Forum Discussion

joeshmoe's avatar
joeshmoe
Explorer
Jun 26, 2013

APR% Based on Zip Code??

So we've been playing the finance game, shopping for the best terms etc., when get a reply from a dealer stating that our APR would be partially dependent on our location. Never heard of that before. Is that something specific to the RV loan business?

I've taken out plenty of loans over the years but this is first for me.

Another thing that has me a little suspect is that this guy says that he's "working" on getting a quote to me. That was 5 days ago, until I happened to mention the "possibility" of financing. Completely dependent upon terms of course. I've heard how some dealers play with the numbers and give get different quotes for cash payment vs. financing.

EDIT: This is for a Truck Camper lest someone think I posted in the wrong forum.
Truck Campers
  • redink's avatar
    redink
    Explorer
    Jun 27, 2013
    This may be a response if you start up another thread. But my guess is that most of the time buying a car or rv, paying cash may not get you the best deal. Dealers get kickbacks or payments for making a financing deal. They can calculate that into the deal so you could actully get a lower price by financing it.
  • joeshmoe's avatar
    joeshmoe
    Explorer
    Jun 27, 2013
    JumboJet wrote:
    tandkj wrote:
    I do know that if your are a fulltimer with no fixed address except for a PMB you will have a hardtime. I was told by Essex that it is a government requirement that you have a fixed address.


    If I was a full timer, I would get a fixed address in South Dakota to eliminate a lot of my taxes.


    Good to know even though I'm not FT--at least not for now. Thanks.
  • JumboJet's avatar
    JumboJet
    Explorer
    Jun 27, 2013
    tandkj wrote:
    I do know that if your are a fulltimer with no fixed address except for a PMB you will have a hardtime. I was told by Essex that it is a government requirement that you have a fixed address.


    If I was a full timer, I would get a fixed address in South Dakota to eliminate a lot of my taxes.
  • tandkj's avatar
    tandkj
    Explorer
    Jun 27, 2013
    I do know that if your are a fulltimer with no fixed address except for a PMB you will have a hardtime. I was told by Essex that it is a government requirement that you have a fixed address.
  • The_Texan's avatar
    The_Texan
    Explorer
    Jun 26, 2013
    FireGuard wrote:
    I know Allstate now bases ins rates on annual miles driven rather than your zip code.
    I have to fill out an annual estimated mileage for each veh.
    It's funny, my "estimates" are always on the low side.
    I guess someone has to pay for all the uninsured drivers.
    Must be a California thing, as Allstate does NOT have us fill out any such paper in Idaho.....
  • joeshmoe's avatar
    joeshmoe
    Explorer
    Jun 26, 2013
    FireGuard wrote:
    I know Allstate now bases ins rates on annual miles driven rather than your zip code.
    I have to fill out an annual estimated mileage for each veh.
    It's funny, my "estimates" are always on the low side.
    I guess someone has to pay for all the uninsured drivers.


    You mean you don't like paying for everyone else?
    How unprogressive thinking of you. ;)
  • FireGuard's avatar
    FireGuard
    Explorer II
    Jun 26, 2013
    I know Allstate now bases ins rates on annual miles driven rather than your zip code.
    I have to fill out an annual estimated mileage for each veh.
    It's funny, my "estimates" are always on the low side.
    I guess someone has to pay for all the uninsured drivers.
  • joeshmoe's avatar
    joeshmoe
    Explorer
    Jun 26, 2013
    Just got this response from him:

    "The APR is not dependent on your location, just what we will need to perfect the lien for the bank. Probably just a UCC filing unless you want to license the camper with California."


    Okay. So now onto the quote I also received. Guess I should start another thread for that....
  • workhardplayha1's avatar
    workhardplayha1
    Explorer
    Jun 26, 2013
    Super_Dave wrote:
    It's profiling. Insurance companies sure do it.


    Often there is a business reason for the "profiling".

    There are risk for the lenders based on geographic differences. Insurance companies will use it to set rates based on their risk based on location. For example the closer you live to the border of Mexico the more you will pay for insurance. In the border cities the chances of being hit by an uninsured unlicensed driver is much higher than other parts of the country.

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