Looking for my gateway to adventure! - Page 2

rmance · 12-20-2016, 02:00 PM

Love it! I may have to get me one!

Glider · 12-20-2016, 03:05 PM

Quote:

Originally Posted by rmance

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.

rmance · 12-20-2016, 06:12 PM

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.

MountainBikeRoamer · 12-20-2016, 07:51 PM

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.

rmance · 12-21-2016, 10:21 AM

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)

Glider · 12-21-2016, 10:29 AM

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.

mikracer · 12-21-2016, 01:52 PM

Do your research on Stated Value vs. Agreed Value. Make sure your agent knows what you want.

rallypanam · 12-21-2016, 02:19 PM

Quote:

Originally Posted by rmance

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.

boywonder · 12-21-2016, 03:11 PM

Quote:

Originally Posted by mikracer

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.....

**daveb** · 12-21-2016, 03:12 PM

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.