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Lack of Coaches
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No I don’t know the details, but they were at Florida Luxury Coach. Probably, somewhere between 2000 and 2006 ???
Doug over at Excalibur Coach lost one and FLC lost 5 (as far as I was told).
You can Google Sanford Luxury coach fire for a video and photos.
About 2 months ago a coach burned pretty bad while parked in the Lazydays campground in Sefner FL.
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There was another Prevost coach that burned up over the week end about 5 miles away from the Sanford fire. Heard that was caused by an electrical problem. Was told it was a country coach.
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I really think that financing is the issue for many when it comes to buying an older coach in the 150-350k range or so.
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There is no doubt financing an older coach is a challenge, but credit worthy borrowers should be able to come up with creative ways to finance a coach. They should consider preparing for financing while looking for a coach because as the market tightens folks with ready cash or a line of credit are going to move to the front of the line.
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Anyone have any names of Coach financing experts?
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Most companies that finance boats also handle RVs. Google marine financing!
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Try Voyager, they’re one of our Advertisers.
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I financed my coach with Newcoast Financial. Glad I did, given my rates are lower than my typical return on investments, plus the interest is deductible on my income tax. Personally, I would never think of paying cash for a motorhome or large boat. If they ever eliminate the deduction, I will probably pay it off.
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My ability to predict the future sucks, but a lot of the distress when the economy tanked was because coach values dropped so fast that owners who had financed their coaches in a lot of cases were upside down by a wide margin. When the banks or finance companies wanted the loans repaid or at least paid down a great extent those owners were confronted with a loss of value of their investments at the same time.
The rest is history. a whole bunch of coaches got dumped into the makret at give-away prices, a lot of owners got burnt, and even more owners watched the value of the coaches they owned plummet.
There is no right decision regarding financing or paying cash.
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During the RV industry’s deep depression of 08 and 09, we saw numerous RV manufacturers go under. It was a struggle of Biblical proportions to even stay in business as a small RV dealer. However, if note is made of those coach builders and converters who did go out, I will wager you will find a strong correlation with high debt loads. Case in point: Monaco who bought up companies like a drunk sailor went down like the Titanic…Country Coach, Alfa, Fleetwood, National RV and on and on. On the other hand, those companies who were essentially debt free…Winnebago and Neumar for instance, remain in business today. I’m not as familiar with the bus conversion end of things…but in general, highly leveraged RV companies had a difficult time surviving. ty
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We used our local bank. At first they didn’t know what a Prevost was, so we educated them. They had no problem when we switched to a Monaco.
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