I really hate to see this

[JEBar]

Given ===> I've been out of working in the RV industry for a while ..... it appears to have become the norm but I find myself troubled at the advertised financing being pushed for purchasing .... I don't know how long the link below will be valid but when it isn't, another just like it wold be easy to find another for motorhomes or other RV's .... it shows a 2019 KEYSTONE MONTANA 3921FB on On Clearance at Camping World .... Sale Price $63,995 .... my issue has nothing to do with the manufacture or the price .... what really concerns me is the financing terms ===> *based on 15% down, 5.99% APR, & 240 Months .... I mean seriously, financing a 5er for 20 years .... based on what I've seen, a small, no make that very small percentage of 5ers produced today have a 20 year lifespan ... people who make such loans will be upside down on them from the get-go and won't reach a balance point until the loan is nearly paid for .... I sure hope folks step back and do some serious thinking before signing for such a loan

https://rv.campingworld.com/rvdetails/n ... LAK1540888

[markiver54]

Unfortunately, for some, instant gratification will take them to financial dire-straights.

[Mistered]

I sure hope folks step back and do some serious thinking before signing for such a loan

I agreee and you cannot imagine what I have seen take place in all my years in the RV industry.
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.

[GFK]

Thanks for the info!

[GunnyGene]

Never owned an RV, unless you count a couple of beater pu trucks that would get me within a couple mile hike of various trout lakes in the western Washington mountains, where I'd camp out for a few days and live off the land. Totally off the grid and rarely saw any other people, which was my intent. Last time was about 20 years ago. I miss that.

[JEBar]

I agreee and you cannot imagine what I have seen take place in all my years in the RV industry. 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.

absolutely agree

[BigAl52]

We are a how much is my monthly payment society. A lot of people don't care of the end result or if there upside down.

[Cowboy Gun Fan]

Not sure if that is industry wide or just Camping World, but Gander Outdoors as well as Camping World (same owners) is off my list for obvious reasons, although ones that we are not allowed to talk about here.

I do not like them and am boycotting both.

[Mistered]

Not sure if that is industry wide or just Camping World

Camping World is NOTORIOUS for low balling, underhanded dealing and anything else you can think of.
They are known for very poor service (literally none at most of their locations) and are basically retail parts and RV sales.

[Old Syko]

The problem is it's not just RVs. It's anything considered luxury. It's boats, ATVs, and many other things including cars and houses. I know more people than I want to admit that have been sucked in by these sort of dealings. I know a guy here who just made such a purchase as JEBar described and he's nearly 70 years old. My feeling is that it's not the sellers to be blamed here since we thrive due to a free trade economy.

[GFK]

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?

[JEBar]

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?

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

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

[markiver54]

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!!

[Pudsky]

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

[markiver54]

..exactly!

[PT7]

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!

[markiver54]

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!

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!!!

[BigAl52]

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

[Mags]

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.

[Mistered]

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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