FDIC-Insured - Backed by the full faith and credit of the U.S. Government
RV Dealers
Welcome to North Shore Bank's family of RV dealers. We are pleased to have you as a dealer and are very excited to provide you with the finest financing plans available today. At North Shore Bank, we stress three important factors in the way we do business:
- Service - We staff our office with adequate loan officers and support staff to meet even the busiest seasonal needs of our dealer base. We emphasize our one-hour turnaround time on most credit applications.
- Expertise - Because the recreational industry represents a large part of our business, our personnel are well-versed in the latest RV models. Whether it is a sixteen-foot pop-up, a thirty-four-foot trailer, or a class A motorhome, our personnel know your business and can provide you with the terms you need to arrange your sale.
- Competitive Interest Rates - We may not always be the lowest, but our rates are always competitive. Most of the time, we are the lowest, and we try hard to be the leader. Our rates are established to provide us with an appropriate profit, allowing us to remain a long-term lender to the recreational industry.
We are anticipating a very successful relationship, and we promise to work hard to provide you with the best financing programs available.
Form & Document Uploads
Use the "Additional Information" button to email North Shore Bank underwriters attachments containing the requested information.
Use the "Upload Funding Documents" button to email our funding department your completed and signed loan packets.
General Forms & Links
- Affirmation of No Fraud
- Authority to Transfer Title from a Trust
- Automatic Payment for Retail Loans
- Automatic Transfer for Indirect Loans
- Deferred Payment Document
- Insurance Request Form
- Notice of Buyers Acceptance
- Notice To Cosigners
- Online Payment Instructions
- Personal Financial Statement
- Request For Transcript of Tax Return
- Risk-based Pricing Disclosure
- UCC-1 Form
- Michigan Contract
- Wisconsin Contract
Dealer Programs
Standard Balloon Note
This loan provides you with the opportunity to maximize your sale dollars and to provide your customer with a low interest rate and low monthly payment.
This loan should be the first and most important loan in the finance manager's financing package. It includes:
- One of the lowest interest rates available in the marketplace today.
- The customer can actually tie in his financing term to the length of time he expects to keep the product. This provides you with an excellent opportunity to solicit a new sale from the customer.
- Credit life and disability insurance is most easily sold on this loan. The premium is low and can be sold as a part of the financing package.
- This loan is available in three and five-year maturities and can be amortized up to 15 years on certain units.
- There will be a minimum monthly payment of $100.00.
Zero Down Loans
Loans with little or no down payment are available to very well-qualified customers. Guidelines for these loans are:
- Loan amount up to $50,000
- Terms up to 180 months
- Borrower must have a 760 credit score according to North Shore Bank's Trans Union report
- New and used units back to 3 years old
- No motorized RVs or icehouses
- Borrower must be a homeowner or have significant verified assets
- Loan amount up to 90% NADA retail value
- Self-employed customers must provide 2 years of complete tax returns
0% Interest Loan Program
North Shore Bank's 0% Interest Loan Program can be used effectively when interest rates are at the bottom of the interest cycle. The program requires the dealer to sell the RV at an assumed full list price because the dealer, in effect, is paying a discount to the bank to provide 0% financing to the customer. Of course, the dealer can pass along any discounts that it wants to the customer as well, but needs to be careful before quoting a sale price. There is no finance reserve paid on this program.
This program is computed by using the Bank's buy-rate on retail contracts and discounting the amount financed. The dealer will need to have a program to compute this calculation. The bank uses software called T-Value. This software is available at a special price to our dealers. Contact your sales representative to make arrangements for the purchase.
0% financing has from time to time been very attractive to the automotive marketplace and RV dealers should apply those financing strategies to the recreational industry.
- As always, a competitive interest rate for calculating the discount.
- The dealer can offer up to 60-month terms
- Normal down payment terms apply, but the program is most effective when used with a 20% down payment plus tax and fees requirement
- Credit insurance can be written but is subject to the same discount as the other parts of the transaction.
- The program can be used on any of our small RV products.
Rate Buydown Program
North Shore Bank is pleased to offer a very competitive rate buydown program to be used as you see fit to help increase sales.
You may buy down the rate in 25 basis point increments. For every 25 basis point buydown, the dealer will pay a fee of one percent of the amount financed to North Shore Bank. This may be done up to a maximum of a 200 basis point rate buydown for a fee of eight percent of the amount financed.
Please include a check for the rate buydown fee in the funding package. This program is not available for fax funding and the buydown check must come from the dealer - not the customer.
For example, dealer sells a unit with an amount financed of $25,000 and a buy rate of 7.00%. The following table displays the rate buydown options:
| Rate | Fee paid by Dealer to North Shore Bank on a $25,000 unit |
|---|---|
| 7.00% | $0.00 |
| 6.75% | $250.00 |
| 6.50% | $500.00 |
| 6.25% | $750.00 |
| 6.00% | $1,000.00 |
| 5.75% | $1,250.00 |
| 5.50% | $1,500.00 |
| 5.25% | $1,750.00 |
| 5.00% | $2,000.00 |
Large RV Program
Since North Shore Bank's Large RV Program has special criteria, the following details are helpful for dealers participating in this loan:
- Transaction of over $100,000 and up to $150,000
- Twenty-five percent (25%) cash down payment or trade equity required. Trade equity is calculated using the most recent version of the J.D. Power - average retail value plus applicable adds
- Maximum advance is 100% of the manufacturer's invoice or 90% of J.D. Power, including credit insurance
- Warranties may not exceed $4,000 of 15% of the sales price up to $10,000
- A term of up to 240 months for non-motorized units
- Loans with Empirica scores of less than 750 will have a .25% higher rate, scores less than 725 will have a .50% higher rate, and scores less than 700 will have a 1.0% higher rate
- Two years' complete tax returns are required
- An itemized copy of the purchase agreement must be submitted with the application
- We offer a fully amortized loan and a balloon note
Indirect RV Financing Dealer Reserve Program
In the interest of providing our participating RV dealers with the finest dealer reserve program, we have developed the following guidelines to be used in administering the program. The intent is to provide our dealers with a generous participation in contracts written while protecting them against charge-back shock in the off-season.
Reserve is based on the rate charged on the contract and paid on the finance amount according to the following schedule:
| Customer Rate | Reserve % | Fully Earned Reserve After x Regular Installment Payments |
|---|---|---|
| Buy Rate | 0% | 6 |
| Buy Rate + .25% | 1% | 6 |
| Buy Rate + .50% | 2% | 6 |
| Buy Rate + .75% | 3% | 6 |
| Buy Rate + 1.00% | 4% | 6 |
| Buy Rate + 1.25% | 5% | 10 |
| Buy Rate + 1.50% | 6% | 10 |
| Buy Rate + 2.00% | 7% | 12 |
NOTE: 5%, 6%, and 7% reserve is not available on all terms. Please refer to a current rate sheet for details.
Dealer will be subject to a chargeback of the reserve paid if the loan is paid in full prior to the collection of 6 regular payments if dealer reserve is from 1% - 4%, or 10 regular monthly payments if dealer reserve is from 5% - 6% or 12 regular payments if the reserve is 7%.
NOTE: There must be 6, 10, or 12 regular payments made, if the 6th, 10th, or 12th payment is the balance of the loan, the dealer will be subject to a chargeback.
If the loan principal is reduced by greater than 35% before, (a) 6 regular payments are made if 1% - 4% reserve is paid, (b) 10 regular payments are made if 5% - 6% reserve is paid, or (c) 12 regular payments are made if 7% reserve is paid the dealer is subject to a chargeback
Deferred Payment Note
This plan allows you to defer the buyer's first scheduled payment for up to 180 days. You choose your promotion - "no payments until next year" or "no payments until March", etc.
The maturity date of the note will be calculated as though the contract is dated 30 days before the first payment due date. i.e., an 84-month note dated December 15, 2024 with the first payment due March 4, 2025, will have a final installment due February 4, 2032; and a 36-month balloon dated November 2, 2024 with the first payment due February 15, 2025 will have a final installment due January 15, 2028.
Contract Dates | Program | Notes |
|---|---|---|
January 1 - June 4 | Defer customer's payment to July 4th at no charge | Borrower must be highly qualified to defer the first payment. Prior approval is needed. |
June 5 - June 30 | No deferred payment option available. | |
July 1 - December 31 | Every dealer may defer the first payment on an approved contract up to 180 days for an increase of .25% in the buy rate. | Borrower must be highly qualified to defer the first payment. Prior approval needed. |
All above programs are subject to the following guidelines:
- Maximum loan amount: $100,000
- Maximum loan amortization: 15 years
- New units only
- The terms of the contracts will be verified by North Shore Bank prior to purchase so be sure to have everything in order so that we can expedite your payment as quickly as possible.
When in doubt, call us. We can fax you an amortization schedule if necessary.
The attached agreement must be completed and signed by the borrower and submitted with the contract.
Dealer Volume Discount Program
North Shore Bank recognizes the value of dealer relationships and loyalty to a lender. For that reason, we offer our dealers who reward the bank with large volumes of business a volume discount program.
The program is based on the volume of contracts the dealer sells to the bank. There are three ways of attaining a volume discount. In any case, the dealer will receive a .25% reduction on the buy-rate they receive from the bank.
The three methods are as follows:
- In any one month, the dealer sells the bank ten (10) contracts. In that case, the dealer will receive a 0.25% drop in the buy rate for the following month.
- During a twelve-month period running from October 1 through September 30, the dealer sells the bank one hundred twenty (120) contracts. In that case, the dealer will receive a 0.25% drop in the buy-rate for the entire following calendar year
- During a twelve-month period running from October 1 through September 30, the dealer sells the bank $1,200,000 in contracts. In that case, the dealer will receive a 0.25% drop in the buy rate for the entire following calendar year.
