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01-13-2014, 06:03 PM
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#1
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Member
Join Date: Jan 2012
Posts: 41
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Financing
We just ordered a new motorhome from Sherman Rv in Sherman, Ms. Their finance person said we could get 3.9%. Then she called back and said that the bank looked up our address(which is our legal add. ) and said we were full timers and they will not give us a loan. Now I try to find financing and no one will give me 3.9 for anything more than 7 years. Canceling is not an option as they told us our deposit of $5,000 was non refundable. Anyone have a good financial institute that has good rates?
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01-13-2014, 06:12 PM
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#2
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Senior Member
Thor Owners Club Ford Super Duty Owner
Join Date: Apr 2012
Location: Wherever the rig is parked
Posts: 8,092
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Try Good Sam Financing. I don't know their rates but they do work with full timers.
__________________
Bruce Dickson 2013 Thor Challenger 37GT, 5 Star Tune, Safe-T-Plus Steering Control with Air Trim, Roadmaster front and rear Sway Bars, SuperSteer rear Track Bar, Crossfires, 2018 Honda CRV . Full timers since Jan 2012.
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01-13-2014, 06:19 PM
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#3
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Senior Member
Country Coach Owners Club Solo Rvers Club iRV2 No Limits Club
Join Date: May 2011
Location: Vancouver, WA
Posts: 37,725
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Quote:
Originally Posted by roaming nana
We just ordered a new motorhome from Sherman Rv in Sherman, Ms. Their finance person said we could get 3.9%. Then she called back and said that the bank looked up our address(which is our legal add. ) and said we were full timers and they will not give us a loan. Now I try to find financing and no one will give me 3.9 for anything more than 7 years. Canceling is not an option as they told us our deposit of $5,000 was non refundable. Anyone have a good financial institute that has good rates?
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Always make the sale contingent on getting financing! The dealer probably can't keep the deposit though since it's not your fault they can't get financing.
__________________
2009 45' Magna 630 w/Cummins ISX 650 HP/1950 Lbs Ft, HWH Active Air
Charter Good Sam Lifetime Member, FMCA,
RV'ing since 1957, NRA Benefactor Life, towing '21 Jeep JLU Rubicon Ecodiesel
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01-13-2014, 06:21 PM
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#4
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Senior Member
Newmar Owners Club
Join Date: Jul 2006
Location: Wellington, Florida
Posts: 13,599
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Hi roaming nana,
I see you live in Florida. If you can, come to the Tampa RV Super Show January 15-19 there will be companies that finance coaches. The two vendors that come to mind are Essex Credit and Sun Trust Bank. Both have had advertisements in recent motor coach magazines. Motor Home, and FMCA magazines are an excellent resource for finding companies the finance coaches. Also, consider posting this question in the Full Timers forum on iRV2. I'm sure those who post in this forum have the knowledge to help you. The forum is at Full-Timers - iRV2 Forums
__________________
Gary
2005 Newmar KSDP 3910 + GMC ENVOY XUV 37K lbs Moving Down The Road
The Avatar Is Many Times Around The USA
Nobody Knows Your Coach Like Somebody Who Owns One Just Like Yours
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01-13-2014, 08:13 PM
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#5
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Senior Member
Damon Owners Club
Join Date: Jul 2010
Location: Annapolis,MD
Posts: 1,458
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I think 3.9 for seven years is a pretty good deal.
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01-14-2014, 05:26 AM
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#6
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Senior Member
Texas Boomers Club
Join Date: Dec 2011
Location: Hockley TX
Posts: 244
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Quote:
Originally Posted by macandphyl
I think 3.9 for seven years is a pretty good deal.
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Yes, Great Deal. but as they said they have lost that deal! Essex would finance you but you will not see those rates. Good Luck
__________________
Leon and Anita Kirby / Fur Kids - Onyx and Riley
2012 Super Duty F-450 FX4 Lariat 6.7L/6 Speed Auto/4.3 RR Crew Cab LB Dually
2011 DRV Mobile Suites 36 TKSB3 5th Wheel
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01-14-2014, 05:53 AM
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#7
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Senior Member
Winnebago Owners Club Florida Cooters Club Freightliner Owners Club
Join Date: Nov 2013
Location: florida west coast
Posts: 453
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__________________
Well Itasca got totaled. Just picking up a 2021 5th wheel, (first one). Arctic Wolf. Do miss my Diesel pusher.
IT Guy.
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01-14-2014, 06:03 AM
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#8
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Member
Join Date: Jan 2012
Posts: 41
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Thank y'all for responding so quickly. Love this site. If the dealership cannot get us financing, I think we will go with Good Sam. Have everything else with them and they love RV'ers (they dang well better ha ha)
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01-14-2014, 06:45 AM
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#9
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Senior Member
Texas Boomers Club
Join Date: Dec 2011
Location: Hockley TX
Posts: 244
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Quote:
Originally Posted by roaming nana
Thank y'all for responding so quickly. Love this site. If the dealership cannot get us financing, I think we will go with Good Sam. Have everything else with them and they love RV'ers (they dang well better ha ha)
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I think they are offering 4.2% for 120 months with good credit.
Good Luck and let us know...
__________________
Leon and Anita Kirby / Fur Kids - Onyx and Riley
2012 Super Duty F-450 FX4 Lariat 6.7L/6 Speed Auto/4.3 RR Crew Cab LB Dually
2011 DRV Mobile Suites 36 TKSB3 5th Wheel
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01-14-2014, 06:56 AM
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#10
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Senior Member
Texas Boomers Club
Join Date: Dec 2011
Location: Hockley TX
Posts: 244
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I just looked and it does not look that bad, here are their min requirements.
Some qualifications for this opportunity include:
- 700 minimum credit score required
- For a refinance, RV must be 2004 model years or newer
- For a purchase, RV must be 2006 model years or newer
- Boat must be 1994 model years or newer for purchase or refinance
- Maximum loan term is based on model year of RV or Boat
- Subject to loan program guidelines and credit approval
__________________
Leon and Anita Kirby / Fur Kids - Onyx and Riley
2012 Super Duty F-450 FX4 Lariat 6.7L/6 Speed Auto/4.3 RR Crew Cab LB Dually
2011 DRV Mobile Suites 36 TKSB3 5th Wheel
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01-14-2014, 07:48 AM
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#11
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Senior Member
Join Date: Dec 2009
Location: North Texas
Posts: 1,061
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Quote:
Originally Posted by roaming nana
... Canceling is not an option as they told us our deposit of $5,000 was non refundable. Anyone have a good financial institute that has good rates?
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Roaming Nana,
I'm not familiar with the laws in MS, but in most cases the dealer cannot keep your deposit if you can't get financing. Most dealers I've dealt with wouldn't even try.
In fact, until you take delivery, you can back out of the deal for any reason. That's why most dealers will push you to take delivery, even when the coach is not perfect. They'll tell you "...go ahead and take it today, then bring it back next week and we'll fix all the stuff found in the PDI." They know that if you don't take it off the lot... The deal is NOT done.
It all has to do with contract law. Both parties must give up something before the contract is complete. At this point you've given up a $5,000 deposit, but they have given up nothing (they still have the coach).
The only thing you might be on the hook for would be a charge for "Make Ready & Delivery", but this would not be $5000, and would only apply if they actually performed the task.
If it comes to it, get legal counsel from someone familiar with MS law.
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01-14-2014, 08:04 AM
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#12
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Senior Member
Join Date: Dec 2009
Location: North Texas
Posts: 1,061
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Oh... One last thing.
I hope it all works out, you get your financing and the RV of your dreams.
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01-14-2014, 12:11 PM
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#13
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Senior Member
Newmar Owners Club
Join Date: Jul 2006
Location: Wellington, Florida
Posts: 13,599
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Incase you need a backup company, those at the Tampa Super Show advertising their financing products are:
Ally Financial 800-814-8842
Banterra Bank 800-499-9718
Medallion Bank 866-688-6983
Merrick Bank 888-545-3888
Mid South Marketing 812-218-8111
US Bank 800-933-9260
Voyager Credit 877-222-0301
__________________
Gary
2005 Newmar KSDP 3910 + GMC ENVOY XUV 37K lbs Moving Down The Road
The Avatar Is Many Times Around The USA
Nobody Knows Your Coach Like Somebody Who Owns One Just Like Yours
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01-14-2014, 05:35 PM
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#14
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Senior Member
Join Date: Jan 2006
Posts: 1,163
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roaming nana, does your contract actually say the deposit is non-refundable, or was that just a discussion.
__________________
2014 Phaeton 36gh
2008 Jeep Rubicon or 2012 Ford F150 4x4 Lariat towds
or a couple of different trailers
Retired in Apple Valley, California
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