Dealer won't send terms of loan/contract?
Hey guys, Going to pick up our new camper from a dealer in Oregon on Thurs. Everything has been done over the phone and online, but when I asked for them to send me the contract/loan agreement ...
Forum Discussion
They should inform you of the rate and the terms. They most likely do not want to send out the contract for several reasons.
One, they are most likely going to attempt to get you to buy an extended service contract, some accessories or maybe you will decide to change some of the terms which will render all the other terms moot.
Two, and this actually happens way too often, people get out their pens and start crossing out sections and terms they are convinced don't need to be in the contract. The fact is there is virtually no dealership that will accept an altered contract, since they are assigning that contract to a lending institution. Automobile and RV dealers use what is referred to as "laws" contracts which are standardized and used throughout the lending industry. They are easily sold and transferred between investors, banks and other financial institutions. Once they are altered, they are not acceptable to those lenders. So changing them is a waste of time by you and the dealer will be wasting their time trying to get you financed.
If you don't want to use their financing contracts, get a loan at your local bank or credit union and have them treat the sale as a cash sale. Then you won't care if they send you the contract or not.
Finally, they may be concerned you are going to use that contract to shop for either a better deal on a local rig or better terms at a local bank. They rightfully don't want to give you ammunition to aid in that hunt. That is another thing that dealers see all the time, they stock the inventory, their salesmen do all the selling, their finance people work out all the terms then the customer puts all that information out for the lowest bid. Not really fair to the dealer that did all the work, so they try and keep their cards as close to the vest as possible. Just good business.
One, they are most likely going to attempt to get you to buy an extended service contract, some accessories or maybe you will decide to change some of the terms which will render all the other terms moot.
Two, and this actually happens way too often, people get out their pens and start crossing out sections and terms they are convinced don't need to be in the contract. The fact is there is virtually no dealership that will accept an altered contract, since they are assigning that contract to a lending institution. Automobile and RV dealers use what is referred to as "laws" contracts which are standardized and used throughout the lending industry. They are easily sold and transferred between investors, banks and other financial institutions. Once they are altered, they are not acceptable to those lenders. So changing them is a waste of time by you and the dealer will be wasting their time trying to get you financed.
If you don't want to use their financing contracts, get a loan at your local bank or credit union and have them treat the sale as a cash sale. Then you won't care if they send you the contract or not.
Finally, they may be concerned you are going to use that contract to shop for either a better deal on a local rig or better terms at a local bank. They rightfully don't want to give you ammunition to aid in that hunt. That is another thing that dealers see all the time, they stock the inventory, their salesmen do all the selling, their finance people work out all the terms then the customer puts all that information out for the lowest bid. Not really fair to the dealer that did all the work, so they try and keep their cards as close to the vest as possible. Just good business.
