Lock-in date for exchange rate? - Escape Trailer Owners Community

Go Back   Escape Trailer Owners Community > Escape Me | General Topics > Shopping Escape
Click Here to Login
Reply
 
Thread Tools Display Modes
 
Old 09-03-2018, 05:23 AM   #1
Senior Member
 
Join Date: Sep 2015
Location: Ravena, New York
Trailer: Looking for a 5.0TA maybe next year
Posts: 242
Lock-in date for exchange rate?

When does the exchange rate lock in when you buy an Escape? When you send your $2,000 in? (Is that still the down payment?)

I'm positive this has been discussed before, but I am not good at searching stuff.

We're still not sure what way to go for a new trailer, but it seems to me the U.S. dollar was worth more against the Canadian dollar when we first started looking. That exchange rate will have an impact on our decision making.

Thanks!

Frank
__________________

frank_a is offline   Reply With Quote
Old 09-03-2018, 05:47 AM   #2
Senior Member
 
kstock11's Avatar
 
Join Date: Mar 2013
Location: Asheville, North Carolina
Trailer: 2014 Escape 19
Posts: 795
The exchange rate is never Locked in. The rate is only set as you send payments. Many pay early if that feel the rate is best early or pay later if they expect it to improve. It’s a crap shoot!
__________________

__________________
Kevin
Thanks to the interstate highway system, it is now possible to travel across the country from coast to coast without seeing anything - Charles Kuralt
kstock11 is offline   Reply With Quote
Old 09-03-2018, 05:49 AM   #3
Senior Member
 
davidmurphy02's Avatar
 
Join Date: Feb 2018
Location: Austin, Texas
Trailer: 2019 5.0TA "Junior", 2019 Ram 1500 5.7 Hemi
Posts: 593
There is no "lock in" of the exchange rate, the exchange rate you pay will be what is in effect at the time of each payment. If you send a check to ETI you'll get the exchange rate in effect when their bank receives it. Banks charge varying fees for changing $USD into $CAD - you should check into this so you don't get surprised with hundreds of dollars in fees that you weren't expecting. I found that the exchange rate and fee with ETI's bank was better than through my own US bank so I just sent them a check. There are a number of online companies like TransferWise which specialize in transferring funds between countries and offer lower fees, you can find plenty about that on other threads on this forum.

Over the past six months as we got ready to order I watched the exchange rate fluctuate but it ultimately has stayed in a fairly consistent range - once touching on .75, once getting close to .80, but generally around where it is right now. There are ways to open an account and convert USD into CAD which can be used at a later date to pay ETI if you feel that rates are low and want to lock them in. I decided to just send a substantial payment to ETI after we placed our order in case exchange rates started heading back up.

There are many different options and opinions on dealing with the exchange rate. At the end of the day, years down the road you will be enjoying your trailer and probably won't remember or care what exchange rate you paid.
__________________
David, Mary, and 3 Cats
davidmurphy02 is offline   Reply With Quote
Old 09-03-2018, 06:07 AM   #4
Senior Member
 
Join Date: Sep 2015
Location: Ravena, New York
Trailer: Looking for a 5.0TA maybe next year
Posts: 242
Quote:
Originally Posted by kstock11 View Post
The exchange rate is never Locked in. The rate is only set as you send payments. Many pay early if that feel the rate is best early or pay later if they expect it to improve. It’s a crap shoot!
Kevin,

As my Scot grandmother would have said "Och!"

Frank
frank_a is offline   Reply With Quote
Old 09-03-2018, 06:10 AM   #5
Senior Member
 
Join Date: Sep 2015
Location: Ravena, New York
Trailer: Looking for a 5.0TA maybe next year
Posts: 242
Quote:
Originally Posted by davidmurphy02 View Post
There is no "lock in" of the exchange rate, the exchange rate you pay will be what is in effect at the time of each payment. If you send a check to ETI you'll get the exchange rate in effect when their bank receives it. Banks charge varying fees for changing $USD into $CAD - you should check into this so you don't get surprised with hundreds of dollars in fees that you weren't expecting. I found that the exchange rate and fee with ETI's bank was better than through my own US bank so I just sent them a check. There are a number of online companies like TransferWise which specialize in transferring funds between countries and offer lower fees, you can find plenty about that on other threads on this forum.

Over the past six months as we got ready to order I watched the exchange rate fluctuate but it ultimately has stayed in a fairly consistent range - once touching on .75, once getting close to .80, but generally around where it is right now. There are ways to open an account and convert USD into CAD which can be used at a later date to pay ETI if you feel that rates are low and want to lock them in. I decided to just send a substantial payment to ETI after we placed our order in case exchange rates started heading back up.

There are many different options and opinions on dealing with the exchange rate. At the end of the day, years down the road you will be enjoying your trailer and probably won't remember or care what exchange rate you paid.
Excellent advice, thanks David.

I agree years down the road the exchange rate I paid won't make a difference, but it sure does today. It's a job convincing my wife to go this route, even after owning a smaller egg. On top of that, the only Escape that would work for both of us is the 5.0TA...

Frank
frank_a is offline   Reply With Quote
Old 09-03-2018, 06:29 AM   #6
Site Team
 
rbryan4's Avatar
 
Join Date: Jun 2014
Location: Canyon Lake, Texas
Trailer: 2015 19 "Past Tents", 2018 F150 2.7L Ecoboost
Posts: 9,414
Frank, like David I just sent Escape a check. Their bank's exchange fee was not bad at all.

The exchange rate between the CAD and the USD has been pretty stable of late, staying around .77. You could send the bulk of your payment early, and hope the rate doesn't drop, or wait and hope it does. Either way is sort of a crap shoot.

Whatever your rate turns out to be, remember the bargain you're getting because the dollar is strong right now.
__________________
"You can't buy happiness, but you can buy an RV. And that is pretty close."
rbryan4 is offline   Reply With Quote
Old 09-03-2018, 07:36 AM   #7
Senior Member
 
escape artist's Avatar
 
Join Date: Oct 2008
Location: St. Thomas not BVI., Ontario
Trailer: 2014 Escape 5.0TA / 2016 Ram Eco Diesel 4X4
Posts: 6,125
Quote:
Originally Posted by frank_a View Post
When does the exchange rate lock in when you buy an Escape? When you send your $2,000 in? (Is that still the down payment?)

I'm positive this has been discussed before, but I am not good at searching stuff.

We're still not sure what way to go for a new trailer, but it seems to me the U.S. dollar was worth more against the Canadian dollar when we first started looking. That exchange rate will have an impact on our decision making.

Thanks!

Frank
Hi: frank_a... The only "Lock in" that I know of is the price of the trailer. That happens at receipt of a deposit. If you send various payments over the build time then you will, in effect, have a blended exchange rate. Some up some down as the economies of the two countries flux.
We as Canadians have to "Pay the piper" in Canadian $$$'s!!!
Looking forward to meeting you at Niagara Wine Escape. Alf
escape artist N.S. of Lake Erie
__________________
Quote Bugs Bunny..."Don't take life too seriously, none of us get out of it ALIVE"!!!
'16 Ram Eco D. 4X4 Laramie Longhorn CC & '14 Escape 5.0TA
St.Thomas (Not the Virgin Islands) Ontario
escape artist is offline   Reply With Quote
Old 09-03-2018, 08:00 AM   #8
Senior Member
 
Hilola's Avatar
 
Join Date: Jun 2018
Location: Tehachapi, California
Trailer: none
Posts: 510
Quote:
Originally Posted by escape artist View Post
The only "Lock in" that If you send various payments over the build time then you will, in effect, have a blended exchange rate. Some up some down as the economies of the two countries flux.
Also known as "dollar cost averaging."
__________________
Greg
Formerly owned a 2007 24' HiLo/ 2003 Tahoe combo. Interested in the 5.0TA
Hilola is offline   Reply With Quote
Old 09-03-2018, 08:06 AM   #9
Senior Member
 
escape artist's Avatar
 
Join Date: Oct 2008
Location: St. Thomas not BVI., Ontario
Trailer: 2014 Escape 5.0TA / 2016 Ram Eco Diesel 4X4
Posts: 6,125
Quote:
Originally Posted by Hilola View Post
Also known as "dollar cost averaging."
Hi: Hilola... Yepper!!! I did a lot of that in the '80's when our mortgage rates peaked around 20%. I called it "Rate of survival". Renewing every 6 months for the lowest rate as they toppled. Lucky we didn't lose our house. Alf
escape artist N.S. of Lake Erie
__________________
Quote Bugs Bunny..."Don't take life too seriously, none of us get out of it ALIVE"!!!
'16 Ram Eco D. 4X4 Laramie Longhorn CC & '14 Escape 5.0TA
St.Thomas (Not the Virgin Islands) Ontario
escape artist is offline   Reply With Quote
Old 09-03-2018, 01:24 PM   #10
Senior Member
 
Hilola's Avatar
 
Join Date: Jun 2018
Location: Tehachapi, California
Trailer: none
Posts: 510
Quote:
Originally Posted by escape artist View Post
Hi: Hilola... Yepper!!! I did a lot of that in the '80's when our mortgage rates peaked around 20%. I called it "Rate of survival". Renewing every 6 months for the lowest rate as they toppled. Lucky we didn't lose our house. Alf
escape artist N.S. of Lake Erie
I remember those days, Alf! Definitely not the "good 'ole days," especially considering that my current mortqage is financed at 2.75%. Planning on getting it completely paid off within two years, then it's time to travel!
__________________

__________________
Greg
Formerly owned a 2007 24' HiLo/ 2003 Tahoe combo. Interested in the 5.0TA
Hilola is offline   Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off






» Featured Campgrounds

Reviews provided by

Disclaimer:

This website is not affiliated with or endorsed by Escape Trailer Industries or any of its affiliates. This is an independent, unofficial site.



All times are GMT -5. The time now is 10:33 PM.


Powered by vBulletin® Version 3.8.8 Beta 4
Copyright ©2000 - 2019, vBulletin Solutions, Inc.
Copyright 2012 Social Knowledge, LLC All Rights Reserved.