They'll tell you "...go ahead and take it today, then bring it back next week and we'll fix all the stuff found in the PDI." They know that if you don't take it off the lot... The deal is NOT done.

It all has to do with contract law. Both parties must give up something before the contract is complete. At this point you've given up a $5,000 deposit, but they have given up nothing (they still have the coach).

The only thing you might be on the hook for would be a charge for "Make Ready & Delivery", but this would not be $5000, and would only apply if they actually performed the task.

If it comes to it, get legal counsel from someone familiar with MS law.
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Old 01-14-2014, 09:04 AM   #12
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Oh... One last thing.


I hope it all works out, you get your financing and the RV of your dreams.
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Old 01-14-2014, 01:11 PM   #13
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Incase you need a backup company, those at the Tampa Super Show advertising their financing products are:
Ally Financial 800-814-8842
Banterra Bank 800-499-9718
Medallion Bank 866-688-6983
Merrick Bank 888-545-3888
Mid South Marketing 812-218-8111
US Bank 800-933-9260
Voyager Credit 877-222-0301
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Old 01-14-2014, 06:35 PM   #14
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roaming nana, does your contract actually say the deposit is non-refundable, or was that just a discussion.
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