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Old 05-09-2021, 11:18 AM   #1
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New Travel Trailer Questions

We are buying a Rockwood 2507s trailer and have a few questions. It was already on order and in the colors and extra features we wanted so after looking at reviews of the dealer I put a down payment in to hold the unit which probably won't be in until July/ Aug. I pulled the trigger as the salesperson told me that this was the last one in that color that they would get before the price increase and he could not hold it without the down payment which he did not tell me was non-refundable, I found out after receiving the contract (my fault for not asking). The finance Mgr. called while I was shopping at our local feed store (late Fri. aft.) to tell me we're approved but wants to up-sell me their extended warranty which includes ceramic coating and fabric protection. Then he proceeded to tell me if we decline the warranty that they charge an extra 1% interest on the loan and the 1% discount pays for the warranty( seems kinda shady). I understand they get a sizable chunk of extended warranty money but I do all my own work and mean ALL work and would rather do it myself than leave it sit at a dealer for weeks or months and it has a warranty from the manufacturer anyway. I'm calling Monday to get more info but wondered if anyone has had an experience like this. Is there any extended warranties out there that are worth the money and does this 1% interest hike for warranty refusal sound right. Sorry about the long post.
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Old 05-09-2021, 11:45 AM   #2
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To me that doesn’t sound right. I’d shop elsewhere for the loan, since it seems you are stuck with the seller because of the deposit.
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Old 05-09-2021, 11:51 AM   #3
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Surely you have figured out this dealer is NOT somebody that you want to do business with. There us no way you should allow them to get away with those tactics. Get a lawyer (if necessary) and get your deposit fully refunded.

OBTW, iRV2 allows you to name the dealer, so others will not fall for their dishonest tactics.
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Old 05-09-2021, 11:58 AM   #4
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Sounds fishy to me. Unless there's something in your already signed purchase agreement, I'd be looking at other financing options and evaluating whether its worth continuing to deal with this dealer. Depending on the size of the down payment and how vested you are in this particular unit, I might consider walking away even if it meant losing some money. If you've paid a sizeable non-refundable down payment, this might not be an option.



It sounds like you haven't thoroughly read the purchase agreement. I'd thoroughly read and understand the contract at this point and definitely make sure to read and thoroughly understand the sales and finance contracts before signing them. Look at what's been going on with General RV in Utah.



The dealer definitely has a vested interest in selling you the extended warranty and having you finance through them. It's up to you to ensure your interests are served. The dealer may have great options and/or special financing incentives, but I would know what terms my own bank or credit union would offer me for comparison before agreeing to dealer financing. Dealers often make far more off of financing and warranties than what they claim to be selling (rv, car, etc..).
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Old 05-09-2021, 01:08 PM   #5
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I've been watching some of their videos and they do explain in them how they do business. Their participating lenders give them a bonus for financing with them and they in turn discount the rv accordingly, the only stipulation is you have to keep the current loan for 1 year before doing a refi which knocked 2500 off the price so I am ok with that. That was explained to me upfront and I was ok with that as I will refi after the 1 year. I am ok with the no refund down payment but feel it should have been told about it up front and would have went ahead anyway as this trailer is exactly what the DW was wanting and is priced new with all the bells and whistles added at almost the same price for a 2019 model that had some issues and no extra options at a local national chain dealer. I have been watching some of their videos regarding their nationwide service warranty and may be interested even though it sounds shady with the interest caveat in it depending on price. I would rather not disclose the dealer's name until I have all my facts straight but they have great reviews online and a good BBB rating or I would have never done business with them to begin with. I will update as soon as I have more info and thanks.
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Old 05-09-2021, 02:06 PM   #6
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Before you spend a lot of money on an attorney, maybe call the Ohio Attorney General's office and run it by them first. They may be able to step in on your behalf if there are other complaints for similar practices at that dealership ...or they can tell you if it's best to hire your own attorney.

Dave Yost, Ohio Attorney General -- Services for Consumers

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Old 05-09-2021, 05:57 PM   #7
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I don't feel they are trying to deceive me, was wondering if anyone had heard of a practice of cutting interest by getting a service contract and if they are worth the money as in my experience most are not. I will contact them tomorrow and get all the details regarding the financing and service contract.
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Old 05-09-2021, 08:25 PM   #8
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Bait/Switch sales tactic..........

as for that extended warranty (service contract!)
Exclusion Clauses are written in their favor....how do you think that can stay in business----paying out claims NOPE!
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Old 05-09-2021, 08:27 PM   #9
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I don't feel they are trying to deceive me, was wondering if anyone had heard of a practice of cutting interest by getting a service contract and if they are worth the money as in my experience most are not. I will contact them tomorrow and get all the details regarding the financing and service contract.

To answer your question, when we bought our current (and only) travel trailer, we were not offered any discounts for purchase of the warranty. But, our experience is very limited and we did not finance the purchase. But we did ask if there were any benefits to making a loan with them.

So, just taking a step back here. They are offering a 1% lower loan rate if you purchase the warranty. If you prefer to do your own work, say no to the warranty and pay the extra 1%. Then enjoy your new RV! Assuming they are not changing anything you were originally promised, I just don't see the need for a lawyer.
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Old 05-09-2021, 08:28 PM   #10
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Before you spend a lot of money on an attorney, maybe call the Ohio Attorney General's office and run it by them first. They may be able to step in on your behalf if there are other complaints for similar practices at that dealership ...or they can tell you if it's best to hire your own attorney.

Dave Yost, Ohio Attorney General -- Services for Consumers

Toll-free: 800-282-0515
Monday - Friday 8 a.m. - 7 p.m.

30 E. Broad St., 14th Floor
Columbus, OH 43215
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Old 05-10-2021, 12:53 PM   #11
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I talked to both the salesman and the finance mgr. and feel really good about the deal. Everything looks legit and I couldn't find this camper with these options anywhere else for near this price so waiting 6-8 weeks is ok with us. They get a kickback for the ext. warranty as well so they eat 1% of the finance interest to help offset the warranty cost. I spoke with our local credit union loan officer and she tells that this practice happens almost every time you finance at any dealer for anything but dealers typically keep the kickback for themselves and that she will be happy to refi the loan at 3% for 5 years after my 1 year term is up and in her opinion she could not save me the 2500 discount that I am receiving. I feel much better and the DW can't wait to have something to camp in that she is not uncomfortable driving as she can but don't enjoy driving the motorhome.
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Old 05-11-2021, 01:10 PM   #12
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I feel much better and the DW can't wait to have something to camp in that she is not uncomfortable driving as she can but don't enjoy driving the motorhome.
Before you sign those loan papers make sure that you have read every word of the contract and understand it. It is quite possible that there is a penalty cost for early loan payment. My former bank loan officer wife says she would bet on it.
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Old 05-11-2021, 02:14 PM   #13
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I doubt the dealer "eats" that 1%. He gets a loan placement commission (kickback) too, and very likely gets a bigger commission if the loan is placed at a higher rate. In other words, he is striving to get some extra commission one way or the other.


A well-heeled buddy of mine bought a BIG Kubota tractor a couple years ago and ran into the same sort of deal. The farm equipment dealer told him flat out that he would discount an additional $3000 if my friend financed through the dealer and kept the loan for at least 6 months. He took the loan and the discount and paid it off a year later.
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Old 05-11-2021, 04:36 PM   #14
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My loan officer at our credit union is telling me the same thing, take the 2500 discount and come see me in 1 year and I'll get you refi'd at 3% with no penalty. Was actually considering the paint/fabric plan as it consists of ceramic coating on the exterior which I have never applied and want done right, UV protect on the awnings and fabric protect on interior for 1k, need to do some homework and see if it's a decent deal or not as I know they make money on that as well. They're telling me a 5 year warranty on it, but I know how that usually goes as well.
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