Community Forums

boltdave · 10-27-2012, 11:12 AM

Would like to know if anyone out there purchased their motorhome via a lease purchase contract and if so, what has been your overall experience. Do you still have the motorhome, did you get financing and so forth? Did you give it back and if so, were there any ramifications?

Tsronco · 10-27-2012, 12:49 PM

I think a lease would be hard due to the miles we put on our coaches last year alone I put just under 15000 miles on mine

TXiceman · 10-27-2012, 02:22 PM

It all depends on the terms and what happens if you do not buy it at the end of the term. What is the buy out?

Ken

vsheetz · 10-27-2012, 04:32 PM

I have sold fixed real estate via lease purchase, but not a MH. Usually a form of owner financing consisting of two agreements - a rental/lease agreement and an agreement to purchase at some future date for a predetermined price. For example rental/lease for three years and then the purchase agreement is to be executed.

Often a portion of the rental/lease is applied towards the purchase price. If the buyer fails to execute the purchase agreement portion of the deal there is no reimbursement of the rental/lease percentage. The deed or ownership of the property and tax responsibility stays with the seller until the purchase is executed. Often the upkeep and maintenance are the buyer responsibility. Of course all terms and responsilities are negotiable.

An example of where a lease purchase can be a favored financing vehicle is when the buyer currently has poor credit or other issue and cannot today obtain 3rd party financing, but expects to be able to do so in the future - and execute the purchase at that future time using 3rd party financing.