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Old 08-02-2009, 07:38 PM   #1
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Angry Should have paid cash, U.S. Bank kicks you when you are down

I am reluctant to post this because many folks do not read the original post before replying. Read it all and assume nothing.

Here's the deal...I purchased my 5th wheel 13 months ago from a very good dealer. The good dealer got us financed with U.S. Bank. That's nice.

Fast forward. I was laid off April 17, 2009. Fast forward. The Christian School where my wife was a music teacher closed, giving her 1/2 of her final paycheck. They are broke, in the hole and are selling off all the desks and school materials. They're gone forever. And the wife can't draw unemployment because as a non-profit they were not required to pay into the system.

We now live in a paid for house but we owe $22,000 on the 5th wheel. We live on $350 a week, that's my UI check.

So I call U.S. Bank, and I suggest that since I am still current, we move to a deal where I pay the interest each month, the principle balance remains constant and when I get re-employed, I pick up regular payments again. I keep the trailer, the bank makes even more money than they originally planned and every body is happy.

There response: "NO!"

I explain that a local bank did this for me back in 1982, it is legal, banks do it all the time, and you will make more money this way.

There response: "NO!"

There plan is to beat me over the head "with the contract I willingly signed" and if I should default, then they repo the trailer, sell it at auction and sue me for the difference. Nice. Remember I am current with my payments, not past due on anything (yet)

So I called the reputable dealer and spoke to the owner. Told him all about how U.S. Bank will not work with a customer, even when he is current. And then I suggested that there may soon be an almost new Rockwood 8280SS at auction for say, $10K to $14K at best, so the bank will then be in the RV business competing WITH HIS DEALERSHIP at prices he can't get anywhere near. He was pretty livid about it, since his finance group sold me the loan. And he doesn't like competing with re-po lots. So he said he'd give several folks at U.S Bank a call and read them the riot act, since he sells 50 units a week and 25% of them fiance with U.S. Bank.

Compare this with my local credit union who has the loan on the truck. The loan officer took a lot of notes, noted I STILL have my 755 credit rating, and said she would take this up with "the loan committee" with the assurance that while they might not bite on the "interest only for a while" scheme, they almost always figure out a way to reduce a note for a pro-active customer with good credit.

So when you get the itch to get that next new RV, use your local credit union. Stay away from big brainless banks, and U.S. Bank in particular.

Because when you are down, U.S. Bank will not help you, even if it's in their own best interest.
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Old 08-02-2009, 07:44 PM   #2
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I would suggest going up the food chain at the bank and call the corporate office. The local "Idiots" are just that, idiots and really don;t care about you. They will generally stay out of trouble if they follow the written policies and do not think.

Just my 2 cents worth.

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Old 08-02-2009, 09:24 PM   #3
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That's why I called my dealer who sells 1.5 mill worth of their loans each month!!

Get HIM upset and see what happens. Shoot, I may just call Forest River and tel them about it.
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Old 08-03-2009, 07:52 AM   #4
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Our previous trailer was financed with U.S. Bank and I said never again. Anytime we needed any information on the loan I had to call. They would not even acknowledge to my wife that there was a loan on the trailer. In order to get then to speak to her, we would ahve to refinance and have her name on the papers.

I told them fine and dandy if that was the way they wanted to play. If anything happened to me, she was not to speak to them or sent then another red cent....she couldn't since she did not exist in their eyes.

Ken
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Old 08-03-2009, 09:49 AM   #5
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Any chance you can take your business to somewhere else, perhaps a credit union.

Or worst case, get a reverse mortgage on the house (if you qualify) and use it to pay off the RV.

Frankly.. I don't like that suggestion.... but as they say "A man's gotta do what a man's gotta do"

I like the "Take your business elsewhere" better

There are signs the economy is truning around, but alas, not quick enough.

Also,,, if you are willing to move there are school systems that may need teachers, Clark County NV for example often has openings....(That's Las Vegas) From the stories I hear there is an elementary teacher who may soon be vacating his classroom there. (But that is a story best not posted on the web just yet)

She should also registure locally for sub teaching while she's shopping for a full time job

And don't be afraid of flipping burgers at McD's for quite a bit more than I thought they paid.. I mean it's kind of far down on the food chain, but I'll bet if you ask the store manager he will tell you what his first job there was... and it was NOT manager.
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Old 08-03-2009, 09:57 AM   #6
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Good thinking Wade, to get the RV Dealer involved. I hope he can put enough stress on them to work at your advantage.

When we bought this last 5er it was easier to finance through a large bank, as you did. Especially since we were away from home. We later refinance through our local credit union, also paying down more $$$ on it. Like you, we have the truck and the camper financed, but both through one of our credit unions. Hopefully in a crunch they would do as you suggested to U.S. Bank.

Good luck with it.

Jim



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Old 08-05-2009, 05:03 PM   #7
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perhaps someday, all banks will learn the meaning of "customer service"...then again, maybe they wont.
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Old 08-06-2009, 11:16 PM   #8
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My wife has been dealing with a major bank on a credit card for the church where she works.... It has now been 4 months to get new cards and people approved to discuss the account. She does all of the accounting for the church but yet cannot talk to the bank about the account. They even had the nerve to tell the one person qualified to talk to them that his SS# number was not correct...He told them that he had a career in the army and he darn well knew what his number was....

Customer service is a thing of the past I'm afraid....
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Old 08-07-2009, 09:45 AM   #9
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Quote:
Originally Posted by KF5BET View Post
Customer service is a thing of the past I'm afraid....
A shame to say, but you are correct. Customer service went out the door with most bussinesses awhile back. Everywhere but on this forum maybe.



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Old 08-07-2009, 11:20 AM   #10
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Quote:
Originally Posted by Radio View Post
I am reluctant to post this because many folks do not read the original post before replying. Read it all and assume nothing.

Here's the deal...I purchased my 5th wheel 13 months ago from a very good dealer. The good dealer got us financed with U.S. Bank. That's nice.

Fast forward. I was laid off April 17, 2009. Fast forward. The Christian School where my wife was a music teacher closed, giving her 1/2 of her final paycheck. They are broke, in the hole and are selling off all the desks and school materials. They're gone forever. And the wife can't draw unemployment because as a non-profit they were not required to pay into the system.

We now live in a paid for house but we owe $22,000 on the 5th wheel. We live on $350 a week, that's my UI check.

So I call U.S. Bank, and I suggest that since I am still current, we move to a deal where I pay the interest each month, the principle balance remains constant and when I get re-employed, I pick up regular payments again. I keep the trailer, the bank makes even more money than they originally planned and every body is happy.

There response: "NO!"

I explain that a local bank did this for me back in 1982, it is legal, banks do it all the time, and you will make more money this way.

There response: "NO!"

There plan is to beat me over the head "with the contract I willingly signed" and if I should default, then they repo the trailer, sell it at auction and sue me for the difference. Nice. Remember I am current with my payments, not past due on anything (yet)

So I called the reputable dealer and spoke to the owner. Told him all about how U.S. Bank will not work with a customer, even when he is current. And then I suggested that there may soon be an almost new Rockwood 8280SS at auction for say, $10K to $14K at best, so the bank will then be in the RV business competing WITH HIS DEALERSHIP at prices he can't get anywhere near. He was pretty livid about it, since his finance group sold me the loan. And he doesn't like competing with re-po lots. So he said he'd give several folks at U.S Bank a call and read them the riot act, since he sells 50 units a week and 25% of them fiance with U.S. Bank.

Compare this with my local credit union who has the loan on the truck. The loan officer took a lot of notes, noted I STILL have my 755 credit rating, and said she would take this up with "the loan committee" with the assurance that while they might not bite on the "interest only for a while" scheme, they almost always figure out a way to reduce a note for a pro-active customer with good credit.

So when you get the itch to get that next new RV, use your local credit union. Stay away from big brainless banks, and U.S. Bank in particular.

Because when you are down, U.S. Bank will not help you, even if it's in their own best interest.
A lot of it has to do with the current tightened economic conditions. I used to get low competive rates comparable to those offered at our credit union at another institution, and so when I bought my last new car last year I was suprised to see the loan turned down through my normal channels and accepted at some other bank at a much higher intrest rate.
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Old 08-07-2009, 11:51 AM   #11
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22K isn't that much. I don't have it but surely someone you know does. Someone would snap this up, help you out and have a nice income flow once you were able to pay again. If you are paying 7-8% interest how many investors are getting that level of income right now? A "hard money lender" will want more collateral than just the 5'r so you would be best served by someone that knows you are good for it. Just a thought.
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Old 08-07-2009, 12:13 PM   #12
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I've looked into online private lending/borrowing before and I found the site again in case it is an option for you: http://www.prosper.com/ prosper.com
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Old 08-06-2013, 04:12 PM   #13
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I wanted to revisit this old thread (golly...2009? where has the time gone?)

Today I signed the papers to dump U.S. Bank and get them out of my life. Refinanced the 5th wheel with the credit union, went from 9 to 5.5 percent, will have the trailer paid off sooner, saving several thousand dollars.

It's been a while coming, but since a few good things have happened I now have the means to kick them out of my life forever.

Never finance an RV or anything else with U.S. Bank. Ever. They are simply bad people.
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Old 08-06-2013, 04:27 PM   #14
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Default And now we party!

After much and

We are now set to and

After we gave US Bank a little and a or two.

(Our smiley collection rivals anything on the net.)

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Old 08-06-2013, 09:26 PM   #15
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Congrats on the happy times.
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Old 08-06-2013, 09:51 PM   #16
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That a way to go Wade!



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Old 08-07-2013, 11:37 AM   #17
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My RV is financed via a bank (Bank of the west) and for a few years I was kind of behind.. I worked with one of the "High balance collection" agents there and frankly.. When we get some dust settled I'm sending her an edible bouquet. (It is a "Floral" arrangment made of fruit). She' has been that nice... I am up to date now.

I also strongly recommend credit unions over banks.. My primary financial institution is a CU. Folks Think about this A CU is usually a Co-OP operation, this means YOU (And all the other members) are owners. You are a Member/Owner, not a client. You Own your money, not some overweight man in a business suit with a streatch limo but YOU yourself, own your money.

What more can I say but visit your Credit Union and confirm what I just typed.
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Old 08-10-2013, 09:06 AM   #18
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Glad to hear it's working out Wade!

Times are tough all over...we haven't been camping in a very long time. My wife's brother got down on his luck and is now living in our 5'er. We are hoping and praying that he get's back on his own within the next month or two. He has very good possibilities that are just on the horizon, but it has just taken soooooooo long.

It's been tough, but ya gotta do what ya gotta do!

We have been with big banks before and am not impressed....we had accounts with the "local" home town bank. They have grown so much in the past several years that they are pretty much going the way of the big boys....
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Old 08-17-2013, 02:22 PM   #19
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This makes me really glad that I don't owe anything to anybody. I sure do sleep better that way.
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Old 08-17-2013, 08:29 PM   #20
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Quote:
Originally Posted by Dizzy-Dick View Post
This makes me really glad that I don't owe anything to anybody. I sure do sleep better that way.
And that's the way to live. Our house is paid for, so I guess that's second best. A few things we owe on, like the trailer, but not too many things.

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