As a potential bus buyer, I thought I would share an idea with people trying to sell their buses in the hope that it may help both parties to achieve their goals.
Getting financing on an older converted bus was always very difficult but in the current market it is impossible. I think this is in large part the reason for such a small number of buyers.
I'd like to hear thoughts about, and learn objections from sellers about owner financing.
I know some sellers need immediate cash so it clearly won't work for them, but for others with savings it seems like a safe, high return investment. The debt is secured by the bus through a lien on the title so the risk of default is mitigated (just take your bus back) and an interest rate of 10% is a significantly higher return on your money than anything available from a bank. A substantial deposit could make the seller more comfortable and for those that have credit card debt from all the conversion parts shopping, monthly payments could help with the bills.
I have around $10-15k in cash right now (still saving) which is not enough for the type of bus I want. I'm only $5k away from this gem which I would complete over time...
http://cgi.ebay.com/ebaymotors/ws/eBayISAPI.dll?ViewItem&item=280293661815&sspagename=STRK%3AMEWAX%3AIT&viewitem= (http://cgi.ebay.com/ebaymotors/ws/eBayISAPI.dll?ViewItem&item=280293661815&sspagename=STRK%3AMEWAX%3AIT&viewitem=)
But something like this which is completed would be perfect...
http://www.mymcibusconversion.com (http://www.mymcibusconversion.com)
but I can't get financing for the extra $48k. I currently pay $1500 a month in rent so as a fulltimer, I would be ahead at $1000 a month for 48 months, even paying interest.
So busnuts, is this a way to get buses out of driveways and make wives happy? or are there good solid reasons why this solution isn't used more?
Cheers, Paul.
I thin k you will find that it is not a safe bet for the seller.
it is way to easy to do many thousands of dollars of damage both mechanically and or cosmetically and way to easy to repossess something that might have been nice which the Buyer succeeded in wrecking.
on your two bus selections:
the ebay one isn't worth what they are asking in my opinion considering it's state of conversion
there are alot out there
Financing: providing you have good credit or even average credit and a job financing can be had.
I'm not rich have an average job with car p[ayments, school loan payments credit card debt etc etc and my credit union cut me a check for 60k for an RV loan with little to know hassle
just have to shop the right institution
Quote from: pickpaul on January 03, 2009, 06:52:57 PM
I have around $10-15k in cash right now (still saving) which is not enough for the type of bus I want.
How big a hurry are you in? I see good shells in the $10K and under range on Craigslist all the time. There was a really nice one in Sacramento not long ago for $15,000 which had belonged to a famous singer.
Use crazedlist.org and you can search a bunch of different Craigslist sites at one shot. Just check keywords like "bus conversion" (of just "bus" the first time, wade through all of the junk to see what's out there).
Here's one, already converted, that needs a little TLC, asking $6000:
http://phoenix.craigslist.org/wvl/rvs/965138513.html
This one is $10K and must sell if still available:
http://tucson.craigslist.org/rvs/951355352.html
Here's a Van Hool, asking $15K:
http://sacramento.craigslist.org/rvs/976573536.html
This time of year is generally bad for sellers, good for buyers. Add the economic situation and this is a good time to be looking if you have cash.
. . .you will also see some that the owners must think are made out of solid gold, based on the asking price!
Once I had a man that wanted to pay over time. He was going to put 50% down. The problem I saw, not only the foremention problem with damage, how would I ever find the bus if the buyer defaulted on the loan.
Bill
After looking carefully at the pictures and judging just based on what I see on the pictures I would think his starting bid is overly optomistic, his starting bid is higher than what I could see as a finishing bid. If you look down the sides you see that the side walls are very wavy and the front cap looks to me that it would need to be removed and reset, it's not very well fitted and in the interior pics the white panels are not even close to being cut straight or fitted, that shows to be a beginners job of converting, it may be mechanically perfect but unless those items are corrected it'll always be a rookie conversion, I'm sorry but thats what I see and is only my opinion. Basically it's entire life it will always be MCI9 no matter how it's disquised and they are very common and will continue to be very common in all stages of conversion especially with the market as it is right now.
I have a good road worthy bus for sale for 15k. Lot more invested but must go because I am a fultimer. See at craigslist in yuma az area.
And if you want to be picky, the steering gear was updated in 1982 on the MC9 to integrated from the old style hydraulic ram assist units.
Like everything, its a compromise no matter which coach you pick.
You've got lots of cash to get into a nice home built conversion that will need a little attention after you get it home.
As noted, never mind asking prices, and never mind insulting anyone. Make a low offer and see what happens. If they want to sell, you'll hear back. If they are insulted, they aren't interested in selling.
happy coaching!
buswarrior
Pick,
Buswarrior's advice is solid. Offer what its worth and just see. Make certain you know how much that item is worth in "todays" market or you will probably overpay. You need to consult with and expert on anything you are seriously considering. That eval cost $400 I have heard but don't quote me.
The pic of that "rebuilt" 8 V71 looks bad to me. I have no first hand experience in this. I have wondered about something for a long time and I hope the board will help me. When I look at some of the exhaust piping I sometimes see what looks like oil wetting at the joints and flanges. This 8V71 seems to have those oil stains. If there isn't any new oil getting in there doesn't the pipe burn dry like in after the overhaul?
HTH,
John
Anybody? Would certainly help a new buyer to know this and lots more.
It is quite possible a good mechanic could even give an educated guess on whether there was a rebuild or not. When I bought my MC5a, I was told that it had a recent in-frame, but there was no documentation. I did not assume either way. It ran well and, I thought, the price was right. There were, of course, other problems that showed up later. Anyway, I decided to have someone run the rack just so I knew I was starting right. The mechanic checked everything out. He said everything was just as it should be and did not need any adjustment. Further, he kept commenting on how surprised he was that it all looked so clean. I still do not know whether it really had a rebuild, but I thought that this mechanics comments made the claim much more plausible. Some of the real mechanics on the board could tell you if my logic is reasonable.
Back on topic here. I generally don't think its a good idea to sell something on time unless you can afford to lose the money. Too much could happen once they drive off in your coach. They may lose their job and can't make payments, they may destroy the coach before paying for it. They may decide down the road that they changed their mind because of the upkeep and just leave it parked somewhere hundreds of miles away. The only way I could ever see selling a coach on time is if they left something with me that had the same value as the coach they just drove off in. A piece of paper (title) isn't worth a whole lot if your stripped, damaged bus is sitting a thousand miles away in an impound yard with a blown motor because the guy decided to make a payment instead of buying oil.