RV Loans

BECU should lend on RV's with horse trailers, they are essentially the same thing as a toy hauler. 

6 Comments
Sightseer

I could not agree with this more, not only are they essentially a toy hauler, but in my research the resale value is much higher than traditional travel trailers and/or toy haulers. There is a blue book for horse trailers as well which can be accessed through Horse Trailer World which literally has thousands of trailers for sale across the country and Canada.

Sightseer

BECU should post limitations and exclusions to their RV loan policy. BECU should loan on Living Quarters Horse trailers as they are essentially a Toy Hauler for horses. Many of the medium to high end trailers from reputable builders from across the country are sold on the secondary used market for very high retail prices. My research shows that the high quality trailers lose value at a substantially lower rate than standard RV's and travel trailers. In this respect I believe it is bad business for BECU to exclude this division of RV's from consideration for a loan.

Community Manager

Hi @shar612 and @rcvandal thanks for sharing! Admittedly, there’s a lot to consider when vetting collateral eligibility for financing. Several years ago we were approached by a dealership about lending on RV/horse hauler trailers. After extensive research we learned that this is a buyer specific niche and is not typically evaluated on the same terms as mainstream RV's. In our research, horse trailers with living quarters present unique challenges, including;

 

  • Identifying actual market value versus retail 
  • Difficult to identify loss predictors, and scale of depreciation based on auction feedback
  • Determining competitive, yet sustainable pricing

 

It was decided at that time there wasn’t enough member demand to establish a standardized approach for this collateral type, especially considering BECU offers other secured credit products that members can use for this this type of purchase. That said, it doesn’t mean we won’t reevaluated based on member support. Let’s see how the community rallies behind this idea. Thanks for starting the conversation! JohnS 

Sightseer

I’ve purchased close to 10 RV/Travel Trailers with BECU in the past 12+ years.  Yesterday I applied online and entered my collateral which was a 2002.  I arrived to the service center to finalize my loan and was told that BECU no longer loans on anything older than 10 years.   Nowhere in any documentation during or before the application process did it mention this.  Since the process has always been super easy and predictable I made travel plans and purchased tickets before my appointment.  This is extremely frustrating and will most likely cost you a customer who has been extremely loyal and goes as far as being an ambassador for BECU.  

Community Manager

@Ensi Thanks for the heads up and I'm so sorry about the confusion with your application. You're right, we did recently update our underwriting guidelines and now only lend on RV's that are a maximum of 10 years old. My apologies this wasn't reviewed with you until you went in to finalize the loan. We'd like the opportunity to speak with you about your application. If you'd like to speak with us please shoot me a private message with a good contact number that we can reach you at. Thank you. JohnS 

Community Manager
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