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Old 09-20-2007, 08:19 PM   #1
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financing?

I've been looking into financing a used smb, and none of the banks or credit unions we've been to can seem to figure out what an smb is, and much less what its worth used. The places we've gone to use Nata (i think it's called) to look up values. I'm not in a position to do a home equity loan or morgage, so.. I'm at a loss. Any advise?
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Old 09-21-2007, 12:58 AM   #2
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You'll have the same problem at the DMV/BMV/MVD when you try to title and plate it. It's what I call "Autozonese", the inability to understand vehicle parts if it isn't in the computer...

My only thought would be trying RV financing outlets. Other people have done it, I'm not sure what exactly but it must be possible!
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Old 09-21-2007, 02:16 AM   #3
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Other people have done it, I'm not sure what exactly but it must be possible![/quote]



that's the same thing i'm think'in

??
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Old 09-21-2007, 12:45 PM   #4
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I recently bought a barely used '06 4x4 RB50 SD for just over $80k and ran into the same problem. Your typical lender will book out the van only, and have no idea how to assign a value to the conversion. Even GE, who finances new vehicles for SMB, assigned a maximum loan amount on mine of about $40k! This is a vehicle that's less than a year old, that they would finance new for the full value of $100k. Go figure. I talked to several RV lenders with the same results.

The best thing to do is find a good lender, and then it's really a negotiation on the value. A broker that has access and leverage with several vendors is also a good way to go and can save you a ton of frustration.

I finally ended up with a recommendation to a broker that secures financing for high-end boats. He'd done a Sportsmobile before, and negotiated a value with the lender based on the blue book, plus a list of other used values that I sent him, mainly from listings on the SMB site. They valued the vehicle at $79k, and I put about 20% down, at 7%. Not too bad. (They would have financed up to the full $79k). The loan ended up with regions Bank, which may also be a good starting point. Contact me if you want more detail, and I can dig up the name of the broker. Good luck.
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Old 11-04-2007, 01:03 PM   #5
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We got pre-approved on a used RV loan with GE finance, the same finance company that Sportsmobile uses. When GE called to give me the good news, then they found out I was going to buy a Sportsmobile, they couldn't find that brand in their computer so they said the only way it would work is if I re-applied for the GE loan directly through Sportsmobile and got the loan that way. This is for a private-party sale too. Not sure how that's going to work. Strange.

EDIT to add: Just checked with Sportsmobile and they verified that GE will not lend on a used SMB. New only. This changed when E*Trade sold off the RV financing business to GE.

Wells Fargo will lend on an SMB though. They said they will lend on anything.
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