tobyandjane Report post Posted March 24, 2016 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. Thanks Share this post Link to post Share on other sites
blakeloke Report post Posted March 25, 2016 Toby and Jane, I haven't any experience with what you are asking but wanted to welcome you to the Forum. Is there a downside to just keeping your Haulmark on the home equity line of credit? Blake Share this post Link to post Share on other sites
manholt Report post Posted March 25, 2016 Sorry about your disappointment. As I understand it, you paid? $200K in 2013 for a 2005 coach? Are you surprised that the lenders would not go $200K? If these numbers are correct then I would expect the lenders to go for $50-$75K. If you paid $200K then you bought a coach for $100,000 more than actual worth! There is little value for things like, "Like New" or "Immaculate". Also, 36,000 miles on now, a 11 year old coach, I would hate to see the seals, bushings, belts and every thing in engine that needs to be run in order to keep all the parts well lubed ! What the lenders would go with, was approximately 80% of Value per NADA in 2013...Normal. Carl Share this post Link to post Share on other sites
tetonchief Report post Posted March 25, 2016 Loan value (wholesale) is normally 80% of the retail value--at least that is the way in the auto industry. Starts at new with MSRP. Depending on location and vehicle popularity some dealers like to add on a sticker to the MSRP and call it market adjusted price--just a markup on their part to get you to pay more however the bank still goes by MSRP. As the vehicle ages the loan (wholesale), retail, and average rate-in values go down based on depreciation and location and what they are selling for at the auctions. RV's are going to be a bit different as there isn't a huge auction market for them let alone numbers near cars and trucks. So banks are going yo tend to base al values at the lower end of the market so they don't put too much in a vehicle and get stuck with repos that are up side down. RV's are not necessary transportation-- they tend to fall in the category of "toys" with boats, motorcycles, atv's etc. Share this post Link to post Share on other sites
manholt Report post Posted March 26, 2016 MSRP in the Coach world is whatever a Newbie or a sucker will pay! I have always asked for and gotten 30-35% off MSRP! The bank is going to finance 80% of the new figure even though they know that the value of the coach will depreciate 30% off the buy number as soon as coach leaves dealership! Then in 2013 a dude comes along and wants the same numbers financed as it was new in 2005! Not going to happen, ever! Carl Share this post Link to post Share on other sites
tobyandjane Report post Posted March 26, 2016 Sorry all if I confused the issue. In 2005 retail was 200K. In 2013, the amount NADA valued the coach at was 65K. I have owned 4 other RV units and totally understand how the process works. I'm just perplexed and disappointed at the lack of a 'true ' valuation. As I stated, I understand how the system works, and I'm aware of the unique type of rig we have. Just asking for any experience or creative ideas. No, it's not a terrible problem with it on the HELOC, having it on it's own loan just offers a layer of flexibility. Thanks all! Share this post Link to post Share on other sites
manholt Report post Posted March 28, 2016 You're not alone...cars, boats, planes and RV depreciate! House appreciate. Your coach did not do anything different then mine in 2005-2013!A 05' Monaco Dynasty 42' DP, in 13' was worth about $80k. Share this post Link to post Share on other sites
