Good Sam Financing

ol Bombero-JC wrote:

DownTheAvenue wrote:


Shop around at

your local bank

, a credit union, and whatever a dealer can provide for you. Then choose what works best for you.

Bingo.

Easy winning advice!...:C ~

X10

I would run not walk away from financing thru GS or CW. Just take a look at the numerous complaints right here on the GS, CW forums regarding loans with these 2 companies.

How sad is it when a person has a problem or question regarding their loan and NO one answers their phone calls and they have to post their "personal financial question on a public forum" to get this company to answer?? Something REAL wrong with THAT. :R

Local bank, credit union, etc. At least you know they have a real building in the United States with actual English speaking people working in it to answer your phone calls to assist you with any questions you might have after acquiring your loan. IMHO worth every penny it might be over the rate of some of these low life loan companies.

DownTheAvenue wrote:


Shop around at your local bank, a credit union, and whatever a dealer can provide for you. Then choose what works best for you.

Bingo.

Easy winning advice!...:C

~

Good Sam was one of the lenders I shopped. After starting the loan, I called and left a voicemail asking about some of the documents they needed. They never returned my call. US Bank got my business...with a lower interest rate and lower closing costs as well!

DownTheAvenue wrote:
That interest rate is deceiving, always look at the actual APR! Also, with Essex Credit, you will pay closing costs of about $500.00!

I did not know that. I haven't seen that anywhere yet. I will certainly pay attention to that possibility. No way I'm going there. Thanks

That interest rate is deceiving, always look at the actual APR! Also, with Essex Credit, you will pay closing costs of about $500.00! Add that Fee to the total interest paid and you will discover the interest rate is higher than advertised. Certainly not truthful in their advertising, but legal never the less.

Shop around at your local bank, a credit union, and whatever a dealer can provide for you. Then choose what works best for you.

I have also financed through BOA. It was a simple matter to set up automatic payments which are made on time, every time.

My first experience with them, almost 10 years ago, was the same. I did everything with them online, and never set foot in an actual bank.

morphrider wrote:
We have Bank of America. We are able to pay through our banks bill pay option. No checks in the mail to worry about.

Glad to hear that, but too late for us. We got our new camper about 3 years ago. BoA must have finally "seen the light!" You're fortunate.

Still, the OP needs to consider these things?

We purchased a new car this last Summer. The auto dealer worked out the financing. We ended up using an in-county credit union. I've never done business with a credit union. Everything was good.

Then we got a letter in the mail from the credit union stating they opened a saving account for us and THEY stated it with $5.00. We called them, and they explained in order to get the trailer loan, we had to have an account with them. No biggie, they gave us the starter $5.00 and no fees for the saving account.

Still, when getting a new loan, it's important to understand the relationship the bank expects to have with the customer, what types of accounts they need to maintain, or not, and what the underlying rules for for making payments.

It turned out, that credit union proved very beneficial for us. We started using that saving account (since it was local, and we drive right by it quite often), we started using it for a true saving account. We've not had a "true" saving account in a long time. With ATM cards tied to our checking account, we simply don't do saving accounts any more. Well.... now we are ... AND ... it's actually getting a nice, noticeable, amount tucked way in it now! Turned out to be a VERY good thing after all.

Still, we had the option of just keeping $5.00 there too.

We have Bank of America. We are able to pay through our banks bill pay option. No checks in the mail to worry about.

Never financed a MH through Essex Credit but I have financed 2 Airplanes. Both were a pleasure to deal with and I purchased the planes from individuals no dealers.

We've let each of our dealers help with find a suitable lending company for our campers, and all them did OK finding something for us. The only one we were very disappointed in was when we financed through Bank-of-America. We never had any problems with BoA, except these!

1. There are absolutely NO local branches in Indiana. That meant everything was done by mail. That led to problem #2:

2. If you do not have another account with BoA, for example a checking or savings account, you could NOT set up for automatic payments to be drafted from YOUR (other) bank. What good is having a checking account when you cannot physically go into the bank (which occasionally you do have to)?

3. Although you could set up an on-line account, you could not make payments on-line either, unless you had another account with them.

That left us sending in a paper check every month by mail. Every month we'd worry about lost mail, did thy post the payment in time, and when it didn't get posted in the time frame we excepted, we began to panic, sometimes sending in another check so we would not be late in a payment, just to find out we just now made a double payment!

We were soooooooooo glad when we finally got out from under the BoA loan!

So, before getting a loan from ANY company, you really need to ask these questions? Do they let you make payments from another bank on their web site, and can you set up an automatic payment (draft) from your (other) bank account.

Had we known about this headache with BoA, we'd never have used them, and gladly paid a higher interest for a more local financial institution that we could access. At least, if we hand deliver the check to them, we know they received it!

That's my suggestion..... A low interest rate is NOT everything! Check it out first, and check out the lending institutions policies!