Wtf ???

[MikeFresno]

Found a TT me & the family liked for our first trailor. Trailor came out to 16K. They asked me how much I wanted to put down on it. I said 8k. Then they told me they wouldn't finance me cause they wanted me to finance more than 10k! WTF?? Who says that lol!! Jerks just want to get more outta me on the long run I guess

[Randyl9ll]

Originally Posted by MikeFresno

Found a TT me & the family liked for our first trailor. Trailor came out to 16K. They asked me how much I wanted to put down on it. I said 8k. Then they told me they wouldn't finance me cause they wanted me to finance more than 10k! WTF?? Who says that lol!! Jerks just want to get more outta me on the long run I guess

That is dumb... but why not just finance the 10k and drop the extra 2 on it once you get the loan/account?

[wittom]

Anyone lending you money is doing so to make a profit. I'd guess that they cannot justify the expense to themselves to service a loan under 10k.

You really wouldn't be paying all that much more in finance charges to borrow 10k instead of 8. Seems like if you have to borrow, 10k is the way to go.

[Colorado Osprey]

The deal is investors are trying to cover their butts.
Toys are disposable income and they are the 1st thing that gets cut when times get tough.

With the amount of delinquent accounts on toy purchased, lenders are trying to protect themselves. By asking for more than 50% down you are vested and less likely to default.

Loans for toys have been like this for the last couple of years.

Minimum amount loans are also the norm in some industries. When people have trouble with financiers who loan on toys, they can usually get signature or collateral loans with their established banks that they normally bank with at a better rate as well.

[MikeFresno]

Originally Posted by Randyl9ll

That is dumb... but why not just finance the 10k and drop the extra 2 on it once you get the loan/account?

Lol! Yea that's exactly what my wife told the guy.

[FFEMTPSTX]

just tell them no and walk out i bet they will change their mind.....like just mentioned "toys" are disposable income and these not to much of that around. I am sure they wouldnt loose the sale over 2k of financed money its not like ur asking 2k off the price

[glc]

What APR are they offering you? Have you looked for alternative financing, such as with YOUR bank or credit union?

[mlamprey]

Originally Posted by FFEMTPSTX

just tell them no and walk out i bet they will change their mind.....like just mentioned "toys" are disposable income and these not to much of that around. I am sure they wouldnt loose the sale over 2k of financed money its not like ur asking 2k off the price

Yup, that would be my attitude toward it. Tell they can either make the interest off of an $8k dollar loan or lose the sale and make NO interest at all.
Or
Tell them that you will finance the full $10k but the APR had better be a damn good one and then once the paperwork is complete drop the other 2k down on the loan.

[Micheal]

Easy fix to that problem.


Find another RV dealer.

[canadian_screw]

My brother in law had the same problem when he was looking for another truck. He wrote off his dakota and insurance gave him $7500 for it. We found him an 04 150 heritage for $15000. He wanted to put the full $7500 down and they told him they wouldn't finance him. He put $3500 down, financed the rest and a week later put the last $4000 on the loan. He was told the same thing, 'we won't finance you less than $10000 because we won't make enough money on the deal'. It's kinda dumb, but just finance what they want you to, make sure you can make extra payments and payoff the loan early without penalty and then just put the extra money on it after. I think you'll run into a similar problem other places as well.

[Mike Up]

That's common. It all depends on the months you take the loan out for. For a travel trailer, 10K sound right for 6 years. I only take 6 years while most want 10 years. 10 years for a toy seems to long for me.