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Old 03-11-2018, 07:22 PM   #31
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Good point, but I was simply saying that the manufacturer has ALREADY made their profit prior to selling it to the dealer. Auto builders are getting on the bandwagon, lets hope RV dealers follow suit. Terms is relative. Since the banks havevthe money, their “terms” are mandetory not optional. I sold cars for a few years, you are trapped in the system, if you want an item, you take it or leave it. Since there are always plenty of other fish to catch, we as consumers are at a loss. But, I hope you get the point. We as consumers are at the very bottom of the “food” chain. That’s why things built so very poorly are still being bought, take it or leave it.
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Old 03-12-2018, 12:44 AM   #32
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Good point, but I was simply saying that the manufacturer has ALREADY made their profit prior to selling it to the dealer. Auto builders are getting on the bandwagon, lets hope RV dealers follow suit. Terms is relative. Since the banks havevthe money, their “terms” are mandetory not optional. I sold cars for a few years, you are trapped in the system, if you want an item, you take it or leave it. Since there are always plenty of other fish to catch, we as consumers are at a loss. But, I hope you get the point. We as consumers are at the very bottom of the “food” chain. That’s why things built so very poorly are still being bought, take it or leave it.
I sold cars too. Seems like a lifetime ago, thank God. With a qualified and educated customer, the dealer or the bank was not in the driver's seat - the customer was. There were customers who were barely qualified or unqualified of course, and in those cases it was a take or leave it scenario. But for the qualified customer, we had to bend over backwards to provide the best possible price and terms or the customer would simply go elsewhere.

The argument that consumers are "trapped" by the "system" has never held water with me. It smacks of victim mentality. Everything is negotiable, provided you have the leverage. Everything. I use that knowledge to my advantage and have never paid even close to sticker for any motor vehicle I've ever bought, nor have I ever paid the going rate. If the consumer has planned over the course of their financial life, and approaches any business dealing from a position of strength, the whole paradigm changes.

Additionally, if a manufacturer produces an inferior product, it may take awhile but the market will correct that. They'll either start building a better product or they'll be history. There are too many real world examples of that to mention.

Lastly, I'm under no illusion that the dealer or bank won't try to take advantage of you - they will, given the opportunity. The key is not to give them one.
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Old 03-12-2018, 07:48 AM   #33
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Called the rule of the 78's https://en.wikipedia.org/wiki/Rule_of_78s
Except that... "the use of the Rule of 78s is prohibited in connection with mortgage refinancings and other consumer loans having a term exceeding 61 months."
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Old 03-12-2018, 09:31 AM   #34
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most credit card companies still use it....
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Old 03-12-2018, 09:56 AM   #35
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most credit card companies still use it....
So don't buy an Escape with a credit card. I could not imagine that anyways, though some folks would. Get a 72 month loan.

I believe when we buy our 5.0TA, it will be with cash. To a minor degree it depends on the dollar exchange and inflation at the time. We'll see.

Frank
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Old 03-12-2018, 01:58 PM   #36
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most credit card companies still use it....
Certainly not in Canada, and I doubt that it is used anywhere in the U.S. for credit cards, either. This "rule" is simply a computation method for a pre-computed loan, and a credit card account is not a pre-computed loan. The card issuer charges interest each month, at an agreed and known rate (typically different rates for purchases and cash advances); you simply owe the interest which you allow to accumulate by not paying the outstanding balance. That interest rate is enormous, which is why it rarely makes sense to carry any outstanding balance for even one month.

In this century, a credit card company which reports how long it would take or what it would cost the consumer to pay off their balance while making only minimum payments is calculating it properly... because they use those new-fangled computers which did not exist when the Rule of 78s was devised.
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Old 03-12-2018, 02:59 PM   #37
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Originally Posted by frank_a View Post
So don't buy an Escape with a credit card. I could not imagine that anyways, though some folks would. Get a 72 month loan.

I believe when we buy our 5.0TA, it will be with cash. To a minor degree it depends on the dollar exchange and inflation at the time. We'll see.

Frank
Actually, it would have saved me some $ to use my credit card (assuming I paid it off before it started accumulating interest charges). Capitol One gives me 1.5% cash back, no transaction fee for Canadian purchases, and a good exchange rate. Unfortunately, Escape will only allow $2500.00 on a credit card towards the purchase price.
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Old 03-12-2018, 05:07 PM   #38
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Actually, it would have saved me some $ to use my credit card (assuming I paid it off before it started accumulating interest charges). Capitol One gives me 1.5% cash back, no transaction fee for Canadian purchases, and a good exchange rate.
I know a couple who bought a (used) Jaguar on a credit card to get the points in a loyalty program.

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Unfortunately, Escape will only allow $2500.00 on a credit card towards the purchase price.
Right, because all of those credit card benefits come at the expense of the retailer, who pays a fee based on the purchase value. That's why no sane business would accept a credit card payment on the full value of a large purchase such as a trailer, at least without charging an extra fee for the privilege; the auto dealership that sold that Jaguar would certainly have negotiated to a lower price if not stuck with the massive card fee.
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Old 08-09-2018, 03:11 PM   #39
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Just an FYI Good Sams no longer will finance Escap trailers as they are not listed in the NADA book
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Old 08-09-2018, 03:40 PM   #40
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Originally Posted by Brian B-P View Post
I know a couple who bought a (used) Jaguar on a credit card to get the points in a loyalty program.


Right, because all of those credit card benefits come at the expense of the retailer, who pays a fee based on the purchase value. That's why no sane business would accept a credit card payment on the full value of a large purchase such as a trailer, at least without charging an extra fee for the privilege; the auto dealership that sold that Jaguar would certainly have negotiated to a lower price if not stuck with the massive card fee.
The dealer for my F 150 allowed $3000.00 on a card. (No change in the overall $)
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