Tuesday, March 18, 2008
A LETTER FROM THE RVDA TO THE LENDERS
Good Day,
I come to you on behalf of the RV Dealers of America. Please help us understand why our industry is not benefiting from the interest rate cuts made by the Fed. My dealers tell me they have not seen any changes in financing rates. Consumers are expecting reductions as they shop and blame the dealer for the lack of movement.
The most recent cut before today that was supposed to increase consumer spending may have had the opposite effect according to one dealer in the south. He writes, “the Fed’s surprise rate cut the Monday prior to our show hurt. Many deals were cancelled between the show buy and delivery because retail lending rates did not drop along with the Fed’s move. Many said they say they are going to wait until rates do come down before locking in. “
We cherish you and your company as our partner in industry market expansion; please let me know when our dealers and consumers will see the results of the financial stimulus that the Fed is trying to provide.
I appreciate your looking into this matter and look forward to a response.
Mike
Michael A. Molino, CAE
President
RVDA, The National RV Dealers Association
I come to you on behalf of the RV Dealers of America. Please help us understand why our industry is not benefiting from the interest rate cuts made by the Fed. My dealers tell me they have not seen any changes in financing rates. Consumers are expecting reductions as they shop and blame the dealer for the lack of movement.
The most recent cut before today that was supposed to increase consumer spending may have had the opposite effect according to one dealer in the south. He writes, “the Fed’s surprise rate cut the Monday prior to our show hurt. Many deals were cancelled between the show buy and delivery because retail lending rates did not drop along with the Fed’s move. Many said they say they are going to wait until rates do come down before locking in. “
We cherish you and your company as our partner in industry market expansion; please let me know when our dealers and consumers will see the results of the financial stimulus that the Fed is trying to provide.
I appreciate your looking into this matter and look forward to a response.
Mike
Michael A. Molino, CAE
President
RVDA, The National RV Dealers Association
