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Old 06-08-2015, 07:29 PM   #1
Fleetwood Owners Club
Join Date: Jun 2005
Posts: 97
Refinancing Essex credit Costco

Looking for advice on a purchase will try to explain.

1. I want to purchase a new rv and the discount is 40 percent . The deal is excellent and I am ready to buy now

2. I have a trade and the dealer is low balling of course and states they are losing so they want to make it up on the trade.
3. Even if I accepted their offer they want 10 percent down and right now I am not liquid.
4. I will soon have access to a HELOC that is large enough to purchase the rv outright plus have some left over to help with the negative equity on the sale of the trade.
5. I would be in possession of two motor homes at once.

6. As soon as I rehab and sell the trade I would like to refinance through Costco and pay off the HELOC and convert to traditional
Recreational loan


I just paid off my mortgage early this year and my only debt is the 2006 Bounder. No other debt, no cc , no car payments. I owe 50k and think I can sell it for 45k ish.

My credit is solid 800 and my debt to income ration is small and liquidity is improving rapidly

My question is the new rv would not have a lien , would the Essex bank draft a check to me or the bank(HELOC)in exchange for a lien? Long term I don't want an rv loan on a HELOC.

I know it's safer to sell the old one first and I would if I was ordering or getting 25 percent off, but with the additional 15 percent off of 300k I think it's worth the gamble. Thoughts? Again I don't want an rv loan long term on a HELOC.

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Old 06-09-2015, 06:58 AM   #2
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No credit cards to use for a temporary advance for the down?

1999 HR Endeavor 37WDS
Handicapped Lift Equiped
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Old 06-09-2015, 07:22 AM   #3
Fleetwood Owners Club
Join Date: Jun 2005
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Originally Posted by Bad Bolt View Post
No credit cards to use for a temporary advance for the down?
I only have one credit card for emergency and it does not have a large enough to credit line. Plus I don't want open any new lines until the HELOC closes.

the question is would the bank consider this a used loan buying from a private part (buying from myself) or refinance ?
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Old 07-05-2015, 05:09 PM   #4
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connor2002, if you use your HELOC to buy the RV the dealer will process the title work in your name and, even though you may have not received the title, it will be considered a refinance and the proceeds will be funded directly to you.
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Old 07-07-2015, 04:12 PM   #5
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Beware that if the Rv depreciates depending how long it takes you to refi it's possible they will ask for another down payment.
2007 Fleetwood Revolution LE 40V
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Old 07-07-2015, 04:59 PM   #6
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Posts: 143
Essex does title loans. I paid cash for my RV to speed up the process then got a title loan. All the same interest and terms as buying it with a loan.
Craig and Jessica | RV Rookies | 2014 Fleetwood Bounder 35K| Tampa, FL
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Old 07-07-2015, 06:37 PM   #7
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We have used Essex to refi a rig we had a few years ago, and outright finance on a rig we bought in March. Good people, good rates.....pretty slow getting things done. "Approval "comes quick as advertised....tons of paperwork and a long time to actually get the check. Then the actual loan is with Bank of the West.

Bank of the West has the worse telephone customer service that you will ever experience. Not just me saying that, look it up for yourself on App " Talk to a Human".

You save the money, but do not expect anything beyond their computer telephone system. Getting the old loan release after the loan was paid off took .6 weeks. Thank goodness we had a wonderful, patient, buyer.

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