What is up with "Park Model" homes?

They are a much higher risk. Lenders will look at them with about the same enthusiasm as they do single-wide mobile homes. Most often they are on rented ground, with all sorts of things built onto them. Things like decks, skirting, patios and the like. Often the wheels and axles are removed. All those things make them impossible to repossess. On top of that, to take one off of a rented site, they will have to pay all the back site rental. We once had a division that financed mobile homes. Our general policy was if the loan failed, it was best to just write off the loan, send the people the title and a 1099 for the amount that was written off. Much cheaper than hiring a company to go and move the mobile home and then find someone who could sell it for anything more than a few thousand dollars. Most often the cost of moving exceeded the value. You can sell a trailer to anyone since they can drive in, hook it up and drive it home. A park model, no way.
I am sure there is a lender out there that thinks they can re-invent the wheel who will finance them, but it won't be a line most lenders will get into.

Our dealer hooked us up with a credit union that financed our Park model - reasonable rate (IIRC - since paid off) and still have a car loan with the same CU. PM if you need info.
John

I have to wonder. Can it be put on house insurance? Perhaps Good Sam's insurance has a policy? We like those park models.

Weird that USAA rejected your application- or was that just the financing end? I ask because this USAA insurance page specifically names Park Models as among the rigs they cover.

And it looks like there are lots of other folks that will insure them, too, including one of the biggest RV insurance outfits in the business,
Blue Sky

Borrowing-to-buy is different, I guess...maybe finance by borrowing through your home mortgage company?

USAA had pre-approved me for an "RV" loan at an attractive rate and term. I told the dealer I would purchase. I called USAA back to process the loan and the manufacturer/model/type was not in their drop down list. They did some digging and informed me that they classify Park Models as Mobile Homes and will not lend on them - but offered me a personal loan at 10%.

I contacted Progressive (current TT insurer), USAA (auto) and Allstate (home) and none of them wanted to ensure an RV that remained stationary!

We have given it up at this point, not meant to be. Will wait until we have the cash required to purchase outright.

I would think the dealer would be able to hook you up with both financing and insurance - there are thousands of those things around here, and I cannot believe they aren't financed and insured ....

Had one prior to TT. Liked it, may go back. Mine was financed through a local (near park, who knew the park). Insurance was a major PIA! Finally got it through some little agency. How a stick built, stationary thing is move of a risk than me pulling a large tin can through rush hour traffic escapes me.

Cuffs054 wrote:
How a stick built, stationary thing is move of a risk than me pulling a large tin can through rush hour traffic escapes me.

Exactly my point with the boneheads at USAA. I asked the girl if I could use the funds to buy a 40' fifth wheel to pull around I-285 with my Tundra during rush hour?", She said "yep"

facepalm.

I wrote a very detailed email and was responded to by the head of RV lending - he confirms that they consider Park Models Mobile homes and are too high of a risk to loan on.

This seems crazy. If I were a lender, I would rather loan money on something that I could FIND to repossess (if you failed to make proper payments), rather than try to hunt down a wheeled RV that could be parked/hidden ANYWHERE.

Same with insurance - a park model isn't going to be involved in a vehicular accident or catch fire because the bearings burned out/went over a cliff because the brakes went out, etc etc

I had to insure mine as I would a house. Seems I had to put liability on it because Campground was not libel for injury on the site or my deck and stairs.