Good Sam Refinancing

Can you not refi at the cu?

I have never, and I mean never, have seen GS rate be lower than my CU. last time I bought one my CU was 2 points lower than GS. Might want to make sure you are comparing apples to apples and the rate from GS did not include anything extra like buying down or something.

Watch out! That Good Sam loan will have a closing cost fee of hundreds of dollars, maybe close to a thousand dollars!

We have ours thru our credit union as GS as well as others did not want to finance a 10 yr old unit, and we did not want to borrow as much money as their minimum loan amount. You may need to check further to make sure the age of the rv does not disqualify you.

You still owe $100,000 on a 10 year old coach?

That's a toss up for me if your CU has a better rate and will do that old of a coach. GS seems a lot more willing on older coaches.

You may have a tough time. NADA on that unit is less than $100k. Most banks will only lend about 80% of FMV. The MH would have to be worth over $125k to cover what you still owe. I think you will find that a new lender will ask you to bring a lot of cash to the table. But it costs nothing to ask and run the numbers. At least you will know where you stand.

DownTheAvenue wrote:
Watch out! That Good Sam loan will have a closing cost fee of hundreds of dollars, maybe close to a thousand dollars!

We've done 2 refis through GS, never paid a closing cost.

Both of them were seamless and smooth - I'd highly recommend them.

On our last one, they knew a rate drop was coming so they held our paperwork a few extra days so we could get the better rate.

I'm not a big fan of GS, I will give credit where it's due, our financial dealings with them have been very professional, their rates better than anyone else - except our current rate, which is ZERO. :B

As far as comparing to a credit union, I've never seen a credit union that could come close to what GS offered. Just another example of always needing to shop for what works best for you.

This also brings up a great opportunity to save even more $$$.

Based on a $100K loan for 15 years (180 months) @ 7.49% I come up with a payment of $926/month.

With the current advertised GS rates I come up with;

$100K @ 4.69% for 180 = $775/month
$100K @ 4.59% for 144 = $904/month
$100K @ 4.39% for 120 = $1031/month

The total paybacks for each are:

$100K @ 7.49% for 180 is $166,760.
$100K @ 4.69% for 180 is $139,453. (Saves $27,307 from current)
$100K @ 4.59% for 144 is $130,242. (Saves $36,518 from current)
$100K @ 4.39% for 120 is $123,730. (Saves $43,030 from current)

In any case you'll be saving some good coin, so even if there is a fee of some kind it's still a no brainer.

If you're looking to just drop the payment but need to keep it at 15 years you're still saving over $27,000.

If you can swing the same amount, drop off 3 years, get it paid off in 12 years, and save over $36,000.

If you can swing a little more drop it back to 10 years, get it paid off 5 years earlier, and save a whopping $43,000.

Either way you win!

Mr. Brown: thank you for taking the time and effort involved in your comment. That's exactly what I was looking for. You're right on the money with your figures. My intent for the post was to seek people with experience dealing w/GS financing--to which you responded perfectly!! Thank you, Sir.
Larry