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Lwiddis

near Jawbone Canyon, CA

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Posted: 02/15/20 08:13am Link  |  Quote  |  Print  |  Notify Moderator

“Actually the lender should be more concerned about this than the borrower because the RV is the security for the loan.”

Primary security for the loan, Dave. Finance company will come after other assets if they can’t get enough from selling the RV.


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2oldman

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Posted: 02/15/20 10:01am Link  |  Quote  |  Print  |  Notify Moderator

way2roll wrote:

Why would you pay cash for depreciating asset when you could invest that money and get a net return on your investment over financing?
Because you're paying more than cash over time, getting a net return is not that easy, and owning something feels better.

* This post was edited 02/15/20 10:14am by 2oldman *

bob213

Fresno, CA

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Posted: 02/15/20 11:18am Link  |  Quote  |  Print  |  Notify Moderator

way2roll wrote:
Why would you pay cash for depreciating asset when you could invest that money and get a net return on your investment over financing?

Would you please list a couple safe places where I can get a higher return on my money than the interest rate on an RV. I've got money to invest and would love to make that kind of return.

To the OP... The worst question I hear from either a car or rv salesman is "How much do you want to pay a month? My answer...NOTHING.
They can adjust your payments to fit every budget, just ask them. But who wants to pay for something for 20 years? You need to negotiate out the door price. If you can't afford the payments over a reasonable period you don't need the rv.


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2bzy2c

California

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Posted: 02/15/20 12:33pm Link  |  Quote  |  Print  |  Notify Moderator

X's 2^^


My advice is worth exactly what you paid for it.

machunt

cincinnati ohio

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Posted: 02/15/20 12:39pm Link  |  Quote  |  Print  |  Notify Moderator

Maybe i am not posting this correctly.
1) most people dont pay cash for 100.000 unit, i know some do but most dont.
2) i have bought many vehicles and rv,s and i never walk on to a lot and tell a slesman what i want my payment to be.
3) what i do is look at the advertising and say to myself if they are asking 20,000 down and a term of 10 years and your payment is 500.00 a month . now i know 1) how much i can spend a rv and i know how much downpayment i need.

way2roll

Wilmington NC

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Posted: 02/15/20 01:02pm Link  |  Quote  |  Print  |  Notify Moderator

bob213 wrote:

way2roll wrote:
Why would you pay cash for depreciating asset when you could invest that money and get a net return on your investment over financing?

Would you please list a couple safe places where I can get a higher return on my money than the interest rate on an RV. I've got money to invest and would love to make that kind of return.



If you have money to invest do some homework, but in a good economy return on investments it's easy to find 5% return. My low risk 401 earns a lot more than 5%. Call a financial adviser. I work at a bank, I don't make this stuff up. But to be surprised that you can invest your money and make a profit greater than the interest on an RV loan, I would guess you really don't have money to invest.

* This post was edited 02/15/20 01:09pm by way2roll *


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way2roll

Wilmington NC

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Posted: 02/15/20 01:06pm Link  |  Quote  |  Print  |  Notify Moderator

machunt wrote:

Maybe i am not posting this correctly.
1) most people dont pay cash for 100.000 unit, i know some do but most dont.
2) i have bought many vehicles and rv,s and i never walk on to a lot and tell a slesman what i want my payment to be.
3) what i do is look at the advertising and say to myself if they are asking 20,000 down and a term of 10 years and your payment is 500.00 a month . now i know 1) how much i can spend a rv and i know how much downpayment i need.


Look at the price of the RV and compare nationally to what other identical units are selling for. Also, take a dealer's price and start at 30% less for negotiations to start. You might land in the 20-28% off - whatever you are comfy with. The payments the quote on their site is based on the price they have advertised for the unit - and it's inflated - a lot. Calculate your own payment based on the price you think you can negotiate at a rate that's available to you based on your credit and lender and the length of time you want to borrow.

machunt

cincinnati ohio

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Posted: 02/15/20 01:32pm Link  |  Quote  |  Print  |  Notify Moderator

way2roll wrote:

machunt wrote:

Maybe i am not posting this correctly.
1) most people dont pay cash for 100.000 unit, i know some do but most dont.
2) i have bought many vehicles and rv,s and i never walk on to a lot and tell a slesman what i want my payment to be.
3) what i do is look at the advertising and say to myself if they are asking 20,000 down and a term of 10 years and your payment is 500.00 a month . now i know 1) how much i can spend a rv and i know how much downpayment i need.


Look at the price of the RV and compare nationally to what other identical units are selling for. Also, take a dealer's price and start at 30% less for negotiations to start. You might land in the 20-28% off - whatever you are comfy with. The payments the quote on their site is based on the price they have advertised for the unit - and it's inflated - a lot. Calculate your own payment based on the price you think you can negotiate at a rate that's available to you based on your credit and lender and the length of time you want to borrow.


That might be true for new, what about USED

magicbus

Nantucket Island, MA

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Posted: 02/15/20 02:45pm Link  |  Quote  |  Print  |  Notify Moderator

Lwiddis wrote:

“Actually the lender should be more concerned about this than the borrower because the RV is the security for the loan.”

Primary security for the loan, Dave. Finance company will come after other assets if they can’t get enough from selling the RV.


Thanks for the educational point, but by editing out a portion of my post you make me look a bit ignorant. And now for the rest of the story edited out of my post...

“ As long as the borrower has the funds to make up the difference should they decide to sell their RV they are fine.”

Dave


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AllegroD

Outdare

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Posted: 02/15/20 03:24pm Link  |  Quote  |  Print  |  Notify Moderator

No. Not a good starting point for financing anything. That is a dealer catch. You can get items within your monthly budget that are over priced and over valued.

There are a number of free mortgage planners out there that can assist you in knowing what your max loan value is and help you fit it into your monthly budget but the dealer does not care about that.

Figure out your loan ceiling and then stay within that when negotiating. Look for the best value within your budget.

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