Are you kidding?

[Oasisbob]

We have been saving up for a new trailer and went to purchase a Coachman 17 BH with the plan of financing 5K short term while we sold our current HTT.Guess I am ignorant. There is a "loan processing fee" . Are you kidding? A fee for the privlidge of paying interest? I think not. Also trailer to be purchased is not available with an oven. So we are back to square one and in no hurry. What a shocker

[bakerkids]

I buy all my vehicles, camper, toys, on an open note.

[Dog_Trainer]

Oasisbob wrote:
We will NOT pay the processing fee. Nor will we pay the interest. We can easily save the fiveK in the next 12 month's and pay cash. Then sell our HTT and invest. The oven not being an option did'nf excite us either.

So whats your beef just go and save your money and let the loan company stew.

[Mkos1980]

jarata1 wrote:

Mkos1980 wrote:
I work for a bank and love how people just throw them under the bus. How about half of you research what goes into a 100-200 loan fee. The bank doesn't work for free and for the people saying "oh but your getting my interest" a lot of people close after the first few months just to get an extra kick back from the dealer on the total price. I'm sorry but if the fee is 150 bucks and I can camp in the trailer I want. Its worth it.

And for the guy who uses his 401K for a loan. That's the worst thing I have ever heard...

All the toys you have bank business must be good

Naw, its called not having kids. Ive acquired all the toys over a 15 year span. Easier on the wallet.

[jarata1]

Mkos1980 wrote:
I work for a bank and love how people just throw them under the bus. How about half of you research what goes into a 100-200 loan fee. The bank doesn't work for free and for the people saying "oh but your getting my interest" a lot of people close after the first few months just to get an extra kick back from the dealer on the total price. I'm sorry but if the fee is 150 bucks and I can camp in the trailer I want. Its worth it.

And for the guy who uses his 401K for a loan. That's the worst thing I have ever heard...

All the toys you have bank business must be good

[jarata1]

Oasisbob wrote:
No sales tax here. Price will go up next year. It still pencils out as the right choice for us all considered. Yes I a cheap. I work hard for my income and do not like being hosed by the banks so will wait. I am greatful to those of you who cannot wait. The economy would probley collapse without you. LOL

Do you pay interest on your house or did you save up the cash

[Community Alumni]

You may pay prep fees for a new trailer, I do not. You may pay documentation fees, I do not. I find that they are unnecessary. I have no problem paying registration and titling fees. Most times these are fees required by the state or county. Sometimes they are fees passed down from the dealer's titling service. That's fine by me. I make them explain any fee to us in detail. If it seems necessary to me then I'll pay it. I'm the customer holding the money. Before money leaves my hand and goes to yours, it will be on my terms. If not, I can just go somewhere else. That's the beauty of living in this country. Find some other sucker, there's plenty of them.

When we purchased our last trailer, I had a chat with the dealer when I noticed that the purchase contract lacked the usual fees. The contract just had a price for the trailer and TTL. My wife was ready for the usual fight. They didn't charge any of their customers prep fees since they felt it's part of their job. They're selling you a product so they should make sure it's presentable and functioning. When I asked about the normal doc and administrative fees you see the reply was, "What, you want us to charge you to give you copies?" Then he laughed.

I also paid transport fee as this made sense. Some one had to bring the trailer down from the factory to the dealer. It's about 1200 miles from the factory to Houston. Their transport charge was inline with how much haulers would charge to move the trailer. Yes I actually did check. When it comes to the bank, neither the dealer's bank nor my credit union charged any type of loan origination fee.

Just because these fees are commonly seen doesn't mean you have to pay them. You may be comfortable paying additional fees and unquestioning them and that's perfectly fine. I on the other hand am not. There ain't nothing wrong with being an informed consumer. It's done nothing but save me money. Like I said before if a fee can be so easily be removed, as I have gotten done numerous times before, then that fee wasn't so necessary after all.

[Mkos1980]

Um you pay extra for everything you buy. I don't see you buying anything at cost. Why do we pay a prep fee for new trailers? Why do we pay doc fees for 250-500 bucks. Title transfers and titles only run 20-30 bucks. Wheres the rest of it go? Dealers in Ohio are still charging a grand for shipping a trailer from Indiana. Why? its only a 4 hour drive from Indiana Its the cost of doing business is all I'm saying. I'm sure most of us have spent 150 bucks on stuff we didn't need. 3 dinners at Applebees with the family making memories. You could have had 3 trips with the new trailer making good memories as well.

[Community Alumni]

Mkos1980 wrote:
I work for a bank and love how people just throw them under the bus. How about half of you research what goes into a 100-200 loan fee. The bank doesn't work for free and for the people saying "oh but your getting my interest" a lot of people close after the first few months just to get an extra kick back from the dealer on the total price. I'm sorry but if the fee is 150 bucks and I can camp in the trailer I want. Its worth it.

And for the guy who uses his 401K for a loan. That's the worst thing I have ever heard...

Well shucks. After all these years, here I was thinking that the bank made their money off of interest. Silly ol me. Turns out I should've been paying them extra fees because how will they feed their youngins. I'm sure glad you straightened me out though. I'll get on the phone and contact all them companies I used in the past and make sure I pay them a gratuity for graciously allowing me to take out a loan with them. You know, I don't want them to have to work for free and all.:R

[4X4Dodger]

To the OP: One of the problems here is the loan amount. No bank wants to make a loan that small. It is just not worth it. For many people that is a months salary or less.

When I bought my Dodge 4x4 P/U I put $10k in CASH down...the loan company came back and actually asked me to lower that. (This is illegal by the way) I said no.

The loan amount was only $29,000 (I got a great deal on that Pickup)

Generally they want you to put down just above the minimum.

That loan oof yours never had legs.

[Mkos1980]

I work for a bank and love how people just throw them under the bus. How about half of you research what goes into a 100-200 loan fee. The bank doesn't work for free and for the people saying "oh but your getting my interest" a lot of people close after the first few months just to get an extra kick back from the dealer on the total price. I'm sorry but if the fee is 150 bucks and I can camp in the trailer I want. Its worth it.

And for the guy who uses his 401K for a loan. That's the worst thing I have ever heard...

[Golfcart]

The reason I like the list out for the out the door price is to see if there are any more deductions i can haggle. advertising, processing ,etc fees are negotiable.

[huachuca]

What difference does it make if there is a processing fee (or any other 'snake oil' charges for that matter)? For me, the bottom line cost is the only thing of any concern; I don't really care how that number was determined.

From my experience, there are usually better options for financing a purchase than through the dealer. I'm not a tax expert but you may be able to deduct the interest if the paper work is properly handled as a second home, certainly worth checking out.

[LVJJJ]

This is why we have worked hard to get completely out of debt and will no longer finance anything. If we don't have the cash, we can't have it.

We have discovered that using the internet, you can find very nice used vehicles for good cash prices. It did take 3 months, but we recently found a creampuff '94 GMC Suburban (one owner, always garaged, low miles) for our "new" TV. Paid $4500. I prefer the older vehicles anyway that I can actually work on and have spark plug wires that I can see.

[Rookiecamper]

Our Credit Union worked best for us recently. They actually consider the trailer loan the same as a car loan. The interest rate was much lower than what we saw for an actual "RV loan". The possible drawback, however, is that the time to payback is as limited as buying a car...72 months. That wasn't an issue for us this time but could have been if we were spending substantially more.