EXPENSIVE & EMBARRASSING RV Buying Mistake! Our Beginner Financing Nightmare
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- Опубликовано: 28 май 2024
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Buying your first RV is exciting- but buyer beware! The RV Odd Couple share their top RV mistakes you need to avoid before buying! If you’re looking for RV advice for first-time owners, stick around!
First-time RV owners can run into several mistakes, and there are many decisions to make. This video aims to provide some RV help by pointing out how to avoid the most expensive and embarrassing mistake ever- financing an RV for 20 years!
These are the big mistakes to avoid before buying a motorhome, so make sure you watch this video first, before even stepping into a dealership.
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#rvoddcouple #rvlife #mistakes
In 2020, we sold our home and bought a 1999, 34' Fleetwood Storm for 21,000 cash. Now, (4) years full-time, we're living the dream ... debt free.
Good for y’all 😀
Nobody cares old man
I've almost done this twice!! Wanted a 52K CAD RV and the thrill of the purchase temporarily blinded me...with all associated costs would have spent over 100K CAD over twenty years...and I am 57 lol.....thank god I came to my senses at literally the last second. It is like being in a trance....thanks for talking about this!
I have a ton of respect for you guys for owning your mistake. I hope that someone benefits from your courage and honesty.
Thank you for speaking this out loud. We fell for the same thing with a 5th wheel from Grand Design in 2014. Traded in a 2011 Ventana Newmar that we had put 100,000 dollars on so it was half way paid off. We got caught up in the expense possibly of tires, batteries etc. So we thought we had enough equity in the motorhome to trade straight across. We were wrong! We bought into the "extended warranty " which ment nothing when we started having water issues, from leaks to broken water pipes in the bay. In 2020 before the pandemic hit we surrender the trailer to the bank and moved into an apartment. We are now full time RV, we went to tent then to cargo trailer conversion, then last September we found a 24 ft trailer 20 years old for 5500 dollars. We are doing minor fixes but it is built like a tank we own it no bank. Now we are happy 😊
Thank you for sharing this Terri😀
great, we bought an 02 25' 5th wheel 4700 redid the underside travel all over the country lived in it for 1 yr out of the last 4. selling now for 3k.
John, Mercedes we are getting ready to hit the road full time. Fortunately we have all ready purchased our truck and paid cash for it. Our dilemma is that we decided not to purchase new because of the depreciated value that new coaches get hit with. So we are looking for a used unit. But like all things there is a blue book value and we are trying to find out what banks, dealers use for trade in value. Our deal will be a cash out purchase but then I'm also look at our financing to always have fund for the just in case sh__ happens.
Any advise would be greatly appreciated.
Thanks Brian and Cindy, "xtreambydesign with passion "
terrible that RV industry keeps stealing all this money from people trying to live the RV dream
We just bought 2018 Rockwood Signature for 30,000 Canadian on a line of credit.
I'm paying 2 grand a month until paid for. Should be 17 months tops to pay it down.
I purchased a brand new small 2005 Coachman Clipper 086 Sport pop up camper, with air, out the door for $5446.92 cash, almost 20 years ago! It has been garage kept, maintained well, and is still like new! We used it every summer, raising our two daughters, who are now grown and off on their own. My wife and I still use this camper and love all the memories that were made in it! I could never even imagine spending so much on a big set up like you have, with years of financing? Best practice with "toys" is, if you can't pay cash, then you can't afford it. Scale down and buy what you can afford. Great channel!
You didn’t say why you took a 20 year loan rather than a 4-7 year loan. I have never taken any debt on my RVs and no packages for maintenance. I guess I have been extremely lucky but an RV is a depreciating toy. Most people can only use them occasionally. RUclips makes the lifestyle look so fun and easy. It’s actually an expensive hobby that is labor intensive. I still love it. Good video guys.
Now here is a man who knows and understands reality!! Its a hobby that will send many to the poor house
Can tell you never bought a new RV with finance. They don't give you an option. I have a 10 year loan on mine. I asked about a lower term they said it wasn't possible. Just pay down more if you want to pay it off sooner. I asked because Typically if the loan term is less the interest rate is lower. I had a 7 percent intrest rate and bought it in Feb. With today's rates that's actually a really good one. But that's why they have a 20 year loan. No other option is given even if asked for.
@@thisoldrelic you always have options. Going to another dealer is the first that comes to mind. Get pre-approved for a loan at your bank or credit union is another. I saved and paid cash for mine. I figured if I couldn’t save enough to get what I wanted I couldn’t afford the loan.
Doesn't Sound Like You Guys Found Freedom
@@thisoldrelicFalse. First step is get your own financing. My credit union financed ours on 5 years and i could have gotten less or more if id chosen.
Don't buy from camping world GOSH.
Believe it or not I worked at the trailer factory in Elkhart Indiana in 1972 and my job was to cut window frames.
Don't be embarassed ALL of us have made a dumb financial decision or two.
God Bless you and keep you safe.
Dumbest mistake
By you both being honest, you are helping other people. Just a life lesson, we all have them. Thank you for caring about your viewers.🙏
@@RVOddCouple Yes we all are constantly learning.
I really can't believe how many RVs our local Camping World sells when their salesmen constantly tell tall tales that are not true. And smart consumers fall for all of it. Buyers beware
Im so thankful that my hubby and I were lecel headed with our experience. We had a 2014 flagstaff highwall popup that we bought for 10,000 in 2015. The dealer under priced it thinking it was a 2012. We k ew what the going price for brand new so we snatched it up and paid it off quickly. In 2020 we sold it for 7500.00. We then went and bought a grand design imagine 22reb couples trailer. We put 17,000.00 down and paid the balance off in 13 months. We were retiring and wanted to be as debt free as possible. We bought no warranties. The finance department were shaking their head because we put a large down payment. A young kid telling two seniors two finance most of it and use the cash to travel. We had to set him straight on that one. Lol
Thank you for being open and sharing. You are NOT alone in stupid mistakes when purchasing an RV. I purchased a luxury class A with all of the unnecessary warranties with a 20yr mortgage 2 yrs ago. Little did I know 2yrs later I’d be going through a divorce. I didn’t want to keep the RV and ended up selling it back to the dealer, terribly upside down. I didn’t have the time to sell it outright. “Giving” it back to the dealer I also had to give a check for $75k. Yeah, totally dumb. In my defense, I thought we’d keep this unit for at least 10yrs to use after our retirement. That’s the only reason why we bought such a high quality, expensive unit. Lesson learned!
We live we learn…
the extended warranty stuff- did that on my very first car and will never again- we just bought a travel trailer last week at Camping World, and when she went over the warranty options I just said " stop- what is the cost of those things separately if I don't want to finance them"- she tried to talk around it, but I insisted, so after getting the break down I said " thank you, we will take the two freebie warranties and will pass on everything else" and I had her change the financing term to the length I wanted in the first place with a loan that has no penalties for an early pay off. They try everything to get that extra cash.
You guys are rock stars for putting yourselves out there and taking one for the team! I’m so grateful I saved and bought my fifth wheel with cash. I got a 2016 Sprinter with a bunk room and a loft for $20K. They needed the money and I had the cash. Camping world is a horrible place to buy an RV, but a good place to get parts. Thank you again for all you do! You guys are amazing!❤TN Nana
We bought our class A used and paid in full. Didn't bought guarantee or anything. If we ever buy again it have to be the same way. No rv payments for us.
Awesome 👍
Yeah, those extended warranties can really add up. I've bought 2 new RVs and in both circumstances I only took the free 1 year factory warranty it came with, I bought nothing else. They took my wife and I into a back room and spent 30 minutes trying to sell me on these extensions. Frustrated, the sales lady said "Whos gonna fix this thing? You?" The tone shifted when I said no to all of it. Later, I learned from another sales rep that the dealer makes most of it's revenue selling the extended warranty stuff. Well, we're now 5 years in, the RV is paid off finally (early) and yep, I do any and all repairs myself 😁
Extended warranty’s are horrible
Great video. I sold boats for Tracker and all people wanted to know was the monthly fee. What they didn't know was that they were paying four times what the boat was worth in the end. They would be upside down within two years. We paid cash for ours and feel blessed to have stayed within our budget and realized we were in a cut throat bartering with the dealer.
Thank you 😊 want to help as many as we can. Financing is an ugly business
People may roast you in the comments but they can't roast you anymore than what you are roasting yourself. It takes a lot of courage to come out and publicly say that you've made more mistakes and that you want other people to not follow this. Took a lot of guts to make this video.
Thanks for sharing your heart. It’s hard to say when we let someone or company take advantage of us. I think we all at one time fall victim to this. Thanks for the warning, y’all are so real.
We have followed your channel for a while and you touched on this before we bought anything. Glad you pointed out how bad financing can go and prevented us from making that mistake. Bought a gently used aframe in December of 2020. Always doing touch up work to seals but no big issues. Great advice and great video!
Awesome! We love to help!!! Thank you!
This is important information. Thanks for being so honest and transparent. I’m sure you will help people with this example of what you did and how it turned out.
Yes, that’s the point. Embarrassing for sure but…Trying to help someone who isn’t as fortunate as we are.
Great reason to have a high school class in personal finance!
Even with a finance degree and an MBA, I have made mistakes. Everyone needs to know that sales people are very well trained to extract your money. Never take out a loan for over 5 years on a vehicle and even then, check the depreciation rate. I got a 5 year loan on a BMW convertible and I had it for 10 years past the pay off date. DEAL!
ALWAYS ALWAYS ALWAYS tell the sales person you want to think about it at least overnight. Probably more discounts will come, and then say if the discounts are there tomorrow, we will still think about it. If not, they definitely missed a sale. The buyer should always be in control!
Thank you for your input, David. Very smart advice!
Thank you for your honesty. We did an older one on a smaller scale and lost a lotta money also. But we bought in a hurry for a hurricane evacuation ( which we used for that several times). You can only do what you think is right at the time. But yes there are predatory practices out there. God bless all🙏🙏
I've made the same mistakes in the past & made some of them when purchasing the RV. Did not buy all the warrantees tho... So a 5 year old video, one of your very first ones, talked about how you accidentally signed a purchase contract. One thing I learned over the years is that every single contract you sign, you can cancel within 72 hours. I've had people argue with me about it but this is the law. You could have, had you known, cancel that purchase order within 72 hours. If anybody says anything, tell them to call their lawyers. They cannot enforce any contract if you cancel within 72 hrs.
Great advice! Thank you Laurae
That is not true.
Thanks John and Mercedes, you put it out there as real as it gets. So many get in over their heads.
Trying to help those who really can’t afford it
I commend you both for coming forward with your story. A similar situation happened to my parents (now deceased) years ago when they were sold an old worn out class A by a slick salesman. Their dream quickly turned into a nightmare which caused them both tremendous stress. I believe they would still be alive today had it not been for the camper from hell. No doubt you will help prevent what happened to my parents from happening to others. Thank you!
thank you so much for sharing your experience & providing helpful information for others.
At the age of 20 we bought a house (I had to have my age lifted because I was not 21). Even at that young age we knew better than to finance a long time. We financed 15 years and paid it off in 3 by working hard and being frugal.
Great Vlog very informative that can definitely help others from making the same mistake. Glad you guys are doing better ...I can see the stress level has come down . Glad baby girl Sage is doing well !
Thank you for being transparent! We can learn from you.
We love to help😀 Embarrassing as this is
Thank you for sharing the actual figures. Great advice to the RV family.
Y'all are awesome! TY for your honesty and educating people!
Tough lessons!! Thanks for sharing!!
We like to help as embarrassing is it is
Thanks for being real and transparent on your experience here. Y'all made the same mistakes so many RVrs make, and Camping World was guilty of the worst of the worst of these practices, but they were far from the only RV dealer with such practices. In the end, as you said so well John, it is our responsibility as the buyer to guard against such predatory practices. There are some great dealers as well, but the same rule applies; buyer beware.
Exactly David!
Thank you so much. My wife and I go to an RV lot to possibly purchase today. We’ve done our best at researching and getting info on the things the sales rep doesn’t want us to know. God Bless Y’all ❤
You guys are the best! Thank you for being so real and humble with your experiences. ❤
We don’t know how to be any other way❤️
Thank you for the support
Just purchased a new trailer in March'24. Amidst the "suggested" add-ons (Extended Warranty, Fabric/Paint protection, etc.), most of which I easily rejected for just the reasons you noted (e.g. 7-yr warranty on which you pay for 20 yrs), was the one I had the most trouble turning down -- Gap Insurance. I obviously wanted it to protect me from being massively upside-down on the loan if I totaled the trailer in the first couple of years (when the depreciation is the highest). Two things to note on this: (1) I rejected the GAP because I found out that my insurance company had a Physical damage option called "Total Loss Replacement/Purchase Price", which means that THEY would reimburse me for the original purchase price of the trailer if totaled within the first three years, regardless of any base depreciation. Hence, this is even better than GAP insurance because GAP would only cover the difference between the current value of the trailer and the loan balance and NOT the cost of a new trailer. (2) Even if I HAD purchased the Extended Warranty or the GAP Insurance, I could've cancelled it at any time while benefits were still available and received a partial reimbursement for the amount originally paid (and added into the financed amount). This would not stop the bleeding since the original contracted price will still be part of the monthly payment being paid for those 20-odd years, but it will put some money back in your pocket to help salve the pain from the original unnecessary decision to buy those items.
Thank you! Great advice.❤
You are so welcome!
Thank you for helping all of us with this important info. I didn't get the dealer's warranty and after making many tries they finally said to me... " you're going to need it"!
Nice to have you two back offering the good RV advice. Kudos on being open about what went wrong with your purchase so others don't have to live that nightmare. I suspect you didn't repeat the situation on the Class C y'all just bought. Hope to get down you way this year. Having a bit of a medical issue that has me sidelined right now. Fingers crossed it works out and I get back into the RV soon.
wow you guys are bold for this and sharing your story i think this is honestly the scenario so many new family RVers get into. we just did some maneuvers to get out of our original loan but regardless we’ve already spent thousands in interest payments and the rig sadly has been less than perfect. my biggest advice to a new RV owner - shop for the best service department first, and buy a 1-2 year old used unit (avoid freight charge, still under warranty for most items, avoids the “new” price depreciation hit)
Thank you for this video. It is to late we made the mistakes like you have mentioned. I hope that people will be aware of trade -in and be careful. We enjoy your videos and we do watch Alan Warren. We bought a Grand Design now we are worried about the frame breaking
Alan is a good honest man! Let us know if something goes wrong
Yes it was your fault, BUT....the PROBLEM is the companies that are willing and able to get away with this type of business practice. Just yesterday I talked to the salesman that I have bought 3 RVs from at Mt.Comfort RV (who sadly were bought out by CW last year😡🤬) and he told me that CW will be offering next month.....with only $1,000 down you can get a brand new $14, 000 pull behind with payment of ONLY $99 month.....FOR 264 MONTHS!!!!!.....do the math!
Disgusting 🤮 CW is evil
@@RVOddCouple Their RV supplies are way overpriced too!! I bought a set of dishes for my trailer at Walmart for pennies on the dollar that were identical to the dishes CW had for sale. I just rolled my eyes...
Thank you for sharing. You are great. Yes never financially put your self in a bind. I miss Rv ing.
Thank you both for your honesty and courage. I sincerely appreciate you both!
Thank you Gary
Makes me glad we paid cash and what broke or needed replaced like the stove was all under the factory warranty in the first year ! Kudos for your honesty! 2020 Forrest River Rockwood 26 ft Minilite 2706S
Thank you so much. We have been wanting to buy an RV for so long that we thought it might never happen but you have helped us tremendously. Our desires have changed over the years and we can now do with a smaller unit so we're looking for a used Class C. Can't wait to visit Thunder Canyon!
I admire your honesty and humility.The fact you can still laugh about 😮it , is twice amazing. Take care of you both🤗
I went looking for one by myself per covid and almost bought a HUGH rig aka RV and I just had to set away. I am so glad I did. THANKS for sharing your stories. Love you guys!
Thankyou for the warnings . ❤
Been a while since I have checked in on y'all. Always appreciate your candor. We're in the process of getting our next (and last) NEW until. Found a "leftover" 2022, shorter toy hauler, that we're getting for almost 1/2 of MSRP and because it's 3 MYs old, the bank considers the USED book value and we were in there. Understand that this comes after MANY YEARS of a number of new & used units... All TTs except for a short stint with a (never again) Class C. My rule now... "A trailer will NEVER fail to start!" Question... Is Thunder Canyon affiliated with The Good Sam Coast to Coast properties? We bought into a camp resort deal and C to C is an extension of that. Glad to see that your family continues to embrace and educate!
Thanks for this information
Any time! Thank you
This is SOOOO timely! Thank you for Sharing!
You are so welcome!
This is crazy! I am someone who has been known to get over-excited and sucked into bad deals!! My husband and I will be buying an RV in the next few years and your story will stick with me! Thank you for sharing!!
Thanks for sharing. GBY ❤
You are so welcome 🤗
Another great video! My wife and I have been following your RUclips channel for a few years now and love your channel. We hope to purchase a like-new Class C in the next three years and have enough money saved up to pay cash. This is one video we have pinned to our purchase notes, and we refer to it when it comes time to purchase our RV. Thank you for sharing your experiences.
Thank you and happy to hear that we’ve been able to help y’all. Go slow😀
kenrice When you find something you like you should (must in my book) have an independent RV inspector go through the unit before you buy. If the owner/dealer won't let that happen run, don't walk, away from the deal. Certified inspectors through NRVTA in Athens Texas are extremely well trained and well worth the investment. I took the Level 2 (highest) inspector course in 2018 and was amazed at the junk we found during the classes. They had us inspect RV's that were brought to the facility by us who were there for training and staying on site at their campground. Brand new units with serious deficiencies, as well as well maintained units with some needed work to keep them working well. In addition to the advice by John and Mercedes about financing make a good decision and get the unit throughly inspected. Good luck and enjoy.
@@keithallen3119 Thank you for taking the time to send me this message. My wife and I have every intention in following your advice. Thank you once again.
Thank you for being so transparent. 👍
So many fall for the trap.😢
We figured out what floor plan we wanted from the start. When it came to buying we shopped used and found our home for $9000. cash. I love it. I've never been happier. Our truck, car, van and motorcycle, oh, and quad (now) is all paid for . Rent $700. month for 5 acres outside of Tampa, FL(born and raised). I'm loving life. Thank you GOD ❤ for all of our blessings.
Thank you for this advice.
God Bless you and your family. I appreciate what you do!!!
I appreciate that❤️
Thanks For The Video! Great Advice!!
Keep Smiling On!!
😅👍👊❤️
Thank you for sharing ❤
Thanks for all the advice though the years. We bought our ORV in 2021 cash God blessed us to be able to do that and and NONE of this garbage! a plus is a small family owned dealership that did not push that stuff
Always a bonus to work with a company with integrity 🙏
Our last two were bought from the same family owned amazing dealership!
Much respect, and thank y'all for being humble enough to share . Lord knows I've made my share of mistakes over my lifetime..💯👊🏾👊🏾
Thanks for sharing all this, and helping to protect the public.
Embarrassing but hope it helps someone less fortunate
Been looking for years. Even building Tiny Homes on wheels. Designing, & planning to build an RV/Tiny Home/Gooseneck Trailer. NOT AT ALL TRADITIONAL! Will garden, & make self sufficient for quite a few items. Love to hear back from both of you. GOD BLESS
God bless you as well. We’re building a few tiny homes here 😀
I can see now why so many RVrs are having camper fires. I'm not suggesting that anyone should do that, but I can understand.
🤣😂
After two years of RV-ing I sold my rig and got out of it. It was a lot of work with little pleasure. I’m so happy I’m out of it. Went back to to driving my car or truck and staying in a motel/hotel.
I appreciate this info. I was thinking of getting an RV. But this will better provide people with what to expect.
Every time I drive by an RV storage lot with sometimes 50 to 100 RVs, it doesn’t seem like anybody’s ever taken their RVs out. How much money is sitting in those lots that people use a couple of times a year I’ll rent one but I’ll never buy.
Renting is a good idea
nearby RV sales place has lots of RV's for rent in my area
Lol, thanks for being open, i see it took a while for you to finally share it. Lol lol. We all totally understand. We are on our third RV. Paid Cash, titled it in Montana so no Sales tax and love it. And we also bought a 2019 so it’s pre pandemic. Super C.
Bless you for sharing.
Also, if you look in the financing agreement, you will see, they charged the total interest for the term of the loan, then added it to the balance, then charged you interest on the interest that was added to the balance ! A 100% SCAM !
LOL. Thanks for coming clean. It will help many I hope. Love you guys.
We did the same thing. Glad we sold and came out ahead. Thanks for this video.
Wow! John, you'll be 78 when the RV is paid off... and Mercedes will be almost 40. 😅
That's the plan! 🤣😂🤣
@@RVOddCouple 🤣🤣🤣
❤️❤️❤️❤️🤷♀️😂😂😂
O my gosh, man you guys are awesome for sharing this! I am glad there are honest RVer's out there sharing their real world experience. Only thing you left out was the interest rate of the loan. Must have been sky high if it that much a month and for that long. Keep up the honest info! Now a Subscriber!
Sadly enough the rate was good at 5.75
@@RVOddCoupleWOW! That is a great rate! Great advice on going slow! Both on purchase and towing! Looking forward to watching past vids! Thanks again for sharing!
John, your mistake is understandable. Sitting there at the finance table with that beautiful woman beside you telling you about all the fun times you were going to have any one of us might have done the same thing.
I could see how you did what you did, how exciting to find the RV you have been dreaming about!! Once you did you jumped on it without thinking... Glad you saw your errors and have spoken up so others won't make the same mistakes..
When I buy something I very rarely purchase the extra warranties, the manufacturing warranty will cover at least the first year, that will give you a year to think about if you even need additional warranties.
You guys are great. Spot on.
Thank you
It's great you are covering this topic so people can make better choices when buying an RV. The Magic coatings etc is a giant scam. I paid cash for my last new travel trailer and I declined everything. Plus, it's owned by a Montana LLC. If I want to rent it etc, this creates a better scenario.
One trick I have used forever on the FINANCE portion is to make additional monthly principal payments. At the beginning of the loan, it's a lot easier to pay the principal for the next payment in advance so that the interest is never accrued for that next payment. This applies to mortgages etc. I make an additional 2 payments a year (all principal) and it will take almost 5 years off the 30 year mortgage with no penalties. The earlier you start the more interest is saved. I've done this trick for years and on multiple houses and have saved tons of money.
I hope others find this time useful.
GAP protection is a great thing to have on an asset that will depreciate substantially. If you get into an accident and your RV is completely destroyed and you still owe on it, your insurance is only going to cover the current value of your RV. GAP will pick up the rest of what you owe. I've been save a LOT of money with GAP when a car I owned was totalled after 1 year of ownership and I was WAY upside down on it.
Bravo I'll be honest with you some of your other topics really get underneath my craw however I do have a liking for you and you family want nothing but the best for them. I really appreciate it when it's so blatantly sincere and you're trying to help others instead of calling people names blame other people that sort of thing thanks again for a good video
Thank you for making this video. Its aboit time people speak the truth about this RV buying life. I luckily bought mine in 2016 and have lived full time with very little problems. I will never buy warranty again because living full time i am not bring my home into a dealer to fix it and hold on to it for a long time. I have learned to fix thing on my RV and have saved thousands.
Once again I must say I love the couples choreography😂😂😂
Good video guys!
Thank you Bret
You are good people for sharing this.
Embarrassing but true ☺️ Hopefully help someone not make the same mistake
Stupid is as stupid does.
Thanks for honesty. People really need to hear the truth not opinions and you folks are laying it out there. Kudos to you for this. You're going to help some people that means that you care and that you are acting in the faith of Christ. Like
Thank you!!
I bought a 2005 forest sunseeker with 67K miles for 18K. runs great, I've had it for six months. rvs built before 2005 are solid wood
Thanks for sharing! Older RVs are better
@@RVOddCouplenot necessarily true that older RVs are better. We bought a 2006 Fleetwood Southwind 32s class A gas coach in 2013 that we thought was a really nice solid coach. No way! Even after putting over $20,000 into it to try and improve the ride it sounded AND felt like it was going to fall apart as we drove down the highway. So many things needed replacing. And at one point as we were driving down the highway the thing just lost all power and we luckily were able to pull off the highway safely. You buy an old motorhome better be prepared to put thousands of dollars into it. All RVs no matter if they were built between 2019 to present or are 2005, 2006 etc things are going to need to be repaired and replaced.
I usually go in right after and cancel all the extras within the next day. Same for car dealers
there are more people in this predicament than care to admit. I used to work in the service contract business, and I believe the most absurd transaction I ever saw involved a man who bought a used class A RV for a whopping $450,000. On top of that, the dealer tacked on a $45,000 service contract! The guy had also financed the RV, so financially, he was definitely in for the long haul.The good news is there was one individual in the dealer with some morals and he gave the customer the service contract for free but he was still on the hook for the RV, thanks for your honesty I really hope many people see this and take heed.
I financed my camper for 20 years and told the finance department that I would not live that long without a smile he said someone will. I hope to pay the camper off in 2 more years. The warranty that I brought was not worth the paper it was written on
Im glad to hear You all made it out all right financially ! I would consider my RV a Toy, iff I can’t pay 💰 for it in Full, in Cash 💵, I Don’t deserve it !
What’s the interest rate on your loan? Have you created a loan amortization table and performed some “what if”scenarios? For example: Paying a $1,000 principal reduction payment every 12-months? An additional $100 each month etc.? Watch how quickly the loan is paid off.
Even I took out a 20 year loan at 2.5 percent. We owned a duplex outright (besides our paid off home) and used our renters payments to make our RV payment. Planned on paying the loan off in ten years.
I purchased a 2015 Lazy Daze Class C. Top tier 27’ motorhome. Ordered from the factory and drove it off the lot after waiting for the build to be completed.
After making payments to the loan company for one year, we sold the duplex and I paid off the RV loan. Best decision in my life.
Our LD is still in pristine condition with 30,000 miles and never had any issues with it. Solid as a rock.
Thanks for sharing your tale. Lessons learned are sometimes painful and hard to talk about.
I bought my TT 26yrs ago financed for 4yrs and paid it off in 40months.
I spend money on it and keep it up because I know better than to buy anything from a dealer or buy anything with a slideout or a 5th wheel.
Im glad your admitting that you had no idea what you were doing and dropped "trou" and bent over the desk willingly.
Why you pay 2 payments at a time. 1 for payment, the other toward principle.
Great video. I agree about extended warranties. You are right, it is ultimately my fault if I agree to all the extras, but there are a lot of very pushy salespeople. I helped my daughter go thru the buying process for a car a few years ago. The salesman was REALLY putting a guilt trip on me for not getting the extended warranty for her. He tried to make it out as thou I was not a good father for not allowing her to purchase the extended warranty. They prey on people who don't understand how things work. Thanks for sharing this important info.
thanks for honesty
Always!
Thank you. 👏😁
I recently have been considering an RV. I am retiring and would like to do a bucket list rip across the US. So I have been looking at new units and for sale by owner units and have noticed the FSBO, 2020 models and newer, are often advertised by the owner at near new prices. I am thinking they too have found themselves upside-down possibly due to similar reasons and their playoff is very limiting. Three or four years ago demand for RVs increased during the pandemic so prices went up. If they also bought into financing the warranties etc., now that prices have gotten a bit more reasonable their unit they overpaid for 3 or 4 years ago is now worth even less because of the lower priced new units. This has also happened to a lot of people in the same time frame with new cars and trucks too so really, it is not too surprising.
Many warranties cover only “covered” repairs and have deductibles.