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pharmafrog's avatar
pharmafrog
Explorer
Mar 21, 2014

Coast to Coast Marine and Coach

We are selling our 5'er and in the process of selling we have been approached by a bunch of "Brokers" looking to sell our RV for us. We have dismissed them all, but one. Coast to Coast Marine and Coach basically lists and markets your RV for free and then finds buyers who set up their credit through CTC. That is where they make their money. It makes sense and we have had an offer. The only kicker is that you basically get the monthly payments from CTC after they take their piece off the top. Here is how it works in out case: They know what we wanted and are getting a bit more to us because of the interest charge on the loan. you get a small down payment up front and then you get the monthlies. After the predetermined payout period, you get the balance at the end.

I am a trust but verify guy, so if anyone has heard of them let me know. Good or bad, any thoughts as well. We don't get everything up front, but don't really need it. The payments are monthly so you can react if something goes wrong. CTC backs the loan. I might be missing something and if I am let me know. It doesn't sound too good to be true, but it seems like an ok way to sell something that isn't burning up the market.
Seeking Advice

10 Replies

  • RockNPink's avatar
    RockNPink
    Explorer
    Feb 25, 2015
    Did you ever sell your RV this way? We have had ours on the market for over a year with no sale and we've been approached by this company AND Dream Finders RV. Hubby is considering and I am a skeptic (which is definitely reversed from the norm).
  • Laman's avatar
    Laman
    Explorer
    Jun 12, 2014
    To me it sounds like they are going to be pedalling YOUR unit to someone who cannot get credit through normal means, not usally a good situation. You get a small amount up front? So the buyer is not putting up a substantial down payment or CTC gets to keep that? Who is going to insure the buyer maintains insurance on the unit? A GPS tracker for how many years? Have you made inguiries with any state agency for compaints against this company? Non-traditional finacial arrangements are usually rife for abuse and fraud.

    Be careful.
  • westend's avatar
    westend
    Explorer
    Jun 12, 2014
    For me, there'd be too much risk for the reward.
    It also occurs to me that the CTC would have to charge the buyer such an exorbitant rate of interest to reach a profitable return to the seller, they would be marketing to less than stellar buyers. A buyer with good credit would buy and finance at lower rate somewhere else.
    Also, the buyers money, which could be gaining interest or used for other purposes, is tied up by CTC for the contractual time. If CTC was offering 6% gain on the sale price and I could sell outright and gain 4% somewhere else, the difference in gain would be negligible. I also might have less of a risk.
  • Bumpyroad's avatar
    Bumpyroad
    Explorer
    Jun 12, 2014
    Shanmill wrote:
    but they keep trying to convince my husband that it's a genuine deal??


    yes, I bet they are. isn't this sort of like renting off a consignment lot?
    bumpy
  • Shanmill's avatar
    Shanmill
    Explorer
    Jun 12, 2014
    I'm interested to see what you've found out. We are in the process of going threw them too. I've been a little worried about it but they keep trying to convince my husband that it's a genuine deal??
  • beemerphile1's avatar
    beemerphile1
    Explorer
    Mar 21, 2014
    Doesn't make sense to me. If the renter defaults on the contract, the company has no motivation to make payments to you. They are not in business to lose money.

    It is yours to gamble with but I wouldn't do it.

    If it is priced at or below market value there is no reason you can't simply sell the RV. Why take the risk? I would rather sell for $1,000 less than risk losing the whole enchilada. Put it on eBay with no reserve and it WILL BE SOLD in one week.

    CTC is not taking risk. If they were, they would buy you out and then make the deal with a renter themselves. Don't let them fool you, the risk is yours.
  • pharmafrog's avatar
    pharmafrog
    Explorer
    Mar 21, 2014
    Here are some answers to the post.

    CTC assumes some of the risk, they are the guarantor of the debt of the RV. If the renter fails to pay CTC will repo the RV and continue to pay the rental fees as they have now assumed the debt.

    They place a GPS tracker in the RV to monitor where the RV is. More to follow as I work through this myself.
  • mlts22's avatar
    mlts22
    Explorer II
    Mar 21, 2014
    So what happens if the "buyer" (technically renter) parks the RV in a residential area, it gets towed/impounded. The renter is out nothing, and they can stop making payments. The owner will be the one having to pay the tow fee and get the rig out of impound.

    Of course, there is the fact that there doesn't seem to be a firm contract of repossession if the "buyer" just stops making payments.

    Just. Plain. No.

    Too much can go wrong, and one can end up with a trashed vehicle, or no vehicle and a lawsuit from a third party.
  • beemerphile1's avatar
    beemerphile1
    Explorer
    Mar 21, 2014
    Here is what I see happening.

    You still own the RV.
    You are still legally responsible for the RV.
    The RV is no longer in your possession.
    In fact you have no idea where YOUR RV is located!
    The so called buyer (really rent-to-own) stops making payments.
    You have no money, no RV, and are still held legally liable for anything that happens.

    No way in the world would I do something like that!
  • Bumpyroad's avatar
    Bumpyroad
    Explorer
    Mar 21, 2014
    I wouldn't like that deal myself. when I win the lottery, I'm going to take the 60 million up front, not the $27,000 a week.
    bumpy

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