Friday, June 21, 2013

Sorry, 736 isn’t good enough

I blogged about the last time we tried trading in our Endeavor (early last year) and also how the deal didn’t happen. We found a Newmar Mountain Aire 4095 worth going after and this time I didn’t blog about it because I didn’t want to jinx it. This time the deal felt right, the dealer thought it was right and would easily go through, our credit is very good but apparently never being late on a single thing ever isn’t enough. Bank wants serious coin down even though this one books easily for much more than we would be paying and we’re getting more for our trade than we owe. Disappointed smile

Why do we try each year to trade in? Not because we don’t like our rig, we signed a contract for a higher rate than I should have accepted for the Endeavor and we would like to get out from under that and get a nicer newer diesel rig in the process. Unfortunately it seems people who pay on time don’t qualify, they want an insane amount down and the market is such now they don’t even have to negotiate the price much. Heck, while I was in the rig 4 families went through it at 3pm on a Wednesday!

So this beautiful Mountain Aire 4095 won’t happen and next year we will actually be upside down on the Endeavor pretty much making it so we have to come up with even more to get out from under it meaning we are stuck with this rate making the Endeavor more expensive than the Mountain Aire if we go full term, how insane and stupid is that? What the hell was I thinking in 2010?

I don’t get it, I’m going to try a bank or two myself but if a guy who wants to sell his rig has his finance guy working so hard to try and make a deal I don’t see how I’ll fare any better. I just bought my car at 0% and while I know this deal isn’t for a car it just shows how polar opposite the markets are, what qualifies for 0% on a $45,000 car doesn’t qualify for a 5.67% RV loan without better than 20% down on an RV. The banks are over run with loan requests on RV’s to the point they can say no where in the past they would have said yes.

I wasn’t disappointed last year, I am this year because we are working our asses off paying off debt, getting out from under the rate would have helped as well and the finance companies don’t give a rats ass how good your credit is or that you have never been late on anything… drat it I’m pissed and I promised Ronda I wouldn’t be, sorry hon but this one got to me.

Here it is, I can show it now since I can’t jinx it, a 2001 Mountain Aire 4095… I know it’s an older model and we have gone  through a few options and year vehicle just to see what the bank would say, they said no to every one of them. I can’t wait until we are in a position to tell banks no, that day will come, they won’t care but it will be nice to be in the driver seat instead of the bend over and take it seat.





Rod and Loyce Ivers said...

Did you try to finance it with the people that have your old RV loan? They already know you and that you can make the pmts... Wouldn't hurt to give them a call..... they already have a balance on you so they are already in bed so to speak......

Rod..... former CPA

JO said...

I know this doesn't help much but at least you a rig. And it is pretty nice in my opion.

Jessica Riker said...

You have maybe already looked into this, but have you tried to refinance the loan you have on your current rig? Wouldn't get you something new, but at least you would have a lower rate.

Rae said...

How frustrating and disappointing. I hope you figure something out and are able to work out a deal somehow. Good to read your blog again Erik. I was on a long hiatus from blogging and just came back with a new blog. Tell Ronda hello.

Erik's RV Blog said...

Rod - Wellsfargo doesn't offer lower rate loans and they are the ones who have our current too high rate loan as it is. I have no doubt they would approve us at double the APR of everybody else.

JO - Agreed however the rate is too high and we can do much better. If I could refinance our current rig I would do it but it's too old. All low rate providers won't touch it now.

Jessica - I wish, at 14 years old however nobody will touch it now.

Rae - Welcome back! I'm going to make some calls tomorrow but I think we have to wait a few more years when our rig is way upside down, then everybody will want the loan it seemms.

Steinar Andersen said...
This comment has been removed by a blog administrator.
Anonymous said...

We both seem to like Newmar Coaches. Hope you can get it worked out, they have a good reputation and it's a nice looking rig.


ain't for city gals said...

Maybe it is the year on the rig and the asking price that is more of the problem than you credit rating?

Erik's RV Blog said...

Steinar - We pull a car that gets 40 plus MPG however getting anything that requires the purchase of a truck or something else to pull it now requires the purchase of a different kind of pull-able rig and a tow vehicle. Makes no financial sense.

Sheryl - We also looked at newer rigs and even a new one. The problem is how credit works these days.

We are in a better position financially now than we were in 2010 but because we are paying off our credit cards I closed them 2 years ago. We could qualify for a higher rate loan, this time however I refuse to get a high rate loan when my credit score is very good.

I'm going to continue with a few other banks this week.

Erik's RV Blog said...

Bruce - Agreed, Newmar makes excellent RV's and they will always be at the top of my list. :)

Rod and Loyce Ivers said...

Erik, don't give up on this... There is surely a way to get it done... It might even give you some bargaining powers at the dealer....assuming they don't have any other customers with cash..

Erik's RV Blog said...

Rod - I think my only options at this point are finance companies that offer higher rates... calling my mortgage company today to see what they will do.