General RV Smudged Contracts

[standerson]

Wonder how many people have the altered contracts.

[Campnjoe]

The thing I don't get about this whole situation is what benefit would General RV have by altering the documents? A few of the people on the interviews show a decent interest rate so it's not like they couldn't qualify for the loans at those terms. What's the incentive here?

[EA37TS]

Originally Posted by Campnjoe

The thing I don't get about this whole situation is what benefit would General RV have by altering the documents? A few of the people on the interviews show a decent interest rate so it's not like they couldn't qualify for the loans at those terms. What's the incentive here?

Kickbacks from the lender and higher commission for the finance person for using that lender.

[bevedfelker]

I guess all of this is using a loan through General RV, right? When I bought my 2015 Thor Vegas from General RV in Tampa, all the dealer provided was the out the door price for the RV. I financed through USAA not through the dealer. All USAA needed was the total price. They computed the loan and monthly payment based on their interest rate. The USAA loan paperwork showed the total borrowed, the number of monthly payments, the loan interest, and the date of the final payment. After I reviewed USAA's loan paperwork, I signed it, and they sent General RV in Tampa the check.

I had no smudges, "doctored" number of payment, and no final balloon payment (and USAA gave me a 4.9% interest rate).

[16ACE27]

Originally Posted by Campnjoe

The thing I don't get about this whole situation is what benefit would General RV have by altering the documents? A few of the people on the interviews show a decent interest rate so it's not like they couldn't qualify for the loans at those terms. What's the incentive here?

Well if you're shopping by payment and not by price, the payment for a 240 month loan is a lot less than for a true 120 month loan. The way they get to that low payment is by making the loan rear loaded with a balloon payment for payment #120 for about half the amount originally financed.

[IDguy]

The contracts they show clearly show the balloon payment. The customers signed them. What’s the beef?

[Bob Denman]

During the "thrill of the purchase": it's easy for the sales goober to distract you from things like that...

[Tiflog18]

We bought a used RV from General RV in Huntley Illinois. When we were signing documents before we sign the documents we told him we were just looking to get to a specific number in finance. We told him the bottom line price we would pay would be 28,800 out the door. When my husband came to signed the papers they showed the price is 28,800+ tax plus Title plus transfer plus warranty. Upon getting home we went over the papers again and saw this “error” When we return and ask about the “mistake” We were basically told your problem you should’ve looked at the documents. I had the quote that was signed by the sales manager sitting this is what we were quoted. All that they would do is refund to the bank the mistake thanking we didn’t know what an amortization schedule was. Weight of end up paying an extra $20,000 plus on that rig. We sold the rig last December for 28,800. It was deliberate and I would never buy original General RV as a result .
We have had six rigs this was our seven. Will never make that mistake again and will never buy from General RV

[Tiflog18]

Not everybody reads the small print. Not everyone’s going to cheat you. To ask what the beef is means it’s completely the buyers fault. Not so

[16ACE27]

Originally Posted by IDguy

The contracts they show clearly show the balloon payment. The customers signed them. What’s the beef?

The "beef" is the contracts in the hand of the buyer and the contracts sent to the finance institutions are not the same. The claim is that the contracts were altered after the buyer signed them - hence the 240 vs 119 + balloon payment discrepancy.

[sportcoupe]

Originally Posted by bevedfelker

I guess all of this is using a loan through General RV, right? When I bought my 2015 Thor Vegas from General RV in Tampa, all the dealer provided was the out the door price for the RV. I financed through USAA not through the dealer. All USAA needed was the total price. They computed the loan and monthly payment based on their interest rate. The USAA loan paperwork showed the total borrowed, the number of monthly payments, the loan interest, and the date of the final payment. After I reviewed USAA's loan paperwork, I signed it, and they sent General RV in Tampa the check.

I had no smudges, "doctored" number of payment, and no final balloon payment (and USAA gave me a 4.9% interest rate).

I'll also be going to USAA when my RV arrives. My dealer gave me a quote which included 11% loan rate on a new Vegas 24.1. Ridiculous.

[witthuus]

Originally Posted by sportcoupe

I'll also be going to USAA when my RV arrives. My dealer gave me a quote which included 11% loan rate on a new Vegas 24.1. Ridiculous.

11% ??

[Campnjoe]

Originally Posted by sportcoupe

I'll also be going to USAA when my RV arrives. My dealer gave me a quote which included 11% loan rate on a new Vegas 24.1. Ridiculous.

Wow 11%... that's crazy.

[Bob Denman]

Originally Posted by witthuus

11% ??

That's a pretty good return...

... As long as you're on the receiving end of it!

[sportcoupe]

Just to prove, don't trust a dealer. Yes they said 11% on a new RV loan. No, I am not letting them run my credit.

[16ACE27]

https://www.youtube.com/watch?v=d8s2dnbYaWo

[ducksface]

Originally Posted by sportcoupe

Just to prove, don't trust a dealer. Yes they said 11% on a new RV loan. No, I am not letting them run my credit.

Its called an option contract.
When people wouldnt let me run their credit or said they could beat my charges, I wrote them at 18.81(12 add-on)% with an option to bring in their own financing. If they didn't because they lied about their credit or credit union or something, I cashed their contract.

The 11% was probably to get you off your tail and working on getting them their money.

Punchline:
If you all are DAMN SURE about financing, or rich aunt matilda finally dying, or the lawsuit paying off, or that back disability check being authorized, or your son selling his first rap video(you wouldnt believe the Crap I heard on the options I cashed out) sign the option and take the rv home.

[ducksface]

I'll stop short of saying its federal law
But
Many states have refund policies on extended warranties that are 100% in the consumers favor.
If
You blow a $10,000 engine in the first month of your warranty or the 11 month or any, the company refunds you the unused time/miles regardless of their outlay. First to the lender, then to you if your vehicle is paid off.

75 bucks tranferred the $7,500 warranty to me for my 3 month old used 24.1
I could have cancelled and pocketed 81/84ths of That $7,500.
I did not cancel.

(This was posted because of the folks who said they didn't read their contract when they signed. Maybe those folks didn't cancel the contract and it may still have time/money on it, and they can cancel it TODAY. I HATE to spell it out...but it might need spelled out....)

[Bob Denman]

Originally Posted by 16ACE27

I gotta give the "good" folks at General RV credit: they've got a HUGE pair of balls!