Still trying to buy a Heartland!

[Tumble Weed]

Still trying to buy a Heartland! IM talking to dealers and they give me a price on there BH rv,but then want to roll over all I owe on my 5ver back into the new Heartland IM trying to buy. There going to makemoney off my unit. I always though they pay off my unit andthen sale it and make money off it!Also I just bought a new Splendia W/D 1500 plus taxes, one dealer said it be cheaper for me to buy a new W/D.Then another said it be better to keep W/D, Wingaurd 1700and DW since they don't help trade in value!

 

[brianharrison]

one dealer said it be cheaper for me to buy a new W/D.Then another said it be better to keep W/D, Wingaurd 1700and DW since they don't help trade in value!

For reference - DW is short for Dear Wife on this forum. Good to keep the DW, the cost for a new one is pretty high....

Brian

 

[pegmikef]

Tumble Weed,

I think I saw a similar thread a few days ago.

True, they may make money on your trade in, but what you owe on the unit is not the dealer's problem, because that is between you and the financial institution that has the paper on your current fiver. The dealer needs a clear title so he can resell your trade.

For example, if you owe 10,000 dollars on your rig, but the dealer is only willing to give you 8,000 dollars as the trade in, then you have to come up with the other two thousand to pay off your trade so the dealer has a clear title.

Typically, during sales of this type, the dealer will subtract the stated trade value from the agreed to price of the new trailer to get the final sale price of the rig, but since the dealer had to pay the extra two thousand to get the clear title, this amount will normally just be added to the new contract (or you can pay it in cash to keep it out of the new contract). Remember that you are not required to accept the offered trade in value and can shop around for a better deal.

The dealer has no liability or control over what you owe on your current rig. Other customers may owe nothing or more, but that is the owner's concern.

 

[Tumble Weed]

Brain yeah I know about the DW cost of getting rid of the older on would be high also. Bu
t Istill keep trying I mean after all she's a hard worker. She has tokeep up after me..
Make sure y’all know you can't black mail me I told DW shelaughed.


What I owe is less than what they say theappraisal price value is. So taking what I owe rolling on top of anew note.
Then they'd have a trailer worth 35000+/- free and cleartalk about a good deal for them.
If I was over there appraisalprice value of my RV, yes I could see that. Pay the part over there!
.
I wouldn't agree to do that on a car either I guess IM crazy.

Ihad a dealer tell me today Don IM not making any money off thisdeal!
I said really and yet your lights are still on.


Thanks for your advice and comments Ido appreciate it all, your all great.
Don

 

[EandJ]

Do you full time? If not, why not sell it yourself, especially if you owe less than its worth?

Or to avoid the hassle, use one of the big consignment shops. PPL in Houston sells stuff fast. While I 100% do NOT recommend anything at all to do with their service department, the sales side seems to be pretty good. Less than 3 weeks after our tt went on the lot, we had offer (hopefully will close within the next week) and including PPL's 10% cut, we still will come out with about 50% more money at the end of the day than ANY of the dealers offered us on trade-in.

The dealers will all plead insolvency - but they are making money on every part of the deal. And their planned profit on your trade-in is way more than the 10% commission you would pay PPL or somebody. One thing we like about PPL is the amount of buyer traffic they have. Huge numbers of people shopping. When I was there filling out my paperwork to list my trailer, I think they had 15 deliverys scheduled that Saturday morning. Just make sure your rig is in good shape so you can stay away from the service department.

 

[kakampers]

Try Explore USA in Mesquite, east of Dallas...

 

[Eddhuy]

I believe that most financial institutions only want you to owe money on one RV at a time. They learned the hard way that if people run into problems, they let the RV go. So generally speaking, if you are upside down, you will have to make up the difference. Using the example pegmikef gave, you would have to put an extra 2,000 down to pay the old rig off and still have to meet any down payment requirements for the new rig.

 

[danemayer]

What I owe is less than what they say the appraisal price value is.

I think I recall your other post saying you're buying from a "wholesale" dealer who's given you a low price on the new rig. In this thread, you say they've appraised the old rig at more than you owe, but they want to roll the old loan into the new loan for some reason.

Let me hazard a guess that they're not actually accepting the old rig as a trade-in, but instead are selling it for you on a consignment basis. So under their plan, until the old trailer sells, you'll own both rigs, but have only one loan that covers what you owe on both. Then when the old unit sells, they would give you the proceeds to pay down the balance on the new loan. Then the loan balance would reflect what you paid on the new unit only.

If my guess is correct, there are a couple of things to watch out for. First, when you sign the new loan, you need to make sure that the old loan is satisfied and the title on the old unit is cleared. Second, the old RV may or may not sell quickly at the "appraised value" they gave you. You could end up getting less than the "appraised value, or it could take a while. Third, the monthly payments on the "combined" loan are likely to be higher than you're expecting because they'll be computed on the larger loan value. While you can pay down the balance when the old unit sells, I don't know that you'll be able to reduce the monthly payment. They might be planning to avoid this problem by setting a longer loan life when you start - say 12 years instead of 8. Then when you make the early pay down with the proceeds of the sale, it effectively shortens the payment schedule back to 8 years - and the payment would be normal the whole time.

If this is what's being proposed, I'd suggest that you either get a VERY clear understanding of how this is all going to work, or sell the old RV separately from this deal.

 

[KnightsWatch]

My recommendation is to, have patience, get out of debt, build up substantial savings, then consider a new unit.

 

[Tumble Weed]

IM under the value on my home 5ver, IMa full timer. I've sold my house and made a good price, si
nce I'veflipped house before it was cool God's blessed me. Doing this helped me retire at57. I can buy a new one and IM
trying. Yet the way some of thedealers do blows my mind. Other day went to my local dealer and heset th
ere and told me if you buy from another dealer then come in andneed warranty you'll be a second class citizens. T
hen (drum roll)“Don IM not making any money off this deal”. Those two quotescame with in 10 minutes. Made me
think, so when I have you service mytrailer (I have now) your probably charging me like a second classcitizens. I
told the man since I full time and if IM in South DakotaI got to bring it clear back to here? He said basically OH!
I don't mind if they go low on my tradebut not so low the pitch of my voice goes up. Then say they got toroll over
26000(I've been told mines between 24500-27000) on top ofmy new trailer since I owe it, maybe a few thousand if t
here tryingto get it lower than book.
Now the guy at Explore USA and the onesin Mesquite. I've talk to them several times called Denton hey do youhave this Heartland a such and such model still (it shows on thereweb page calling to confirm), "yes we do", Well IM driving3hours to see it then We get there and they don't have it. Yet it'son the web page for almost a month then a sign shows up finally oneday sold. They try to show me Air stream, I asked about a 5ver.
IM just trying to tell how my processis going and get info from you all. IM not complaining maybe venting.I've talked to 10 dealers across the country one said my camper theyvalued it at 38000 really.
I do appreciate all your help!