Legacy Housing has a retail finance program for their homes. The payment price point is too high for my market, but it sure is interesting to see some creative finance offerings by a manufacturer.
By the way, what is the PV of these $249 pmts from 94-180?
Home invoices for $28,333
Sales Price is $45,000
D/P is $6750
Monthly pmt. Is $522 Number of payments-180 months
Interest rate 13.9% + 2 points
$25 monthly fee for payment processing
Dealer Gets paid upfront $11,083. this is the total of Down payment $6750 + Legacy funding check $4300
Set-up expenses $4300 ($1600 set, skirt.) ($1500 A/C) ($1200 freight)
Plus 50% of profit of $6783
Total upfront cash $11,083
Dealer Investment in Portfolio $6783 (50% of profit)
Monthly income from this loan is $249 payments to dealer begin at month 94 and continue for 86 months