Our bank is using NADA guide prices on a 2000 U320 with no slide - when you book it out one without a slide shows 27k base price but with one slide is in the 70k range. Why does NADA discount so much for no slide and does anyone know of a lender that look more at the quality of the coach vs the NADA book???
2000 is 19 years old, not easy to finance. Try local credit union
Tim Fiedler
Gen-Pro.biz
630 240-9139
This question comes up every once in a while, and Tim's answer jogged a few of my remaining brain cells a bit.
I wonder if one of the financial institutions in Nac might want to consider supporting the local product (Foretravel) by offering financing based on the real value of these fine coaches rather than the assumed value as shown by NADA.
I know nothing about the banking and lending industry, so maybe this isn't at all practical, but maybe there is a financial institution there in Nac that might see a chance for some additional profit. After all, if we bring our coaches back there for service, why wouldn't we consider getting the loan there, too?
The banking industry requires adding all the "optional" equipement on its appraisal form.
Airs, gen, everything. Then add the percentage for retail.
Coaches have been built and sold empty. Just the shell. No nothing. I ordered and sold them personally.
We made up a form for the additional equipement list needed for the lender long ago.
40? Adds for equipement. The equipement helps establish a value to the lender as they carry the coach on their books to show their auditors.
With Options mine came in at just about 100k$
I would never let go for any less than $120k with all the extras... Oh well might as well keep it!! ^.^d
Credit Union is definitely the way to go. My CU financed my 1999 U295 and used comparable sales for the value determination. Good Luck!
Alliant Credit union loans on older coaches. Add all the "optional" equipment such as awnings, air conditioners, etc.
We went with 100% Financing, for the Just - In - Case scenario, and so glad we did! Sure enough the Money we would have spent was an Immediate need, in just a few months, and C/C and Personal loans would have really cost us way more for that emergency! It is almost paid off now, and we had the BEST Rate and Service from a Local Bank with like 4 Branches Total! The Loan Officer worked with us, when the NADA Book was used as a Start! She had us go through ALL Items, whether actual Options or Standard Equipment, to get the 100% we needed. When Tallied up, everything came to just a few hundred over what I required!!! After it is all said and done, I easily saved Thousands in my case!
We also considered the Zero Percent C/C deals we have available as well! The Huge Caveat there is if, you HAVE to go past the Zero Rate Period the Interest is Astronomical, that it's Stupid! We never want to take that chance, and only use that Option for Debt Consolidation purposes, while knowing it is within our Budget, whether we actually had that option, or not!
This is the Very First RV, since Owning RV's where I did not pay cash, but it sure is nice to have that Option, when you can! I have had RV's since 1977, also, and wouldn't ever seeing being without one, even if I end up in a Old People's Home Care! I'd still have one, so a Younger Person Drives, and still get out and about! That's the Plan, anyway! LOL
Stellar Credit, and someone willing to work with you, get's the deal done, I have found! I am a Member of Several Credit Unions, as well, and their Rates and Unwillingness had me look elsewhere! And those Companies out there that say ALL they do is RV Financing are the Biggest Joke of all! I found them to astronomical in Rates, Rules, and Service was the Worst! No Wiggle Room, whatsoever! I got the Impression (Can't Prove) that if we had a Low Credit Score they would have worked with us, because it seemed they get more Revenue through Repo's, which is Huge in the RV Industry! Just my Opinion though!
Now I also asked every place I Applied (I realize that brings your Credit Score Down, too!) that maybe doing a Comp, in the Marketplace was possible as a Marker like Houses are, is a way to place Value! All the ones I asked said no, and I stated WHY NOT? It is Wheel Estate, is it not? LOL
The first post in this thread indicated that NADA base price for a 2000 Foretravel U320 without slides was $30k while a one slide U320 was $70k, which means a slide raises the price by $40k. When I was looking for a Foretravel U320 in 2009, I noticed that the MSRP price for a 2000 U320 with a single slide was $40k more than a 2000 U320 with no slides. I also noticed that a single slide raised the price of a 15 year old U320 by $40k (same as when new) even though the no slide price was $50k to $70k. Such is resale value in a free market - most folks want slides and are willing to pay $40k more for a motorhome with slides, regardless of age or price.
just bought mine in 10/2018 and Nada was off but yes adding the extras I feel 20,000 was a great price for mine. These older coaches that are in good working order are gems and the quality above the rest. Good luck. I used funds I had saved and didn't even try to finance. This group helped me decide on a Foretravel. Thanks :)