Why is the credit score the lender pulls different than the one I saw Online???

Understanding credit scores is complicated.  We are often asked why the credit score we pull is drastically different than the credit score our customer "thought" they had.  There are several reasons for this.

#1- There are 3 different credit bureaus...Equifax (most commonly used in our industry/state), TransUnion (used by 2 of my lenders) and Experian (not used by any of my lenders).  Each bureau has their own score and scoring model, so the score we pull on Equifax will typically not be the same score that we might pull on Transunion.

#2- There are many types of credit scores....FICO, Vantage, Beacon, just to name a few.  Many customers have only ever seen their Vantage Score or Beacon Score.  When in actuality, most lenders (including all of ours) use the FICO score.  Each of the 3 credit bureaus has their own FICO score.

#3- As if that weren't all confusing enough, there are also many versions of the FICO score for each bureau.  So, even if you have seen your FICO score, it may not be the same FICO version that the lender is using.   See the chart below, taken from the website myfico.com

I hope that helps clear up some confusion on the subject of credit scores.

I would also like to add one side note on a semi-related topic.  I often hear customers state that they are worried their credit score will drop if I have to send their application to more than one lender.  While I do not "shotgun" an application out as many dealers will, having several lenders pull your credit will not typically hurt your credit score.  See the image below for an explanation on this subject from the myfico.com website

$0 Down Financing vs Putting Money Down

Right now the economy is booming.  We are seeing record sales, record numbers of customers and lenders that are being super aggressive with their rates and terms.  So aggressive in fact that we are even able to offer $0 down financing through two of our lenders.  The rest of our lenders still require 10% down in the form of cash or trade equity.

So....if you can get zero down why in the world would you ever go another route?

Pretty simple really...if you finance your camper with no money down that means you are financing your camper plus your sales tax and title (and any applicable warranties, gap insurance, etc).  You are therefore going into the loan upside down.  It will take you a lot longer to ever be in a positive equity position that it would if you had put 10% cash down in the first place.  If you do end up doing 100% RV Financing, we recommend that at least once or twice per year you make an extra lump sum payment on the principle.  This will help get you out of that "upside down" state faster.

Also, another advantage to traditional 10% down financing is that we are often able to get longer terms and lower rates...that means a lower overall payment for you!

Ready to finance your next camper?  Fill out an online credit app here...  

The Open Range Light 297RLS

As many of you know, we started carrying the Open Range (Highland Ridge RV) brand of products this year.  We have always prided ourselves on having the most innovative brand of products on our yard, so it was a logical decision for us to pick up this brand when we saw the quality and innovative features that are standard on the Open Range campers.

One of the best features of the Open Range Light line, is the ability to tow the fifth wheels with a Half-ton pickup (F-150, 1500, Tundra, Titan, etc) even with a 5.5' bed.  And this is done without the use of a slider hitch!

One of the most impressive features that we learned about the Open Range line of products, during our factory tour was the fact that they do not use rubber screw insert moulding outside, nor do they use silicon caulk and they also use 3M flashing underneath all mouldings.  If you have ever owned and RV before, you know that most water damage is caused by failure of the caulking.  This is a non-issue with these products.  

This video shows many of the exterior features of this camper.

Another awesome feature is the 100" Wide Body Construction and 42" deep side rooms, making these campers, up to 15" wider than the competition, when the slide rooms are open.  But that is just one of many exclusive features.  Watch these quick videos to learn more!

How to Inspect a Pre-Owned RV before Purchase

I am going to just come out and say this....I really dislike selling used campers.  Why?  Simply stated, I (as the dealer) have ABSOLUTELY no way of knowing how that RV was maintained by it's previous owner(s).  Did they always make sure the camper was level before using the fridge (if not, the lifespan of that fridge is seriously diminished)?  Did they regularly service the water heater?  Did they inspect their seals and recaulk the camper when it needed it?  The best I can do is visually inspect for any signs of previous water damage and operate all appliances to make sure they are working.

However, just because a fridge is working right now, doesn't mean that it will be working tomorrow or next week or next year.  Just because the air is blowing cold today, doesn't mean the a/c unit will still be working tomorrow.  I have no way of knowing.  My service tech with 20 years of RV repair experience, has no way of knowing.

But, even though we clearly state on every used RV that they are USED AS IS -- NO WARRANTY, about 75% of the time, we end up having the customer return or call to complain that such and such stopped working shortly after they purchased it.  If they bought an extended warranty, then this is generally nothing more than a minor inconvenience, as the warranty will generally cover the repairs.  However, if they opted to decline any extended warranty coverage, they bear the entire burden of the repair costs.

This is not to say that New Campers don't have issues...they do.  BUT, the owner is covered by a manufacturers warranty which has a $0 deductible.  Plus, we instruct our customers on the proper maintenance procedures that they need to perform on the camper to keep it in good condition for many years to come.

Don't think it is just us that run into this issue.  It is industry wide.  And, I haven't even talked about the number of customers that we have come in after having purchased a used camper from a private party individual.  Where we, as a dealer will visually inspect and test all the systems on the camper and then SHOW the customer that everything is working...most sales that occur between individuals happen without the new owner ever "seeing" that everything on the camper works.  Nothing on the camper having been inspected by a real RV tech.  A potential buyer usually responds to an online ad, goes to see the camper in person but it's generally not plugged into a power source, takes five minutes to walk through the camper (usually too timid to really poke around and inspect for damage), asks the owner if everything works (which invariably garners the response "yes, last time we used it everything was working perfect").

I've had more customers than I can even count who have purchased a used camper from an individual and later discover that the roof has been leaking and is now rotted in places.  Then they are upset when they find out that a new RV Rubber Roof will run them $3000-$10,000 depending on the size and the extent of damage to underlying wood.

So, I am going to share with you my tips for inspecting an RV (I am directing this toward towable RV buyers) before you buy it.  You can use these tips with a dealer unit or a private party unit.  When buying a motorized unit, these same items will apply but you will also need to thoroughly check the motorized portion.

1. Visually inspect the exterior for gaps/cracks in caulking and any delamination.  Delamination almost always indicates the presence of water damage within the walls.  Sometimes it is not even visible to the naked eye, but underneath the wallboard will be loads of mold and rotted wood.
   
   
   
   This unit  (above) is showing the beginning stages of delamination near the top of the front cap.  Delamination is separation of the fiberglass exterior from it's underlayment (in most cases this is luan but sometimes it is cardboard).

The unit above has advanced delamination issues.

   2.   Get a ladder and inspect the roof.  This is a major one.  You need to inspect the caulking around          every vent and the entire perimeter.  Also feel the entire roof with your hands to see if there are          any soft spots.   

   3.  On the inside, open all cabinet doors and look/feel for any soft spots or wrinkling of the wallpaper.  Also look/feel the walls around all slide rooms and windows.  This photo shows the inside of a wall that had a little bit of wrinkling on the wallpaper.  This is the wall from the camper pictured above with the beginning stages of delamination.  As you can see, the water damage was pretty extensive, even from that little bit of delamination.

   4.  Look up!  Check the entire ceiling for signs of water intrusion.  This is generally going to look like a little bit of brown staining and the seams.

  5.  Do the sniff test.  This is my (almost) sure-fire way of detecting water leaks.  I can almost always detect the odor of water before I even see any damage.  The smell will be a musty odor.

  6.   Walk the entire floor and look for soft spots.  This is a photo of a floor that felt a little soft, after we took the linoleum up.

8.  Insist on having the camper hooked to electric and ask them to have the fridge pre-cooled before you get there.  It takes an RV Fridge about 12 hours to cool down, so if they don't have it running well ahead of time, there is no way for you to know for sure if it's not working.  A new cooling unit for an RV Fridge costs about $1500 plus labor.   Make them demo the fridge operating on both electric and propane.  Have them demonstrate the operation of the furnace, a/c unit, water heater, water pump, slide rooms, etc.

  9.  Have them open the awning.  Make sure that it works correctly and that the canvas is in good shape.  If the canvas is not in good shape, take that into consideration when making an offer.

One thing that I will say though is don't get too nitpicky over items that are purely cosmetic (decals, chipped wood, faded carpet, scuffed plastic, etc).  Remember, you are buying a USED camper, you are saving money by doing so and it will never ever be a NEW camper.