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 04-23-2015, 06:42 PM   #1
Junior Member
 
Join Date: Apr 2015
Posts: 6
Purchased Used Class C - Waiting on Financing

Hey guys,

New to the forum here. Hello! I just purchased a 2002 Tioga 26Q from a dealership here in Southern California. We came to an agreement on price, I was approved for the loan, and signed all the paperwork on Monday night. They are going to put on new tires and give it a wash/detail before pick up. When asking about how long it would take, the answer I got was it would take a few days to deal with the banks (very vague).

I've been applying some pressure since yesterday because I can see where this is going. Today, my sales rep told me the loan has not been bought yet "because it's an older rig with a smaller down payment". I don't understand... I've already been approved through them and signed all the paperwork. I really want to pick up my new rig this weekend but he pretty much told me today it's not going to happen. What's the hold up? Is this typical when purchasing an RV from a dealer? The whole thing just feels a little weird to me. I've bought a few used cars from dealerships and was able to leave that day... what's the difference?

Thanks,

Michael
__________________

__________________
mephyst 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 04-23-2015, 06:47 PM   #2
Senior Member
 
Winnebago Owners Club
Freightliner Owners Club
Join Date: Apr 2015
Location: Western WI
Posts: 688
Welcome!

Your dealer sounds a little shady to me. If the loan is approved already, he is just giving you the run around. I got my loan pre-approved through USAA, had my limit.
Called them with the details of the motor home, got the check the next day to give it to the dealer.
__________________

__________________
2001 Itasca Horizon 36LD Cat
Retired Air Force, One lovely Angel, 2 Cats and three birds.
the_vfox is offline   Reply With Quote
Old 04-23-2015, 06:51 PM   #3
Senior Member
 
Monaco Owners Club
Holiday Rambler Owners Club
Join Date: Jan 2013
Location: michigan-tip of the mitt
Posts: 1,382
Quote:
Originally Posted by the_vfox View Post
Welcome!

Your dealer sounds a little shady to me. If the loan is approved already, he is just giving you the run around. I got my loan pre-approved through USAA, had my limit.
Called them with the details of the motor home, got the check the next day to give it to the dealer.
X2...shop for your own loan. You can get better rates and the coach isn't going anywhere if you gave them money down.
__________________
HR 29 fks TT, 1 slide, Chevy Silverado
Next stop?
t55watson is offline   Reply With Quote
Old 04-23-2015, 06:58 PM   #4
Junior Member
 
Join Date: Apr 2015
Posts: 6
Thanks for the quick replies. I understand it's not going anywhere. I gave them a 10% down payment. I just don't think it's my problem if they are having an issue finding a bank to buy the loan. The problem is, what can really I do? I feel like the run-around has begun. I want my freakin' motorhome! What are they getting out of it by taking their time with the whole process? I would think they would want my RV off the lot.

I went with their financing thinking it would be easier. I did my research online and pretty much figured a good interest rate for a 2002 is 6%. That's what they approved me for (actually 5.99%).
__________________
mephyst is offline   Reply With Quote
Old 04-23-2015, 07:33 PM   #5
Senior Member
 
Join Date: Jul 2014
Posts: 9,896
Yup, my dealer got me a good deal too. When he called to pick it up, he said I needed $5000.00 more due to the age.

I was ok with that.
__________________
twinboat is online now   Reply With Quote
Old 04-23-2015, 07:37 PM   #6
Senior Member
 
Winnebago Owners Club
Freightliner Owners Club
Join Date: Apr 2015
Location: Western WI
Posts: 688
Quote:
Originally Posted by mephyst View Post
Thanks for the quick replies. I understand it's not going anywhere. I gave them a 10% down payment. I just don't think it's my problem if they are having an issue finding a bank to buy the loan. The problem is, what can really I do? I feel like the run-around has begun. I want my freakin' motorhome! What are they getting out of it by taking their time with the whole process? I would think they would want my RV off the lot.

I went with their financing thinking it would be easier. I did my research online and pretty much figured a good interest rate for a 2002 is 6%. That's what they approved me for (actually 5.99%).
Not a bad rate, mine is a little lower.

In my experience (we have bought 3 trailers and 3 Motor homes), when the dealer said approved, right away was the signing of contract, the final inspection and then out the door. I have never sat around after they said approved. That is why I think they are giving you the run around.

The finance guy shops around for the best rate plus how much the dealer is going to get for the financing origination loan.
__________________
2001 Itasca Horizon 36LD Cat
Retired Air Force, One lovely Angel, 2 Cats and three birds.
the_vfox is offline   Reply With Quote
Old 04-23-2015, 07:59 PM   #7
Senior Member
 
beamisl's Avatar
 
Winnebago Owners Club
Ford Super Duty Owner
Join Date: Jul 2014
Location: MI
Posts: 3,470
My local credit union is offering RV loans for 2.5 to 4.8% right now.
__________________
Retirement coming soon on January 4th, 2018
Lynne and Jerry RVM 105
2004 Winnebago Itasca Sunova (Miss May) Blue Ox Tow Bar /2015 Equinox
beamisl is online now   Reply With Quote
Old 04-23-2015, 08:00 PM   #8
Senior Member
 
jason1029's Avatar
 
Join Date: Jul 2013
Posts: 141
For sure stay on top of the guy. Sounds like he may have jumped the gun on saying that you were approved, but the papers are signed and the down payment has changed hands. Try to give him an ultimatum. Give me my RV or give me my money back today! See what he says to that.

Good Luck!
__________________
Jay & Jazz ~ Along The Way With J&J
1994 Tioga - Massachusetts
Follow Us! > Our Blog - YouTube - Twitter - FaceBook
jason1029 is offline   Reply With Quote
Old 04-23-2015, 09:03 PM   #9
Senior Member
 
89sandman's Avatar
 
Join Date: May 2012
Posts: 883
The problem with class C's right now is the market value is so much higher than their book value. Your Tioga without knowing miles or extra's books for about $12,650 retail. Where I live that class C in excellent condition with low miles would have a market value double that. So with a small down the way the bank looks at it is you will be upside down for most of the life of the loan. Before 08 this was no problem, but since then most banks don't want to loan even the full book value.


My guess, without knowing the sale price and your down, is the dealer is still shopping your loan trying to find a bank that is willing to lend more than the book states its worth.
__________________
89sandman is offline   Reply With Quote
Old 04-24-2015, 01:06 PM   #10
Senior Member
 
Join Date: Dec 2013
Location: Plantation, Fl
Posts: 1,068
It sounds to me like you really haven't been approved for a loan yet. The dealer said yeah, we'll sell it to you for whatever price, with whaetver you gave as a down payment. Now they are looking for a bank that will do the financing.
__________________
2014 Itasca Spirit 31K
2016 Mazda CX5, on an Acme tow dolly, 4 trips 5800mi
Now 2017 RWD F 150 with a drive shaft disconnect
Mich F is offline   Reply With Quote
Old 04-24-2015, 03:27 PM   #11
Junior Member
 
Join Date: Apr 2015
Posts: 6
Quote:
Originally Posted by Mich F View Post
It sounds to me like you really haven't been approved for a loan yet. The dealer said yeah, we'll sell it to you for whatever price, with whaetver you gave as a down payment. Now they are looking for a bank that will do the financing.
This is what I assume is going on as well. It just sucks, having no pick up date in site. I could have gotten approved somewhere else by now (my credit score is into the 800's) and walked in with a check. I feel like it's on the back burner since they aren't making much money on my rig. It's definitely not at the top of their priority list. I feel like I have no power in the situation at all... if I complain more they will probably take even more time.

They can't even give me an estimate on how long it will take...
__________________
mephyst is offline   Reply With Quote
Old 04-24-2015, 05:29 PM   #12
Senior Member
 
LI-Camper's Avatar
 
Ford Super Duty Owner
Jayco Owners Club
Join Date: Feb 2012
Location: Long Island, NY
Posts: 194
In my experience, banks do like to give loans for RV's older than 5 years old or so. A bank or credit union will not want to give a loan on a 13 year old motorhome IMO. You may have to shop around yourself to find someone who will give you this loan and it will not be at a low rate. Good luck
__________________
2016 Jayco Greyhawk 29MV
LI-Camper is offline   Reply With Quote
Old 04-24-2015, 07:18 PM   #13
Senior Member
 
Join Date: Jul 2014
Posts: 9,896
Last year, in fact , I got a 12 year loan from M&T Bank, on a 1999 Gulfstream Motorhome.
__________________
twinboat is online now   Reply With Quote
Old 04-24-2015, 07:18 PM   #14
Junior Member
 
Join Date: Apr 2015
Posts: 6
Quote:
Originally Posted by LI-Camper View Post
In my experience, banks do like to give loans for RV's older than 5 years old or so. A bank or credit union will not want to give a loan on a 13 year old motorhome IMO. You may have to shop around yourself to find someone who will give you this loan and it will not be at a low rate. Good luck
This is what's going on. They are telling me they cannot find anyone to finance the loan. Shouldn't this be their finance manager's job to know it wouldn't be able to go through before I waste my time going down there multiple times and signing the paperwork? I've read through my purchase order, and I can't find anything that says if they can't find a buyer it becomes a problem. They are blaming it on the depth of my credit. I'm 26 years old and don't own a home, but I have an 812 credit score. This is unbelievable! I feel like they are completely jerking me around. He's trying to tell me I need to find a personal loan or pay cash. Lol.
__________________

__________________
mephyst is offline   Reply With Quote
Reply

Tags
class c, purchase



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
Norcold Class Action Suit Settled Dr4Film RV Systems & Appliances 69 05-05-2016 11:43 AM
Class A, class B, class C?? dottedlines MH-General Discussions & Problems 22 03-24-2015 10:55 AM
THOR Offers the Best Selection of New Class A Motorhomes DriVer RV Industry Press 4 07-31-2014 07:49 PM
Texas Class B Licensing - Catch 22 Blackcabby Class A Motorhome Discussions 116 07-27-2014 05:54 PM
Which is less expensive to maintain? Class A or C? trevize1138 Class A Motorhome Discussions 5 07-09-2014 09:22 PM

» Virginia Campgrounds

Reviews provided by


Copyright 2002- Social Knowledge, LLC All Rights Reserved.

All times are GMT -6. The time now is 07:58 PM.


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