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Old 01-27-2015, 09:02 PM   #1
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Recent Exchange Rate Drops

Moving my further comments to a new thread rather than continue to hijack the trailer name topic.

One more example of how the falling rate worked in our favor: the finance company wanted 20% down because ETI isn't in the NADA and would not supply a manufacturer's invoice (and I don't blame them). So, the finance company wanted proof of our 20% down, which was nothing more than a copy of the check, which they said should be in the amount of $6200 based on a total value in USD of 31000. They got that figure from Tammy a month ago when we started the finance process, insisting that ETI supply them with a Bill of Sale in USD.

Anyway, the check got to ETI today and they sent me an updated Bill of Sale showing the new outstanding balance in CAD: $3968 CAD. That comes to a little under $3100 USD at the rate they used today - a big difference from $6200. We are benefitting big time by the rate changes, although I do sympathize with those who are being squeezed north of the border.
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Old 01-27-2015, 09:13 PM   #2
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...We are benefitting big time by the rate changes, although I do sympathize to those whom are being squeezed north of the border.
Yes the exchange rate is definitely a hit for those planning travel to or purchase goods from the U.S. For the majority of Canadian businesses that want to export their goods, including manufacturers such as Escape, the lower value of the dollar boosts foreign purchases of our goods. A cheaper dollar will also have a huge benefit to the canadian tourism industry. So overall, a lower dollar is mostly a good thing. No need to feel sympathy for us.
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Old 01-27-2015, 09:18 PM   #3
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Regarding the exchange rates, it is awkward to relish the added financial lagniappe on Escape purchases when our friends in Canada are feeling the squeeze of it. At least the rise in an Escape cost will help offset some of their capital investment. Just makes me want to work harder spreading the word about these remarkable trailers!
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Old 01-27-2015, 09:18 PM   #4
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Yes the exchange rate is definitely a hit for those planning travel to or purchase goods from the U.S. For the majority of Canadian businesses that want to export their goods, including manufacturers such as Escape, the lower value of the dollar boosts foreign purchases of our goods. A cheaper dollar will also have a huge benefit to the canadian tourism industry. So overall, a lower dollar is mostly a good thing. No need to feel sympathy for us.
I think I know what you meant - a HIGHER value of the US Dollar, not lower, right?
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Old 01-27-2015, 09:24 PM   #5
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I think I know what you meant - a HIGHER value of the Dollar, not lower, right?
Sorry, I guess it depends on which side of the border you are looking from. From a Canadian perspective, the value of the "dollar" has indeed fallen and is significantly lower than the American dollar.
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Old 01-27-2015, 09:26 PM   #6
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Sorry, I guess it depends on which side of the border you are looking from. From a Canadian perspective, the value of the "dollar" has indeed fallen and is significantly lower than the American dollar.
Yeah I just realized its a Dollar there too...lol
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Old 01-27-2015, 09:37 PM   #7
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Yes the exchange rate is definitely a hit for those planning travel to or purchase goods from the U.S. For the majority of Canadian businesses that want to export their goods, including manufacturers such as Escape, the lower value of the dollar boosts foreign purchases of our goods. A cheaper dollar will also have a huge benefit to the canadian tourism industry. So overall, a lower dollar is mostly a good thing. No need to feel sympathy for us.
Well said--and we're happy to comply with dropping some dollars in Canada!
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Old 01-27-2015, 09:40 PM   #8
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Here you go:

The history of the dollar is a story involving many countries in different continents. The word dollar is much older than the American unit of currency. It is an Anglicised form of "thaler", (pronounced taler, with a long "a"), the name given to coins first minted in 1519 from locally mined silver in Joachimsthal in Bohemia. (Today the town of Joachimsthal lies within the borders of the Czech republic and its Czech name is Jáchymov). Thaler is a shortened form of the term by which the coin was originally known - Joachimsthaler.
Later on the English version of the name (dollar) was also applied to similar coins, not only ones minted in central Europe but also the Spanish peso and the Portuguese eight-real piece. Both these large silver coins were practically identical in weight and fineness. Today we are familiar with the phrase pieces of eight from tales of pirates in the Caribbean.
Those coins, particularly the Spanish peso or dollar circulated widely in Britain's North American colonies because of a shortage of official British coins. That is why, after the United States gained its independence the new nation chose "dollar" as the name of its currency instead of keeping the pound.

So, it would appear, we had it first.
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Old 01-27-2015, 09:45 PM   #9
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Well said--and we're happy to comply with dropping some dollars in Canada!
G
Yeah, I seem to recall 'dropping' a few of them in Canada just recently.
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Old 01-27-2015, 10:12 PM   #10
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Here you go:

The history of the dollar is a story ...
So, it would appear, we had it first.
And that historical description single-handedly led you into your chosen profession, no?

Thanks for the bit of history. Stuff like that is always very interesting.
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Old 01-27-2015, 10:16 PM   #11
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When I search the Canadian/US exhange rate I search Dollar/ Loonie. Is that wrong?
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Old 01-27-2015, 10:23 PM   #12
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When I search the Canadian/US exhange rate I search Dollar/ Loonie. Is that wrong?
No. The Canadian Royal Mint even secured the copyright for the name.
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Old 01-27-2015, 11:32 PM   #13
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So, if I read the original description correctly, the finance company wanted the owner to have 20% equity (20% of USD$310000), and didn't notice that due to a falling cost (due to the changing exchange rate) the owner now has closer to 10% equity. They're not too bright, are they?
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Old 01-27-2015, 11:46 PM   #14
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Well if Exchange rate stays in favor of the US dollar this summer it will make a good time for us Americans to visit are northern neighbor. I grew up in St. Clair Michigan which is just across the St. Clair river from Canada. I have many fond memories of camping in Canada with my parents when we where young.
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Old 01-27-2015, 11:57 PM   #15
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How much is gas there? Checked Nelson on Gas Buddy and it said $99.99/litre. So is that $3.79/ US gallon?
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Old 01-28-2015, 12:16 AM   #16
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How much is gas there? Checked Nelson on Gas Buddy and it said $99.99/litre. So is that $3.79/ US gallon?
Probably, but you just drive across the border and fill up for less, like many Canadians, who can't seem to figure out that sitting in a border line-up, idling, isn't profitable.
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Old 01-28-2015, 12:44 AM   #17
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Here you go:

The history of the dollar is a story involving many countries in different continents. The word dollar is much older than the American unit of currency. It is an Anglicised form of "thaler", (pronounced taler, with a long "a"), the name given to coins first minted in 1519 from locally mined silver in Joachimsthal in Bohemia. (Today the town of Joachimsthal lies within the borders of the Czech republic and its Czech name is Jáchymov). Thaler is a shortened form of the term by which the coin was originally known - Joachimsthaler.
Later on the English version of the name (dollar) was also applied to similar coins, not only ones minted in central Europe but also the Spanish peso and the Portuguese eight-real piece. Both these large silver coins were practically identical in weight and fineness. Today we are familiar with the phrase pieces of eight from tales of pirates in the Caribbean.
Those coins, particularly the Spanish peso or dollar circulated widely in Britain's North American colonies because of a shortage of official British coins. That is why, after the United States gained its independence the new nation chose "dollar" as the name of its currency instead of keeping the pound.

So, it would appear, we had it first.


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Old 01-28-2015, 01:20 AM   #18
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Yeah I just realized its a Dollar there too...lol
I hear there is talk of renaming our monetary denomination a peso, if it keeps dropping in value.
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Old 01-28-2015, 06:47 AM   #19
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So, if I read the original description correctly, the finance company wanted the owner to have 20% equity (20% of USD$310000), and didn't notice that due to a falling cost (due to the changing exchange rate) the owner now has closer to 10% equity. They're not too bright, are they?
Correct. I guess from their perspective though, the price was set in stone when ETI provided them the BOS in USD. As far as I'm concerned, I have 20% equity - and I'm sticking to my story! Never mind that I'll really use the 'extra' money (savings) to pay the sales tax. Shhhhh....
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Old 01-28-2015, 07:01 AM   #20
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Post of the month.
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