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Old 04-16-2014, 07:33 PM   #1
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Rv loan help !

I emailed good sams finance to purchase my new TH. Due to my credit score being in the 650 range, I guess it got farmed out to a place called Essex credit. The approved the loan for $47k and change, I had 5k down. They overnight the contract to the dealer, I sign, the finance lady signs and notarizes. While reading over the contract I notice the terms are for 20 years @ $305.00 payment. The lady from Essex told me over phone 15 years @ $ 375.00 a few days before due to it being below 50k and my credit score. I pointed it out to finance lady at dealer, she said contract is the contract. I give the dealer my 5k down and I take the TH home. Had it for 2 weeks, camped in it this past weekend. I get a call Monday morning from finance company saying they made a mistake and I need to resign contract. I told them I had a copy of my contract and wouldn't sign another due to their mistake.

Am I right or wrong ? I am comfortable with the $375 payment but would be happier at $305. The new contract was on my porch when I got home this evening.

I assume the dealer hasn't been paid by the finance company and I have had no contact from the dealer.

What do I do ? Any thoughts ? Ive financed many autos without issue. My 1st RV. Help ?????

Sorry for the long read !
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Old 04-16-2014, 07:45 PM   #2
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What is the mistake they want to correct? Move it to the $375 and 15 years? If yes and you are happy with these terms I would just tell them so.

That said, I bet there is verbiage in there somewhere they can try to enforce the change.
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Old 04-16-2014, 08:04 PM   #3
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Correct, they want to change the terms. I would rather be at $305. I suppose I have no choice. AT some point the dealer is going to wonder why they haven't been paid and want the rv back or a check from the finance company.
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Old 04-16-2014, 08:14 PM   #4
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Correct you have no choice, it was an error on their part. It is no different than the bank depositing money into your account by mistake. You wanted 15 years and agreed to that payment so just save yourself a headache and resign. Just be sure to review the new contract for the correct rate and that nothing else was changed.
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Old 04-16-2014, 11:09 PM   #5
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Essex is one of the major carriers of RV loans - not saying they are right or wrong on the contract but they do a gazillion RV loans and are probably working within company guidelines. If you are not comfortable with what you are receiving call them and talk to the loan officer. That's what I would do.
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Old 04-17-2014, 07:46 AM   #6
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I did. Their not very easy to deal with over the phone. I'm ok with the 15 year term, but in my business, if I make a mistake I pay for it..... not the client ( They would be making money on their mistake in theory with more interest $). If I could get a $70 dollar cheaper payment I would take it. O well....Ill resign and enjoy my TH.
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Old 04-17-2014, 02:29 PM   #7
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Got email notification of a new post that said this...But the post isn't here, so incase the poster deleted Ill leave the name out.

Quote

Hold up Cowboy...Let me get this right, you signed a contract that states a 20 year term at $305.00/mo??? Before I sign anything I would talk to my attoney and have him read over the contract...Then I would make up my mine based on what he told me....By the way, if he told me that the contract I signed was binding for the 20 year I'd still make the $375.00/month payment. You'd be surprise how quick and how much interest you would save over the life of the loan....

Quote.

Correct.....and I agree, but would it be worth the hassle or can they just cancel the loan all together and the dealer want the TH back ? Used of course, which im sure gets me no deposit/down payment back. My original plan was to pay $400 to add some interest free payments over time, this would be much better if it was at a 305 payment as apposed to 375 payment. Not really trying to scam the finance company really, I signed the contract that was sent to the dealer, it is not my fault the mistake was made. I could save money and pay the loan off quicker. They still make a butt load of interest off me.
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Old 04-17-2014, 08:19 PM   #8
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I'd just tell them "No thanks, I like the contract I have". I don't see any grounds for them cancelling the contract - and it is a contract. Signed by both parties. While it may not be the one they intended to write, it appears to be a valid contract at standard rates and terms, so nobody is being injured by this "mistake".

I wouldn't worry about the dealer either. He also has a binding contract in hand and he can demand payment based on it.
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Old 04-17-2014, 08:34 PM   #9
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When you sign loan docs, there is usually a place some where in them that contains a clause that says in case of a bank error, you agree to re-execute the docs. With that said, Essex Credit (Good Sam) is notorious for advertising 20 year financing with low rates, only to "disqualify" you or the rv for some reason... Credit, age of the rv, etc. and then put you into a 10 to 15 year loan at a little higher rate. Again with that said, they may be doing you a favor in the long run... Because you may be less likely to be upside down on the loan to value when you go to sell or trade in. Ask me how I know...
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Old 04-18-2014, 12:03 AM   #10
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Stevvie g you are correct. I can also guarantee one thing. The bank didn't sign the contract. They sent out the docs to be signed but they NEVER sign them until they are back in house. If you tell them you won't sign the new contract they will probably say fine, we're not funding the loan. The dealer has not been paid yet either, not until that contract gets back to the bank and final approval happens. Only then will they fund the dealer. If the bank won't fund the dealer will want their trailer back. They won't see it as used either because most likely it hasn't been titled. We don title until loan is funded and in our bank. That means dealer still has certificate of origin and that they consider new or demo at best. Who knows the bank may make the exception and give you the other term and things will be fine. Only difference is term. If you were going to pay it off early, do so. With the way these things depreciate, you will be ahead in the long run.
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Old 04-18-2014, 12:07 AM   #11
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Bank might have given you the longer term on purpose. Longer term equals more interest. Might also be that there was a payment to income problem. 15 years might have put the payment at more than their rules for percentage payment to income. Just to let you all know, I was a business manager for a lot of years at an rv dealer. If you pm me I can give you better advise rather than just generalizations based on the limited info you gave.
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Old 04-18-2014, 08:02 AM   #12
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I refinanced my house at 2.38 percent interest for 15 years. You should check out this avenue.
I will bet that you are paying more than that.
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Old 04-18-2014, 06:04 PM   #13
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Quote:
Originally Posted by mojoracing View Post
They won't see it as used either because most likely it hasn't been titled. We don title until loan is funded and in our bank. That means dealer still has certificate of origin and that they consider new or demo at best.
Well I assume the dealer titled it. I received the property tax from my county in the mail today, along with tag and registration.
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Old 04-19-2014, 06:22 AM   #14
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I agree it's their mistake but I'm sure somewhere in the fine print they will win. On the other hand paying $75.00 more a month and loosing 5years you will be better off by far. Most finance companies want loans over 100k to get 20 years, on a long term note like that your depreciation is going faster than paying down the principle.
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