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Old 01-08-2015, 09:11 AM   #31
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Do people default on toys that much more then cars?
Yes, they do. In the time of a personal financial crisis it's one of the first things to go. A family car, one of the last. Often, folks will give up sticks 'n bricks home before their only mode of transportation.
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Old 01-08-2015, 11:45 AM   #32
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Why would a 48 month loan from Penfed CU for a new $30k car run 2.5% , but spending the same price for the same time period for an RV run 6.5%?

Do people default on toys that much more then cars?
Because the banks think it is easier to resell a repossessed car than a trailer for enough to make the loan financially viable. For most stick built, that is probably true; few have had much experience with fiberglass trailers. My credit union is currently doing 48 month loans on new RVs for 3.74%; used 4.25%, and will usually match better offers.
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Old 01-08-2015, 09:09 PM   #33
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At least the interest on an RV is tax deductible in the US - considered a second home!
It is still one of the better tax offsets. There are a few caveats however- it has to meet the requirements of a self-contained second home: have sleeping quarters, a bathroom, and cooking equipment (I believe).

When I checked with my CU a new trailer loan with at least 20% down was approx 3.5%.

I might just take advantage of the relatively cheap money and the interest deduction...
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Old 01-12-2015, 07:18 PM   #34
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Another "surprise" today and an FYI for those who want to use Essex/Costco to finance. Since ETI is not listed for value determination in NADA, and does not provide a manufacturer's invoice, Essex requires at least 20% down. We don't mind, but others might if they don't want to come up with a large amount of cash.
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Old 01-13-2015, 10:04 PM   #35
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Originally Posted by rbryan4 View Post
Another "surprise" today and an FYI for those who want to use Essex/Costco to finance. Since ETI is not listed for value determination in NADA, and does not provide a manufacturer's invoice, Essex requires at least 20% down. We don't mind, but others might if they don't want to come up with a large amount of cash.
They must of changed rules . We used Costco /Essex with 10 % down . There was no problem and they were familiar with Escapes . The DMV was another matter though .
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Old 01-14-2015, 07:09 PM   #36
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With this very valuable new information I went back to Essex. They are "looking in to it." Hopefully we can do the 10% down as well. 20% isn't a problem, but I'd like a little more liquidity. Thanks again Pat and Linda!
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Old 01-14-2015, 09:26 PM   #37
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Originally Posted by rbryan4 View Post
With this very valuable new information I went back to Essex. They are "looking in to it." Hopefully we can do the 10% down as well. 20% isn't a problem, but I'd like a little more liquidity. Thanks again Pat and Linda!
No problem . Glad to help .
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Old 01-14-2015, 11:56 PM   #38
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At least the interest on an RV is tax deductible in the US - considered a second home!
As a business asset I get to depreciate it too!
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Old 01-15-2015, 06:28 AM   #39
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As a business asset I get to depreciate it too!
The problem with that thinking, other than the minimal amount is recapture later on at the time of sale as well as setting off all kinds of alarms, if you get my drift. Thirty eights years spent there putting out fires.
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Old 02-09-2015, 02:42 PM   #40
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rbryan4, Are you sure about this? I actually called and talked to a rep and was approved. She said that I would have to pay in US dollars, but out side of that, they would simply send me a check to take up to Canada with me when I pick up the trailer.
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