HD Credit Corporation Bad bad bad
Thread Starter
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Stellar HDF Member
Joined: Feb 2008
Posts: 2,336
Likes: 415
From: Southern Maryland
Not so fast
All you have to do is call them and let them know how you wanted your additional payment applied. I am sure they can easily correct it for you. In the future if you make an extra payment between your regular payments you have to specify that you would like it applied to the principle balance.
Thread Starter
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Stellar HDF Member
Joined: Feb 2008
Posts: 2,336
Likes: 415
From: Southern Maryland
Overpaying
Nothing at all wrong (in my opinion), with financing anything as long as you can afford the payments. I financed my Limited with HD, the APR was less than 2%, at that rate I'd rather use their money than mine.
But it's not for everyone.
I'm paying significantly more than my minimum each month, for the last year my statements have a $0.00 amount due.
As for being upset about the fee for online payments, that is a very common thing, they use a service to collect the money, and they are simply placing the cost where it belongs, on the borrower.
There are ways to set up automatic payments thru your bank that should cost you nothing.
All fees and policies regarding the loan are disclosed prior to taking the loan. Consumers are free to read them or ignore them.
I don't find HD any different than other lenders, other than billing me for $0.00 as I pay ahead of schedule
But it's not for everyone.
I'm paying significantly more than my minimum each month, for the last year my statements have a $0.00 amount due.
As for being upset about the fee for online payments, that is a very common thing, they use a service to collect the money, and they are simply placing the cost where it belongs, on the borrower.
There are ways to set up automatic payments thru your bank that should cost you nothing.
All fees and policies regarding the loan are disclosed prior to taking the loan. Consumers are free to read them or ignore them.
I don't find HD any different than other lenders, other than billing me for $0.00 as I pay ahead of schedule
Thread Starter
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Stellar HDF Member
Joined: Feb 2008
Posts: 2,336
Likes: 415
From: Southern Maryland
Playing games
I think Harley Davidson Credit Corporation is playing games and although not everyone will agree with me, I can go into Bank of America, and pay my house payment. I can pay the normal amount, or more than the normal amount. They ask me how I want to apply the payment, and give me several options, including principle only. I will fight them on this, maybe I will lose, but I will generate a lot of hate mail to them.
Seasoned HDF Member
Joined: Sep 2013
Posts: 6,174
Likes: 1,960
From: Great State of Canada
but my point is that all you are doing is paying your loan forward, and giving the bank every dime in interest that the contract required you to do if you paid each payment on the due date. If you reduce the principle, the interest also is reduced. So i would rather pay down the principle each month in addition to paying the normal p&i payment so that my total interest payment will be less. If you pay it forward like you are doing, you paid (or will pay) 100% of the interest the loan calls for in the truth in lending paperwork.
bingo !!
Seasoned HDF Member
Joined: Jan 2007
Posts: 20,616
Likes: 4,440
From: anacoco, la
But my point is that all you are doing is paying your loan forward, and giving the bank every dime in interest that the contract required you to do if you paid each payment on the due date. If you reduce the principle, the interest also is reduced. So I would rather pay down the principle each month in addition to paying the normal P&I payment so that my total interest payment will be less. If you pay it forward like you are doing, you paid (or will pay) 100% of the interest the loan calls for in the truth in lending paperwork.
to post 2, you are only giving the bank 'every dime of interest' if you follow what they say you have to pay. if you pay at least the minimum of your $308, any extra that you pay will pay down the principal. if you want to make it easy on yourself, go to the hdfs website and set up automatic payments. my bike payment is $413 per month. I set up the payment to be $450. my payment due (according to the statement) is 0. however, the full $450 is paid each month. my loan will be paid off over a year early just by adding that little bit extra each month.
don't make it harder than it needs to be.
Tourer
Joined: Jun 2015
Posts: 477
Likes: 89
From: North Alabama
Interest is accrued daily. If you pay extra on a loan and keep making your normal payments, the loan will payoff earlier, saving you those days of interest being accrued.
That's all there is to it.
That's all there is to it.
Road Master
Joined: Sep 2007
Posts: 1,044
Likes: 13
From: Broken Bow Oklahoma
Just paid mine off. I took out a seven year note and paid it off in two. I just multiplied the payment how ever many times I could each month, paid the interest for how many days it was between each payment and watched the payoff amt. drop each month. It's the second note I have paid off through Eagle Mark and it worked the same on both notes.
Ultimate HDF Member
Joined: May 2014
Posts: 5,644
Likes: 1,385
From: North Central WV
Go get the bike refinanced with a local bank and have them explain how you can make payments toward the principle when you can afford it. That way you have a local person you can speak with if you have a problem with your loan.
I financed my bike locally at my bank of choice. When I dabbled into the H-D Finance world I didn't like a dealer finance guy explaining me my loan options vs a loan officer for my bank who wanted to give me a loan without the pressure of selling me a bike at the same time.
I financed my bike locally at my bank of choice. When I dabbled into the H-D Finance world I didn't like a dealer finance guy explaining me my loan options vs a loan officer for my bank who wanted to give me a loan without the pressure of selling me a bike at the same time.
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