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Open Roads Forum  >  Class A Motorhomes

 > I need RV Loan HELP!!

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dirtcloud

Massachusetts

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Posted: 08/18/12 04:56pm Link  |  Print  |  Notify Moderator

I was woundering if I could get some feedback on an issue I'm having? Here's the story. I took my father who is 86 years old to an RV dealership the other day to pick up his new Tiffin Allegro he had me order for him to upgrade his current class C RV. He had approval from 3 different banks for the loan. One even wanted to inspect the unit when it arrived at the dealership before they gave him the green light. Everything seemed ok and we got a delivery date when we could pick up the unit. We drove up to see it a week before the delivery date to go over it ourselves and make sure everything he wanted on it was on it and that everything overall was satisfatory. One bank called him to verify information he had me send in via Email. Apparently he told them I drive the RV for him since he is 86 years old he gets nervous driving long distance. I will drive it from his house to wherever he wants to go. Long trips I bring my family along but shore trips I will drive it and leave it at a campground and drive the tow car home. Five days before we were going to pick up his RV he booked a big family vacation in Florida for the whole family at Fort Wilderness in Disney. Everyone was looking foward to it but I think none more than him. Two days before we were to pick up the unit I get a call from the finance guy at the dealership saying all the banks pulled there approvals and I would have to finance it in my name. I asked them what the heck they were talking about and why this happened. They said the banks call this a straw loan and that he was buying the RV for me. I explained to them that the RV is not mine it is his, at his house, he bought it, pays for it, maintains it, and pays for it. I just drive it and have used it a few times without him. No different then when I was young useing the car before I bought my own. Needless to say the trip was cancelled last week and we are still trying to find out how to get funds to by this RV. Does anyone have a suggestion on what to do??????

rk911

Wheaton IL

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Posted: 08/18/12 04:59pm Link  |  Print  |  Notify Moderator

lots of banks will write loans for RVs especially if he's putting down a generous down payment. have your dad try his bank, credit union, banks in his home town, etc. and have him leave your name out of the discussion.


'73,
rich, n9dko
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keatonb16

New Brunswick Canada

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Posted: 08/18/12 05:00pm Link  |  Print  |  Notify Moderator

try another bank and don't tell them you have anything to do with it ,
let him do everything himself.


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Pirate

Appalachia

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Posted: 08/18/12 05:08pm Link  |  Print  |  Notify Moderator

Come on, you wonder why the banks pulled the loan? 86 years old? I'm not picking on old folks but anyone who would lend him money to buy a new RV at his age would be a moron. Why don't you buy it and take hime camping?

emzee

california

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Posted: 08/18/12 05:12pm Link  |  Print  |  Notify Moderator

I had to look up Straw Loans....

A person may approach you with the prospect of making a quick thousand or two if you simply agree to lend your name and sign a few papers so that person can buy a house. You would be called a so-called "straw buyer," and you would be contributing to widespread fraud that has contributed mightily to problems that face the housing market.



If there was no problem with him getting a loan in the first place I would start over with a different bank too. I wonder if the first bank were surprised to hear his age, and that changed their minds? No one is leaving anyone holding the paperwork etc.. so I don't see it being a straw loan.

SooperDaddy

Southern California

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Posted: 08/18/12 05:13pm Link  |  Print  |  Notify Moderator



Pirate...You didn't really mean that did you!


Kirk Kerkorian is 92 years old. And a multi billionare. A couple of years ago, he purchased a huge part of General Motors and tried to get the company to merge with Nissan. He still plays tennis every day!


My posts shouldn't be taken for factual data, and are purely fictional, for entertainment purposes, should not be constituted as related to scientific, technical, engineering, legal, religious, spiritual, or practical advice. After all it's FREE! Amen.


keatonb16

New Brunswick Canada

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Posted: 08/18/12 05:15pm Link  |  Print  |  Notify Moderator

Pirate wrote:

Come on, you wonder why the banks pulled the loan? 86 years old? I'm not picking on old folks but anyone who would lend him money to buy a new RV at his age would be a moron. Why don't you buy it and take hime camping?


I didn't want to say anything but..............

rockhillmanor

On the Road

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Posted: 08/18/12 05:16pm Link  |  Print  |  Notify Moderator

rk911 wrote:

lots of banks will write loans for RVs especially if he's putting down a generous down payment. have your dad try his bank, credit union, banks in his home town, etc. and have him leave your name out of the discussion.


X2
DEalerships don't do a blanket search for your loan.
Dealerships have a certain group of loan servicing companies they do business with and are paid a commission for closing with them. And actually sometimes their is an added charge and or percent to your loan also when allowing the dealership to arrange your loan. So it probably will be for the better that this happened. A

nd BTW: Banks don't need to hear all what and who are going/driving the RV camping. You Dad is buying an RV he has the money to pay for it! That's all they need to know or care about.

Breath, and call where your Dad does his banking, which really is THE way to go when borrowing money for anything. Good Luck.


"We must be willing to get rid of the life we've planned,
so as to have the life that is waiting for us".



bigdogger

Texas

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Posted: 08/18/12 05:23pm Link  |  Print  |  Notify Moderator

Almost any reputable bank would decline to issue a loan to an 86 year old. There is absolutely no upside. It is almost assuredly going to end up in probate. On top of that, the poster muddied the waters even more with his disclosure he was going to do the driving. That reeks of a straw purchase, which is definitely a no no. I am sure the lending institutions are concerned that pops is not of totally sound mind and is letting his son make some pretty bad financial decisions. The dealership is also taking a risk selling the rig, even if the buyer pays cash. They could very easily be forced to buy take back the rig and refund the monies of the gentleman was to be declared mentally incompetent and other heirs started suing saving the son manipulated dear old dad into buying him a very expensive RV. Not much is black and white any more.

2ndhom

Eugene, Oregon

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Posted: 08/18/12 05:46pm Link  |  Print  |  Notify Moderator

Hmmmmmmmmmmm !!!


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