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Old 12-25-2018, 07:39 PM   #1
Mini-Skoolie
 
Join Date: May 2018
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Year: 2001
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Chassis: Freightliner
Engine: Cummings 6 cylinder diesel
Getting $30,000 or more for your skoolie.

So few days ago I watched this video that talked about how hard it was for individuals to get a loan to purchase a used skoolie. The people selling the vehicle had to settle for $15,000 because nobody was able to Fork out that much cash without a loan. This got me thinking. Provided that you put some decent craftsmanship into the interior and exterior of your skoolie, what if you astroturfed a commercial website and trademarked a brand name and model. You could even post a production number search function for the vehicle that you are selling as well as MSRP for a new vehicle. Which would just so happen to be in the $300,000 range. Having worked at a bank before, I know for a fact that loan officers in actuaries don't really give two craps about doing deep research. For all they know, your skoolie if crafted with the utmost care, is no different than a renegade Ikon RV. All they really want is something to back up the value so they can assess a risk and profit reward off of the vehicle. A quote unquote brand and model with an estimated used value so they have something to show to their supervisor. Granted this might not work at a Wells Fargo or other major Bank. But it would possibly help to establish some credibility on a loan to a credit union or a Small Town Bank.
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Old 12-26-2018, 05:18 AM   #2
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Location: St Petersburg, FL
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Take what you saw with a grain of salt. If they took 15k for their bus, it wasn't worth 30k. Buses aren't worth the sum of what you put into them, they don't appreciate over time like real estate, if anything they depreciate more like a used car. You could spend a million dollars building a $5000 skoolie.

It sounds like you're proposing more traditional coach building. There are skoolie building companies who do that now, and presumably they have some ideas about financing. I've seen more than one member who was paying a builder more than 40k to convert a bus for them. Not the way I'd go but we all have different goals.
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Old 12-26-2018, 05:57 AM   #3
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Buses appreciate in value. Converted buses do not.
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Old 12-26-2018, 07:22 AM   #4
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the same phenomenon is with classic cars.. the restoration means nothingto the banks.. sure for a specialty loan on a classic vehicle they will look at it and it better look nice, but ultimately how rare it was when new and does it have low original miles seems to make more importance to banks..



a person can slap a craptastic "restoration" on a classic car. where it looks great, but the underneath foundation is terrible, if the car was rare or special in some way the bank will loan more on it than they would if it was a 100 point restoration on a more widely available car.. when in actuality if bioth cars were sent to jackson barrett the 100 point restoration would sell for higher because the buyer knows they would gert a car that would last as long if not longer than the factory build..



banks are fickle... vehicles are a bad risk for banks in general vs real estate.. banks lose lots of money on vehicles every year.. it just so happens they make money too so they continue to offer loans on them
-Christopher
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Old 01-02-2019, 08:47 PM   #5
Mini-Skoolie
 
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Join Date: Aug 2018
Location: Ontario
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Great info...

I hear what you all are saying but people pay thousands to RV, Trailers etc. A scoolie is a home on wheels..if done to the tee and very functional???
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Old 01-02-2019, 11:16 PM   #6
Bus Geek
 
Join Date: May 2016
Location: Eastern WA
Posts: 4,225
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Engine: Cummins ISC (8.3)
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Quote:
Originally Posted by EastCoastCB View Post
Buses appreciate in value. Converted buses do not.
Yep......

My A3RE appreciated from $90,000 in 2002 to $3400 in 2016.

Wait.... Maybe I don't understand the concept
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Old 01-02-2019, 11:24 PM   #7
Bus Geek
 
Join Date: May 2016
Location: Eastern WA
Posts: 4,225
Year: 2002
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Chassis: All American RE (A3RE)
Engine: Cummins ISC (8.3)
Rated Cap: 72
Regarding financing,

I did the electrical & solar install on a bus for a gent last year. He had borrowed to build his skoolie. If I recall correctly, he took out a $20k or $30k loan to finance his build.

Apparently it can be done in some circumstances.

But...... IMHO: There is a lot to be said for a bit more modest lifestyle and no payments. I have been debt free for about three years and it gives me great peace of mind.
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Old 03-17-2019, 04:05 PM   #8
Mini-Skoolie
 
Join Date: Oct 2018
Location: Ontario Canada
Posts: 61
Chassis: GMC 3500 Thomas
Engine: 6.0 L GAS
Quote:
Originally Posted by Anthrobus View Post
So few days ago I watched this video that talked about how hard it was for individuals to get a loan to purchase a used skoolie. The people selling the vehicle had to settle for $15,000 because nobody was able to Fork out that much cash without a loan. This got me thinking. Provided that you put some decent craftsmanship into the interior and exterior of your skoolie, what if you astroturfed a commercial website and trademarked a brand name and model. You could even post a production number search function for the vehicle that you are selling as well as MSRP for a new vehicle. Which would just so happen to be in the $300,000 range. Having worked at a bank before, I know for a fact that loan officers in actuaries don't really give two craps about doing deep research. For all they know, your skoolie if crafted with the utmost care, is no different than a renegade Ikon RV. All they really want is something to back up the value so they can assess a risk and profit reward off of the vehicle. A quote unquote brand and model with an estimated used value so they have something to show to their supervisor. Granted this might not work at a Wells Fargo or other major Bank. But it would possibly help to establish some credibility on a loan to a credit union or a Small Town Bank.
I don't think there's any reason to put this much work into concocting a story. Just search around and remember you're not under any obligation to declare that a bus you're interested in buying is a "skoolie" . When it came to insurance for example....when I used the word "bus" I was quote $4500.....but the dealer helped me by pointing out that I only needed to say "GMC 3500 cutaway"....in no time I had insurance with a difference company for 20% the original quote. Borrowing is all about your collateral , your debt load and your income. If your ratio is good you'll get a loan......but if the ambition is to stay out of debt you can buy something cheaper
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Old 03-17-2019, 04:21 PM   #9
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Rated Cap: 51,600
Out of debt - this is my obsession. I'm done with the debt this society (not talking about skoolies...) "wants" its members to be in.


All debt does is moves forward future purchasing, distorting the market in the process. Ran to its logical conclusion we get what we are seeing now - zero and negative interest rates, monetary debasement, widening gap between the "haves" and "have nots", blah, blah, blah. Throw in humanity's proclivities towards greed, jealousy, envy, etc., and the end game looks dark - at least at the 30,000ft level....



Get out of debt if and when you can. Its getting progressively harder to do so without a significant life restructuring.


SKOOLIE!!!!
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Old 03-17-2019, 09:08 PM   #10
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Location: Greater Boston
Posts: 422
With an auto, the auto IS the collateral - if you default, then then bank gets the skoolie. Banks aren't stupid, if they don't think they can get $30,000 for it, they're not going to issue the loan. You could start your own conversion company, come up with a model number and a price, and it won't matter - the bank won't find any sales records, and will still deny the loan.
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