Buying my First New Harley Problems
#12
09-20-2007, 10:43 AM
RE: Buying my First New Harley Problems
I need a co-signer because I am young, just to clear that up. There is an upper limit to how good your credit can be as a 22 year old.
I am finding I have some issues with the Harley approach to selling though. Their idea of "making a deal" or "doing you a favor" seems to be limited to extending your payment period to lower your payments and turning a 16K purchas into a 25K purchas over seven years. And by that time the bike will be worth what? 10k? The whole approach is off. I think the problem is they're too easy to sell, and you can get just about anything if you spread it out over 80 months. You get to where the difference between adding another 1K to the bike is only $20 a month or so. That's how they screw you.
It's not that I can't make this purchase, it's that I have an objection to way they are going about selling it to me. It's a real insult to ones intellegence to take on all this "unloading" and "setup" charges, that's called overhead! and act like it's a deal to get my payment down over 80 months, while charging me an extra 3K for the extended loan.
The right answer is "Yes sir, those charges are BS. We said we would get you the bike for 12,600 + tax title and lincense, so here it is. Oh you want the extended warrenty? Well because you are buying that extra here is $1000 credit for our parts department, sense you were already olanning on geting 3k in mods." And there are poeple out there with stories like that (more or less) so it can be done.
I am finding I have some issues with the Harley approach to selling though. Their idea of "making a deal" or "doing you a favor" seems to be limited to extending your payment period to lower your payments and turning a 16K purchas into a 25K purchas over seven years. And by that time the bike will be worth what? 10k? The whole approach is off. I think the problem is they're too easy to sell, and you can get just about anything if you spread it out over 80 months. You get to where the difference between adding another 1K to the bike is only $20 a month or so. That's how they screw you.
It's not that I can't make this purchase, it's that I have an objection to way they are going about selling it to me. It's a real insult to ones intellegence to take on all this "unloading" and "setup" charges, that's called overhead! and act like it's a deal to get my payment down over 80 months, while charging me an extra 3K for the extended loan.
The right answer is "Yes sir, those charges are BS. We said we would get you the bike for 12,600 + tax title and lincense, so here it is. Oh you want the extended warrenty? Well because you are buying that extra here is $1000 credit for our parts department, sense you were already olanning on geting 3k in mods." And there are poeple out there with stories like that (more or less) so it can be done.
#13
09-20-2007, 12:01 PM
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RE: Buying my First New Harley Problems
You're pretty damn astute for 22 YO. Keep asking them questions. Their advantage is that they sell EVERY DAY, an we buy occasionally.
Don't agree to ANYTHING you don't understand fully. Be prepared to walk out of the dealership and the deal. There are too many bikes out
there to end up with buyer's remorse. Good luck to ya and let us know how you end up.
Don't agree to ANYTHING you don't understand fully. Be prepared to walk out of the dealership and the deal. There are too many bikes out
there to end up with buyer's remorse. Good luck to ya and let us know how you end up.
#14
09-20-2007, 12:11 PM
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RE: Buying my First New Harley Problems
ORIGINAL: Herr Monk
I need a co-signer because I am young, just to clear that up. There is an upper limit to how good your credit can be as a 22 year old.
I need a co-signer because I am young, just to clear that up. There is an upper limit to how good your credit can be as a 22 year old.
All that aside, go into any deal asking for the damn moon. All they can tell you is no. Set a limit going in and be prepared to walk away from the deal if you don't get what you feel is a good deal. It bears no difference what GREAT deal someone else had. Most of the time they are just bullsshitting their friends anyhow. The only deal that matters is the one before you. Welcome to the world of finance, young whipper snapper.
#15
09-20-2007, 12:20 PM
RE: Buying my First New Harley Problems
ORIGINAL: TxHarleyGuy2007
Well, I purchased my SECOND home at 21 sans a co-signer, etc and the loan amount far exceeded that of a simple Harley. So, granted there are ceilings to folks credit lines, they aren't such that they are exhausted with such a relatively minor purchase solely due to one being 22 years of age. Maybe, just maybe, your credit/job historyis not as stellar as you thought? Just my take.
Well, I purchased my SECOND home at 21 sans a co-signer, etc and the loan amount far exceeded that of a simple Harley. So, granted there are ceilings to folks credit lines, they aren't such that they are exhausted with such a relatively minor purchase solely due to one being 22 years of age. Maybe, just maybe, your credit/job historyis not as stellar as you thought? Just my take.
Although maybe you are also implying that you got a good rate at that time too, I don't know. But I don't have a long enmployment history and still have college loans in my name (all of which have been paid on time or early).Thanks for the advice. I will ask for the moon.
#16
09-20-2007, 01:04 PM
RE: Buying my First New Harley Problems
Well, son, while you are being quite thorough in your approach, I feel like you've gotten into "analysis paralysis" mode. You aren't buying real estate so it's gonna depreciate in value, just like a car. To minimize interest charges, finance at the shortest period you can afford and make the largest down payment you can afford while leaving yourself an emergency fund. Shop around for financing, you don't have to use HD finance.
In my opinion, the engine upgrade isn't necessary. A 96" will comfortably go faster than any speed limit in the country and has plenty of zip.
Again I say, if you want an HD, shop around and make the best deal you can then get to riding.
By the way, have you checked lately to see if the bike is still available? With delays on 08's, I suspect any '07's aren't going to be on the floor long.
In my opinion, the engine upgrade isn't necessary. A 96" will comfortably go faster than any speed limit in the country and has plenty of zip.
Again I say, if you want an HD, shop around and make the best deal you can then get to riding.
By the way, have you checked lately to see if the bike is still available? With delays on 08's, I suspect any '07's aren't going to be on the floor long.
#17
09-20-2007, 01:22 PM
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RE: Buying my First New Harley Problems
Sounds like you just need to come on down to earth. If your interested in bike value over time, the addons will add nada in value. Buy the base bike, put some $ down. If ya cant afford to put some cash down (10 % say), you have no business buying the bike in the first place. This way, when you drive the bike off the lot, you might only bea thousand upside down if ya sold it the next day privatley.
#18
09-20-2007, 01:24 PM
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RE: Buying my First New Harley Problems
ORIGINAL: Herr Monk
So I did all the research. Got what I thought was a decent deal, i.e. below MSRP on my street bob. Getting a cut off the labor on all my installs (103 SE, Pipes, ect). Got my APR down to 8.9%, they said it was good, with great credit, still seems high to me [>:]. I am getting discuraged. Planning on going in for the last time Sunday to hammer it out and buy it or walk away. I did all the studying online, talked to the guys at the shop, guys at the dealership. They said I could get everything I wanted (Bike, big-bore, pipes, extended warranty) for about 16,000. Now they seem to be pulling charges out of their a$$. Price is now over 18,000 alone, they said I could do 36 months $400 a month. Now it would be up to 72 months, this is not acceptable to me. I am not going to spend 7 years paying back $24,000 on a $14,000 bike. I really want this thing. Any advice? I am 99% sure they think they have the sale made. I'm going in Sunday with my co-signer for one last time. Andvice please. Which of these charges (freight? finance charge?) are BS and I can get them to drop, and what's going to stay? I always hear about people getting free stuff thrown in, does the fact that they know I already plan on all these mods mean I blew it and none of it will be free? Can I push for it? Sorry if this sounds stupid. Never bought from a dealer before. Oh, and its a leftover 07 already slightly dicounted to 12,600. Please share your knowledge.
Thanks All.
So I did all the research. Got what I thought was a decent deal, i.e. below MSRP on my street bob. Getting a cut off the labor on all my installs (103 SE, Pipes, ect). Got my APR down to 8.9%, they said it was good, with great credit, still seems high to me [>:]. I am getting discuraged. Planning on going in for the last time Sunday to hammer it out and buy it or walk away. I did all the studying online, talked to the guys at the shop, guys at the dealership. They said I could get everything I wanted (Bike, big-bore, pipes, extended warranty) for about 16,000. Now they seem to be pulling charges out of their a$$. Price is now over 18,000 alone, they said I could do 36 months $400 a month. Now it would be up to 72 months, this is not acceptable to me. I am not going to spend 7 years paying back $24,000 on a $14,000 bike. I really want this thing. Any advice? I am 99% sure they think they have the sale made. I'm going in Sunday with my co-signer for one last time. Andvice please. Which of these charges (freight? finance charge?) are BS and I can get them to drop, and what's going to stay? I always hear about people getting free stuff thrown in, does the fact that they know I already plan on all these mods mean I blew it and none of it will be free? Can I push for it? Sorry if this sounds stupid. Never bought from a dealer before. Oh, and its a leftover 07 already slightly dicounted to 12,600. Please share your knowledge.
Thanks All.
sounds like a great bike, but are you _sure_ you dont have better things to do with that kind of debt? it would be one thing if you had an extra ten grand lying around, and your college debts were paid off, but with your need for a cosigner, and quibbling about a few grand for engine upgrades, you might consider getting on more stable financial footing first.
how long have you been riding anyway? how do you know you need to upgrade the engine? if you have lots of experience, consider buying used. there are lots of chromed out, upgraded garage queens around that have already taken the hit of thousands of dollars in depreciation.
financing can be done through a credit union (fantastic institutions by the way, look into 'em), which would allow you to get a bike outside of a dealership.
hey, its your money, or more accurately, your debt, so you do what you want, but you might consider spending less on a motorcycle.
#19
09-20-2007, 01:43 PM
RE: Buying my First New Harley Problems
I agree with Dog.....why strap yourself if you can afford to just buy the bike you can always add extras later....I think your dealer can put almost anything on at a later time without affecting your warranty. I believe that when you buy toys if you can't afford to pay cash you shouldn't buy it. I am financing my Night Rod only because I go a 3.99 interest rate. I would think long and hard before I would sign up for an long payment plan.
#20
09-20-2007, 02:08 PM
RE: Buying my First New Harley Problems
Just remember, the Harley is a "want"... NOT a "need". There's no reason to get into financial troubles over a quick sale. As an earlier post stated, "Ask for the moon. They can only tell you no". Shop around, dont be in a hurry to pull the trigger. Besides, its fun to haggle with them and see what you can get.