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Old 12-01-2018, 04:15 PM   #15
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Good point. Bank financing would consider true value

Quote:
Originally Posted by Luv2CUSmile View Post
I am not an experienced RV buyer (or owner yet) but after working in the automotive industry for about 5 years I believe I am much more knowledgeable when making any large purchase now.
On used... best thing to do is look up what the loan value is through NADA or KBB or the like for RV's. We did this and found the dealership had marked up the used unit we were looking at by over 150%!!! Seriously, the coach was valued at just over $11,300 and their first price was at $31,799. It was slashed and $29,995 was entered as the "markdown". We have our own financing but the bank will only do a particular percentage over value. When we gave the bank the vin # and options, they let us know what the loan value was as well as the actual value of the RV. I was appalled that they were truly trying to sell for so much over value. When we told them we knew the value of the RV they came way down on the price. We did not and are not buying that unit. That among a few other things turned us off of that dealership getting any of our business. They still call my husband to try and sweeten the deal. It is now to the point where we think there may even be serious issues with the RV. (On top of the fact that they wouldn't allow us to have it inspected by an independent inspector)...
At any rate, check the value- let the dealership know you will only pay xxx and then yes, walk away. They will either call you to accept, or counteroffer, or you won't hear from them because even they have more money in it than the value. What that means is that they will have to find someone to buy it that has no knowledge of value but can be approved for the loan regardless of their carrying costs and that person will probably have to be willing to go through the dealership financing for that. An actual bank is not going to loan but so much over value (to give room for trade-in inequity, extended service contracts, and yes, they will allow dealerships to make some profit).
Good Luck!
This is an interesting thought regarding a bank loan for an inflated asking price. I expect it would depend on the kind of loan are requesting.
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Old 12-01-2018, 10:53 PM   #16
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Thanks. Those links are for NADA pricing. Not loan value.

If you Google NADA loan value, you get this:
Get Values Through NADA’s Products | NADA

Drilling further, Online takes you to this:
NADA > Get Values > ViewProduct

Which is a subscription.

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Old 12-04-2018, 06:54 AM   #17
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NLOVNIT(Lori), you don't need a subscription to get basic access to NADA. (I see JBeyer posted it above). Also, GaryRVRoamer is correct in that NADA and KBB will only supply you with what is an approximation of the real market value of a vehicle, RV or otherwise. What he is not accurate about is that"...no dealer tells anybody what he actually sold for." That is untrue. This information is reported on every sale and that information is used by each individual manufacturer as well as NADA, KBB, JD Powers, etc along with the cost of production, marketing, etc to value vehicles. I did not intend to get into a debate on the validity of my information though.
What is relevant here is that the approximation of the real market value is very close to the same way the banks find their information to value the vehicles. Of course, banks/credit unions use what most refer to as, loan value. That is why when you speak to your bank or credit union about a loan, they go over the vehicles year, make, model, and miles. They will ask about certain options. (They do this even if you give them a vin #). The only options that a bank/credit union will allow as adding to the value are what are considered "hard adds" and usually only if they were put on by the manufacturer. Almost always, dealer adds will not be considered.
Long monologue short, you can check NADA, enter the pertinent information to get a base value, or you can enter more details to get a bit more of a detailed value. Then you can call your bank, tell them you are interested in purchasing said RV and ask them to help you with a value. (Your bank should do this even if you are not financing with them.) Once you tell your bank basic information about the RV, (year, make, model, miles), they will give you a base value. The more details you can give, the more detailed value they can give. Check that against the NADA quote, it won't be much different.
I hope that helps and clears up any confusion.
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Old 12-04-2018, 09:05 AM   #18
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My credit union told me the coach was worth about 20% more than what I offered the dealer.
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Old 12-04-2018, 09:21 AM   #19
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Originally Posted by Gary RVRoamer View Post
The problem with "book value" is that the book on RVs is barely an estimate. There is no nationwide system of sales reporting to establish market pricing for RVs . No dealer tells anybody what he actually sold for, and there are few RV auctions to establish a wholesale price for the numerous makes & models and options in which Rvs are configured. You can't use NADA or Kelly prices for more than an approximation of the real market price.
I've worked in sales at a dealership and that's exactly the way it works.
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Old 12-04-2018, 09:58 PM   #20
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Originally Posted by 60sumtin View Post
I've worked in sales at a dealership and that's exactly the way it works.
In the end, an asset is only worth what someone else will pay.

I find this thread somewhat bewildering. NADA and KBB are used by both financial institutions and dealers to value collateral. Good luck arguing with your lender the rv is worth more ‘because’ nada is wrong.
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Old 12-04-2018, 10:46 PM   #21
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Thank it a great callout. I will check on the sticker. I have heard from others to request the actual coach sticker if it is not on the unit already. I hear that is not always easy to obtain as it should be.
I would go by the year of the the coach, not the mfg or chassis date. The chassis can sit a year or two before it’s turned into a RV

Price is tough on used ones, even new it’s confusing due to the wide variety of prices.

I was able to get over 40% off when I purchased my coach new several years ago, it was a leftover model.

Nada, kbb etc as others stated are a rough guess on price. I’m addition to that I spend lots of time (arguably way to much time) searching various dealerships and online sales website. RVT, RvTrader, pplmotorhomes, lazydays, GeneralRV & yes even camping world. There are a few other sites I visit as well.... you can get a pretty good guess on the going rate for a particular RV if you check out enough places.
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Old 12-05-2018, 03:59 AM   #22
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A sellers perspective on buying a older diesel rv

As a 5x RV owner, and a current owner of an RV I love.... and currently for sale... I got a call from a buyer the other day who has been looking for 2 years!

And by this Buyer's own admission, he said he has talked himself in and out of RV deals several times. And he was a "bottom feeder" on top of that.

So after seeing this post, I decided to respond to this rather involved topic.

If you care to see my opinions, you can download the attached .pdf.

And good luck with your RV choice and making a decision.

The best way to see the USA, in my opinion as a single person or couple, is in a 40' Diesel RV!!!

(See .pdf attached.)
Attached Files
File Type: pdf A SELLERS PERSPECTIVE - IRV2 Blog, 12-5-18 (PDF).pdf (234.5 KB, 53 views)
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Old 12-06-2018, 09:56 AM   #23
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interesting

Along with price. when spending this kind of money on a used classA, what about a vehicle history report? is this possible?
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Old 12-06-2018, 10:52 AM   #24
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There are NADA guidelines that anyone can access, and there are NADA wholesale and loan values that the banks and dealers use that you can only access with a subscription, as NLOVNIT was stating. They are very different.
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Old 12-16-2018, 07:21 PM   #25
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Quote:
Originally Posted by outbackmac View Post
Along with price. when spending this kind of money on a used classA, what about a vehicle history report? is this possible?


You can pull a history report on the chassis itself. I did this on a previous pre owned class a i purchased. I believe it was car fax if i remember correctly.
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Old 12-17-2018, 09:17 AM   #26
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Quote:
Originally Posted by Luv2CUSmile View Post
I am not an experienced RV buyer (or owner yet) but after working in the automotive industry for about 5 years I believe I am much more knowledgeable when making any large purchase now.
On used... best thing to do is look up what the loan value is through NADA or KBB or the like for RV's. We did this and found the dealership had marked up the used unit we were looking at by over 150%!!! Seriously, the coach was valued at just over $11,300 and their first price was at $31,799. It was slashed and $29,995 was entered as the "markdown". We have our own financing but the bank will only do a particular percentage over value. When we gave the bank the vin # and options, they let us know what the loan value was as well as the actual value of the RV. I was appalled that they were truly trying to sell for so much over value. When we told them we knew the value of the RV they came way down on the price. We did not and are not buying that unit. That among a few other things turned us off of that dealership getting any of our business. They still call my husband to try and sweeten the deal. It is now to the point where we think there may even be serious issues with the RV. (On top of the fact that they wouldn't allow us to have it inspected by an independent inspector)...
At any rate, check the value- let the dealership know you will only pay xxx and then yes, walk away. They will either call you to accept, or counteroffer, or you won't hear from them because even they have more money in it than the value. What that means is that they will have to find someone to buy it that has no knowledge of value but can be approved for the loan regardless of their carrying costs and that person will probably have to be willing to go through the dealership financing for that. An actual bank is not going to loan but so much over value (to give room for trade-in inequity, extended service contracts, and yes, they will allow dealerships to make some profit).
Good Luck!
I couldn't agree more, I know a couple used car sales people and they tell me there is more money made in used vehicle sales than new and that the senior sales people all want to work used sales. They say the dealership doubles their money in used sales. I'd think RV sales work pretty much the same way.
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