Financing

[desmo_pilot]

Hi all,

 

I'm curious if anyone here has financed their Oliver. If so, did you run into any issues?

 

Our Oliver has been completed for awhile now, but no lenders want to lend on this trailer because Oliver Trailer is not listed in NADA(North American Dealers Association), or as more commonly known as Blue Book. I've had two lenders back out at the last minute because when they go to value the trailer, they have no way to do this since they rely upon NADA values for resale, insurance, etc.

 

Robert has informed me that they are trying to get listed, but do not have an ETA of how long that process takes and what is involved for them. However, with the current economy and fewer people having the cash in hand to purchase outright...financing is the only option and this will need to be available if Oliver hopes to continue growing this business.

 

For any of you that financed, would you mind sharing who your lender is and if you had any issues.

 

I'm at a loss here, so definitely appreciate the help.

 

Thanks,

Kyle

[bugeyedriver]

Kyle,

 

PM on the way . . . good luck to you!

[technomadia]

Wow, I am surprised that lenders won't just use the invoice for financing & insurance on a brand new RV. But I supposed in this economy, credit isn't flowing as freely as it once did and lenders are having to be much pickier.

 

You may have to get creative with financing - such as a personal loan, equity against another piece of property, loan against a 401k, etc. I agree, Oliver needs to get into the NADA - as that will also be essential when these trailers start hitting the resale market.

 

Sorry I don't have any leads on lenders to try - we paid cash for ours. I'd say keep trying, and of course disclosing the issue upfront.

 

 

Best wishes,

- Cherie

[rvngal]

I see your Phoenix...so am I. Have you tried Credt Union West, either in Glendale or Peoria?

[dougi]

If you have an account with an investment brokerage firm, you could use your margin account to finance the trailer. That would give you a very low interest rate, perhaps 4 1/2% or so.

[desmo_pilot]

Thanks to everyone for the advice and for the recommendation to Credit West here in Phoenix. I've worked with two credit unions here in town already and it's no issue getting the credit approved. It's the fact that they will not loan on the Oliver because it is not in NADA. Both credit unions have claimed that the invoice is not enough and that any vehicle they loan on must be in NADA for valuation. It's definitely very frustrating.

 

I plan to call a couple of the rv loan specialists that are on the net and see what they say. Hopefully they give me some good news.

 

Thanks again,

Kyle

[desmo_pilot]

Talked to Robert this morning and they have all the application work done to get listed on NADA. They should be online by EOD today or tomorrow.

 

Issue resolved!

 

This will make the future much easier for new customers and the resale market. Definitely good news.

[DCKiefer]

Experienced something similar, a friend in the RV business said I would not be able to get financing, even before the credit cirsis. But fortunately for me my company credit union pitched in. Might have something to do with direct deposit from my pay check, they know where I am.