Curses upon NAda June 02, 2009, 07:28:12 am Yahoo Message Number: 102860We have a prospective buyer for our '02 FL, but that age-old problem of NADA under-valuing LD's has arisen. We have agreed on the price, which is more than the NADA amount for our rig. So of course, banks are not willing to loan them the amount they need.My question is: has anyone found a lending institution that does actually understand that a LD just about always sells for more than NADA book value?Thanks,Ted H.www.wxtoad.com[Non-text portions of this message have been removed]
Re: Curses upon NAda Reply #1 – June 02, 2009, 11:22:23 am Yahoo Message Number: 102866"We have agreed on the price, which is more than the NADA amount for our rig. So of course, banks are not willing to loan them the amount they need." This is a long shot, Ted, but if they belong to a credit union that is willing to make the vehicle loan, they might be able to also get an unsecured "signature loan" to make up some or all of the difference. I did this once, long ago, when I needed to buy a car but had little money in the bank. Because they are essentially nonprofit cooperatives, credit unions generally have more favorable rates than commercial banks, and at least in my experience, are much more willing to work to accommodate their members' needs. But as I said, your buyers would have to already be members... I doubt that a credit union would be willing to offer this kind of arrangement to a brand-new member.Andy Baird http://www.andybaird.com/travels/
Re: Curses upon NAda Reply #2 – June 02, 2009, 11:29:09 am Yahoo Message Number: 102868TedI'm heartbroken that your selling but good luck.Nancy, Atlanta
Re: Curses upon NAda Reply #3 – June 02, 2009, 11:35:26 am Yahoo Message Number: 102869"I'm heartbroken that your selling but good luck."NancyDo not feel too bad, Ted is upgrading to a newer, larger RB. Once he has sold his old FL, he will be very happy.Larry
Re: Curses upon NAda Reply #4 – June 02, 2009, 03:24:46 pm Yahoo Message Number: 102873LarryI'm heartbroken because I was thinking of buying it but not quite ready but I wouldn't have to finance--thank goodness for all the cutbacks I've made to be able to lazy daze! Nancy
Re: Curses upon NAda Reply #5 – June 02, 2009, 05:26:25 pm Yahoo Message Number: 102881"I'm heartbroken because I was thinking of buying it but not quite ready but I wouldn't have to finance"NancyI'm sorry. I did not know that you we interested in it. It spent a couple nights in my driveway last years and I can attest to it being a well cared for LD with a lot of extras.Larry
Re: Curses upon NAda Reply #6 – June 02, 2009, 05:41:37 pm Yahoo Message Number: 102884Ted, Could they get a home equity loan? In order to buy our rv that's what we did, and our rather conservative bank didn't blink when we told them what the loan was for.Kathy
Re: Curses upon NAda Reply #7 – June 02, 2009, 05:58:41 pm Yahoo Message Number: 102888Ted Did you use the NADA website to get their value for your LD and all options? Make that just the base price is not being used. Also, some of NADA's options include a quantity of only one, even if you have two. Examples are solar panels, auxiliary batteries and vent fans. Also, NADA does not list a value for several LD options. Was this taken into account? Can your potential buyer give you a separate payment beyond the NADA appraisal value? Stan__
Re: Curses upon NAda Reply #8 – June 02, 2009, 06:28:26 pm Yahoo Message Number: 102891LarryThanks--I sensed that. Nancy
Re: Curses upon NAda Reply #9 – June 03, 2009, 08:34:45 am Yahoo Message Number: 102906Thanks for the tip, Stan. I'll definitely double-check that. Ted H.Ted Did you use the NADA website to get their value for your LD and all options? Make that just the base price is not being used. Also, some of NADA's options include a quantity of only one, even if you have two. Examples are solar panels, auxiliary batteries and vent fans. Also, NADA does not list a value for several LD options. Was this taken into account? Can your potential buyer give you a separate payment beyond the NADA appraisal value? Stan[Non-text portions of this message have been removed]
Re: Curses upon NAda Reply #10 – June 05, 2009, 03:27:25 pm Yahoo Message Number: 102993I have had a similar problem, I went to some of the online banking institutions who would only use the base value. They should check with a local credit union who allows you to use Nada with all the options avaliable. I am currently working with Costco who uses Essex, they asked for the complete Nada evaluation, havent recieved work yet but expect a call today.Mike
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