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Old 04-19-2018, 03:58 PM   #1
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Exchange rate - locking in now

We take delivery of our trailer in September - it is now April. I spoke with my bank and am getting a 'foreign currency draft' in Canadian dollars at today's rate. I hold that (no interest) until I pay ETI.

I'll feel silly if the exchange rate is even better in September but worse if the Canadian dollar gets stronger.
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Old 04-19-2018, 04:33 PM   #2
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We take delivery of our trailer in September - it is now April. I spoke with my bank and am getting a 'foreign currency draft' in Canadian dollars at today's rate. I hold that (no interest) until I pay ETI.

I'll feel silly if the exchange rate is even better in September but worse if the Canadian dollar gets stronger.
You win, I lose and visa versa. Yup, up here we're all hoping that the slump is over and we'll be breaking 80 cents sooner or later. Any less and we feel like our currency is a Canadian peso. Still a bit of a crap shoot though as there are some major issues that could affect how it goes in the next few months.

Ron
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Old 04-19-2018, 06:24 PM   #3
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Hopefully the exchange rate will return to historic averages
( $1 Canadian = .88 USD )
This would be beneficial for both countries .
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Old 04-19-2018, 06:27 PM   #4
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I'll feel silly if the exchange rate is even better in September but worse if the Canadian dollar gets stronger.
It's like going to the casino, isn't it?

When we decided to buy in early 2016, CAD was at a ten-year low, and just starting to climb. ETI had a fourteen-month backlog. Who knew where the exchange rate was going? We wanted to lock in...

(We could have hardly made this more complicated.)

So we opened a U.S. RBC account, travelled to Sault Ste Marie ON and opened a RBC Canada account, that we funded from the U.S. account at a low transfer cost. (First of two trips to the 'Soo'.) We deposited money in the account to pay for the trailer at around $0.74 USD/CAD.

Then we watched anxiously for fourteen months to see where the rate would ACTUALLY go. Did the FinCEN report and all the fussiness of having a foreign bank account.

Well, the day we xfer'd the payment to Escape, the exchange rate was $0.74, haha. All part of the adventure, I guess.
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Old 04-19-2018, 07:00 PM   #5
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I’d be bragging about $.74 the rest of the time I owned the trailer. That’s a heck of a discount. You did wonderful to my way of thinking.
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Old 04-19-2018, 07:13 PM   #6
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Iíd be bragging about $.74 the rest of the time I owned the trailer. Thatís a heck of a discount. You did wonderful to my way of thinking.
Iowa Dave
Dave,
Oh yeah, we DO feel pretty good about that, thanks.

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Old 04-19-2018, 07:22 PM   #7
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Back in April 2016, the exchange rate was at $.75 when I purchased Prairie Schooner. Prior purchases were around $.85 in 2014 and .$95 in 2012
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Old 04-19-2018, 07:25 PM   #8
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You could avoid all the foreign account hassle and prepay ETI up front the whole amount at today's exchange rate...
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Old 04-19-2018, 08:07 PM   #9
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You could avoid all the foreign account hassle and prepay ETI up front the whole amount at today's exchange rate...
At the time we ordered, I recall that ETI wouldn't accept our payment in advance. In any case, as sound as the Harmatuik's business appeared to be, we wouldn't have been comfortable about it. ETI was 4300 km's away, in a foreign country, building a new plant. And, the trailer we were purchasing was still in development.
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Old 04-19-2018, 08:47 PM   #10
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At the time we ordered, I recall that ETI wouldn't accept our payment in advance. In any case, as sound as the Harmatuik's business appeared to be, we wouldn't have been comfortable about it. ETI was 4300 km's away, in a foreign country, building a new plant. And, the trailer we were purchasing was still in development.
I understand your apprehension, truly. But, I sent tens of thousands of dollars to ETI based on a drawing on a 'cocktail' napkin and NO MOLDs. Plus I was a US buyer sending money to a 'foreign' country. One of the best decisions I've made in my life.
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Old 04-19-2018, 09:38 PM   #11
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I understand your apprehension, truly. But, I sent tens of thousands of dollars to ETI based on a drawing on a 'cocktail' napkin and NO MOLDs. Plus I was a US buyer sending money to a 'foreign' country. One of the best decisions I've made in my life.
Oh hey, we're very happy with our Escape trailer. But I guess I'm kind of a wuss about assuming risk.

In my time, I've dealt with small businesses that crashed fairly suddenly, for unforeseen reasons, including fire and a loss of a key employee. We just felt better about mitigating that risk.
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Old 04-19-2018, 11:12 PM   #12
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Yup. An aircraft full of Bigfoot executives crashed years ago. Put them out of business for some time.
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Old 04-19-2018, 11:29 PM   #13
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You can also pay with a personal check or Cashier's Check three months before your completion date. For information, contact Lisa in Accounting. Of course, this means that your build sheet has to be done at that time as well ....
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Old 04-20-2018, 06:44 AM   #14
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Back in the days of 12-18 month wait times, I always paid my entire purchase price immediately. I also informed them that if there was a cancellation that I would accept an earlier delivery date. Seems to have worked.....
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Old 04-20-2018, 09:18 AM   #15
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Yup. An aircraft full of Bigfoot executives crashed years ago. Put them out of business for some time.
Not to expound too much on unfortunate situations, but here in the Southeast, there used to be an expansive chain of family-owned, upscale grocery stores named "Bruno's" until one fateful day when the entire family ownership/management group died in an airplane crash. Bruno's went out of business overnight. To this day, a lot of businesses around these parts now split their executives up across several different flights whenever a group of them is going anywhere.
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Old 04-20-2018, 09:36 AM   #16
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My opinion is probably tainted but after working for several businesses that have gone under I am rather apprehensive about extending money / credit to any business or entity.
Loosing a weeks paycheck is one thing , losing 30 years of pension or loosing thousands in credit union savings deductions is another . Don’t ask how I know !!
Bad experiences often shape one’s thinking
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Old 04-20-2018, 10:01 AM   #17
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Yep, it happens. Happened to me. Back in the late 1990s, our union pension was raided by a couple of officers and trustees. They 'loaned' the money to the mob. Three of those jerks went to prison, but that didn't help any of the employees. I was 'out' $123,000 never to be seen again. More than 20 years later it still bites and I have to wonder what I might have now if I had just thrown the money under the mattress!
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Old 04-20-2018, 10:38 AM   #18
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Yep, it happens. Happened to me. Back in the late 1990s, our union pension was raided by a couple of officers and trustees. They 'loaned' the money to the mob. Three of those jerks went to prison, but that didn't help any of the employees. I was 'out' $123,000 never to be seen again. More than 20 years later it still bites and I have to wonder what I might have now if I had just thrown the money under the mattress!
Hi: Donna D... One lumpy mattress!!!
I shudder to think how much pensioners have lost to RAIDS!!! Alf
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Old 04-20-2018, 11:28 AM   #19
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I understand your apprehension, truly. But, I sent tens of thousands of dollars to ETI based on a drawing on a 'cocktail' napkin and NO MOLDs. Plus I was a US buyer sending money to a 'foreign' country. One of the best decisions I've made in my life.
I hope you still have that cocktail napkin, framed and mounted on a bulkhead of Ten Forward...
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Old 04-20-2018, 12:02 PM   #20
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Originally Posted by Donna D. View Post
I understand your apprehension, truly. But, I sent tens of thousands of dollars to ETI based on a drawing on a 'cocktail' napkin and NO MOLDs. Plus I was a US buyer sending money to a 'foreign' country. One of the best decisions I've made in my life.
Hmm, sort of like Picard signing on as Capt. before the launch of 1701-D.
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