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Old 05-13-2014, 12:01 PM   #1
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Good Sam Insanity??

We are purchasing a 214 Entegra Aspire. When we applied for financing thru Good Sam, we were turned down. WTH? We have no debt other than our S&B. Both cars paid for, no other debt or loans, excellent credit rating, etc. When we called them for clarification, we were told that our annual income must match the amount of the loan we applied for. So, if someone were to purchase and finance a 300k motorhome, then they must make 300k/yr? How in the world does Good Sam stay in business? Has anyone else encountered this issue?
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Old 05-13-2014, 12:29 PM   #2
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Nice to see you here.
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Old 05-13-2014, 12:55 PM   #3
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Greetings:

#1 Good Sam is not a loan originator only a middle man so it is the bank that declined your loan request.
#2 All lenders use their own formulations as to the amount of debt to income ratio that they will lend on. Many hover around 25-35% for you S/B house to get a preferred interest rate. Since you are adding a second home/RV to that equation many do not want to see it go above 40% total. What this means is if your home payment (P/I/T/I) is $2500 per month and your RV loan will be $ 1600 per month than you total debt obligation is $4100 per month. Lenders who use the 40% obligation want to see that you make a combined net income (take home pay) of about $10,250 a month to sustain both loans. NOTE: Different lenders use different formulations and some lend as hight as 60% but at hight interest rates.

Hope this helps.
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Old 05-13-2014, 02:08 PM   #4
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Google "F.U.N. loans.
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Old 05-13-2014, 02:15 PM   #5
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Thanks for the info but even so, the combined amount of our home mortgage payment and the projected RV payment still total less than 40% of our monthly income. That's why we're so frustrated - excellent credit and income and they still turned us down. And based on other IRV2 member comments that it's more difficult to arrange RV financing if you don't own a home, we aren't sharing with them that we have a contract on the S&B so the only mortgage we will have is the RV. We will continue the search for a finance option with reasonable interest rates. BIG SIGH....
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Old 05-13-2014, 02:56 PM   #6
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I would check out a Federal Credit Union. It may be a great resource for you. Usually better rates, etc.

Unlike banks, they are non-profit.

No good sam to take a cut off the top.
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Old 05-13-2014, 03:18 PM   #7
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You might want to check out PenFed credit union!
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Old 05-13-2014, 03:29 PM   #8
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Sun Trust Bank and Bank of the West are advertising for motor coach loans. The dealer selling you the coach should always be able to get you financing. Usually at a competitive rate.
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Old 05-13-2014, 03:32 PM   #9
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When we financed our RV we went straight to Essex Credit. Bypassing the dealer got us a better rate.

https://www.essexcredit.com/home/rv/

Good Luck,
Jon
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Old 05-13-2014, 03:51 PM   #10
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As stated above-Bank of the West is a good try.
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Old 05-13-2014, 07:04 PM   #11
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Second Bank of the West

We tried our local credit union - they were ridiculous - would only lend for 10 years, at higher interest rate, etc. etc.

This credit union unfortunately has always been a PITA (pain in the you-know-what) every time Bob has tried to get a loan through them. I guess not every credit union has the best rates, etc. etc.

We did the financing through the dealership but the loan got placed with, and accepted by, Bank of the West on the terms we wanted.

So far, so good!
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Old 05-13-2014, 07:12 PM   #12
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I'd say try bank of America but I would bet they all use the same formula.
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Old 05-13-2014, 07:15 PM   #13
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Quote:
Originally Posted by jfran304 View Post
When we financed our RV we went straight to Essex Credit. Bypassing the dealer got us a better rate.

https://www.essexcredit.com/home/rv/

Good Luck,
Jon
Good Sam's primary lender is Essex Credit, so I doubt that would help any.
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Old 05-13-2014, 07:17 PM   #14
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Quote:
Originally Posted by Diesel Diva View Post
Thanks for the info but even so, the combined amount of our home mortgage payment and the projected RV payment still total less than 40% of our monthly income. That's why we're so frustrated - excellent credit and income and they still turned us down. And based on other IRV2 member comments that it's more difficult to arrange RV financing if you don't own a home, we aren't sharing with them that we have a contract on the S&B so the only mortgage we will have is the RV. We will continue the search for a finance option with reasonable interest rates. BIG SIGH....
Don't give up. Persistence and patience will save the day. There are many avenues to obtain a loan but it has to be within your comfort level.

If you really want a MH you might want to consider a used one. There are some great buys out there. Lots of folks are keeping their old motorhomes saying the quality is far superior.
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