Fleetwood/BofA Launch Buy Down Program
It appears the auto industry’s 0% interest rate retail loan programs may be migrating to the RV industry.
During the RV industry’s National Trade Show in Louisville this week, Fleetwood Enterprises Inc., in conjunction with Bank of America (BofA), unveiled a “Winter Buy Down” program in an effort to boost dealer traffic and the retail market.
Under the program, Fleetwood and the participating dealer can buy down a qualified retail customer’s loan in amounts up to $6,000 to lower the customer’s interest rate possibly down to zero. The lower interest rates would be in effect for two or three years.
For example, what if a customer borrows $88,000 over 15 years to buy a 20001 Southwind Class A? If the buy rate is 6.99% and the buy down amount is 3.99% for 24 months, then the total cost of the buy down is $4,684.45, of which the dealer would pay $2,342.23.
The dealer’s F&I department also would generate $880 as a result of the sale.
Some restrictions apply and restrictions can vary depending on the state where a dealer is located.
Fleetwood asks dealers to contact their Fleetwood sales person to find out which units are eligible and the amount of the participation.