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I really hate to see this

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GFK
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Re: I really hate to see this

Post by GFK » Fri Jul 12, 2019 5:08 pm

Old Syko wrote:
Fri Jul 12, 2019 4:15 pm
My feeling is that it's not the sellers to be blamed here since we thrive due to a free trade economy.
I will have to disagree. I think integrity comes into play. I suspect that is what JEBar is referring to. Should I take advantage of my brother or sister, so I can buy more stuff?
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JEBar
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Re: I really hate to see this

Post by JEBar » Fri Jul 12, 2019 6:33 pm

GFK wrote:
Fri Jul 12, 2019 5:08 pm
I will have to disagree. I think integrity comes into play. I suspect that is what JEBar is referring to. Should I take advantage of my brother or sister, so I can buy more stuff?
Mistered wrote:
Fri Jul 12, 2019 11:24 am
The RV industry is very sales driven and I have see some of the most unscrupulous actions by dealers/salespeople to do anything to sell an RV to nearly anyone - including some who have no business owning an RV in the first place.
the main focus of my concern stated in the opening post stems from financing a product for longer than most will last .... well before 10 years into owning a camper, its book value will have dropped dramatically .... in most cases it cannot be sold for anywhere near the payoff value .... it may be traded in for another RV with the debt left from the first rolled into the loan for the second .... doing so makes the loan on the second even more upside down that the one on the first .... such financial shenanigans were very common 20 - 30 years ago and caused a major uproar ... as with every purchase the old Let the Buyer Beware saying is wise, with the RV industry it is critical .... I've seen too many people end up ruining their credit rating by defaultig on a loan and/or declare bankruptcy .... the warning above given by Mistered is dead on the money and cannot be over stated

Old Syko wrote:
Fri Jul 12, 2019 4:15 pm
I know a guy here who just made such a purchase as JEBar described and he's nearly 70 years old.

such purchases do represent a small portion of total RV Sales .... some are mistakes .... some are well thought out and deliberate .... I've seen a number of them made by folks of advanced ages and/or in critical health .... specifically, they purchase insurance designed to pay the loan if the person is disabled or dies .... their goal is to leave a paid for camper as part of their estate .... years ago most policies weren't large enough to require a bunch of medical clearance .... don't know where that stands today
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markiver54
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Re: I really hate to see this

Post by markiver54 » Fri Jul 12, 2019 7:06 pm

Personally, we don't buy ANYTHING on credit! We refuse to pay interest to any entity unless it was a life or death situation.
Our last three vehicles were paid for in CASH. Nothing hanging over our heads. My mortgage is the only interest I pay.
Doing without some things without that burden brings me much more joy! I have everything I need to enjoy my life without falling into that trap, thus allowing me to leave things with no strings attached when I'm gone!!
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Re: I really hate to see this

Post by Pudsky » Fri Jul 12, 2019 8:06 pm

Dang, less than $400 per month for a sweet RV? I'm going to be all over that! What a deal! If I use it for 2 weeks a year, thats only a little over 2K a week! Perfect
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Re: I really hate to see this

Post by markiver54 » Fri Jul 12, 2019 9:14 pm

😂🤣..exactly!
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PT7
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Re: I really hate to see this

Post by PT7 » Fri Jul 12, 2019 10:06 pm

At about half-way into our married years, my wife and I battled a small amount of on-going credit card debt. The interest portion was a real drag, a never-ending accumulation, and we got quite weary of that. So we chose to get some training on how to diminish cc debt, and then how to stay out of that bondage. After going through a worthwhile financial seminar, within 1-1/2 years we were debt free other than our mortgage! And ever since up to today, the cc is used, but like others here, pay it off in full every month without fail. Then saved $$ for cars, major appliances, home repairs, even the unexpected expenses. It's not the easiest thing to do each month, but it absolutely has been the best thing to do.

No debt bondage = joy and freedom! :D
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markiver54
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Re: I really hate to see this

Post by markiver54 » Fri Jul 12, 2019 10:20 pm

PT7 wrote:
Fri Jul 12, 2019 10:06 pm
At about half-way into our married years, my wife and I battled a small amount of on-going credit card debt. The interest portion was a real drag, a never-ending accumulation, and we got quite weary of that. So we chose to get some training on how to diminish cc debt, and then how to stay out of that bondage. After going through a worthwhile financial seminar, within 1-1/2 years we were debt free other than our mortgage! And ever since up to today, the cc is used, but like others here, pay it off in full every month without fail. Then saved $$ for cars, major appliances, home repairs, even the unexpected expenses. It's not the easiest thing to do each month, but it absolutely has been the best thing to do.

No debt bondage = joy and freedom! :D
Very well put PT!!! If ya don't have the cash for it, then you probably can't afford it. I too have two cc's, used occasionally for the sake of my credit score, but, like you, they are paid in full at the end of each month!
Please, don't anyone get me wrong. I was in deep debt about 25 to 30 years ago so I've been there. I cleaned everything up and learned from it! No regrets necessarily, but not gonna go back there!!!
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Re: I really hate to see this

Post by BigAl52 » Fri Jul 12, 2019 10:45 pm

Just bought a new RV put almost 50% down on it and Im not paying the 5.99% Im paying less than that. I could pay it off but Im not going to for a while as my investment account makes more than the interest Im paying. But RVs are worse than cars. When there gone off the lot they drop like a rock. Not to mention it doesn't matter how much you spend one one they crank them thru as fast as they can. Havent bought one yet that doesnt have wind screws and other items that you just shake youre head at wondering what the heck the guy that put this together was thinking
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Re: I really hate to see this

Post by Mags » Fri Jul 12, 2019 11:14 pm

Bought a certified used car 1-1/2 years ago. Interest on the loan 1.9%. For the car the deal and interest rate was too good to pass up.
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Mistered
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Re: I really hate to see this

Post by Mistered » Fri Jul 12, 2019 11:44 pm

I recently bought this gorgeous 2004 Toyota Four Runner for a cash price that pissed off many people I know!
Bottom line? I buy nothing on credit. I live very 'frugally' and only buy what I want and for the best price I can.
This came to me one afternoon several months ago and I could NOT pass it up.....
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IMG_1310[1].JPG (128.93 KiB) Viewed 3754 times
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