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Old 02-07-2020, 04:38 PM   #1
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!!! Your new Escape Trailer can be financed !!!!

ANNOUNCEMENT

https://escapetrailer.com/finance/

FINANCING is available for your Escape Trailer. As with everything Escape, we we want you to have the choice to Escape your way.
  • USA Financing is through Newcoast Financial. Newcoast will collect all information for US Customers.
  • Canadian Financing will be through RBC or BMO, we are working to get another bank up and running. Escape will collect information for Canadians and process to the banks.

As per usual, rates will depend on your circumstances, and the financial institutions will make the determination.
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Old 02-07-2020, 06:15 PM   #2
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Way to go Karl
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Old 02-07-2020, 10:16 PM   #3
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Great news for our American friends! Based on what I've read on the forum and Facebook, this is a much needed service. Good work identifying and responding to customer needs!
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Old 02-07-2020, 10:50 PM   #4
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Yeah, Marketing 101: "Don't tell me how much it costs- how much is it a month"
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Old 07-31-2020, 08:07 AM   #5
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How long is the max term for the Canadians, out of curiosity?
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Old 07-31-2020, 01:43 PM   #6
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How long?

RBC in Canada will do 20 years amortization
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Old 09-22-2020, 04:17 PM   #7
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Karl, I wonder about the timing of how the financing would work. Let's hypothetically say I get a 2021 slot for a 23 (fingers crossed!), place a deposit in December, and am picking up sometime later in 2021...at what point do you think I could/should apply for the financing and get it approved before picking up the trailer? Just for financial planning, my own personal preference would be sooner rather than later, but not sure how close to the delivery you and/or Newcoast want the financing approval to be...
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Old 09-22-2020, 04:45 PM   #8
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Originally Posted by TahoeJoe View Post
Karl, I wonder about the timing of how the financing would work. Let's hypothetically say I get a 2021 slot for a 23 (fingers crossed!), place a deposit in December, and am picking up sometime later in 2021...at what point do you think I could/should apply for the financing and get it approved before picking up the trailer? Just for financial planning, my own personal preference would be sooner rather than later, but not sure how close to the delivery you and/or Newcoast want the financing approval to be...
You can apply at any time with Newcoast and they will let you know off the bat if they can do the financing for you, the approval would have an expiry on it which I think is 90d (might vary depending on the organisation that is going to lend the money). Next part would be the re-approval at a time within the normal expiry period, all things being equal if you are approved the first time and nothing significant changes in your financial situation or detrimentally in the economy then you should be OK. We have had quite a few folks using Newcoast for financing, I can't comment on the rates but it does seem that the customer has a lot of flexibility right up until the last minute to decide whether or not to take the financing. Hope this helps.
Karl
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Old 09-22-2020, 04:55 PM   #9
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Quote:
Originally Posted by Karl@Escape View Post
You can apply at any time with Newcoast and they will let you know off the bat if they can do the financing for you, the approval would have an expiry on it which I think is 90d (might vary depending on the organisation that is going to lend the money). Next part would be the re-approval at a time within the normal expiry period, all things being equal if you are approved the first time and nothing significant changes in your financial situation or detrimentally in the economy then you should be OK. We have had quite a few folks using Newcoast for financing, I can't comment on the rates but it does seem that the customer has a lot of flexibility right up until the last minute to decide whether or not to take the financing. Hope this helps.
Karl
Yes that helps, thanks!
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Old 09-22-2020, 06:21 PM   #10
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I applied with Newcoast earlier this year. They will fund your loan once the trailer has crossed the border and only if you haven’t titled it yet. If an application is greater than 60 days old, they’ll have to re-run your credit to do the deal.

Long way to say “apply less than 60 days before you pick it up.”
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Old 09-22-2020, 07:06 PM   #11
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That raises another question that I was already thinking of, as my credit union (which I might go through) also says that they will not fund it until I take possession of the trailer. The question there is, would all of that be done in the parking lot in Sumas, i.e. would the Escape driver wait while I call the bank to tell them I've got it, and then receive some kind of confirmation of funding? Or perhaps Escape gives us a bit of a grace period while everything clears the banks...
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Old 09-22-2020, 07:22 PM   #12
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I used my home equity line of credit to purchase a car. The dealer suggested I call the bank to let them know I'd written a large cheque. When called, the bank was utterly disinterested. They didn't care what I spent the money on. Could have bought bubble gum.

Might ask your credit union how you are supposed to take possession of the trailer without first paying for it.
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Old 09-22-2020, 07:50 PM   #13
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I used my home equity line of credit to purchase a car. The dealer suggested I call the bank to let them know I'd written a large cheque. When called, the bank was utterly disinterested. They didn't care what I spent the money on. Could have bought bubble gum.

Might ask your credit union how you are supposed to take possession of the trailer without first paying for it.
Classic chicken and egg problem. But yeah you're right, in that this should be the bank's problem, not Escape's. I'm sure I could hash it out with them...if they want all that interest, they can make it happen somehow, to get ETI paid on time.
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Old 09-22-2020, 08:19 PM   #14
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Originally Posted by TahoeJoe View Post
That raises another question that I was already thinking of, as my credit union (which I might go through) also says that they will not fund it until I take possession of the trailer. The question there is, would all of that be done in the parking lot in Sumas, i.e. would the Escape driver wait while I call the bank to tell them I've got it, and then receive some kind of confirmation of funding? Or perhaps Escape gives us a bit of a grace period while everything clears the banks...
I double checked - Newcoast required CBP form 7501 from the border crossing for funding. So the issue does come down to Escape delivering a trailer to Sumas that hasn't been fully paid for yet. There's no way the driver waits for you at Bob's Burgers to get it settled up. That's a question for Karl to answer I presume.

By comparison, I also contacted Good Sam (via Bank of the West) about lending and they required the trailer to be titled before funding. So if you can get it titled with the paperwork Escape sends in the mail ahead of time, then you're in luck there.

IIRC I was quoted 4.5% at Good Sam and 5.6% at Newcoast. The quality of interaction with Newcoast was 10 out of 10. Always answered the phone or returned messages & emails promptly. Good Sam's lender was like pulling teeth to get in touch with them.
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Old 09-23-2020, 12:48 PM   #15
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I contacted my bank today, and they said they can release payment before I actually get it, they just need some paperwork from ETI, like a Bill of Sale or something of that sort. So hopefully ETI is cool with providing that ahead of time, to my bank. They said once they get that they can Fedex the payment, next day.
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Old 09-23-2020, 01:07 PM   #16
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I contacted my bank today, and they said they can release payment before I actually get it, they just need some paperwork from ETI, like a Bill of Sale or something of that sort. So hopefully ETI is cool with providing that ahead of time, to my bank. They said once they get that they can Fedex the payment, next day.
Escape definitely provides the paperwork including the bill of sale ahead of time.
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Old 09-25-2020, 04:11 PM   #17
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Update, in case anyone is curious: after researching this extensively and communicating with several banks, as well as folks who have gone through this sort of thing...long story short, I've decided Newcoast is the best option. I'm sure Karl probably already knew that, but I thought I'd give him a bit more confirmation
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