w3ozwizard
Lacey, Washington
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Thanks for advice folks but 3 daughters with college educations paid for by the bank of daddy so there is already a second mortgage so that is not an option. So minimum cash flow for a MH per month is a must. Still wondering if anyone actually got a 12 year loan through Cruise America financing. Or is that just BS?
2009 Four Winds Majestic 28A
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winnietrey
seattle
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gotsmart
a bit too late though
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w3ozwizard wrote:Thanks for advice folks but 3 daughters with college educations paid for by the bank of daddy so there is already a second mortgage so that is not an option. So minimum cash flow for a MH per month is a must. Still wondering if anyone actually got a 12 year loan through Cruise America financing. Or is that just BS?
Take the 2nd mortgage to the bank (or another bank with better rates), tell them you want to refinace it, extend the term, and cash out about {insert amount here} dollars. If you want separate payment books, take out a 3rd mortgage. It's all based upon your credit worthiness and ability to pay.
At one point I refi'd the same equity loan 3 or 4 times over 15 years when I bought new cars. I didn't want an equity line of credit - different animal, balloon payments, not for me. I wanted a payment book and deductable interest on my federal tax form. One can't do that with a car loan, so I just kept extending my home equity loan. It is very doable. Just don't over-extend yourself.
2005 Cruise America 28R (Four Winds 28R) on a 2004 Ford E450 SD 6.8L V10 4R100
2009 smart fortwo Passion with Roadmaster "Falcon 2" towbar & tail light kit - pictures
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OutdoorPhotographer
Arizona
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RV loan is tax deductible as second home. It doesn't have to be financed with home equity line of credit. The debt does need to be secured by the RV.
*** This is provided to point folks in the right direction and is not intended as tax advice. Do your own research or consult a tax professional. ***
IRS standard from Publication 936:
http://www.irs.gov/publications/p936/ar02.html
"Qualified Home
For you to take a home mortgage interest deduction, your debt must be secured by a qualified home. This means your main home or your second home. A home includes a house, condominium, cooperative, mobile home, house trailer, boat, or similar property that has sleeping, cooking, and toilet facilities.
The interest you pay on a mortgage on a home other than your main or second home may be deductible if the proceeds of the loan were used for business, investment, or other deductible purposes. Otherwise, it is considered personal interest and is not deductible."
2008 Rockwood Signature Ultralite 5th Wheel
F-250 6.2 Gasser
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OutdoorPhotographer
Arizona
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samven1 wrote:There are no El Monte's near me either and I went to CA to look at what they had. I was a bit skeptical of their renovations and the fact that when I asked for the service history they told me they did not have that. The unit I was looking at had 120,000 miles on it in just 4 years. With Ford and Chevy now calling for major service at 100,000 miles I felt like I would have to do all that as soon as I bought. I also worried that since these guys dont do insurance claims for minor damage and repair inhouse, without the service history you have no way of knowing if a wall or roof was damaged. That may not be a problem but my car was never the same after I hit a deer and they had to repair allot of sheet metal and trim.
El Monte seems to have many units with fewer miles, again I did not get to look at theirs but kept thinking that would be a good thing. One of my concerns was if I decided to sell or upgrade after 30,000 miles or so how hard would selling a unit with 150,000 miles vs 110,000 miles be. Both are fairly high and many younger people are use to cars lasting 200,000 but I am still a throw back to the age when you got rid of a car with more that 60,000 because thats when many problems started. I keep telling myself that newer vehicles last longer but I cant get that rid of that uncomfortable feeling.
Anyway El Monte says they provide service records from day 1 so you have some reassurance and they give you a 1 year warranty.
By the way I ended up buying new because the price difference on the unit I wanted was not that great but larger RV's would have been substantially more.
You mention El Monte's warranty and service records but earlier said you visited CA and they didn't have service records. Was that not El Monte that didn't have records or did they not honor their website promise for maintenance records?
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samven1
Hedgesville, WV usa
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Sorry, CA is Cruise America, they are not the same as El Monte. CA does not say they provide service history and you have to buy the extended warranty if you want it. I have heard of some people getting service records from CA but I dont think it is the norm.
I think both can be a good deal if you are looking for something under 30k but I have seen smaller RVs 2-3 years old with nearly 100K miles from both for only 15%-20% less than a brand new full warranty unit.
Sam
03 Dodge Ram 1500 QC LB Hemi
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OutdoorPhotographer
Arizona
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Ah, got you. I moved from California last year and saw El Monte rentals all the time in Yosemite so I thought you meant you went to CA to visit El Monte. I like that they advertise maintenance records and offer a 12 month/12,000 mile powertrain warranty but I'm now on the wrong coast to easily check out the condition of their rentals. They don't list mileage on the website nor whether the roof is included in the warranty. From reading rv.net, the roof and water damage is what concerns me most on buying used, even though I see the clear advantages of letting someone else eat the steepest part of the depreciation curve.
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IAMICHABOD
Sunny So Cal
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2006 TIOGA 26Q CHEVY 6.0 WORKHORSE VORTEC
Former El Monte RV Rental
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w3ozwizard
Lacey, Washington
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I have been looking at the El Monte web site and the pictures look good, but that is the problem. I have to look at photos and if I want to actually look at one I would have to fly with my wife to at least California and hope I see something I like. This could cost me more than I think it may be worth. I would have to pay for airfare one way at least would be about $350 for both of us. Have to rent a car while I drive to the location down there. We would have to board our two large dogs for a week that would run at least another $350 so I can easily see a thousand dollars going out the window. When I get down there if I don't find anything my wife and I like we would have to fly back and spend more money. Would El Monte's rigs be that much better than CA? If I lived closer to an El Monte location I would not hesitate as they seem to have a better selection. I suppose I could call them and ask if they have a policy where they will reimbursed up to $500 of the air fare if you buy one of their rigs. Does anyone here know? Cruise American does. I also don't want one with the El Monte logos on it as I understand they are very hard to get off. CA repaints their rigs so that is a plus as far as I am concerned.
I know this is not part of this particular topic but someone has suggested looking at the local used market, not renters. That has been quite shocking to me here. Looking at RV sales places and even going to Craig's list, I am seeing some prices for comparable MHs that are out of this world. Take for instance a 2009 Four Winds 28A I have been looking at at CA. I can get one with about 140,000 miles on it in the mid 20K range. At the RV lots and private sellers I am seeing the same or comparable rigs with 50,000 miles or so going to almost double or at least in the high 30s. And they in most cases come with no warranty at all. We looked at some MHs here local that when we looked at them they looked as though they would not even make it out of their driveway.We have only looked at a couple but those have discouraged us quite a bit. They looked shabby and even smelled. Also surprisingly there are not that many for sale here.
I thank everyone who has responded to me and tried to help. But breaking it down, I guess here are my requirements for a motorhome purchase.
1. The unit must have a price less than $30,000. or I will just purchase a new one.
2. Must have a made up bed that we can walk around and either one get out of without crawling over each other to go potty in the night.
3. We want the rig to be longer than 25 feet.
4. We want to be able to finance the rig for at least 12 years.
5. We want the rig to be able to have an extended warranty at least on the truck parts.
That is about it other than the things that are normal on most MHs we have looked at, like generators and microwaves etc. One way or another I am going to find something that fits these basic requirements by no late than September of this year come hell or high water. Thanks for reading this diatribe.
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Mocoondo
Chicago, IL
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FYI, Cruise America has a fly and buy program. They will pay for your airfare up to $500 to get you to a sales center. When you buy a coach, they will issue you a rebate check for your airfare.
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