Escapees May June 2015 Demo

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“The RV Roofing People”
be almost impossible to calculate
the true cost of the purchase. This
complicates the ability to budget for
the total cost of the RV. However,
with some diligence and the ability
to number-crunch, a fairly accurate
approximation may be achieved.
Early-Payoff Clause
Beyond deciding to finance or not
to finance, it’s important to consider
whether the loan has an early-payoff
clause. An early-payoff clause allows
for additional payments each period,
or allows for the total early payoff of
the loan, without penalty. Mathemati-
cally, early payoffs cause less interest
to accrue, if little or no penalties are
assessed, making the RV less expen-
sive to purchase.
Another method to reduce the
effects of compounding interest is to
pay the required monthly amount in
two payments instead of one payment.
By making a partial payment at the
midpoint in the month and the second
payment on the scheduled date, less
interest accrues on the total loan,
which can lead to substantial savings
over time.
Extended Warranty
Regardless of whether an RV is
financed or purchased outright,
contemplate buying an
extended warranty pro-
tection plan, which
could aid in reducing
the costs of RV repairs. The wear-and-
tear of the road can leave many RVs
with maintenance problems, and RV
maintenance can be one of the high-
est annual household expenses. An
extended warranty protection would
be deemed an appropriate expenditure
after factoring its cost into the total
cost of the RV and while creating a
household budget.
In addition to the extended warran-
ty protection plan, evaluate the cost of
the vehicle insurance on the purchase
of a future RV. Although the consul-
tation with an insurance professional
is vital in making this determination,
it is generally known that the newer
the vehicle, the more expensive the
insurance costs.
Tax Tip
For some, RVs serve as traveling
homes. Because they have the tradi-
tional features of a home (bedroom,
bathroom, kitchen, etc.), the IRS
might define some RVs as a home.
If so, the tax on a loan could be
considered tax deductible as a home
mortgage. As always, consult with a
tax preparer to make this determina-
tion for yourself.
In order to make a trip to an RV
dealer’s lot quick and enjoyable, do
your research. Also, consider how
to most economically finance and
maintain that new home on the road. A
little research will make the time spent
RVing all the more enjoyable.
Securities offered through Securities America, Inc., Member FINRA/SIPC.
Advisory Services offered through Securities America Advisors, Inc. Tax and
insurance services offered through Multigenerational Wealth Strategies, LLC,
which is not affiliated with Securities America Companies. Legal services offered
through Loring & Associates, PLLC, which is not affiliated with Securities America Companies.
Although this information has been gathered from sources believed to be reliable, it cannot be
guaranteed. This information is not intended to be a substitute for specific individualized tax,
legal or investment planning advice. Individual situations can vary; therefore, the information
presented here should only be relied upon when coordinated with individual professional advice.
Have a Question?
I write about legal and financial topics derived from my experiences in my practices;
however, I welcome your suggestions for topics. If you have a specific legal or finan-
cial RV-related question, or if you have a suggestion for an article topic, e-mail me at
ase write “Escapees magazine topic” in the subject line.
Or call me at 800-260-1615.