In 2013 we purchased a 2005 41' Haulmark motorcoach; (19K miles, Freightliner Columbia chassis- $200K new) At the time we had a Dutchstar which was financed, so we took out a HELOC for the Haulmark purchase. The plan was to obtain an RV loan for the Haulmark after we sold the Dutchstar. As we began applying for the Haulmark RV loan, we found that the amount the lenders would lend was extremely LOW.
We applied through Essex and Santander. They both told us they use NADA values as their guide. We approached Haulmark. They told us that while they acknowledged the discrepancy, because of the age of the coach the NADA value had been established and could not be adjusted. The values are based on a traditional Class C. Our coach is better matched to an over the road semi truck chassis.
I understand the subjective values we all put on our RVs, the market value and how RVs relate to the overall economy but the amount allowed would have been enough to buy just the motor! It seems as though the values are determined by some sort of algorithm rather than a fair market value.
3 years have passed and we would still like to obtain an RV loan for the coach. As you can imagine the values have dropped and are even more out of line. Any ideas, resources, experiences? The coach is immaculate, well cared for, 36K miles.