Buying from a dealer or private owner?

[Bigblockyeti]

I've been shopping for everything under the sun that I can tow with my current truck and will allow all of us to sleep comfortably in. Prices are all over the place, quality is all over the place and so are amenities offered by different makes and models. I'm still not yet set on anything but I am doing more research on what's come up locally that looks like it could be a good fit. We a couple hours last Saturday poking around the new and used lot at the local Camping World, a sales person was unavailable so we were let to our own accord allowing us to peruse a little bit of everything. I didn't realize what a blessing being able to check everything out on our own was. Yesterday I went to another large, local dealership with an appointment with a specific sales person and a specific TT. The experience was unpleasant to say the least, my sleeping accomodations and max weight are highly inflexible but I was promised before my arrival they had several TT that would fit my criteria, they did not. They had only the one that I initially found that was close then I was shown several more that I can't safely pull with my rig and were not the close to the floorplan I was looking for. Then came the issue of price, I'm not concerned with spending good money for well built TT that fits our family and I haven't the need nor desire to finance it. The closest thing we could come up with was $35.9K which I was comfortable with (maybe, if this will fit us) and I was immediately pushed about financing and what I'd like to put down. I told them I'd like to put down $35.9K and finance it for ~15 seconds. I don't know if it's more about the money aspect than actually selling RV's & TT's but it seemed far more important than the camper itself. I was told "What if you just put down $10K then financed the rest with a zero penalty early payoff?" "Sure" I said, giving him my credit score from my last "check up" as I didn't trust them with a "soft pull" or anything else they could damage with my SS#. He came back with "great news, you should be $349 - $399/month" again this would be theoretically financing $25.9K and I asked for how long, kind of an important question in my book. They actually had to go check and get this - 144 months, 12 years! That would require an intereste rate of between 12.6% with total interest charges of $24,450 and 15.7% with total interest charges of $31,760. This is absolutely ludacris to me that anyone would offer this or even moreso that someone would actually agree to this. Is it just me or is this a real thing that actually happens?

FWIW, I'm not a money person, that's my wife, I'm just an engineer but basic interest coming or going is something I've got a pretty good understanding of.

 

[Rosy]

I couldn't exactly figure out what your question is but I would recommend at least looking for something used from a private party. If you can get something well maintained that was built before 2020, I think you'll be golden.

 

[Jireh Financial]

Good morning Bigblockyeti,
We do financing for private buyers every day.
Sounds like you are getting a mixed bag of information. The credit pull we do here is truly a "soft pull". We see the full bureau and there is ZERO trace. I can't vouch for anyone else and what they do. We pay additional for the service and have done it for 15 years. The reason we do it is so we know what one of our lenders has a taste for each buyer and deal.
For someone to quote a payment without KNOWING the score is odd to me. Knowing means actually pulling a bureau and making an educated estimate. As for the term of the loan, nobody in RV loan history has made 180 or 144 minimum payments. None of the lenders we use charge a penalty or fee for paying additional. Again, I can't vouch for anyone else's business.
Sometimes dealership F & I people get laser focused on big profits.
Let me knowhow we can help.
Thank you,
Ken

 

[widdershins]

Look at both, no sense restricting your search. We ended up getting a nice deal from a local RV repair shop that had a unit on consignment.

 

[Bigblockyeti]

There's a screaming deal on a TT not too far from me with a "certificate of destruction" due to water damage but it looks fine. Apparently it can't be registered due to the COD. This would obviously be a cash deal, as anything else would be I'm interested in buying. This COD thing I find odd though, it seems it could be inspected if need be and recertified? At any rate, my other option would be to separate the camper body from the chassis and have the chassis weighed & register it as a utility trailer, a utility trailer that just happens to have a removable (not easily) camper body on it all the time. This would allow legal (but iffy) registration and a one time plate fee of ~$78 vs. ~$170/yr. with registration & property taxes.

The question I was posing in my original post was whether or not people really accept such outrageous terms resulting in huge interested paid? The rest of the fluff was just a babbling backstory.

 

[Rosy]

There's a screaming deal on a TT not too far from me with a "certificate of destruction" due to water damage but it looks fine. Apparently it can't be registered due to the COD. This would obviously be a cash deal, as anything else would be I'm interested in buying. This COD thing I find odd though, it seems it could be inspected if need be and recertified? At any rate, my other option would be to separate the camper body from the chassis and have the chassis weighed & register it as a utility trailer, a utility trailer that just happens to have a removable (not easily) camper body on it all the time. This would allow legal (but iffy) registration and a one time plate fee of ~$78 vs. ~$170/yr. with registration & property taxes.

The question I was posing in my original post was whether or not people really accept such outrageous terms resulting in huge interested paid? The rest of the fluff was just a babbling backstory.

Run away.

 

[Rosy]

The question I was posing in my original post was whether or not people really accept such outrageous terms resulting in huge interested paid? The rest of the fluff was just a babbling backstory.

We paid cash for our RV but I recognize that not everyone has the ability to do that. Interest rates are also ridiculously high in general right now.

 

[BGMAC]

Sometimes when you finance through a dealer they get a kickback from the bank for giving them business. This give the dealer “wiggle room” if you’re really trying to knock down the price.
I did that a couple times to get the deal then 15-30 days later paid off the loan. Sometimes the dealer gets a bit made because the bank won’t give them the kickback because of the quick payoff.

 

[Bigblockyeti]

That's kinda of what the salesperson was eluding to. Didn't mention any dealership penalties with an early payoff be it a day, week or month. If I do end up buying new and this gets me a lower price, it's something I will consider.

 

[TheLooks]

I would go back before 2020, quality was suffering from about 17 on. Covid just put the finishing touches on it.