Financing new Scamp - Fiberglass RV


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Old 05-03-2013, 09:36 PM   #1
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Name: Eleanor
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Financing new Scamp

I have contacted my credit union regarding financing a new Scamp.

1. They used the NADA Guide which says the suggested list price of a new Scamp 13 with pkg is $9,795, low retail $7,190, average retail 8,650. Since it is only sold by the factory at the list price the low and average retail don't apply. (When buying a new Scamp has anyone had experience negotiating discounts with the factory?) This would mean the low retail might be valid for financing.

Furthermore NADA option list is a generic RV one that doesn't include many of the specific items we have ordered.

2. We have not found a way to establish a value near the price for the Scamp with pkg + options options. The problem is the credit union wants to use the low retail value as the amount they will finance. The trailer we ordered has options that make the price well above this. Can any of you suggest how we might solve this problem?

Thank you. We look forward to getting on the road with our new Scamp.
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Old 05-03-2013, 09:54 PM   #2
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I would suggest that you ask the credit union to call Scamp for pricing.

If that doesn't work find another credit union. I had no problems with mine, but that was almost 8 years ago.

Also I was only financing 50%
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Old 05-03-2013, 09:56 PM   #3
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Maybe get a personal loan rather than a loan against the asset. I can get a "signature" loan at my credit union and still quality for the 2nd home mortgage deduction on my taxes... trust me, I've checked

YMMV
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Old 05-03-2013, 10:12 PM   #4
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The credit union is thinking of their safety financially. They want to loan only as much as they could get back out of it if you defaulted. But they are accustomed to financing RVs that depreciate much faster than Scamps. If they can be convinced that the trailer with options would only lose, say, $1000 or so after it leaves the factory, then they should be willing to only require about that much of a down payment.

If you can't work with that credit union on this issue, best to shop around for other lenders.
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Old 05-03-2013, 10:47 PM   #5
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I like the suggestion about having the CU call Scamp. If that doesn't work, I'll shop around. Thanks for the ideas
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Old 05-03-2013, 11:18 PM   #6
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We joined a Credit Union not too long ago.
We are fairly pleased with our relationship.
Now I notice how many Credit Unions there are in this area.

I used to belong to the CU at a factory where I worked before I retired.
But they were 15% and weren't much better than my local bank.
That was decades ago.
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Old 05-03-2013, 11:55 PM   #7
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Sorry I don't understand the theory behind your credit union way of loaning on the Scamp. First off isn't "Nada" about used cars, trucks, rv's, travel trailers? You say they have a generic options list. Personally then they should take into consideration that their list is basic! And adjust to fit the trailer you are looking to get a loan on.
But as far as the "retail" price, it is what it is! No matter how they want to try and spin it into their basic assessment of what a retail price should be.
"Retail" is the price that Scamp sells them for (deal or no deal, which I haven't heard of many. But that's beside the point) The cost of the Scamp is the cost. They are not sold in the open "retail" market place. I think the suggestion of having them contact Scamp is your best bet. Good Luck!
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Old 05-04-2013, 12:10 AM   #8
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Quote:
Originally Posted by Robin G View Post
Sorry I don't understand the theory behind your credit union way of loaning on the Scamp. First off isn't "Nada" about used cars, trucks, rv's, travel trailers? You say they have a generic options list. Personally then they should take into consideration that their list is basic! And adjust to fit the trailer you are looking to get a loan on.
But as far as the "retail" price, it is what it is! No matter how they want to try and spin it into their basic assessment of what a retail price should be.
"Retail" is the price that Scamp sells them for (deal or no deal, which I haven't heard of many. But that's beside the point) The cost of the Scamp is the cost. They are not sold in the open "retail" market place. I think the suggestion of having them contact Scamp is your best bet. Good Luck!
I think part of the problem could be the amount of down payment. If I'm not mistaken most lending institutions want at least 10% down. That said if the Scamp with options is high that also would effect the maximum loan any lending institution would loan.
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Old 05-04-2013, 07:18 AM   #9
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My bank mentioned NADA a couple of times but an actual invoice/bill of sale satisfied them and was the final word in the actual retail price.
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Old 05-04-2013, 07:57 AM   #10
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As a result of all the new car financing "deals" out there, I think that the public has become somewhat jaded about vehicle financing.

RV's in general are a different animal. The CU has to protect it's assetts and will limit it's exposure to something less than the used value of what it is financing. (Remember, as soon as you buy it, it is used). One of the reasons CU's can offer lower rates is that they accept a lower risk level. (Did I say housing bubble??)

Unfortunately, in the eyes of the CU, all of those expensive options will add little to the resale value.

Add to that, most new towables, at MSRP, are grossly overpriced to give the dealers room for discounts, presenting another scare for the CU. We got almost 33% off MSPR when buying a new 17' Coleman hybrid just 6 months back.

I use a HELOC (Home equity line of credit) for most of my larger purchases and, at about 3% it gives me a good rate and I can haggle better with dealers and private sellers.

Bottom line, ya gotta come up with a bigger down payment when financing RV's through credit unions.
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Old 05-04-2013, 08:13 AM   #11
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Credit Union

I have found that if you borrow against savings it is a lot easier to get a loan The interest rate on the loan is 1% over the rate paid on savings and you retain the life insurance feature on the loan . The other plus is if you experience a change in your financial status , the credit union (At Least Ours) will work with you . Our Credit Union wants a 20% minimum down payment on recreational items such as ATV's RV;s ,Snowmobiles ,Boats Etc.
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Old 05-04-2013, 10:07 AM   #12
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In this economy, I live by the "if you can't afford to pay cash for it, don't by it" rule. Any chance you'd be up for a used model?
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Old 05-04-2013, 10:22 AM   #13
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I pay cash, but if I needed a loan I'd use a home equity loan so the interest would be deductible.
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Old 05-04-2013, 10:57 AM   #14
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I pay cash for that kind of thing....we just saved until we could afford one.
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