Good Sam Club Open Roads Forum: General RVing Issues: Cash Vs. Finance
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Lwiddis

Morro Bay, CA

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Posted: 01/02/20 06:36pm Link  |  Quote  |  Print  |  Notify Moderator

“and I don't think I'll get a 29% return in the market again next year..”

Will you guarantee me...20%? 15%? 10%?

PS - Your bank isn’t on the hook with you.


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p220sigman

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Posted: 01/02/20 06:39pm Link  |  Quote  |  Print  |  Notify Moderator

I would just pay for it and move on. As was said, you aren't handing over the cash until the RV is waiting on you and you have inspected it.

fj12ryder

Platte City, MO

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Posted: 01/02/20 06:45pm Link  |  Quote  |  Print  |  Notify Moderator

DallasSteve wrote:

T18skyguy wrote:

I would first talk to the bank. We have some bankers on this site might give you good advice. If the bank loans you the money, I would expect a hefty pre-payment penalty. They don't like to go to all that work for nothing. I would just go to a well established dealer, make a deal on the rig. Tell them that's the out the door price so they on't stack fee's on top.Buy it off the lot is what I mean. Then come back with a cashiers check and you'll have your RV. If it's a long standing reputable dealer, there shouldn't be a problem.

"Shouldn't"

I agree. I shouldn't have a problem. In the unlikely event that I give them $30,000, $40,000, or more, and oops, they file bankruptcy or decide to take early retirement with my funds, who here will reimburse me? It suddenly got quiet.

Maybe what I need to do is investigate some kind of escrow agent (a bank or lawyer) and I pay that fee to have my peace of mind.
It sounds like you're concerned they'll have your money before you have your trailer. How would that happen? Anyone who pays for an RV before a thorough PDI deserves whatever happens to them. You pay your money after delivery.


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philh

Belleville MI

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Posted: 01/02/20 06:45pm Link  |  Quote  |  Print  |  Notify Moderator

take out the loan and pay it off in a few months

Lwiddis

Morro Bay, CA

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Posted: 01/02/20 06:47pm Link  |  Quote  |  Print  |  Notify Moderator

Here, here, Mitch! Exactly.

MitchF150

Puyallup, WA

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Posted: 01/02/20 06:51pm Link  |  Quote  |  Print  |  Notify Moderator

The dealer gets paid in full whether it's a cash deal or a loan deal. The bank pays the dealer the loan amount in full, so once it's all signed for, the dealer has their cash.

I did a loan on my new trailer and had a trade in too. So, we had the agreed upon price for the trailer plus options. From that total, off came the trade in amount and the amount I was putting into the pot to lower the loan amount. The rest came from the bank.

I didn't sign anything until after we did the pdi thing. So, I was happy with the rig, they got all their money and I towed it home.

I was pre approved for the loan with my credit union and the dealer works with that CU all the time, so it was just a couple of keyboard strokes to make it happen!

I did the loan because I didn't have cash to pay in full, but I will pay off the loan a year or so early in the end, so works for me..

Good luck!

Mitch

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rk911

Wheaton IL

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Posted: 01/02/20 07:01pm Link  |  Quote  |  Print  |  Notify Moderator

philh wrote:

take out the loan and pay it off in a few months


that won't do a thing to alleviate the OP's concern. but IF you're gonna do a loan that's one way to do it. the other is to put down a large enough DP so that at any time during the life of the loan the actual value of the RV is greater than the payoff balance. IMO if you're going to put down that large of a DP you might as well pay cash and eliminate the risk of being in debt.


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beemerphile1

Ohio

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Posted: 01/02/20 07:03pm Link  |  Quote  |  Print  |  Notify Moderator

I don't understand or simply don't agree with your reasoning.

I made our deal online and with emails. Gave my CC number for a $500 deposit.

Drove 900 miles, inspected the trailer, wrote a check for the balance, and left.

Why muddy things by involving a finance company?


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Oasisbob

Portland Oregon 97266

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Posted: 01/02/20 07:26pm Link  |  Quote  |  Print  |  Notify Moderator

Always amazes me how many people will finance an RV. Your reasoning is not worth the interest. If you really are sold on the idea of a loan you will pay. You are safe when going through a reputable dealer and having the purchase well documented.


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Bobbo

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Posted: 01/02/20 07:48pm Link  |  Quote  |  Print  |  Notify Moderator

I have bought two RVs. I paid cash for both. I drove the RV off the lot the same day I gave them the check. (Except for the security deposit, of course.)


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