Though RV sales and financing volume is tracking lower than last year, lenders are upbeat about overall volume ahead of the May buying season.
Powersports Finance reported that Tom Wirth, managing director of RV and marine finance at Huntington National Bank, pointed to the RV Industry Association’s (RVIA) prediction that 2019 is expected to be the third best sales year since the 1970s. “2017 was a high-water mark,” Wirth said. “ was a drop of approximately 5% off that high. The RVIA predicts this year to be 4.9% lower than last year. But if you think about it, those three years are just really good years, so it’s still a very robust year from a sales perspective.”
Specifically, the RVIA projects that 460,100 units will ship by year-end compared with 483,700 units in 2018. The consumer buying season for RVs typically runs from May to August, and lenders are anticipating a positive turnout.
At Texas Dow Employees Credit Union, RV originations have had a “slower start” this year, said Jud Chamblee, wholesale lending business development manager. The credit union financed 196 contracts through April, compared with 274 contracts in the prior-year period. The decline is likely spurred by consumers rushing to buy RVs after several interest rate hikes from the Federal Reserve last year, Chamblee explained.
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