NADA value on ER and GXV rigs?

long time lurker, first time poster.

Sorry if I have missed this posted somewhere else but I've scoured the best my patience will allow.

I am looking at a couple different used rigs. Trying to get pre-approved for some cash to make some offers when I see a rig I'm interested in and I keep hearing the same thing from every lender. NO NADA value, no lending. I live on the road 9 months out of the year designing and building mountain bike & hiking trails, and bike parks! So one of these suckers would be pretty ideal for what I do! So the questions:

1: Why won't the manufactures create NADA values? They all have trucks that are fairly standard now and they should be able to come up with something I would think.
2: Anyone working/have experience with a lender that will lend without the NADA value? (this is probably the most important question hahaha)
3: If not how did you get around it? (second most important question ha!)
4: Neither ER or GXV had any info to help, I know they are in the business of selling new rigs but they must see some financial institutions come across their desks that are working with customers.
4: I want to come play with ya all! haha! Been a wealth of fantastic info on here guiding my search, many thanks for sharing!

Thanks for your time and knowledge!
Adam
 

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Michelle@EarthCruiser

Supporting Sponsor
We have had both new and used customers finance EarthCruisers. We work with some very good lenders who understand our business. We'll be updating our Pre-owned page as we have several 'new' pre-owned become available.
 

gregmchugh

Observer
For our GXV purchase we used Incredible Bank which has a group that specializes in loans for high end motor coaches and they also handle Expedition Vehicles. Brad Mason was the person who handled our loan. Don’t know if they do loans on used vehicles but you should check them out. Had the best interest rate that we found and not many lending options for these vehicles out there and most come through brokers who take a cut of the money resulting in a higher cost for the borrower.

Here is a link to an interview with Brad Mason.


His phone number is (877) 261-4750
 
For our GXV purchase we used Incredible Bank which has a group that specializes in loans for high end motor coaches and they also handle Expedition Vehicles. Brad Mason was the person who handled our loan. Don’t know if they do loans on used vehicles but you should check them out. Had the best interest rate that we found and not many lending options for these vehicles out there and most come through brokers who take a cut of the money resulting in a higher cost for the borrower.

Here is a link to an interview with Brad Mason.


His phone number is (877) 261-4750
Thanks for the info! I actually stumbled across his name on here and called him a week or so ago.

Brad barely let me get a word out of my mouth and said nope we don’t do expedition vehicles any more, and pretty much hung up. Haha
 

Ranchero

Wanderer
if you have excellent credit, try lightstream.com. Big personal loans with no collateral/lien required. Low interest rates.

What are some trails you have built?
 
if you have excellent credit, try lightstream.com. Big personal loans with no collateral/lien required. Low interest rates.

What are some trails you have built?
I'll check them out! Thanks!

We've worked on projects in Caliente NV, Brewer's Trail Lander WY, Happy Jack Trail Network Laramie WY, Beck Lake Trail Network and Bike Park Cody WY, Proving Grounds Dubuque IA, Welch Village Ski Area MN, Detroit Mountain Rec Area MN, Duluth Traverse Duluth MN, Tioga Rec Area Cohasset MN, Cuyuna Rec Area Crosby MN, Continental Divide Trail WY. We are currently working on a 80 mile trail project across northeastern MN's Iron Range turning old pit mines into Rec Areas!
 

Ranchero

Wanderer
I'll check them out! Thanks!

We've worked on projects in Caliente NV, Brewer's Trail Lander WY, Happy Jack Trail Network Laramie WY, Beck Lake Trail Network and Bike Park Cody WY, Proving Grounds Dubuque IA, Welch Village Ski Area MN, Detroit Mountain Rec Area MN, Duluth Traverse Duluth MN, Tioga Rec Area Cohasset MN, Cuyuna Rec Area Crosby MN, Continental Divide Trail WY. We are currently working on a 80 mile trail project across northeastern MN's Iron Range turning old pit mines into Rec Areas!
Dang! I ride a lot in other places, but the only one of those I've been to was Caliente. Trails right on the edge of town and the dirt jumps were fun! Neat town too.
 

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I have 30 yrs experience in the conventional RV business. We used to see this issue a lot with very limited quantity production units. There are actually a couple of reasons for this.
1. The data is compiled from the reported sale prices as entered through the BMV (Bureau of Motor Vehicles) systems. This is a very accurate way of getting an average value when you can use 45 used sales of, let's say, a 2010 Winnebago Vista 35F from all around the country. This is, however, a very poor way when there may have only been 1 (or often zero) pre-owned sales of say a 2016 EarthCruiser EXP or a very specific GXV (that may have only had 2 or 3 built in that model year to begin with.)
2. BMV employees are not often experts in the RV business, not to mention the expedition vehicle market, and I have seen many...many cases of a motor home, lets say a 2010 Winnebago Vista 35F again, being incorrectly titled as either just a Winnebago or more often as "Ford Motorhome"! So that means the sale of that unit never even gets recorded as a Vista 35f, therefore it can't help establish an average value. This isn't as big a deal when there are 45 of them sold and perhaps 6 of them got categorized improperly, but it is a huge deal if 1 of 2 or 1 of 1 didn't get accounted for. If NADA doesn't have enough data to properly determine an average, they will simply list it as N/A so as not to falsely place a value on a unit and accidentally over or under value the market.
I know this info doesn't really help you get approved for a loan, but it might help explain why the information isn't out there like we would like. The individual manufacturers, like us, (EarthCruiser) EarthRoamer and GXV can do very little to advise NADA on pre-owned values. Believe me, if we could.....we would.
I think I might start a new thread with some advise on how to best look for lenders and how to prepare for their questions. Keep an eye out!
 
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gregmchugh

Observer
Thanks for the info! I actually stumbled across his name on here and called him a week or so ago.

Brad barely let me get a word out of my mouth and said nope we don’t do expedition vehicles any more, and pretty much hung up. Haha
Too bad they stopped lending on expedition vehicles, they were great to work with.

I was also approved for a loan at a higher interest rate through this company which acts as a broker for finding a lender resulting in an additional brokers fee on top of the lending cost. Might give them a try...

 
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