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Old 04-25-2017, 06:02 AM   #15
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Thanks all for the tips, I'll just have to be patient and wait for the dealer to call when it's loan time for the June 5th factory pickup. Not sure when to expect "the call."

The conversation kind of took a turn on loan vs. cash and is a bit off topic but I'd like to chime in. First, not everyone may have the means to pay cash for a 250K coach. Personally, I prefer the loan vs. cash especially at low interest rates, I'll assume a 4.5% is about where I'll land based on today's rates and recent fed hikes. I like to invest as well and I'd like to think I can take that loan amount, call it 200K and make 50+ percent on it over those 20 years. The typical argument is 10-15% gain on your money but I would hope to do better but it's still better than the loan rate amount and you also get the tax write off on the interest I believe. To each their own but depending in your age, your means, whether you invest, on and on, paying cash may not be the best option as sometimes borrowed money at a lower rate allowing you to invest your cash and make money may be a better avenue. If the thread wants to take a turn on this topic that's fine, I have what I needed to know on the original question. Just my $.02 on the last few comments.
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Old 04-25-2017, 09:09 AM   #16
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My dealer said they will check into the financing when the motorhome closing is 30 days out which is about two weeks from now. I wanted to check myself to keep the dealer honest. I have read where some dealers will jump up the rates for a kickback from the lenders.

I have the means to buy this outright, but I would rather finance it also. I want to keep my nestegg in case of an emergency.
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Old 04-25-2017, 09:35 AM   #17
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Quote:
Originally Posted by reubenray View Post
My dealer said they will check into the financing when the motorhome closing is 30 days out which is about two weeks from now. I wanted to check myself to keep the dealer honest. I have read where some dealers will jump up the rates for a kickback from the lenders.

I have the means to buy this outright, but I would rather finance it also. I want to keep my nestegg in case of an emergency.


Dealers sell the loan to the bank, and can be as high as 6 points, or 1.5 percent. Certain banks only allow up to a set amount, say $5,000 to be paid to the dealer so there is no point in marking it up any more than what it takes to get to that amount.

The dealer can still often beat what you can get on your own. In my case I was able to beat the rate I would have been able to get by about 1.25 percent.

As a disclaimer, I work for a dealership. I would look into what you can get verse what the dealer can get, even with the markup. Do you really care that the dealership makes money on the loan if they get you a better rate?
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