Hi Everyone. Well, after 15 years the RV-Dreams Community Forum is coming to an end. Since it began in August 2005, we've had 58 Million page views, 124,000 posts, and we've spent about $15,000 to keep this valuable resource for RVers free and open. But since we are now off the road and have settled down for the next chapter of our lives, we are taking the Forum down effective June 30, 2021. It has been a tough decision, but it is now time.
We want to thank all of our members for their participation and input over the years, and we want to especially thank those that have acted as Moderators for us during our amazing journey living and traveling in our RV and growing the RV-Dreams Family. We will be forever proud to have been founders of this Forum and to have been supported by such a wonderful community. Thank you all!!
I spent the weekend at several local RV dealers and boy can it be overwhelming!
One salesman made a comment to me regarding financing an RV and I wondered if anyone has experienced this.
He told me that when obtaining financing DO NOT tell the bank that I will be living in it fulltime. He said that banks makes loans on RVs with the belief that they will be used a few times a year, thus the "life expectancy" of the RV will be as long or longer than the term of the loan. If it is used fulltime the life expectancy of the RV will be reduced and the bank may be at risk.
It used to be the case that it was not difficult for a fulltimer to get a loan. That is no longer true. Only a very few companies will now loan to fulltimers. And the length of time is now maxed out at 12 years (if not 10). If you are thinking of going fulltime, you will find it far easier to get a loan BEFORE that happens.
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Jack & Danielle Mayer PLEASE USE EMAIL TO COMMUNICATE
http://www.jackdanmayer.com, 2009 Volvo 780 HDT, 2015 New Horizons 45'Custom 5th, smart car New Horizons Ambassadors - Let us help you build your dream RV.....
I don't recall what the law was called, but supposedly there was one passed in Congress that made the banks start requiring a "home" address that was pretty much a physical location, thus pretty much cutting out full-timers.
On another forum, there was a participant that was trying to find financing for their RV and kept hitting the same wall.
Since he was looking for different sources of financing in his question, I suggested USAA as an option if he was a veteran. At one time USAA limited their services to those that were or had been officers. They've now opened up their services to all veterans, although they may require honorable discharges.
The point of all this is that the gentleman in the other forum went to USAA and got his financing. Jo and I got our financing through USAA as well. Once we start traveling and full-timing, I intend to sign up for their banking services as well. My understanding is that they will reimburse ATM fees and have pretty easy ways of depositing checks as well.
Terry
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Terry and Jo
2010 Mobile Suites 38TKSB3 2008 Ford F450 2019 Ford Expedition Max as Tag-along or Scout
The new laws enacted after 9-11 require that you be able to prove your US residence. I tried to apply for a BOA CC some years back. My business and personal accounts are both with BOA so there is plenty of history. However, since I could not produce a utility bill, rent receipts, etc. from the address I claim as my abode (either my Mothers FL address or my TX Escapees address) they would not proceed with the application. As it stands today I simply cannot cancel anything I have as there is no hope of getting a replacement and I don't see any way that I could get a new loan or a refi (thankfully not necessary) without setting up something like a SD residency where a one night campground receipt is considered proof of residence.
We are fulltimers but have used our daughters address for all legal purposes. We use Escapees mail service which is in another state but generally have had no problem. We just have to be conscious about which address we give to people. It may sound confusing but it works good for us. We used to live near our daughter and we visit her every year so we keep our same doctors,dentists, and have license,tags, voting there. Using a house address we are not confronted with the problems some fulltimers face. We park in her driveway when we visit so we are residents at that address. We had to finance our motor home until our previous rv sold . We used the credit union we had done business with for years. The person we dealt with knew we were fulltimers but also knew we were not a credit risk. She knew we used our daughter's address which was local, so no problem.
-- Edited by dream reachers on Monday 15th of August 2011 10:07:29 PM
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Allan, Jeanne and Katie the cat Full-timers from Alabama "07 -40' Phaeton & '08 Jeep Liberty