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Open Roads Forum  >  Good Sam Club

 > Horrible Good Sams/ Bank of the West Financing

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time2roll

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Posted: 11/05/19 03:45pm Link  |  Print  |  Notify Moderator

mhbbardva wrote:

I understand that BUT I called and qualified all of this and my expectation PRIOR to making my loan commitment and was lied to that they would walk this through. Without that commitment I would not have done the loan with them. I don't know anyone who would willingly let a 100K plus RV sit unused for 4-8 weeks waiting for a title and tags.
I would have stuffed the loan, purchase and insurance agreements in the glove box and hit the road immediately. I speculate most of that wait was just for DMV processing.

Interest rate adjustments for a changing market should be discussed in advance or have zero expectations.


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westernrvparkowner

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Posted: 11/05/19 03:57pm Link  |  Print  |  Notify Moderator

Jayco-noslide wrote:

I mean no criticism to anyone but seems like a good time to put in a plug for having a goal of being debt free. This would mean no RV, car or anything else unless it can be bought for cash. We 1st accomplished this around 15 years ago by using some savings/investments to pay off an ill advised home equity loan that had been used to buy a truck and 5th wheel. I begin to see that the loan was rediculous as we will never get it paid off before the value of the stuff is less than the loan balance. We've never looked back and have since purchased a 10 year old MH and 2 used cars; no loans. The benefit just multiplies because you can save or use all that cash that was going for payments and interest. We are seriously not wealthy so it is possible.
Different strokes for different folks. Many people would consider me wealthy since my net worth in in the upper 5% of the US population and the proper use of credit was absolutely instrumental in accumulating that net worth. The credo of never having debt that has been perpetuated primarily by Dave Ramsey is nothing but an offshoot of Alcoholics Anonymous, Gamblers Anonymous and Narcotics Anonymous. Some people absolutely need those type of organizations and programs. Others, however, can have a beer or glass of wine, can enjoy a visit to a casino or take a pain pill to alleviate a toothache. Same with credit. It can open many doors and opportunities that otherwise would be out of reach.

CA Traveler

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Posted: 11/05/19 05:07pm Link  |  Print  |  Notify Moderator

Yeah but considering the average dept and the US debt it's like preaching to the choir...[emoticon] Our GCs will be paying the price. [emoticon]


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mhbbardva

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Posted: 11/05/19 05:18pm Link  |  Print  |  Notify Moderator

Kind of hard to ignore the law when you are paid to enforce it. RV had no tags. No registration. Only a bill of sale, purchase agreement and loan docs as well as insurance coverage. This is not legal in Virginia.

As for financing. At 4.5% I make more return on my cash and investments than that. Coupled with the fact that I can deduct the interest I am much better off financing.

BarbaraOK

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Posted: 11/05/19 06:38pm Link  |  Print  |  Notify Moderator

mhbbardva wrote:

Kind of hard to ignore the law when you are paid to enforce it. RV had no tags. No registration. Only a bill of sale, purchase agreement and loan docs as well as insurance coverage. This is not legal in Virginia.

As for financing. At 4.5% I make more return on my cash and investments than that. Coupled with the fact that I can deduct the interest I am much better off financing.


This is the part that most people don't understand. And if you have some retirement funds that are in pre-Roth IRAs, there is the added cost in income taxes for taking large amounts all at once. Best decision we ever made was to finance part of the cost of our RV. We made more in investments each year, always had the money as a just in case the sky falls, kept our taxes very low after retirement, and still have that money working for us and the RV is all paid off!


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Lantley

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Posted: 11/05/19 07:11pm Link  |  Print  |  Notify Moderator

I imagine all banks will tell that so called white lie to get your business simply because telling you 3-4 week truth will send you out the door.
However it seems the 3-4 week tag and title delay is commonplace in your scenario.
How do you know your other sources were capable of getting licensing done quicker? Where they also telling a little white lie to entice you?


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mhbbardva

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Posted: 11/05/19 07:26pm Link  |  Print  |  Notify Moderator

My other sources were not able to get the paperwork done quicker but were a full 3/4% cheaper than Good Sams. SE Financial told me the truth. Good Sams lied to get the loan. Had they been truthful I would have taken the lower rate and waited the same amount of time.

mhbbardva

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Posted: 11/05/19 07:30pm Link  |  Print  |  Notify Moderator

Another note: It may appear to the readers that Good Sam's reached out to me in one of the above posts and asked for a private message. I sent them the contact information they request but no one from Good Sams took the time to contact me. I assume they just wanted it to appear to the forum members that they actually were concerned. They aren't.

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Posted: 11/06/19 06:48am Link  |  Print  |  Notify Moderator

Hello mhbbardva,

We are concerned about your experience and will be contacting you regarding this matter. We apologize for the delay.

Thank you,
Ella
Good Sam Care Team

DownTheAvenue

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Posted: 11/06/19 07:37am Link  |  Print  |  Notify Moderator

Just as a matter of information, it is Good SAM not Good Sams!

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