HD Financing and a thanks to the forum
#21
12-24-2010, 09:52 AM
Road Captain
Join Date: Dec 2010
Location: Florida
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Wow ya feed people Sh%$t and they ask for seconds, I luv the bike but I'll stay away from the dealer. Harley Davidson isn't any different than any other American company. If they can make a buck on the back of the people they will, Capitalism at its finest ! where-else do you have consumers pay to much for a product, then finance @ 4 times the going rate, then buy all the accessorys advertising for them, An army of Harley Bots
#22
12-24-2010, 10:18 AM
The dealership's F&I Manager can!
After the shenanigan's they pulled here I'd steer clear of them and never spend another dime in that store. Which dealer did you buy at anyway?
If you do go back ask the F&I Manager to show you the "buy rate" you qualified for, this is the rate Eaglemark qualified you at and they would have recieved written confirmation upon approval. The "sell rate" is what the F&I manager determined they could upcharge and still get you to sign based upon backing into your payment. If they say they can't find the paperwork call every bank they sent your application to as your entitled to the information.
Glad you backed off and went to the Credit Union as many people get caught up in the moment and sign anyway after getting smooth talked.
The game they played was drop the front end price to get you to commit to buying the bike then spank you on the back side by "upcharging" your interest rate, the higher they charge someone above the "buy rate" the more money Eaglemark pays them for bringing in the loan as over time that extra interest can really add up.
As an example: $20k financed over 7 years @ 21.75% = ~$39k payback
$20k financed over 7 years @ 2.75% = ~ $22k payback
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Savings by shopping for a loan: $17k
The dealership would only get paid from the Bank about an extra $1500 for screwing someone into such a bad deal........but it happens everyday when people aren't watching closely or aware they have options. And in many cases (same as with cars) dealerships pay their salesman, sales manager and F&I manager based off gross profit so they have a built in incentive to behave badly, The greedier they are the worse they put it to John Q. Public.
It always pays to shop around and play the stall game just as they do. They stall because it makes people antsy and in hurry to close the deal and get the new item they want regardless of the terms, trust me a salesman knows when he has control. As a buyer we can stall too by saying we know we can do better elsewhere but your willing to let them try to earn your business...... now you have control.
Until they tell someone thank you, have a nice day and walk away from the negotiating table there remains room for you to get a better deal. But one has to be polite, persistant, have done our homework and most importantly be prepared to walk out the door without closing the deal. The very best deals (as a customer) get closed in the parking lot or over the phone the next day.
There are good dealer's out their also who treat their clientele fairly and a dealer needs and is entitled to profit to stay in business. But in a case like presented here where the F&I guy tried to take advantage of the situation to such excess they deserved to get treated just as poorly.
Last edited by Bgill; 12-24-2010 at 10:22 AM.
#23
12-24-2010, 10:24 AM
Went through this a couple of weeks ago on my new 2011 Limited. Priced several dealers and they were all in the 10% range for good credit. Looked at putting it on a HELOC at 4% but did not want to go through the paperwork/appraisal hassle. Talked to my credit union that currently has 4% on autos. Their bike rates were 8% which according to them is because bikes are the highest repo item they have.
Finally ran across a local dealer that had arranged 4% privately with a local bank as a selling tool. Bought the bike from them as they also had the best price. Guess their the only one that gets it.
Finally ran across a local dealer that had arranged 4% privately with a local bank as a selling tool. Bought the bike from them as they also had the best price. Guess their the only one that gets it.
#25
12-24-2010, 12:53 PM
Join Date: Dec 2010
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Also, apparently the credit unions have to/want to spend their money before the end of the year. That, combined with the year end dealer push to get rid of bikes, and the fact that cu's have promotional rates for new customers, means it's a great time for a new bike! If anyone is out there kicking the tires, you may get a better deal than you think.
#27
12-24-2010, 02:47 PM
Recently I tried to by a used bike in town. The dealership only wanted to talk monthly range of payments. I kept telling them I want the out the door price not the payment amount. They wouldn't give me the information so I went to another dealer. When they found out I went to another dealer they wanted to talk again. I told them were they screwed up with me and I made an offer on a bike priced the same as the one I was about to buy. They said it would cost me $2000.00 out of my pocket than the other bike at the same price. I asked how did they come up with that and they said they had a lot tied up in the trade of that bike. I told them they were giving me less trade and their $777.00 dealer prep was the difference and I would by from the other dealer. I did buy from the other dealer and the dealer with the prep fee sees it every time I go on a club event.
#28
12-24-2010, 02:50 PM
Road Master
Good looking bike. I'm glad the research paid off. It's always worth the time, to take your time, and do a little research. I wish I could've been there when you told the dealer the rate you got at the CU.
