Financing Nightmare

Chris562

Active Member
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.
 
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DntDctr

Active Member
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
 

Chris562

Active Member
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.
 

boatdoc

Well-known member
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 :)
 

mrcomer

Past Ohio Chapter Leaders (Founding)
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
 

jtcfishing

Member
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!
 

mrcomer

Past Ohio Chapter Leaders (Founding)
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
 

slmayor

Founding California Northern Chapter Leader
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.
 

Bob&Patty

Founders of SoCal Chapter
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:D
 

leftyf

SSG Stumpy-VA Terrorist
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:D

Save your money...pay cash. No kickbacks and financing worries.None
 
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Chris562

Active Member
Thanks for the replies guys. No offense, but if I had 27K in cash, I would keep it in the bank...in rollover CDs probably than put it all on a camper. The dealer says he ran it through all the banks they deal with but none had a decent interest rate. I have been exploring my financing options with Western Credit Union. I may get 15 years at 7.25%. I have contacted Essex but they haven't even called or emailed me back. I'm still hoping to get my North Country but not holding my breath over it.
 

JohnDar

Prolifically Gabby Member
When we bought the 3670RL in October, trading in a 2006 TT we owed more than the trade allowed. We came up with enough to cover the shortage on the trade in and still put some down on the BH. Our rate was 6.14% with Chemical Bank. Dealer handled all of it. The big scare is that there is no credit to be had, or that you must pay through the nose. Our credit scores are slightly higher (~800), but the bank wants to refi our ARM mortgage below 5%, we got the 5'er, and I just joined a credit union to finance the TV at 5.5%. Paying cash, no way! The savings stay in the IRA's, positioned for the rebound that inevitably follows a market downturn like this.
 

Chris562

Active Member
Well, I got the loan for the new North Country at the original percentage rate of 7.5%. That works out just great but during the questionable time, my Jayco dealer has decided he wants to make a play to get me back. I owe it to myself to hear him out on his offer. As it looks right now, the Heartland is back in my sights.
 

Ray LeTourneau

Senior Member - Past Moderator
That's good news Chris. We all hope you become a Heartland owner. Having owned both Dutchman and Jayco, I'm a believer in Heartland.
 

Chris562

Active Member
Picked up the new 29RKS today. Man, what a handful!!! The wind was bad here and the pull back from Cinci was white knuckled. Got it home, stocked, and to the storage lot until April.
 

Ray LeTourneau

Senior Member - Past Moderator
Hey Chris that's great news. Again, Welcome to the Forum and now to the Heartland Family. Now the tough part is waiting till you can use it.
 

DntDctr

Active Member
Hey Chris, I'm in the same boat. We picked our 285bh up in November. Had the luxury of pulling 100 miles and sticking her in the garage. Don't know when we'll be able to use it since we're expecting #2 on March 25th. Man it going to be a long winter.
Paul
 

Chris562

Active Member
Already have one tripped planned the weekend of June 13th at Big Bone Lick State Park. Go there every father's day weekend to take my son, brother-in-law, and his son to the Nationwide NASCAR race at Kentucky Speedway. Anyone else have plans to attend the race there?
 
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