How many finance their bikes?
Novice
Joined: Apr 2006
Posts: 21
Likes: 0
RE: How many finance their bikes?
GAP insurance is easy to understand.
Let's say you have an accident and your bike is totaled. You owe $18,000, but the blue book and what the insurance will pay is $14,000. You are stuck paying $4,000 out of your pocket on the loan.
If you have GAP coverage, the $4000 would be paid by the coverage and you wouldn't owe a dime.
You have to look at the fine print of GAP to see if there is a cap on how much they will pay.
Let's say you have an accident and your bike is totaled. You owe $18,000, but the blue book and what the insurance will pay is $14,000. You are stuck paying $4,000 out of your pocket on the loan.
If you have GAP coverage, the $4000 would be paid by the coverage and you wouldn't owe a dime.
You have to look at the fine print of GAP to see if there is a cap on how much they will pay.
Road Captain
Joined: Nov 2005
Posts: 558
Likes: 0
From:
RE: How many finance their bikes?
I paid cash for mine. I had it at the time and I hate giving big corporations money (financing charges) if I don't have to. Plus, buying a H-D is kinda like money in the bank. They have allot better resale than most non-american made bikes (that's what I told the wifey anyway 
)
)
Extreme HDF Member
Joined: Feb 2006
Posts: 10,471
Likes: 1
From: Heart of Missouri
RE: How many finance their bikes?
I had to finance mine,PUB here (poor urban biker) they will lower the intrest rate but, want you to buy the extended warrenty,if you can get lower at your bank,go for it[sm=biker2.gif]
Road Master
Joined: Oct 2005
Posts: 1,176
Likes: 1
From: Riverview, FL
RE: How many finance their bikes?
Paid 50% down and financed the other with a home equity loan. Usually do not finance toys. I ride mine to work everyday so I justified it in my mine and paid cash for my boat.
Tourer
Joined: Oct 2005
Posts: 479
Likes: 0
From: Wa-silly
RE: How many finance their bikes?
I make month-ly's.
I never finance through a dealer for that very reason. I use my credit union.
They steal it a little less easy.
Of course 5% is 5%. I compare rates, plus my payment comes out of my paycheck every two weeks, no fail. Never a late payment.
It's def. a show! The root of all evil, money. Or is that oil?
[:'(]
I never finance through a dealer for that very reason. I use my credit union.
They steal it a little less easy.
Of course 5% is 5%. I compare rates, plus my payment comes out of my paycheck every two weeks, no fail. Never a late payment.
It's def. a show! The root of all evil, money. Or is that oil?
[:'(]
Road Master
Joined: Apr 2006
Posts: 1,155
Likes: 0
From: Phoenix, AZ
RE: How many finance their bikes?
I charged it on my ex's credit card (taxes too).
Didn't want her to think I lost my sense of humor.
She hit the roof!
Long story short, I paid it off pronto and she got to keep the miles (perk).
I got to keep the voice mail message and play it to my buds.
Priceless!
Didn't want her to think I lost my sense of humor.
She hit the roof!
Long story short, I paid it off pronto and she got to keep the miles (perk).
I got to keep the voice mail message and play it to my buds.
Priceless!
Elite HDF Member
Joined: Feb 2006
Posts: 4,519
Likes: 5
From: Slidell, LA
RE: How many finance their bikes?
Cash, cash, cash. Made a pack with wife a few years ago that we would never buy anything again that we can't afford to pay cash for. Damn I am glad I am retired military and she is GS-14. Makes that cash a lot easier to find!!!!
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Road Warrior
Joined: Sep 2005
Posts: 1,529
Likes: 8
From:
RE: How many finance their bikes?
Pay cash if you can. If you can't, put down as large of a down payment as you can. If you have to finance, shop the financing as you would the bike. If you have to finance, GAP can be good protection, but try to negociate the price on the policy. As far as dealers making money on the financing, sure it happens, if you don't educate yourself you will get taken. On the other hand, if you have marginal or poor credit, the dealer may be your only choice.