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Thread: Next round of price increases
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04-26-2021, 05:39 PM #11
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We did the 15 year term because they offered us an interest rate of 3.99. We intend to pay it off in three years. If we paid it off in 15 I think we’d have paid an extra 20k in interest. Ouch! I can’t even imagine the rig would have much value after 8-9 years. Might be a good hunting shack for someone.
Mike & Linda
303RLS
2013 F250 Turbo Diesel Crew Cab
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04-26-2021, 05:54 PM #12
Most people will take the 15yr loan for the lower payment and their trailer will be junk in 5yrs from lack of maintenance. We took the 15yr loan because it offered the lowest interest rate, knowing we would pay it off early. Paid it off in 2.5yrs. If stretching it out the whole 15yrs, then yes, you'll pay about 1.5 times the original price.
2018 Reflection 315RLTS
2023 F350 Lariat 6.7L/CC/LB/FX4
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04-26-2021, 06:28 PM #13
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04-27-2021, 07:56 AM #14
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Steve- Inventory Manager at Tom Schaeffer's RV, Shoemakersville, PA www.tomschaeffers.com
[email protected]
2011 RAM 3500 SRW Outdoorsman Edition 4X4, 6.7 Cummins--TWEAKED!
2021 Reflection 310RLS
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04-27-2021, 11:53 AM #15
Very interesting, but just what I expected. For those that finance long term, expecting to use the full term to lower payments, it's going to be a sad outcome when they try to dispose of their trailer. This is certainly not only being seen in the RV business, but in many others as well. Almost akin to sub-prime lending in the housing industry. Financing of this nature is what the consumer is now demanding!
2020 Reflection 273MK
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04-29-2021, 06:28 PM #16
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04-29-2021, 07:12 PM #17
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04-30-2021, 11:10 AM #18
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Steve- Inventory Manager at Tom Schaeffer's RV, Shoemakersville, PA www.tomschaeffers.com
[email protected]
2011 RAM 3500 SRW Outdoorsman Edition 4X4, 6.7 Cummins--TWEAKED!
2021 Reflection 310RLS
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04-30-2021, 11:45 AM #19
I have a somewhat different view, and it requires active management of one's finances... Not all debt is bad debt, and that's been a fact for a few decades now..
Nikki and I could have paid cash, but that would have been a poor financial choice. That dollar amount was (money market) returning at a little over 3 times the fixed interest rate on our loan. When COVID-19 dragged the money market rate down, I put that into other investments that worked out strongly in our favor. Having the liquidity was a sound decision. Now I completely agree if one has taken such a loan to buy over what they can truly afford, that is a more risky prospect and easily lends to being underwater with any sort of recreational vehicle.Rob & Nikki + Cloverfield
2020 Grand Design Solitude S-Class 3350RL
2015 RAM 3500 Longhorn Laramie Crew Cab, Long Bed, 4x4 Dually Cummins/AISIN
Mountains of Pennsylvania
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04-30-2021, 12:13 PM #20
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2021 Reflection 303rls
2021 GMC 3500HD AT4 4X4 Duramax Standard Box
2021 B&W Companion
Reflection swivel table question
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