Community Forums

WolfCoach · 06-10-2021, 05:25 PM

Hi, I'm a 22 year old college student with minimal debt. I am currently not employed. But I have thousands of dollars in accessible funds due to my quality academic work. I know the RV lifestyle is right for me, and I also want to move from a stressful family situation. I can be employed soon too.

Is it realistic for me to secure a lease for a MH soon? I've been researching for 6 months. I've found a 1999 Country Coach Intrigue with 123,000 miles on it for $29,900. Could I get approved? Or is this undoable? My credit score is about 700. Should I stay away from high mileage?

My lifestyle details/particulars are in the "Assistance needed for an amateur" thread. This thread was devoted to this specific RV.

Massparanoia · 06-10-2021, 06:30 PM

I would definitely stay away from high mileage especially if the coach isn't in impeccable condition with detailed maintenance records.

Also most banks probably will not finance a coach that is more than 20 years old.

Another consideration when looking at a used coach is how handy are you? Will you be able to fix anything yourself that goes wrong or will you have to pay someone to do it?

HoneyBadger · 06-10-2021, 06:42 PM

Quote:

Originally Posted by Massparanoia

I would definitely stay away from high mileage especially if the coach isn't in impeccable condition with detailed maintenance records.

Also most banks probably will not finance a coach that is more than 20 years old.

Another consideration when looking at a used coach is how handy are you? Will you be able to fix anything yourself that goes wrong or will you have to pay someone to do it?

Not to be overly contentious but...

It depends entirely on whether the coach is a diesel or a gasser as to what constitutes "high mileage" (I don't consider 129,000 high mileage for a gasser, and certainly not for a DP), but paying a mechanic to look over a coach's engine and drive train before you make an offer is well worth the few hundred it will cost.

Coaches older than 20 years are financed everyday, although perhaps not with a 700 credit score.

It is IMPERATIVE that you either are handy enough to fix most issues with the MH or you have many thousands of dollars you don't need for any other purpose to pay for repairs. All motor homes need repairs. Period.

The specific MH you mentioned, a 1999 Country Coach seems underpriced at $29,000. CC's are a very high end coach and retain their value very well; this one is either a bargain or a money pit.

twogypsies · 06-10-2021, 11:20 PM

OP: You posted this question in the Class A section and received 65 answers. What more are you seeking?

WolfCoach · 06-11-2021, 09:35 AM

Quote:

Originally Posted by Massparanoia

I would definitely stay away from high mileage especially if the coach isn't in impeccable condition with detailed maintenance records.

Also most banks probably will not finance a coach that is more than 20 years old.

Another consideration when looking at a used coach is how handy are you? Will you be able to fix anything yourself that goes wrong or will you have to pay someone to do it?

I'll have to inquire about the maintenance records.

Hmm...

I would be quite content to do repairs myself. It is my responsibility, after all, if I lease the coach.

WolfCoach · 06-11-2021, 09:42 AM

Quote:

Originally Posted by HoneyBadger

Not to be overly contentious but...

It depends entirely on whether the coach is a diesel or a gasser as to what constitutes "high mileage" (I don't consider 129,000 high mileage for a gasser, and certainly not for a DP), but paying a mechanic to look over a coach's engine and drive train before you make an offer is well worth the few hundred it will cost.

Coaches older than 20 years are financed everyday, although perhaps not with a 700 credit score.

It is IMPERATIVE that you either are handy enough to fix most issues with the MH or you have many thousands of dollars you don't need for any other purpose to pay for repairs. All motor homes need repairs. Period.

The specific MH you mentioned, a 1999 Country Coach seems underpriced at $29,000. CC's are a very high end coach and retain their value very well; this one is either a bargain or a money pit.

Thank you for that perspective! Yes, it is a diesel pusher. I'll consider that.

Hm, well I might be able to work something out.

If I *had* to, I could use my aid gifted to me for repairs. Maintenance is just part of owning a home, it won't make me change my mind. I understand that.

I am aware CC makes high quality motorhomes. Hmm...

Should I contact the dealership? I won't be ready to seriously consider financing for at least 3 weeks.

GypsyR · 06-11-2021, 11:50 AM

Do people actually "lease" 22 year old vehicles? Seriously, I haven't heard of that. Only leasing new ones.
In my case, I just took out a loan. Proved to the bank that I had a decent credit record. a stable job and income that would enable me to pay back the loan, and they gave me money. Which I then went and did what I wanted with, which was buy an old RV. No problem.
At the ripe age of 22 that same bank back then would have politely laughed me out the door if had tried the same back then. Could be just me though. Doesn't hurt to ask.

SKP Kirk · 06-11-2021, 11:51 AM

While it is true that Country Coach built quality RVs, it is also true that no matter how good the RV was when new, after 22+ years it could very well be trash now. It is critical that you get a professional to evaluate the coach, including the RV part as well as the chassis. To replace an engine would cost you between $5000 and $15000. A new refrigerator will run at least $1000. A water heater, installed $500. RV appliances have a useful life of about 10 - 15 years when in constant use, or total accrued use. Even newer RVs are expensive to maintain if you hire it done and the older that they are the more maintenance will cost. Be very careful and do a lot of research.

WolfCoach · 06-11-2021, 02:24 PM

Quote:

Originally Posted by GypsyR

Do people actually "lease" 22 year old vehicles? Seriously, I haven't heard of that. Only leasing new ones.
In my case, I just took out a loan. Proved to the bank that I had a decent credit record. a stable job and income that would enable me to pay back the loan, and they gave me money. Which I then went and did what I wanted with, which was buy an old RV. No problem.
At the ripe age of 22 that same bank back then would have politely laughed me out the door if had tried the same back then. Could be just me though. Doesn't hurt to ask.

Well, rent. I didn't mean to conflate the term "lease" with "rent". I have heard a bank will consider if you have acceptable financial means. I have to make an attempt.

WolfCoach · 06-11-2021, 02:26 PM

Quote:

Originally Posted by SKP Kirk

While it is true that Country Coach built quality RVs, it is also true that no matter how good the RV was when new, after 22+ years it could very well be trash now. It is critical that you get a professional to evaluate the coach, including the RV part as well as the chassis. To replace an engine would cost you between $5000 and $15000. A new refrigerator will run at least $1000. A water heater, installed $500. RV appliances have a useful life of about 10 - 15 years when in constant use, or total accrued use. Even newer RVs are expensive to maintain if you hire it done and the older that they are the more maintenance will cost. Be very careful and do a lot of research.

I understand. I will make dang sure to get a professional to carefully evaluate the rig. I'll be careful to approach this opportunity with nuance. One should be cautious of buying/renting based on emotion, instead of logic.

Alan_Hepburn · 06-11-2021, 02:36 PM

Quote:

Originally Posted by GypsyR

In my case, I just took out a loan. Proved to the bank that I had a decent credit record. a stable job and income that would enable me to pay back the loan, and they gave me money.

The big issue is lack of income - you'll have a hard time finding a bank willing to write a loan for ANYTHING with a big fat 0 in the income spot of the application. We went through that years ago when we wanted to refinance our motorhome when we retired. We had more than enough money in a savings account to actually pay off the loan, but we wanted to hold onto our ready cash and just refinance. No bank would even talk to us because we had no income - didn't matter how much cash we had in the bank, or in our pockets; they want to see income to cover the loan. We ended up initiating a monthly withdrawal from one of our retirement accounts just so we could show an income.

Alan_Hepburn · 06-11-2021, 02:40 PM

Quote:

Originally Posted by WolfCoach

Well, rent. I didn't mean to conflate the term "lease" with "rent". I have heard a bank will consider if you have acceptable financial means. I have to make an attempt.

With a used unit the only option is "purchase" - renting is out of the question for a long-term situation. Most rentals are on the order of $1000 per week and up. Leases are new vehicles only, and I've never heard of a lease on an RV.

LETMGROW · 06-11-2021, 03:09 PM

Unless someone on here is a bank manager or has authority to loan money I don't think the OP could expect a solid answer. I don't understand the concept of the "lease" being $29,000. If it's a "lease", what is the period of the lease? Does the OP have to give the coach back at the end of time for the "lease"? If it's truly a "lease" who is responsible for repairs and maintenance?

**NLOVNIT** · 06-11-2021, 04:22 PM

In the OP's other thread, he stated

Quote:

I am about $2200 in debt. I have a very slim credit history

and

Quote:

I project my job will yield me roughly $13.50 an hour.

. And in this thread states

Quote:

I am currently not employed

I hate to burst the OP's bubble, but I agree w/Alan. The OP won't be able to qualify for any loan. One has to have a history of employment to even be considered. Being unemployed is a deal breaker here.

Plus, it isn't just about being able to purchase the RV (or rent it as in the OP's other thread). Can they afford maintenance or will they be doing all that themselves, repairs - what if something breaks, supplies to outfit it, where you going to keep it (camp spots aren't cheap) on top of all it takes to live (food, insurance, healthcare, clothing...etc.) on a projected $13.50/hr job?

Owning an RV, especially a motorhome, is not for the faint of pocketbook.