Is It Safe to Lease My RV Through a Dealer
Question: Dear Luise: I recently had a death in the family and have a VERY NICE 40 diesel for sale. I was contacted by Dreamfinders RV regarding leasing/purchase motor home. They have a prospective leasee/buyer. The motor home is leased for a minimum of one year and then purchased. The leasee MUST obtain insurance, extended warranty, make sure all maintenance/ repairs are done and monthly payments will be automatically deposited directly into my account or mailed to me. My question…have you heard of Dreamfinder and what do you know about leasing your motor home? This company sounds pretty thorough but I just am not sure. M.
Answer: Dear M. I would contact the Better Business Bureau and Attorney General’s Office in your state to ask about the company. How long have they been in business? Any complaints or pending law-suits on record against them? If you find no negative history, I would ask for a copy of the contract you would be signing and have a lawyer check it out. Better safe than sorry.
I wasn’t able to find much online, which bothers me a little. I was directed to a dealer in Florence, Alabama, which may not be the right site. But what really raises the hackles on the back of my neck is that this is a very difficult time, as you know, to find qualified buyers for luxury RVs, even lease-to-own buyers. The market is flooded with RVs being sold at a huge loss and dealers are going out of business everywhere you turn. Poorly qualified buyers are disappearing with recently purchased RVs and using them for housing. (While the salesperson keeps the down payment as his commission.) There’s a lot going on that you definitely don’t want to be a part of.
My guess is that you have been contacted by a somewhat slippery salesperson that has no buyer. They do not need to go out looking for RVs to sell; they are buried in RVs. Once you sign, the “buyer” will probably “change his mind” and your unit will be tied up. At that time, I’m afraid you will be asked to lower your price and broaden your terms to “compete” with a market that has almost disappeared…while still being responsible for a large sales commission. There can be many variations to this theme…none in your favor. It’s just a guess and I hope I’m wrong.
I would try a by owner ad on www.craigslist.com at a very competitive price with lots of great pictures. And I wouldn’t lease unless you really know what you’re doing. Or better yet, I wouldn’t lease at all.
There are also off-the-wall solutions like putting your RV in a camping club, living in it and renting out your own home. Rentals are in demand…ones people can’t drive away in. Blessings, Luise
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