Financing question on new bike/story time
Seasoned HDF Member
Joined: Apr 2015
Posts: 10,032
Likes: 5,305
You do realize if your credit isn't that great, you probably won't get the best interest rate and you're probably going to need a down payment? They usually require at least 10% down.
Last edited by GalvTexGuy; May 1, 2020 at 10:51 AM.
Thread Starter
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Banned
Joined: Mar 2020
Posts: 80
Likes: 31
From: MA
Yea prob putting down 7k
Seasoned HDF Member
Joined: Mar 2010
Posts: 38,414
Likes: 6,366
From: Honah Lee
Never ever finance a toy and put nothing down except your signature.. Never ever ask a salesman the best deal for a cash price. The only thing he hears is cha-ching. They make a lot of money on financing, so just get the best deal below NADA for a new bike . Negotiate to know they must make a profit but since they think you are going to finance, they will cut you the best deal..
Negotiate the first 1000 mile check as free since it's just the mothership covering their butt.
I have always thought destination is not negotiable since it is listed on the Harley site as a fixed value anywhere in lower 48 states to protect the dealers
$0 dealer prep. Just tell them you won’t pay this...they get reimbursed for this from HD
It's best not to modify the bike from the get-go. And be careful if you do. Some dealers will do things not approved and will cover warranty only because they did it. Other won't
Check your DMV for documentation, registration, sales tax , tags ect fee so they don't cheat at the dealership.
In VA, the office charges an extra Doc fee and it's posted. They say it's not negotiable but why fret what they say is not. Just negotiate the bike price.
An extended warranty is negotiable and just insurance. If you cain't do your own work, maybe worthwhile. It depends on you. Someone said they made out on a radio and voltage regulator that paid for their 1000 extended warranty. That would have cost me a few hundred for regulator. Their $1600 radio would stay broke. So go figure.
If you accept their offer, bring them a check. Good luck. You are dealing with pros. You are going to need it. I just walked away twice after trying to buy a new Harleys. The outfit in my area at the time wanted 5K plus above NADA.
Negotiate the first 1000 mile check as free since it's just the mothership covering their butt.
I have always thought destination is not negotiable since it is listed on the Harley site as a fixed value anywhere in lower 48 states to protect the dealers
$0 dealer prep. Just tell them you won’t pay this...they get reimbursed for this from HD
It's best not to modify the bike from the get-go. And be careful if you do. Some dealers will do things not approved and will cover warranty only because they did it. Other won't
Check your DMV for documentation, registration, sales tax , tags ect fee so they don't cheat at the dealership.
In VA, the office charges an extra Doc fee and it's posted. They say it's not negotiable but why fret what they say is not. Just negotiate the bike price.
An extended warranty is negotiable and just insurance. If you cain't do your own work, maybe worthwhile. It depends on you. Someone said they made out on a radio and voltage regulator that paid for their 1000 extended warranty. That would have cost me a few hundred for regulator. Their $1600 radio would stay broke. So go figure.
If you accept their offer, bring them a check. Good luck. You are dealing with pros. You are going to need it. I just walked away twice after trying to buy a new Harleys. The outfit in my area at the time wanted 5K plus above NADA.
Seasoned HDF Member
Joined: Jun 2019
Posts: 10,035
Likes: 10,766
From: SE Michigan
some additional thoughts
have you been through a rider's safety course? Would they be willing to throw that in for free
some negotiate service into the deal....free 1000 mile service, free 5k service, free oil changes
going to 15 different lenders and having each of them check your credit score will nick your credit, having one or two folks pull your credit shouldn't make much of an impact
the expensive toy game has winners and losers, but they all ride toys....the best advice I could give you in regards to negotiating comes from my relationship with women
the one who loves least is the one who is in control, the one who has an advantage in a negotiation like yours is the one who is willing to pull the deal off the table and walk away....make them think it's not that important to you and they'll do things like...
....call you and say "Hey my manager really wants that bike off the lot. We decided to accept your offer."
those words are pretty cool to hear. :P
first bike?
have you been through a rider's safety course? Would they be willing to throw that in for free
some negotiate service into the deal....free 1000 mile service, free 5k service, free oil changes
going to 15 different lenders and having each of them check your credit score will nick your credit, having one or two folks pull your credit shouldn't make much of an impact
the expensive toy game has winners and losers, but they all ride toys....the best advice I could give you in regards to negotiating comes from my relationship with women
the one who loves least is the one who is in control, the one who has an advantage in a negotiation like yours is the one who is willing to pull the deal off the table and walk away....make them think it's not that important to you and they'll do things like...
....call you and say "Hey my manager really wants that bike off the lot. We decided to accept your offer."
those words are pretty cool to hear. :P
first bike?
Road Master
Joined: May 2009
Posts: 923
Likes: 43
From: New Hampshire
I see your location is MA, so the good news is that there are a TON of dealers around here. Hit them all up.
Deal in OTD price. I've bought all my bikes from High Octane in Billerica, and if you let them, they'll talk monthly payments and hide the details. Don't let them.
Your credit will take a small hit with the initial run, but multiples won't have any impact within a certain period of time. The expectation is that you're shopping multiple banks for the best deal.
Personally, I wouldn't get to working with financing at all the dealerships you talk with, that's why I prefer OTD pricing so you can compare apples to apples.
Deal in OTD price. I've bought all my bikes from High Octane in Billerica, and if you let them, they'll talk monthly payments and hide the details. Don't let them.
Your credit will take a small hit with the initial run, but multiples won't have any impact within a certain period of time. The expectation is that you're shopping multiple banks for the best deal.
Personally, I wouldn't get to working with financing at all the dealerships you talk with, that's why I prefer OTD pricing so you can compare apples to apples.
Tourer
Joined: Apr 2020
Posts: 490
Likes: 271
From: PNW
Should have bought it yesterday (end of the month) for maximum "must-make-sales" on their end.
Also, go in late in the day on a Sunday and say you're buying a bike. Then hem and haw until they start shutting off the lights. They'll get antsy and want that sale no matter what.
I got my new 48 this way: dealer closed at 6pm on Sunday and closed on Mondays, so I arrived at 5. Sat on a ton of bikes and settled on a used 48. Told him my OTD price. Wouldn't go for it. Hem and haw. Told him again plus gift cert for merch. (My offer went down!). Didn't go for it. Hem and haw. Walk around. Threw another couple offers out. See them bringing in bikes from sidewalk and closing doors. Told him again my price but wouldn't budge. At some point I threatened to walk and keep looking around. Then they finally said if I got a NEW 48 they could honor all my wishes: no freight, no setup, no custom paint charge (wicked red), no finance charges, no paperwork charges, plus gift cert for merch, plus free delivery, plus the salesman had to buy me a HD sticker for my truck. SOLD. Went to the finance office and put a few grand down. (top tier credit).
By the time I left, it was after 7pm. I was there two hours and made the salesman, sales manager, and finance manager stay an hour after closing. But they made a sale on a Sunday night at the end of the month. They also have way more leeway with new vs used bikes just like at car dealerships. And if you are planning on financing, get new as the rates are much better and so is insurance. If buying used, only pay cash (or negotiate finance deal but pay it off immediately).
Also, go in late in the day on a Sunday and say you're buying a bike. Then hem and haw until they start shutting off the lights. They'll get antsy and want that sale no matter what.
I got my new 48 this way: dealer closed at 6pm on Sunday and closed on Mondays, so I arrived at 5. Sat on a ton of bikes and settled on a used 48. Told him my OTD price. Wouldn't go for it. Hem and haw. Told him again plus gift cert for merch. (My offer went down!). Didn't go for it. Hem and haw. Walk around. Threw another couple offers out. See them bringing in bikes from sidewalk and closing doors. Told him again my price but wouldn't budge. At some point I threatened to walk and keep looking around. Then they finally said if I got a NEW 48 they could honor all my wishes: no freight, no setup, no custom paint charge (wicked red), no finance charges, no paperwork charges, plus gift cert for merch, plus free delivery, plus the salesman had to buy me a HD sticker for my truck. SOLD. Went to the finance office and put a few grand down. (top tier credit).
By the time I left, it was after 7pm. I was there two hours and made the salesman, sales manager, and finance manager stay an hour after closing. But they made a sale on a Sunday night at the end of the month. They also have way more leeway with new vs used bikes just like at car dealerships. And if you are planning on financing, get new as the rates are much better and so is insurance. If buying used, only pay cash (or negotiate finance deal but pay it off immediately).
Seasoned HDF Member
Joined: Jan 2007
Posts: 20,616
Likes: 4,440
From: anacoco, la
Negotiate the OTD. The finance office is a profit center and that's where they put the screws to you. I dont like financing a recreational vehicle but I'm in the minority here.Better to get pre approved from a credit union.Oh do buy GAP insurance if it's offered in your state when you finance. Do Not get ESP. Those policies usually run concurrent with the factory two year warranty. Wait till the two years is almost up Good Luck!
yes, get preapproved before you go into the dealer. the dealer may beat the interest rate, they may not. but you have something to compare to. and don't be afraid of eagle mark (hd) financing. i've financed 4 or 5 bikes through them and have gotten better rates than the credit union. the other 2 bikes, did better through the cu. and don't worry about the ping on your credit report. they know that you will shop financing just like you will shop the bike. so the different pings on your credit rating will count together instead of a bunch of individual pings, within a certain timeframe.
gap insurance is only a good option if you are financing the majority of the bike. if you have a sizable down payment or decent trade in, you won't be upside down and gap will be money wasted. also, check your insurance carrier. some of them offer gap protection at a better price.
yes, the esp policies 'run concurrent' with the factory warranty, but also extend beyond that. but they give you benefits that you can use on day one such as trip interruption, towing reimbursement, tire and wheel, etc. plus, it's generally a couple dollars cheaper to buy it now rather than wait until your factory warranty is almost expired. either way, you are getting the same plan, only you didn't get the benefit of being covered for the first 2 years.
Seasoned HDF Member
Joined: Oct 2013
Posts: 9,238
Likes: 5,784
From: On the Big Blue marble
Heres my approach and its mildly different than others
You have negotiable items
a. the bike
b. the accessories and if there's labor to install
c. Extended warranty
d. Clothes, helmets etc
e. Prep
Then you have the non-negotiables
a. frieght
b. Tax
c. Tags and DMV
The non-negotiable are static items - same across.
The negotiables - are well, negotiable - get a line item on each and see where you land
THEN you have the BS - courier, because we have it surcharge etc.... These all go away. By breaking down by line item I always seem to get a better deal.. I do this with my cars... My bike my dealer says this is the price, this is the trade in val and this is the payment. I always had a great experience at Williams HD
You have negotiable items
a. the bike
b. the accessories and if there's labor to install
c. Extended warranty
d. Clothes, helmets etc
e. Prep
Then you have the non-negotiables
a. frieght
b. Tax
c. Tags and DMV
The non-negotiable are static items - same across.
The negotiables - are well, negotiable - get a line item on each and see where you land
THEN you have the BS - courier, because we have it surcharge etc.... These all go away. By breaking down by line item I always seem to get a better deal.. I do this with my cars... My bike my dealer says this is the price, this is the trade in val and this is the payment. I always had a great experience at Williams HD
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Tourer
Joined: Apr 2020
Posts: 490
Likes: 271
From: PNW
^^^ The only "non-negotiable" is the TAX that the MAN tacks on to the agree-to price of an item. Freight is totally negotiable. I didn't pay any. Tags have nothing to do with the sale of an item. You can buy a bike and park it in your garage forever without tags.
Road Master
Joined: Sep 2013
Posts: 879
Likes: 132
From: NOVA
Like many mentioned I got the exact OTD price over email - bike, tax, title, other fees - all laid out line by line. Never deal with that four squares BS. Have the salesman show you itemized costs. If theyre pretty on their OTD maybe negotiate deep discount on gear or other merchandise. Or discount on the 1K service. Good luck!