We walked in to BUY A CAMPER, and you TRIED TO SELL US A LOAN. Saw the Vegas at the Chicago RV Show $69,995, price includes a $3,000 Finance Discount.
We had not planned to finance the purchase and didn't understand we had to finance through Camping World so a week later we show up to test drive and sign the papers and are reminded we must finance the purchase. I explain that we've pre-qualified for $40,000 at 1.9% through MOE Credit Union (60 pmts. of $701). But some college hotshot (Travis) is going to tell us how much smarter it is to finance the entire purchase $75,000 for 20 years at 6.9% because our monthly payment will only be $301.00 a month (for 240 months, 20 years!) and we can invest the rest in the market and earn 5%., plus we will get part of the interest back in our taxes.
I said we would just rather pay the extra $3,000 to buy the RV and probably not even take the $40k from the credit union . He still would not quit shuffling his charts and papers and insisting so finally in exasperation I said "To be blunt, this has gone from you trying to sell us a camper to trying to sell us a loan" I was trying to be diplomatic, my husband just said "*** You" and we stormed out. While not illegal, this is definitely unethical. My retired husband and I know what is best for our finances.
Who is underwriting these 20 year loans for campers that depreciate the minute they leave the showroom? Who is betting against it (sub-prime mortgage meltdown, anyone?). What a joke. YOU ARE NOT SELLING CAMPERS YOU ARE SELLING PREDATORY LOANS - AND GETTING KICKBACKS FROM THE BANK.
Then reselling the units that are repossessed. We'll find our RV somewhere else where we aren't going to get bullied into a loan we don't need!
Product or Service Mentioned: Camping World Sales Representative.
Reason of review: High pressure loan sales.
Preferred solution: The company needs to stop using high pressure sales tactics to sell loans!.
I liked: Hire veterans.