Reply
 
Thread Tools Display Modes
 
Old 12-20-2016, 02:00 PM   #11
Junior Member
 
Join Date: Dec 2009
Location: Canyon Country, California
Posts: 23
Love it! I may have to get me one!
__________________

rmance is offline   Reply With Quote
Old 12-20-2016, 03:05 PM   #12
Senior Member
 
Glider's Avatar
 
Join Date: May 2016
Location: Pacific NW
Posts: 456
Garage
Quote:
Originally Posted by rmance View Post
Glider ... I can't thank you enough! With all that fantastic info I'll be ready when I talk to the next finance person. My goal is to get "pre-qualified" so when the next van becomes available I'll be ready to move on it. I am so ready to get the next chapter of my life started ... at age 61!
Rmance, I was happy to help. Feel free to check in with me if you have any questions or run into snags. I'm glad to give you a hand going through the process.

Here's one more hint: when I showed up at the credit union to get my loan, I walked in the door with a three-ring binder, with labeled tabs for information on the van, and anything and everything the CU might want to know about my income, assets, debts, credit history, etc. On top of it all was a summary sheet that showed basic vehicle information, VIN, condition, and a list of those all-important NADA options. The goal was to blow the loan officer away so thoroughly that she would never think to question the van or its value.

The loan officer said she had never seen anything like it before--she literally went around the office and showed it to her colleagues. Loan was approved in less than five minutes. Guess my three-ring binder trick worked.
__________________

__________________
The Silver Streak
2006 SMB EB45ish.
5.4L, QuadVan 4x4
Glider is offline   Reply With Quote
Old 12-20-2016, 06:12 PM   #13
Junior Member
 
Join Date: Dec 2009
Location: Canyon Country, California
Posts: 23
That is just brilliant! I am going to start putting one together this week.

Thank you so much for the advice. I am so glad I mentioned something! I thought it was a stupid question, but as they say ... the only stupid question is the one you don't ask. Hopefully it will help others as well.
rmance is offline   Reply With Quote
Old 12-20-2016, 07:51 PM   #14
Senior Member
 
MountainBikeRoamer's Avatar
 
Join Date: May 2014
Location: OrangeCounty, CA
Posts: 651
Garage
Hey --- since this thread is already shaping up to be such a solid and informative ledger of great ideas for securing *financing* for a Sportsmobile....

.....it's probably worth addressing the topic of *securing adequate insurance for a used Sportsmobile.*

It's a topic that seems to have a wide variety of unique challenges and solutions. Another area, like financing, where you want to be informed and prepared well ahead of time.

A lot of these SMB's trade hands now for high-dollar, despite being over 20 years old in some cases. Getting an insurance company to agree to a true market valuation for insurance purposes can be a bit tricky. If you simply stroll into an insurance agency with the VIN number for your new-to-you (and probably pretty pricey) 2005 Sportsmobile, the insurance reps are likely to see it in their system as simply a 12-year old Ford Cargo van....and want to insure it / value it as such, according to depreciated NADA values for an ordinary cargo van.

Pretty sure I've seen some great forum threads in the past about this topic, might have to search and add links to some of those to this thread.

__________________
Mike T
___________________
'95 Ford E250 RB30 PH
MountainBikeRoamer is offline   Reply With Quote
Old 12-21-2016, 10:21 AM   #15
Junior Member
 
Join Date: Dec 2009
Location: Canyon Country, California
Posts: 23
Well now there's something I hadn't thought of! I just ASSumed it would be an inexpensive RV kind of insurance. Thanks so much for bringing that up Mike! Will definitely have to figure that into the cost of ownership. Now I wonder if Allstate will know what I'm talking about ;o)
rmance is offline   Reply With Quote
Old 12-21-2016, 10:29 AM   #16
Senior Member
 
Glider's Avatar
 
Join Date: May 2016
Location: Pacific NW
Posts: 456
Garage
I spoke with my insurance carrier in advance. I used the adjusted NADA value from the bank to establish initial value. I then gave them a list of planned improvements, (4x4, etc.), with costs, and got them to agree in advance to upgrade the value of my rig according to those costs.

I presented the list of improvements as things that would increase the safety and durability of the vehicle--for example, the decreased turning radius and improved roll stability of a Quadvan conversion, and the improved safety of Aluminess bumpers.

It took some doing, but presented in the right way, the insurance company saw this as an opportunity to make money on a vehicle that was safer than original. With each improvement I make, I send in the invoice to establish the increase in value, and they increase the insured value of the vehicle. Everybody happy.
__________________
The Silver Streak
2006 SMB EB45ish.
5.4L, QuadVan 4x4
Glider is offline   Reply With Quote
Old 12-21-2016, 01:52 PM   #17
Senior Member
 
mikracer's Avatar
 
Join Date: Sep 2013
Location: San Luis Obispo, CA
Posts: 1,771
Do your research on Stated Value vs. Agreed Value. Make sure your agent knows what you want.
__________________
2005 E350 Chateau - V10 - Agile Offroad 4x4
2003 BMW 540iT - M Sport
1958 Apache Fleetside - The weekend cruiser
mikracer is offline   Reply With Quote
Old 12-21-2016, 02:19 PM   #18
Senior Member
 
rallypanam's Avatar
 
Join Date: Feb 2013
Location: San Francisco/Nevada City
Posts: 3,275
Garage
Quote:
Originally Posted by rmance View Post
I just ASSumed it would be an inexpensive RV kind of insurance.
Most of use do have normal RV insurance... Same caveats apply to any insurance, if it's stolen or totaled, they will lowball you, and there will be some negotiation... But they base evaluations on available comparable vehicles, so current market is factored in, not some depreciating asset table.

As others point out, there are also stated value and agreed value policies, which tend to be more expensive and have more hoops to jump through as they're designed more for classic cars and the like.
rallypanam is offline   Reply With Quote
Old 12-21-2016, 03:11 PM   #19
Senior Member
 
boywonder's Avatar
 
Join Date: Jul 2013
Location: So Cal
Posts: 2,499
Quote:
Originally Posted by mikracer View Post
Do your research on Stated Value vs. Agreed Value. Make sure your agent knows what you want.

I would happily pay for either of the above policy types........Unicorns....in So Cal for an SMB type van anyway.....I've tried.....
__________________
2008 E350 RB passenger advanced 4WD SMB penthouse
2008 KTM 250 XCF-W
2000 KTM 200 EXC
2006 Honda CRF 250X
2003 Honda Element
boywonder is offline   Reply With Quote
Old 12-21-2016, 03:12 PM   #20
Site Team
 
daveb's Avatar
 
Join Date: May 2007
Location: Turlock Ca
Posts: 9,387
Garage
Worth looking over this insurance thread:
http://www.sportsmobileforum.com/for...-smb-5412.html

I got a loan (new van) through my local credit union but did it as a second on my home. No issues with the loan but the insurance was kind of a nightmare. Several companies gave me a quote but in the end most of them said I couldn't get full coverage (replacement cost) or flat out refused to insure a vehicle that didn't have a fixed toilet and black water tank. Ended up with Good Sam National General Co. The bad thing was this all happened at SMB during the delivery date so I was glad I had checked with several insurance companies and had all the paperwork with me.
__________________

__________________
2006 Ford 6.0PSD EB-50/E-PH SMB 4X4 Rock Crawler Trailer

Sportsmobile 4X4 Adventures..........On and off road adventures
daveb is offline   Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Powered by vBadvanced CMPS v3.2.3

All times are GMT -6. The time now is 08:33 AM.


Powered by vBulletin® Version 3.8.8 Beta 4
Copyright ©2000 - 2017, vBulletin Solutions, Inc.