First Purchase Guideance
Road Warrior
Joined: Sep 2008
Posts: 1,557
Likes: 6
From: Fort Lauderdale, Florida
Harley did the same thing to me 8 months ago. I refinanced with Space Coast credit union. But, first I called Harley to ask them if they would refinance me at a more realistic rate and they practically laughed, and the girl actually said to me that "They got me out the door so they did their part, if I want a better rate I'd have to go somewhere else".
Then I thought, that's all Harley cares about really. That someone leaves the dealershp with one of their bikes. They'll finance anyone instantly to make it easy.
My suggestion is....if you want the bike really badly, get it. Wait 2 months and refinance it.
That's what I did.
Then I thought, that's all Harley cares about really. That someone leaves the dealershp with one of their bikes. They'll finance anyone instantly to make it easy.
My suggestion is....if you want the bike really badly, get it. Wait 2 months and refinance it.
That's what I did.
Outstanding HDF Member
Joined: Jan 2014
Posts: 2,181
Likes: 488
From: Central California
It's common practice for some dealers to upcharge the interest, and when they do, they get a kick-back from the finance company.
I was looking at a new pick-up last year, and I had already done my homework. Chrysler was offering 2.9%. I only needed to finance less than half the cost, and after much haggling and three or four "Get up and walk away from it" episodes, and we had the final price where it needed to be, they tried to add three percentage points to the financed amount. That was it. The final "Get up and walk away."
I still have my old truck.
But dude! if a credit union is only willing to extend 13.X%.....?
I'll just say being in debt with a bunch of high interest accounts ain't no picnic down the road.
I was looking at a new pick-up last year, and I had already done my homework. Chrysler was offering 2.9%. I only needed to finance less than half the cost, and after much haggling and three or four "Get up and walk away from it" episodes, and we had the final price where it needed to be, they tried to add three percentage points to the financed amount. That was it. The final "Get up and walk away."
I still have my old truck.
But dude! if a credit union is only willing to extend 13.X%.....?
I'll just say being in debt with a bunch of high interest accounts ain't no picnic down the road.
Cruiser
Joined: Sep 2011
Posts: 103
Likes: 0
From: New England
"Shop the bike price" means stop focusing on the monthly payments. Get the otd price as low as you can, get the financing as low as you can, and the payments will be what they will be. Salesmen love guys that go in there saying "I want to pay $400 a month." They will make it so you pay $400 a month for 7 years ($33,600). You could take the same price, same interest rate, and cut to a five year loan. Your payments would be a little more a month but would save thousands over the life of the loan.
In full disclosure, I am just learning all this **** myself. My interest rate on my bike? 18.49%!! 7 years!! Total I will pay if the loan goes full term? A little over 26,000 for a 16,000 bike. Basically, the first 3 years of payments is the interest.
"Learn from other people's mistakes, because you'll never live long enough to make them all yourself"
Edit: that was the advice I would give a friend. Me personally, I would do it again tomorrow. I am also a fan of the philosophy that you only live once and tomorrow is not promised.
In full disclosure, I am just learning all this **** myself. My interest rate on my bike? 18.49%!! 7 years!! Total I will pay if the loan goes full term? A little over 26,000 for a 16,000 bike. Basically, the first 3 years of payments is the interest.
"Learn from other people's mistakes, because you'll never live long enough to make them all yourself"
Edit: that was the advice I would give a friend. Me personally, I would do it again tomorrow. I am also a fan of the philosophy that you only live once and tomorrow is not promised.
Last edited by cam-921; Aug 12, 2014 at 03:55 PM.
Road Warrior
Joined: Jul 2012
Posts: 1,541
Likes: 412
From: Studio City, CA via Rochester, NY
I'll just say being in debt with a bunch of high interest accounts ain't no picnic down the road.[/QUOTE]
AMEN to that! Things we want tend to lose their luster real quick once the reality of what it takes to get/keep 'em sets in. Your gut knows the right deal. You wouldn't have raised the issue here if it didn't. FIND THE RIGHT DEAL. Be patient and don't compromise.
AMEN to that! Things we want tend to lose their luster real quick once the reality of what it takes to get/keep 'em sets in. Your gut knows the right deal. You wouldn't have raised the issue here if it didn't. FIND THE RIGHT DEAL. Be patient and don't compromise.
Cruiser
Joined: Aug 2013
Posts: 210
Likes: 0
From: Houston
Just thought it might be helpful to some folks to know that "rate shopping" and applying for the same type of loan at different places does NOT hurt your credit. If they're done in the same general timeframe then it's calculated as one hard credit inquiry. You don't get dinged for every place you apply for your motorcycle loan.
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Thread Starter
|
Tourer
Joined: Jul 2013
Posts: 489
Likes: 56
From: 6 ft. from the sun - TX
Harley did the same thing to me 8 months ago. I refinanced with Space Coast credit union. But, first I called Harley to ask them if they would refinance me at a more realistic rate and they practically laughed, and the girl actually said to me that "They got me out the door so they did their part, if I want a better rate I'd have to go somewhere else".
Then I thought, that's all Harley cares about really. That someone leaves the dealershp with one of their bikes. They'll finance anyone instantly to make it easy.
My suggestion is....if you want the bike really badly, get it. Wait 2 months and refinance it.
That's what I did.
Then I thought, that's all Harley cares about really. That someone leaves the dealershp with one of their bikes. They'll finance anyone instantly to make it easy.
My suggestion is....if you want the bike really badly, get it. Wait 2 months and refinance it.
That's what I did.
Wow, obviously sales department do not look out for their customers, you're considered just another number and a bell ring (sale) to them. I kind of feel the same way, the lady I spoke to was not of much help per say, not that I say ladies do not know about bikes, but if you are going to be on sales at least she would sound or act more excited. Prime example, I asked if 2014 was throttle by wire or cable, she could assure me it was cable, which I already knew she was wrong and just wanted to close then and there.
Appreciate your feedback bro, definitely saving some nickels and dimes for the right bike.
Thread Starter
|
Tourer
Joined: Jul 2013
Posts: 489
Likes: 56
From: 6 ft. from the sun - TX
It's common practice for some dealers to upcharge the interest, and when they do, they get a kick-back from the finance company.
I was looking at a new pick-up last year, and I had already done my homework. Chrysler was offering 2.9%. I only needed to finance less than half the cost, and after much haggling and three or four "Get up and walk away from it" episodes, and we had the final price where it needed to be, they tried to add three percentage points to the financed amount. That was it. The final "Get up and walk away."
I still have my old truck.
But dude! if a credit union is only willing to extend 13.X%.....?
I'll just say being in debt with a bunch of high interest accounts ain't no picnic down the road.
I was looking at a new pick-up last year, and I had already done my homework. Chrysler was offering 2.9%. I only needed to finance less than half the cost, and after much haggling and three or four "Get up and walk away from it" episodes, and we had the final price where it needed to be, they tried to add three percentage points to the financed amount. That was it. The final "Get up and walk away."
I still have my old truck.
But dude! if a credit union is only willing to extend 13.X%.....?
I'll just say being in debt with a bunch of high interest accounts ain't no picnic down the road.
Hi Mike, seems they wanted those three percentage points as an incentive for the salesman, some "$$$ under the table", or so it sounds. It is definitely unfair how some dealers conduct business, I have a cousin who has two brand new trucks, full size Tahoe and a Nissan pick up, he told me he was paying around $1k for both, my jaw literally dropped!! Thought to myself all the things I could do with that cash every month, that is more than what my mortgage is!!
But I do understand where you coming from, the gut feeling of knowing what is right and wrong, thanks for sharing.