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J.C. Webber III

Save up your money and pay cash.

Jaimie Hall Bruzenak

That is certainly one option! We sold our house so were able to pay cash. Not everyone is in that position, though.

John

I do not believe you are correct about a 3 day right to rescind the transaction - can you provide a source? And does that only apply to full time RVers who use the home as their primary residence? Do people purchase loans without knowing the interest rate they are paying? please clarify.

Jaimie Hall Bruzenak

John, in the article at RV Daily Report, referenced above, it states:

"Oct. 1 is just the beginning of a host of new regulations steaming their way toward the RV market, he added. Starting Jan. 1, 2011, RV dealers will be required to disclose the interest rates on loans and give buyers three days to cancel the loan."

This will take effect next year.

The provision about needing to collect taxes ahead of time will apply only to full-time RVers who have no other house. I'm not sure it will be as difficult as it's made out to be, but if you purchase an RV while you still have a house, you would not have to comply.

Yes, unfortunately many consumers are more concerned about the monthly payments than the interest rate or how much they will pay over the life of the loan.

Jaimie

LinBen

We are full time rver's and have had the experience of not being able to finance even tho we have excellent credit , from reading what I have read I wonder why they have never mentioned us pay a property tax on it and then financing but we have not found that to be true. I was hoping they would change something soon but it doesn't look likely.

Jaimie Hall Bruzenak

You would only pay property taxes if you lived in it in one place full-time and then not in every place. I have read that more money is supposed to be available for RV purchases recently but don't recall where I read it. You might want to check back with a dealer and see if things have eased up and your chances of getting a loan are improved.

Good luck! It is a frustrating situation.
Jaimie

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