The night before I was leaving to deliver the truck to Show Hauler, I get a call from Bank One. "We are sorry to inform you that we cannot finance your conversion" WHAT!!!! I had gone to the bank 3 weeks prior to this date, sat down with my Bank One branch VP and we discussed what I was doing and needed. An hour in half later everything was approved and the wheels in motion to get paper work completed and a check in hand. Two weeks went by and they would request another little document or piece of info, and I kept calling to get this thing finalized. "Are you sure financing is secured?" I would ask, and they would say "oh yes Mr. Rowell, we are just finalizing details."
At the end of those 2 weeks I start getting calls which did not make me so sure. Their problem is the used truck chassis and the new motorhome. Now I find out Bank One has financed these before and specifically in Indiana where most of the manufacturers are, but they still are not sure.
That final week before I drive the truck up to the factory, I am calling every 4 hours to make sure this is a done deal. Friday at 4 p.m. no go! Can you say the word "PIST OFF!!!"
Before you buy that used truck, please follow these steps.
#1: Determine which manufacturer you will want to have build your conversion. There are a number of variables you need to consider with regards to the cab & chassis and you need to be sure the truck you buy will fit those parameters.
#2: Once you nail down the manufacturer, find the dealer you want to work with. Most of the manufacturers work through dealers exclusively. I am finding that some dealers have more experience with used chassis with a new conversion than others.
#3: Be sure to have clear title to your truck before you begin the financing process. If you buy the truck yourself, you will need to own the truck out right before you start the conversion process.
#4: Make sure the dealer has financed a used truck chassis w/ new coach before. This will make the process go much faster and a little less stress on you.
#5: Have an awesome credit rating!
I ended up working with
Concept Haulers who after I found them where just great. Rusty at their Illinois facility was incredible and made things happen in 1 day.
The rub for the banks is they have no way to value a used commercial truck and meld that with a new conversion. As these units become more popular this will probably be less of a problem, but for now follow the above steps.
So I went to another Harvard class and I almost failed because I did not do my homework. I am giving you guys the answers to this portion of the exam, it is going to make your life a lot easier and the process of owning a conversion much more enjoyable.
Now if your buying a new unit off the dealer lot, a RV loan is no problem.
Bill
1995 FL FLD120, M11, custom interior.
[This message was edited by warpath on October 04, 2002 at 09:19 AM.]
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