Credit Union requesting Escape submit MSRP

[P&L]

We thought we had everything in place to finance a portion of our 19', but our credit union is requesting Escape submit their MSRP. This is a bit confusing and they are aware that Escape is the manufacturer. Barb from Escape is waiting for my response, too. Has anyone else had this experience and what did your financial company end up doing?

[float5]

There are no dealers in this case so that would not apply, I would think.

[Charlie & Lucy]

Have you shown them the build sheet? It is ETI's price, not suggested, it is what it is.

[rbryan4]

Originally Posted by P&L

We thought we had everything in place to finance a portion of our 19', but our credit union is requesting Escape submit their MSRP. This is a bit confusing and they are aware that Escape is the manufacturer. Barb from Escape is waiting for my response, too. Has anyone else have this experience and what did your financial company end up doing?

There is no MSRP. The price is the price. MSRP is a dealer thing, and Escape sells direct. Its hard for some finance companies to wrap their head around such a simple concept, because the vast majority of vehicles they finance are through a dealer. Just submit the build sheet, and that's the retail price. We spent a couple of hours and several phone calls "educating" our lender.

[Loren & Cathy]

And then they might have to figure out that ETI's prices are in Canadian dollars and with today's exchange rate your US dollars will be about 20% less. I'm just waiting for the Kansas DMV to want to charge sales tax on Canadian dollars. Loren

[P&L]

Originally Posted by Loren & Cathy

And then they might have to figure out that ETI's prices are in Canadian dollars and with today's exchange rate your US dollars will be about 20% less. I'm just waiting for the Kansas DMV to want to charge sales tax on Canadian dollars. Loren

In another post somewhere I read one DMV took the owner's word for the exchange rate. Let us know what happens, Loren and Cathy.

Thanks everyone for the quick response. You have given us good ideas on how to approach our credit union.

[Bill and Earline]

My successful technique was to take a printed page of the calculation of your Canadian price as converted to U.S. dollars by an official seeming website such as Royal Bank of Canada.
The scholars at the DMV were baffled by the whole concept, and the piece of paper gave them something to accept "for the auditors".

[P&L]

Originally Posted by Bill and Earline

My successful technique was to take a printed page of the calculation of your Canadian price as converted to U.S. dollars by an official seeming website such as Royal Bank of Canada.
The scholars at the DMV were baffled by the whole concept, and the piece of paper gave them something to accept "for the auditors".

That brings to mind a story from many years ago. Those days I didn't have a credit card and my ID was limited to a paper employment card and my driver's license. The grocery store needed another ID to take my check. The next day I typed a bogus number on my employment card. From that day forward I never had a problem with a vendor taking my check. Funny that having an answer, not matter how accurate it is, could be the solution.

[Loren & Cathy]

Originally Posted by P&L

That brings to mind a story from many years ago. Those days I didn't have a credit card and my ID was limited to a paper employment card and my driver's license. The grocery store needed another ID to take my check. The next day I typed a bogus number on my employment card. From that day forward I never had a problem with a vendor taking my check. Funny that having an answer, not matter how accurate it is, could be the solution.

If you can't dazzle them with brilliance, baffle them with bull-well, you know. Loren

[P&L]

Originally Posted by P&L

We thought we had everything in place to finance a portion of our 19', but our credit union is requesting Escape submit their MSRP. This is a bit confusing and they are aware that Escape is the manufacturer. Barb from Escape is waiting for my response, too. Has anyone else had this experience and what did your financial company end up doing?

Well, Well. Our credit union asked for the MSRP but when they had to wait more than five days (due to the past rally) they went ahead and processed the remaining loan, but gave us $$ in Canadian funds, probably because they are only financing about 1/3 of the trailer cost. We will get a refund and use it to fund the tax payment.

If we can pass on any useful information: Shop around if you are getting a loan. Our local credit union is 4%, Costco was 9%, and our other credit union and bank was a personal loan of 21%. We couldn't believe the varying rates.

[rbryan4]

Originally Posted by P&L

Our local credit union is 4%, Costco was 9%, and our other credit union and bank was a personal loan of 21%. We couldn't believe the varying rates.

We went through Costco which in turned used Essex Credit. Our rate was 3.49%, not 9.

[P&L]

Originally Posted by rbryan4

We went through Costco which in turned used Essex Credit. Our rate was 3.49%, not 9.

I saw that on one of your earlier posts that you did go through Costco and we contacted them as a result. I think it depends on where you live and who they use as the broker. Anyway, you got a great rate!

[rbryan4]

Originally Posted by P&L

I saw that on one of your earlier posts that you did go through Costco and we contacted them as a result. I think it depends on where you live and who they use as the broker. Anyway, you got a great rate!

You're right that the rates can vary widely. You did the right thing -- shopped around. I just can't see why bank A would expect you to pay a high rate when bank B has a low one. I think many of them still haven't grasped that there's a thing called the Internet.