According to my financing lady, funds will be released to Miranda's current owner Monday or Tuesday.
Thing is, her current owner is leaving the country for two weeks starting Sunday.
He's going to try to push for an electronic bank transfer tomorrow or Monday at the latest so that he can leave keys for me with a neighbour or something along those lines.
Otherwise, Miranda won't be mine until August 4th or 5th at the earliest.
I told him that he should have advised both me and the financing lady of this on Monday so that we could have rushed the paperwork. Anyway...
I was so hoping to have her for next weekend, though. My sister is having a party at a town only an hour from where Miranda will be parked all of August and I had hoped that this could be our first trip out together. *crossing my fingers*
At any rate, I'm not going to freak out over this until I know for sure how it's going to turn out.
Showing posts with label rv financing. Show all posts
Showing posts with label rv financing. Show all posts
Thursday, July 17, 2008
Banks Amuse Me
Tuesday, I was advised by the lady taking care of the financing that the bank was backing out of part of the pre-approval terms because they now felt I was too much of a risk. I could still get the financing at the 6.99%, but over 5 years, not 9. If I met a certain condition, though, they would reconsider the 9 years.
The condition was so idiotic, a real given: they wanted me to provide them with proof that I did have the money to pay cash or give a down payment, but I was choosing not to. How idiotic is that? I had all that paperwork ready for them and was just waiting for them to ask for it. *rolls eyes*
So, today I finally got the papers I needed to sign and the terms stated weren't what I was expecting.
Paraphrasing:
"Due to your excellent credit rating and financial portfolio, we are pleased to offer you a rate of interest of 6.49% instead of the previously discussed 6.99%. Thank you for doing business with us."
I'm choosing to laugh.
The condition was so idiotic, a real given: they wanted me to provide them with proof that I did have the money to pay cash or give a down payment, but I was choosing not to. How idiotic is that? I had all that paperwork ready for them and was just waiting for them to ask for it. *rolls eyes*
So, today I finally got the papers I needed to sign and the terms stated weren't what I was expecting.
Paraphrasing:
"Due to your excellent credit rating and financial portfolio, we are pleased to offer you a rate of interest of 6.49% instead of the previously discussed 6.99%. Thank you for doing business with us."
I'm choosing to laugh.
Tuesday, July 15, 2008
Why I Chose to Finance
People have asked me why I didn't pay cash for my RV when I had the money to do so.
Here's the simplified answer.
My investments are currently netting an average return of 7.5%.
The financing will be 6.99%
By financing, my money will keep working for me and I'll still be ahead .51% at the end of the year.
Even more succinctly: I'd lose money by paying cash.
I'm sure there's nuances to that, but that's the short of it according to my financial adviser. Had my financing been at the 8% I was first offered, then paying cash would have been a better option.
Here's the simplified answer.
My investments are currently netting an average return of 7.5%.
The financing will be 6.99%
By financing, my money will keep working for me and I'll still be ahead .51% at the end of the year.
Even more succinctly: I'd lose money by paying cash.
I'm sure there's nuances to that, but that's the short of it according to my financial adviser. Had my financing been at the 8% I was first offered, then paying cash would have been a better option.
Monday, July 7, 2008
Proverbial Stone
Whew, I didn't intend to get insurance issues sorted out today, but I did! I'm thrilled with the coverage and price I got for a 'Globe Trotter Plus Nomad' (love that!) policy... that includes road side assistance for the RV. One less thing to research. *Rae heaves a huge sigh of relief*
I still need to check if my plans will affect my car policy (which I'll need to maintain with my current insurer), so I could still be in for surprises, insurance-wise, but I think the worst is over.
The fact that I will be out of Quebec for a year was a huge problem and I had to swear up and down and promise my firstborn child that I would not go to the United States for more than a couple of weeks at a time, and for no more than 6 mos total, as well as pay a premium. I can't figure out why my country is so difficult about people crossing its provincial borders for more than 6 mos. I know it has something to do with the health care regimes and provincial income tax, but all of that comes out in the wash if you ask me. *rolls eyes*
Okay, so now I'm waiting for the financing to be settled. This is stressing me out, probably more than it should. It's just that plans B through Z aren't nearly as advantageous as plan A and could really cramp my style. *prays*
I still need to check if my plans will affect my car policy (which I'll need to maintain with my current insurer), so I could still be in for surprises, insurance-wise, but I think the worst is over.
The fact that I will be out of Quebec for a year was a huge problem and I had to swear up and down and promise my firstborn child that I would not go to the United States for more than a couple of weeks at a time, and for no more than 6 mos total, as well as pay a premium. I can't figure out why my country is so difficult about people crossing its provincial borders for more than 6 mos. I know it has something to do with the health care regimes and provincial income tax, but all of that comes out in the wash if you ask me. *rolls eyes*
Okay, so now I'm waiting for the financing to be settled. This is stressing me out, probably more than it should. It's just that plans B through Z aren't nearly as advantageous as plan A and could really cramp my style. *prays*
Friday, July 4, 2008
The Count Down Begins...
Monday, I'm having my first official meeting (by phone) about financing pre-approval. I've done a lot of research about this, listened to both sides of the arguments, and concluded that, for me, I'm better off financing than using my savings. I have a good feeling about this lady I'll be working with. I emailed her at 8PM tonight... and she called me from home at 9:15 to schedule Monday's meeting. Talk about dedication to customer service.
Tuesday, the coach goes in for the mechanical inspection. Soon as I have the results from that, the owner and I are going to talk money. I'm dreading this talk. The guy put the coach on sale for 32K. It's a gorgeous unit, quite luxurious, and as close to a brand new rig as I could have ever dreamt (I'm itching to show pictures). But the book value for this rig is only 16K. If I factor in fair market value for some of the accessories he'd be throwing in, I still don't get at more than 18, 19K. The financing lady who has been in the RV business for many years came up with a figure of 17K, including accessories. That's 15K less than they're asking. Do I risk insulting them and losing out on this near perfect unit. I really don't have much time to look for anything else. The seller said that he's motivated, but how much so? His coach as been advertised all over the place since April. His wife is excited at the idea that the coach she loved and babied so much could pass into the hands of someone whose travels she'd be able to follow via a blog. I loathe talking money in this sort of scenario. If he was a dealer, no problem. I mean, I'm the one who got her brand new car financed at 0% for the 'paid in cash' price.
Auuuuuuuuuuuuuugh.
Tuesday, the coach goes in for the mechanical inspection. Soon as I have the results from that, the owner and I are going to talk money. I'm dreading this talk. The guy put the coach on sale for 32K. It's a gorgeous unit, quite luxurious, and as close to a brand new rig as I could have ever dreamt (I'm itching to show pictures). But the book value for this rig is only 16K. If I factor in fair market value for some of the accessories he'd be throwing in, I still don't get at more than 18, 19K. The financing lady who has been in the RV business for many years came up with a figure of 17K, including accessories. That's 15K less than they're asking. Do I risk insulting them and losing out on this near perfect unit. I really don't have much time to look for anything else. The seller said that he's motivated, but how much so? His coach as been advertised all over the place since April. His wife is excited at the idea that the coach she loved and babied so much could pass into the hands of someone whose travels she'd be able to follow via a blog. I loathe talking money in this sort of scenario. If he was a dealer, no problem. I mean, I'm the one who got her brand new car financed at 0% for the 'paid in cash' price.
Auuuuuuuuuuuuuugh.
Tuesday, June 10, 2008
RV Financing
Wow, the financing issue is more complicated than I expected. I just had a long, and not particularly illuminating, conversion with a dealer in Laval. I told her what I feel would be my maximum comfortable payment per month and she told me that gave me two choices. The first is an older and very cheap RV financed over 5-10 years at a rate of 8 to 14%. The second is a brand new or almost brand new financed over 20 years at 6 to 7%.
I'm in the market for brand new? Now, that's news. Of course, we're talking a very basic class C.
At any rate, I looked at what they had on their site and nothing really jumped out at me since I don't want slides. There was one with no slides, but it had a queen in the bedroom, and I want the two twins. The lady says that they have 'nearly new' units that served as rentals which aren't on the site, but I'm not sure I'm ready at this point to do a round trip to Laval to see them.
I think it's time I spoke with the bank that takes car of my car loan.
I'm in the market for brand new? Now, that's news. Of course, we're talking a very basic class C.
At any rate, I looked at what they had on their site and nothing really jumped out at me since I don't want slides. There was one with no slides, but it had a queen in the bedroom, and I want the two twins. The lady says that they have 'nearly new' units that served as rentals which aren't on the site, but I'm not sure I'm ready at this point to do a round trip to Laval to see them.
I think it's time I spoke with the bank that takes car of my car loan.
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