Go Back   iRV2 Forums > iRV2.com COMMUNITY FORUMS > iRV2.com General Discussion
Click Here to Login
Join iRV2 Today

Mission Statement: Supporting thoughtful exchange of knowledge, values and experience among RV enthusiasts.
Reply
  This discussion is proudly sponsored by:
Please support our sponsors and let them know you heard about their products on iRV2
 
Thread Tools Search this Thread Display Modes
 
Old 03-24-2015, 11:23 AM   #15
Senior Member
 
scenic route's Avatar
 
Join Date: Jan 2010
Posts: 1,767
Sitting here with a 2015 Jan - Apr NADA RV appr. guide, your '02 Discovery 37T is valued at $33050.00 W/S trade-in and $44950.00 used retail...this is without adding any options to consider. $39,000.00 would be the middle of the road value between trade in and retail. If I'm reading correctly, the dealer wants your RV with you paying off it's loan...sounds like a dream come true to me - for the dealer!
__________________

__________________
Jan and Bob

RIP 'Squeaky'
scenic route is offline   Reply With Quote
Join the #1 RV Forum Today - It's Totally Free!

iRV2.com RV Community - Are you about to start a new improvement on your RV or need some help with some maintenance? Do you need advice on what products to buy? Or maybe you can give others some advice? No matter where you fit in you'll find that iRV2 is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with other RV owners, see fewer ads, upload photographs, create an RV blog, send private messages and so much, much more!

Old 03-24-2015, 11:49 AM   #16
Senior Member
 
FlyingDiver's Avatar
 
Newmar Owners Club
Join Date: May 2007
Location: Somewhere....
Posts: 3,820
Quote:
Originally Posted by sammax View Post
They offered nothing for my trade. They want to put what I owe on the end of the new loan. I'm better off keeping the 02, and 0urchasing the 2010 with a down payment... The payments on the two motorhomes would be the same as for one...then I could sell the 02...I not upside down on the 02...
This makes no sense. If they're not taking the RV in trade, then there's no reason to pay off the loan. If you owe more than the RV is worth (to them), then the only way for them to pay off the loan so they can take the trade is to add the difference to your new loan.

Without actual numbers for trade-in value, loan balance, new RV sales price, and new RV loan amount, there's no way to tell if they're trying to screw you or not.
__________________

__________________
2008 King Aire 4562, Spartan K3(GT) w/ Cummins ISX 600
2014 Jeep Grand Cherokee Overland 5.7L V8 Hemi w/ Blue Ox Aventa LX Tow Bar and baseplate, SMI Air Force One brake
FlyingDiver is offline   Reply With Quote
Old 03-26-2015, 04:58 PM   #17
Senior Member
 
Ray,IN's Avatar
 
Join Date: Aug 2001
Location: North America somewhere
Posts: 13,712
Making this deal is really going to make you upside-down on the new MH; even to the point that if you must let it go back(crap happens) to the lender, you'll be still paying it off long after it is gone.
__________________
2000 Winnebago Ultimate Freedom USQ40JD, ISC 8.3 Cummins 350, Spartan MM Chassis. USA 1SG, retired;PPA,Good Sam Life member,FMCA."We the people are the rightful masters of both the Congress and the Courts - not to overthrow the Constitution but to overthrow men who pervert the Constitution. "Abraham Lincoln"
Ray,IN is offline   Reply With Quote
Old 03-26-2015, 05:06 PM   #18
Senior Member
 
Mr_D's Avatar
 
Solo Rvers Club
iRV2 No Limits Club
Join Date: May 2011
Location: Vancouver, WA
Posts: 28,526
Quote:
Originally Posted by Ray,IN View Post
Making this deal is really going to make you upside-down on the new MH; even to the point that if you must let it go back(crap happens) to the lender, you'll be still paying it off long after it is gone.
That's what happened to us on the '02 Dutch Star. Bought a new 2000, traded it on on the new '02 and they wrapped the old loan into the new one. Left us upside down by $33,000 after 13 years on a 20 yr loan. Had to come up with $93,000 cash to pay the '02 off plus another $50,000 cask to get into the loan on the Magna. And now, an add'l $19,000 top pay for the engine repair!
Nobody said RV'ing was cheap!
__________________
2009 45' Magna 630 w/Cummins ISX 650 HP/1950 Lbs Ft
Charter Good Sam Lifetime Member, FMCA, SKP
RV'ing since 1957, NRA Benefactor Life, towing '14 CR-V
Mr_D is online now   Reply With Quote
Old 04-07-2015, 06:17 PM   #19
Member
 
Join Date: Jun 2012
Posts: 44
Solution.....

Purchased all new batteries, new roof vent covers, resealed the rood and done all necessary preperations for a trip East and to Florida and back....Purchased a new Towbar and all necessay items to tow with...Going to keep the nice old '02 Discovery for another 3 years...Pay it off in that time and then we'll see if we can find another coach or do whatever comes to mind...Thanks everyone for your input....
Just don't make good sense to add that leftover loan onto the new loan...
Good profit for those lovely RV Dealers.....
Happy trails....
__________________
sammax is offline   Reply With Quote
Old 04-07-2015, 06:32 PM   #20
Senior Member
 
Join Date: Apr 2010
Location: Western NY
Posts: 2,801
I'm sorry but what you are asking doesn't make sense. You don't OWN your old rig because you still owe money on it. It makes no sense for you to be upset about the loan situation when all they are doing is putting what you don't own on the old rig onto what you don't own on the new unit.

Putting things a different way, if you want to trade your old house for a new house but you still owe on the old house, do you think you should not have to pay off your old house? You are putting no more money on the new house but from what you are saying you don't think you should have to pay off your old mortgage.

This isn't a problem with dealer but rather the interpretation of the deal.
__________________
2011 Berkshire 390bh (traded) 2018.5 Entegra Aspire 44R on order
wnytaxman is offline   Reply With Quote
Old 04-07-2015, 08:35 PM   #21
Member
 
Workhorse Chassis Owner
Join Date: Jan 2015
Posts: 52
It sound like you owe a lot more than your trade in is worth. Gale
__________________
galeran is offline   Reply With Quote
Old 04-08-2015, 10:50 AM   #22
Member
 
Join Date: Jun 2012
Posts: 44
No...I don't owe more than its worth....I also don't NEED a newer coach...I just thought it'd be nice to have a newer coach...My solution is simple.Pay it off, trade it in, put a nice down payment on another...Thank you all.....
__________________
sammax is offline   Reply With Quote
Old 04-09-2015, 08:12 AM   #23
Member
 
King Clark's Avatar
 
Join Date: Dec 2014
Location: Texas
Posts: 82
Quote:
Originally Posted by wnytaxman View Post
I'm sorry but what you are asking doesn't make sense. You don't OWN your old rig because you still owe money on it. It makes no sense for you to be upset about the loan situation when all they are doing is putting what you don't own on the old rig onto what you don't own on the new unit.

Putting things a different way, if you want to trade your old house for a new house but you still owe on the old house, do you think you should not have to pay off your old house? You are putting no more money on the new house but from what you are saying you don't think you should have to pay off your old mortgage.

This isn't a problem with dealer but rather the interpretation of the deal.
Few people ever own their home but they do have equity in them. The man has a useable motorhome that has a balance due. It has a value. The dealer wants the unit for free. There is a problem with the dealer. They want full price for the unit they are selling and then want a clear title to a good unit which they will sell for 100 percent profit. It is called stealing the deal, yes it actually has a name. Every close has one and that one is for suckers. He is smart enough to walk away.
__________________
King Clark is offline   Reply With Quote
Old 04-10-2015, 02:17 PM   #24
Senior Member
 
Join Date: Aug 2011
Location: Western New York
Posts: 518
How it should look is; New rig $100,000. Agreed Trade In Amount $35,000. Equity in trade is $5000. So, 100K - 35K= $65,000. Loan amount outstanding on Trade $30,000. $65000 plus loan amount still owed $30,000= $95,000 loan. If you owe over an above 35K on the Trade then that amount also gets added to the total loan you take with the new rig.
__________________
vincee is offline   Reply With Quote
Old 04-10-2015, 03:50 PM   #25
Senior Member
 
VestaDave's Avatar
 
Join Date: Nov 2011
Posts: 671
Something I'm miss here. What is the dealer selling the new unit for?It would seem that they are giving you quite a discount if they are taking your trade@35k and adding this payoff to the new unit. Banks generally will not loan more than than what the new unit is worth. If they did, THEY would be upside down!
Maybe they are offering you a good deal???
__________________
VestaDave is offline   Reply With Quote
Old 04-11-2015, 01:54 PM   #26
Member
 
Join Date: Jun 2012
Posts: 44
Apparently some just don't get it...If a dealer is trying to sell me a coach for 100k, AS ADVERTISED, and says to me, "We'll sell you the coach for 100K and add your payoff for your current coach to the 100k which then you would oue 135k" and then he says, "We were hoping you could give us a healthy down payment."
Now trade in on mine is a little above the payoff and resale is about 47k. As I see it the dealer gets my coach and I get no trade in value what so ever. And now I owe 125K for a coach that was advertised for 100k...Just because I paid 10k down. The dealer will resell my coach for over book of course...
Now if the dealer took that 100k coach and maybe subtracted 10k or 15k and then added the balance I owe then maybe I'd consider it...Oh, plus a down payment...
I do realize they are there to make a living. BUT, Ive looked at 4 coaches in the past few months...NOT a one was cleaned or they had somethings that needed fixed. These were all RV Dealers. Not a goo way to do business as I see it....
As it stands we put another fair amount into our current coach and will be making another trip to PA and Florida in June....We'll pay it off in two years then find a Clean and reliable coach to purchase....
Note:: We have needs and then we have wants.....
__________________
sammax is offline   Reply With Quote
Old 04-11-2015, 10:51 PM   #27
Senior Member
 
VestaDave's Avatar
 
Join Date: Nov 2011
Posts: 671
Quote:
Originally Posted by sammax View Post
Apparently some just don't get it...If a dealer is trying to sell me a coach for 100k, AS ADVERTISED, and says to me, "We'll sell you the coach for 100K and add your payoff for your current coach to the 100k which then you would oue 135k" and then he says, "We were hoping you could give us a healthy down payment."
Now trade in on mine is a little above the payoff and resale is about 47k. As I see it the dealer gets my coach and I get no trade in value what so ever. And now I owe 125K for a coach that was advertised for 100k...Just because I paid 10k down. The dealer will resell my coach for over book of course...
Now if the dealer took that 100k coach and maybe subtracted 10k or 15k and then added the balance I owe then maybe I'd consider it...Oh, plus a down payment...
I do realize they are there to make a living. BUT, Ive looked at 4 coaches in the past few months...NOT a one was cleaned or they had somethings that needed fixed. These were all RV Dealers. Not a goo way to do business as I see it....
As it stands we put another fair amount into our current coach and will be making another trip to PA and Florida in June....We'll pay it off in two years then find a Clean and reliable coach to purchase....
Note:: We have needs and then we have wants.....

Now that sounds like a good plan.
__________________

__________________
VestaDave is offline   Reply With Quote
Reply

Tags
motorhome



Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
WANTED: 1970-72 Chevy Grumman Motorhome heyitsmike Vintage RV's 5 11-21-2014 11:28 PM
Best way to wax motorhome smlranger Class A Motorhome Discussions 17 06-13-2014 12:21 PM

» Virginia Campgrounds

Reviews provided by


Copyright 2002- Social Knowledge, LLC All Rights Reserved.

All times are GMT -6. The time now is 03:55 PM.


Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.