Does someone have any experience with Canam Rv and their rent to own program? The idea sounds great. You buy your Class C motorhome and they rent it out for you, take care of maintenence,cleaning,etc..and technically you canown it in 3 years.They say the split is you 70% and they 30%. Since you rent your property you can write off the cost right up front including depreciation. We are sceptical because it sounds to good to be true. They say by the time the contract is done your rig should have between 20-30 thousand miles on it. You can use your own rig anytime you want you just need to give them notice so they don't have it rented out.
I could buy a used motor home that was a rental and fix everything that was wrong with it and be happy with it but I could never pay for a brand new unit and let MANY people abuse it for 30,000 miles and then get it back as my own.It sounds great on paper but wouldn't work for me.How do most people treat rentals?[not like it's theirs]
Note: Due to invalid formatting, all formatting has been ignored.
Rosinger, with the rental question you end up getting many responses from people like cruiser that have no experience but an opinion.
Programs like CanAm can work but are totally dependant on the quality of the RV Dealer, the sailboat and airplanes industry have been doing it for years. Treat it as a business and your can Section 179 depreciate it and deduct all the expenses. The goal should be to have the income tax savings and rental income be greater then your down-payment, expenses and actual depreciation.
Your personal use needs to be deducted from the year as a percent, 2 weeks out of 52 is 3.8% for example. You also need to document you have spent 100 hours of your time on the business so it is not considered passive activity but time on this forum, waxing it twice a year, doing the accounting...you get to 100 easy. Don't depend on the RV Dealers for tax advice, get an accountant.
I have a RV in a similar program at CanAm's competitor, Majestic RV. I evaluated both at would recommend Majestic's over CanAm's. Call Lloyd at Majestic at 888-256-4450 and tell him that Mike sent you, Motorhome #39. www.majesticrvonline.com
My RV is now 3 years old with 50K miles....it is time to sell it and buy a new one. I have had some damage caused by renters but they paid to have it fixed. The only maintenance I paid for in that 3 years, besides oil changes, was 4 rear tires.
This type of program was great for us, we are too busy to use an RV much but the kids love it and this program gave us a couple weeks of use each year for no real cost.
2005 Beaver Patriot Thunder - CAT C13 525/1650
2004 Ford F350 CrewCab - PSD/TorqShift
2001 FourWinds Dutchmen C - Ford E450 V10
I belonged to an aero club that offered basically the same thing.
I buy the plane, they rent it out. In a few years the plane is paid for but needs a new motor. Unless you have to have brand new it's a good deal all the way around. The one cliche is, do they guarantee a minimum amount of rent per month?
.Ralph,Donna and the Lord
1984 27' Southwind with a pumped up 454
Edlebrock Performer Cam & Manifold, Doug Thorley Headers,
2 1/2" dual exhaust, Dyno Max mufflers Frantz by-pass filter and Amsoil.
Were getting +10 mpg and have enough power to pass on a 6% grade
EVERYONE IS LOOKING FOR A FREE LUNCH. I WAS JUST ASKING IF SOMEONE ELSE HAD EXPERIENCE WITH THIS PARTICULAR PROGRAM? YES THERE IS A GUARANTEED MONTHLY PAYMENT YOU WOULD GET. IT IS SUPPOSE TO BE A TAX WRITEOFF BECAUSE YOU RUN IT AS A BUSINESS. YOU OWN THE RV AND CANAM MANAGES IT FOR YOU AND AT THE END OF THREE YEARS IT'S YOURS UNLESS YOU TRADE UP/
IF SOMEONE TRASHES IT THEY FIX IT BACK TO NEW. THEY ALSO REQUIRE DAMAGE DEPOSITS UPFRONT.
I THINK YOU REPLY WAS A LITTLE RUDE CRUIZER.
Lakedodc why the temper tantrum, an all of the SHOUTING? Sounds like you don't want o hear of any of the negatives. Some like the program like MBgrove, but I don't think it is such a good deal. If the rental of RV's was so great, the delaer would buy them and run his own rental fleet rather than have you front the money.
I looked rally hard at doing this with a sailboat years ago and when it came down to what made the most sense for me was to buy a good used sailboat that I could afford with out the rental game.
Look at the limits on personal use that apply to the program. You have to have all of your personal gear off for rental.
Amateur Radio Operator.
2013 HitchHiker 38RLRSB Champagne, toted with a 2012, F350, 6.7L PSD, Crewcab, dually. 3.73 axle, Full Time RVer.
Travel with a standard schnauzer and a Timneh African Gray parrot
we rent out our Rv with really nice results. It is run by a *broker* and they do the main paperwork. But we actually do the delivery of the unit to the customer. (guess, they have a great teacher)It comes back with a few minor bumps at times. But it does when I use it also. Cracks in the windshield seem to be the biggest problem we have. We are ready for our second windshield this year. Most problems are covered with the security deposit. We have rented for one full season and still have not made a payment on the unit ourselves.
the best part,, mine comes home ready, washed and completely fueled for my next trip.
Having the time of our lives
2001 Four Winds 5000 (Ford V10)
1993 Jeep Wrangler
This is an idea that's been around a long time.
I have seen many RV dealerships try it, and every one that was involved (customers) had an experience they'd rather not of had.
Most got out of the RV lifestyle completely.
I'd look very carefully at the 70-30% split. What kind of repairs do you have to pay for? At what labor rate? Do you have any influence on who does the repairs? There will be a lot of repairs with any rental.
What about mileage? Do you receive compensation for the miles, too? I didn't see a reference to that, but could have missed it.
If you do get involved, watch the mileage very closely. If you see anything suspicious, holler!
One thing I've seen is if a customer comes in and wants to rent for a couple of days, and only goes a few miles and you don't happen to come by, how do you know it was rented?
But, like the man says; "You pays your money, and you takes your chances".
I'd suggest you move slowly on this, and even consult a lawyer first.