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Thread: Financing Nightmare

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    Financing Nightmare

    Ok.....here goes!!

    Dec 31st I went to Tom Raper RV in Fairfield Ohio for a promotion they were running on new RVs. Worked out a deal that takes all day on a 2010 North Country LS 29RKS and they run the financing quoting and signing the contract for 15 years on $***** It's a lot but I was trading a 2007 Keystone Outback 28RSDS that I only had a year...so I was upside down on the equity. Thinking all was set, I was going to take my camper up this Saturday and pick up the new one. The finance guy calls me today and says the banks won't write me the loan unless I come up with $1617.70 down or my interest rate raises to 8.5%. That's $14.00 more on the month than before but I have a budget to stay in and that's where I won't budge. He says even though my credit in over 770, banks just won't write me because of the loss I'm taking on my camper. Does this sound right or am I getting swindled? Any comments welcomed.
    Last edited by Ray LeTourneau; 01-08-2009 at 11:07 PM. Reason: Discussion of pricing not allowed per forum rules
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    Sounds about right. You're buying an extra, not a necessity. Because you're upside down on the trade, they are requiring you to buy down some of your negative equity. All in all its not that bad. Are you a home owner? My credit line on my house is down to 3.25 and they don't care what I use it on.
    Paul

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    No equity loan will be taken out to pay for this camper. I'm not dipping into my home for anything. Looks like I will have to walk away from this deal and start looking again for another one.
    2001 GMC Yukon XL 2500 8.1 Vortec 4.10 Rear
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    Chris, Not to be a smarta$$ at all but you've heard of the golden rule haven't you. Those with the gold make the rules. Your loan would have been NO problem awhile back but so many banks loaned money to people who had no way of ever paying it back has spoiled things for people like you and I. I wish you the best of luck finding a loan for your Heartland product and commend you for not dipping into your home like so many idiots did and messed it all up for us that have more control.
    Good Luck Buddy
    Gary & Diana
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    Past Ohio Chapter Leaders (Founding) mrcomer's Avatar
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    Chris,
    Sorry to hear about your troubles. We too ran into a similar situation. We actually decided to pre-qualify before making a deal on a trailer. When we did the pre-qualification the bank told us we would need to put some money down. Not something really wanted to do but did anyway. This cut our monthly payment down a bit and was nice in the end.

    BTW, you might want to try Couch's RV in Hamilton? I believe. They are a Heartland dealer also. They are located at the old LeSourdesville Lake Amusment Park.

    Good luck,
    Mark
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    Chris, sorrry to hear your dealer only gave you that one option on finance. Our dealer was way to high on his intrest rates also, we went on our own to Essex Credit. They had great rates and good people to work with. Makes me wonder if dealers don't get something from the finance companies for high intrest rate deals. Wish you luck!
    John & Kathie Carathers
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    Past Ohio Chapter Leaders (Founding) mrcomer's Avatar
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    Chris,
    Interestly enough our dealer helped us with the pre-qualification and as it turns out THOR Credit is who our loan is through. Kinda ironic that another RV manufacturer is loaning me money to purchase a Heartland product.

    Mark
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    Founding California Northern Chapter Leader slmayor's Avatar
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    Mark, our loan is through Thor as well. Actually the parent company is GEMB.
    Chris, I wouldn't give up, just find a different finance company. We were in a situation with ours where we knew we had to finance some of the negative equity we had in the MH and were up front about it from the beginning. Our finance guy (the dealers) was good, and he shopped the loan and told us exactly what we were financing, which we expected. The first loan was denied, because he tried to over-inflate the value of the BH. The loan with Thor got written and when all was said and done we actually financed half of the negative equity we thought we'd be stuck with. Dealer had to eat some too, but then again, they didn't get stung on the MH either.
    It's all what works for you. We got out from under the MH, saved $200 per month on payments and will pay the exact same interest as if we would have kept the MH til the end of it's term. Lower insurance and less maintenence too.
    Our credt score was about the same as yours, but we bought in the fall of '07 before the credit collapse. We just did a re-fi on our equity line and it's much tougher these days.
    Hang in there and keep looking.
    Ray & Deb
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    Founders of SoCal Chapter Bob&Patty's Avatar
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    JTC, yes they do get a kick back from the lender. Chris, you didn't say how many lenders the dealer shopped for financing. Bob
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    Quote Originally Posted by Bob&Patty View Post
    JTC, yes they do get a kick back from the lender. Chris, you didn't say how many lenders the dealer shopped for financing. Bob
    Save your money...pay cash. No kickbacks and financing worries.None
    Last edited by leftyf; 01-09-2009 at 10:08 PM.

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