Bank of America comments on RV Financing

Gary RV_Wizard · Jun 26, 2009

BOA's head of their RV/Marine/Auto financing group comments on BOA's current policies for RV financing at both retail and wholesale level. Why they are demanding greater down payments and how much you can finance on a new RV. Get the word straight from the horses mouth...

http://www.rvbusiness.com/2009/06/bank-of-america-in-rv-lending-for-the-long-haul/

Lou Schneider · Jun 27, 2009

From the article:

When considering loan to value, we base value on dealer cost, and we?ve lowered loan to value, on average, from 105% of dealer cost to 95% in the past 12 months.

As an illustration, if an RV has a sticker price of $100,000, let?s say the dealer paid $80,000 for it. Now, we will loan the customer up to 95% of $80,000, instead of 105% a year earlie

So, in essence the dealer's profit on a financed sale is pretty close to the amount of the down payment. An interesting way to approach price negotiations.

Gary RV_Wizard · Jun 27, 2009

That was a "for example". The dealer is buying RVs for a lot less than 80% of MSRP. Heck, some of them are selling RVs for only 80% of MSRP [or less]..

Bank of America comments on RV Financing

Gary RV_Wizard

Site Team

Lou Schneider

Site Team

Gary RV_Wizard

Site Team

Latest posts

Members online

Forum statistics