sheldons65 Posted March 6, 2021 Report Share Posted March 6, 2021 We visited a dealership today looking for a new quality 5er we have shortlisted. I inquired about interest rates and also mentioned my Escapees address. Oh no you can’t use that, not suitable for banking, etc etc. All of my banking, investments, and everything else is ok with that address. He was familiar with the Rainbow Drive address. I believe that may be true for the common finance companies they use. With any major purchase I make sure to research it thoroughly. I’ve been following this forum for many years. It seems better to arrange my own financing through like Bank of the West or Alliant Credit Union? I’ve got an 800 credit score and could put plenty down like 20%. Plus I have verifiable income. Just looking for a reality check. Thanks! Quote Link to comment Share on other sites More sharing options...
GlennWest Posted March 6, 2021 Report Share Posted March 6, 2021 That's strange. We never have had an issue with my Escapees address. Our credit union it's non issue Quote 2003 Teton Grand Freedom towed with 2006 Freightliner Century 120 across the beautiful USA welding pipe.https://photos.app.goo.gl/O32ZjgzSzgK7LAyt1 Link to comment Share on other sites More sharing options...
sheldons65 Posted March 6, 2021 Author Report Share Posted March 6, 2021 (edited) 9 hours ago, GlennWest said: That's strange. We never have had an issue with my Escapees address. Our credit union it's non issue We never did any paperwork with this dealership. It was just general discussion. I love and respect Escapees. I believe in my address. It’s a good legit address. Edited March 6, 2021 by sheldons65 Quote Link to comment Share on other sites More sharing options...
SWharton Posted March 6, 2021 Report Share Posted March 6, 2021 We switched from Bank of the Wes to Alliant, had all sorts of problems with BoW. Alliant was a dream to deal with and a lot better rate. They did have a 2 people who specialized in RV/fulltimer loans. Made life a lot easier. Quote Link to comment Share on other sites More sharing options...
Kirk W Posted March 6, 2021 Report Share Posted March 6, 2021 8 hours ago, sheldons65 said: It seems better to arrange my own financing through like Bank of the West or Alliant Credit Union? I have always shopped financing before I made any major purchase, just as I do the purchase itself. In most cases you can do better than what a dealer will offer, and even if the dealer has better rates, you have a basis to compare his offers to. The reason dealers try to arrange financing for you is that they get a commission for having done so. Back 30+ years ago, when my wife was a loan officer the standard with her bank was to give the dealer 1% of the loan principal. That amount was always added into the loan somewhere, which is one of the reasons that you could get the same loan from her bank, usually for about 1% less interest. As to the Escapee address, it sounds like the dealer you were talking to wasn't likely to be very service oriented if he is telling customers what they must do in order to spend their money with him. Quote Good travelin !...............KirkFull-time 11+ years...... Now seasonal travelers.Kirk & Pam's Great RV Adventure Link to comment Share on other sites More sharing options...
D&J Posted March 6, 2021 Report Share Posted March 6, 2021 I would just arrange any financing before hand, then you can deal on a price out the door with no added fees or any documentation costs. Denny Quote Denny & Jami SKP#90175 Most Timing with Mac our Scottie, RIP Jasper our Westie 2013 F350 SC DRW 6.2 V8 4.30 Gears 2003 HH Premier 35FKTG Home Base Nebraska Link to comment Share on other sites More sharing options...
bigjim Posted March 6, 2021 Report Share Posted March 6, 2021 (edited) I would not necessarily be deceptive but if you flat out told the dealer you are going to finance elsewhere he will know he is losing that percentage that may be what Kirk spoke about and may be less willing to deal on price. These days the way RV's are selling I wouldn't count on anything being normal. Dealers are rarely going to lose. When I finance which is extremely rare I know that I am going to do a full payoff of the loan within 6-12 months so I make sure there is no early payoff penalty. I have financed vehicles through a dealer but paid off early even if it was by a cheaper rate loan from somewhere else. I would finance almost anywhere if it is best for me but I mostly like to use credit unions when I can. I don't think I have financed anything in about 30 years and it isn't because I have a ton of money because I sure don't. Edited March 6, 2021 by bigjim more info Quote Link to comment Share on other sites More sharing options...
whj469 Posted March 6, 2021 Report Share Posted March 6, 2021 I, like above, always have financing before I go to the dealer, autos, trucks, trailers and RVs. Mostly over the years the dealers got me better interest rates then I had and I wouldn't tell them what rate I had. Only two times did I end up using the financing that I had. Quote Link to comment Share on other sites More sharing options...
sandsys Posted March 6, 2021 Report Share Posted March 6, 2021 We once had financing prearranged through our bank. The dealer didn't make as good an offer. We told him we would go through our bank. Suddenly, the dealer made a better offer than the bank's offer. "Oh, the games people play now." Linda Quote Blog: http://sandcastle.sandsys.org/ Former Rigs: Liesure Travel van, Winnebago View 24H, Winnebago Journey 34Y, Sportsmobile Sprinter conversion van Link to comment Share on other sites More sharing options...
Twotoes Posted March 7, 2021 Report Share Posted March 7, 2021 I will usually go thru the dealer for my financing so that the dealer get a commission from the bank but I insist that the dealer gives me a better purchase price. I am going to pay off the loan in full after a couple of months anyhow so the rate is irrelevant. Quote 2015 Itasca Ellipse 42QD 2017 Jeep Wrangler Unlimited Rubicon Hard Rock Edition 2021 Harley Street Glide Special Fulltimer Link to comment Share on other sites More sharing options...
sheldons65 Posted March 7, 2021 Author Report Share Posted March 7, 2021 So it seems like members have successfully many times used the Escapees address for financing an RV? Quote Link to comment Share on other sites More sharing options...
sandsys Posted March 7, 2021 Report Share Posted March 7, 2021 2 hours ago, sheldons65 said: So it seems like members have successfully many times used the Escapees address for financing an RV? Yes, but. It is important to know when they got that financing. Before or after the current rules went into effect? Linda Quote Blog: http://sandcastle.sandsys.org/ Former Rigs: Liesure Travel van, Winnebago View 24H, Winnebago Journey 34Y, Sportsmobile Sprinter conversion van Link to comment Share on other sites More sharing options...
Kirk W Posted March 7, 2021 Report Share Posted March 7, 2021 6 minutes ago, sandsys said: Before or after the current rules went into effect? Which rules are you talking about? Have there been new rules made? Quote Good travelin !...............KirkFull-time 11+ years...... Now seasonal travelers.Kirk & Pam's Great RV Adventure Link to comment Share on other sites More sharing options...
Twotoes Posted March 8, 2021 Report Share Posted March 8, 2021 I got my financing in Feb of 2017, using theEscapees address, using Bank of the Ozarks Quote 2015 Itasca Ellipse 42QD 2017 Jeep Wrangler Unlimited Rubicon Hard Rock Edition 2021 Harley Street Glide Special Fulltimer Link to comment Share on other sites More sharing options...
sheldons65 Posted March 12, 2021 Author Report Share Posted March 12, 2021 FYI got pre-approved from Alliant for the amount I wanted using my Escapees address. Now we have a short list to make a move on in the next 45 days. It’s comforting to know we are in control of financing. Of course we might consider what the dealer has to offer. The benefit is we have eliminated that leverage by the dealer. We are looking at several full-time grade 2016-2018 used 5ers with a bunkhouse I can convert to an office. Quote Link to comment Share on other sites More sharing options...
sandsys Posted March 12, 2021 Report Share Posted March 12, 2021 3 hours ago, sheldons65 said: We are looking at several full-time grade 2016-2018 used 5ers with a bunkhouse I can convert to an office. Be sure to look under the bottom bunk to see what the manufacturer might have stashed there. Linda Quote Blog: http://sandcastle.sandsys.org/ Former Rigs: Liesure Travel van, Winnebago View 24H, Winnebago Journey 34Y, Sportsmobile Sprinter conversion van Link to comment Share on other sites More sharing options...
sheldons65 Posted March 12, 2021 Author Report Share Posted March 12, 2021 17 hours ago, sandsys said: Be sure to look under the bottom bunk to see what the manufacturer might have stashed there. Linda It’s called a bunkhouse but just has a small sleeper couch. But definitely usually there’s something under there. Quote Link to comment Share on other sites More sharing options...
vlbrown86 Posted February 17, 2022 Report Share Posted February 17, 2022 On 3/6/2021 at 6:02 AM, SWharton said: They did have a 2 people who specialized in RV/fulltimer loans. Made life a lot easier. Any chance you would be willing to share the contacts you worked with? Would be great to talk with them. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.