Financing a factory direct order?

[John E Davies]

Any tips or tricks? Since there is no VIN how do I deal with the bank?

 

How do I get the required payments sent to Oliver?

 

Ordering from a dealer is painless since they absorb the costs until the rig is delivered..... This is new to me.

 

Thanks.

 

John Davies

Spokane WA

[routlaw]

John I can't answer your question directly since I paid for our Oliver out of saved funds and didn't finance it, but for a short period of time I did consider this route given the price of admission. Talked with the local bank where I have had my business accounts for years and they seemed very understanding of the situation and it didn't seem like a big deal to them, i.e. order, wait then pick up when ready while banks provides funds to keep the ball rolling as needed.

 

I can't vouch for larger regional or national banks which I often refer to as the "children of satan" but my guess is most local smaller banks will work with you on this level. Remember they are in the business for making profit from financing things so its also in their best interest to make situations like this work. A deposit is required as you probably already know to get on the waiting list and that is 15% unless it changed since we ordered ours. I would assume this would suffice for the banks requirement of a downpayment, but again thats up to the lending institution. Typically another 35% will be required at the time the build actually starts, then the remaining 50% at pick up.

 

Also worth mentioning, at the time I discussed the option of financing with my local banks, the interest rate was really very low, something like 2.9% if memory serves me right.

 

Hope this helps to some degree.

[SeaDawg]

Most people, I think, pay cash from savings, or use an equity line on their home or stock accounts.

Most likely, easiest to work with your local bank if not paying cash from savings or the sale of unused assets.

Sherry

[John E Davies]

I'm ready to place an order and thought I would bump this old thread to the top. Any more suggestions? It didn't seem to get very far the first time ......

 

I have to finance, I don't have access to other moneys. I just bought a new, much smaller house. I plan to enquirer at my long time credit union (BECU), and see what they can do.

 

Thanks.

 

John Davies

 

Spokane WA

[topgun2]

John,

 

I'd recommend having a talk with Anita in the Sales Office.  She has been down this road before.  I even think that they can help arrange financing - that just might give you an alternative local bank so that you can compare rates and terms.

 

Bill

[DebbieandJohn]

As topgun2 said, check with the sales office.  They were able to help us secure financing through a company called Essex.  Good Sam's also uses Essex and might be an option if they can't help you in the sales office.  I think they are somewhat limited in the office as to how many of those loans they can offer help with but I'm not sure why.  Ours went smoothly.

[snowlakemike]

It may be too obvious to mention, but there is a finance link under Travel Trailers among the headers on this website.  I think it lists several vendors willing to finance your Ollie.

[KarenLukens]

I was going through the web page links above and found this listed under travel trailers at the top of this page. I don't know why this page doesn't auto link so highlight/ right click/ select go to:

 

http://olivertraveltrailers.com/travel-trailer-financing/

[Rumline]

Hi John, did you end up financing part of your Ollie purchase?  If so how did it go?

[John E Davies]

Hi John, did you end up financing part of your Ollie purchase? If so how did it go?

The loan went fine. With financing Oliver does NOT require the middle payment, just documentation from the bank saying that the loan is “approved for x dollars”. The big pain was my CU would not do a rate lock for longer than 30 days, and they wanted to keep doing a credit check every month. I convinced them that they only needed to do an extra one just prior to our leaving to collect the trailer. (Lots of credit checks lower your score.)

 

The VIN does not get created until the very end of production, when all ordered equipment has been installed (not counting any extras done when you get there) and after the trailer has been weighed.

 

Once I received the VIN from Anita in Sales, I had her contact my loan officer directly to get her a list of the copies of the docs that she needed (invoice, statement of origin) and then the bank had me come by and pick up the check. Which I hand carried to TN and signed in the sales office. That was a little un-nerving.

 

After signing and paying, we took the original docs and over-nighted them to my bank, from the post office in Hohenwald. Then we returned to collect Mouse and hit the road. Eventually....

 

All in all, it went better than I expected, since factory ordered RVs are not really common, nor are ones that get picked up 2500 miles away.... No regrets.

 

BTW I used Boeing Employees CU, and Prudential for “full replacement“ insurance. The CU needed proof of complete insurance prior to issuing the check.

 

Did that help?

 

John Davies

 

Spokane WA

[Corcomi]

I financed with Bank of the Ozarks working with Anita and is was painless. A 10,000 dollar deposit at signing the order to proceed, and Oliver worked with the bank and all i needed to do was on the day of pickup sign the bank documents that Oliver had ready for signature and the bank paid Oliver directly. We got a 20 year loan which is like a home loan and the interest paid is tax deductible.

[John E Davies]

We got a 20 year loan which is like a home loan and the interest paid is tax deductible.

It looks as if that second home mortgage deduction will be going away, rats. That was one reason we were OK with financing.

 

At least it appears we might keep the sales tax deduction, which for an Ollie in WA is just under 9% of purchase price. Yikes.

 

I haven’t heard anything about solar tax credits. It’s hard to plan stuff when it all gets rearranged.....

 

John Davies

 

Spokane WA

[DebbieandJohn]

We financed through Bank of the West (same services thru Oliver or Good Sam Club). It worked fine, and after working with Richard through the details, everything was very easy. Since we've experienced a few vehicle financing efforts, we asked lots of questions and they were very helpful.