How many finance their bikes?
Cruiser
Joined: Feb 2006
Posts: 155
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RE: How many finance their bikes?
Paid cash...
I know all about MA - Aaaaaaaaaaaaaaaaaaaaaaaahahahaha... Got the HELL out of there. I pay $400 for the year full coverage with extended coverages on medical and uninsured operator's my deductible is Zero "0"... nice huh ...
I know all about MA - Aaaaaaaaaaaaaaaaaaaaaaaahahahaha... Got the HELL out of there. I pay $400 for the year full coverage with extended coverages on medical and uninsured operator's my deductible is Zero "0"... nice huh ...
Road Warrior
Joined: Feb 2005
Posts: 1,561
Likes: 1
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RE: How many finance their bikes?
I've been thinking about posting this for a couple of days, but haven't been on the forum and then I found this thread.
I picked up a free magazine at a dealer's from Daytona Bike week a while back and just got around to reading through it. Saw an ad for a dealer advertising no freight or dealer prep charges. Checked the prices on the bikes and all they gave were monthly payments. Modt were between $180 - $205 a month.
Checked the "fine print"...For qualified buyers only. 7% APR. No money down. 144 payments.
Yep that's right...144 payments. Now I know that 12 x 12 = 144, but I still had to double check it on my calculator. Can you imagine financing a bike (or any vehicle) for 12 years???
To put it into perspective, if you had done this earlier, you would just now be making the final payments on your 1994 Harley! Art
I picked up a free magazine at a dealer's from Daytona Bike week a while back and just got around to reading through it. Saw an ad for a dealer advertising no freight or dealer prep charges. Checked the prices on the bikes and all they gave were monthly payments. Modt were between $180 - $205 a month.
Checked the "fine print"...For qualified buyers only. 7% APR. No money down. 144 payments.
Yep that's right...144 payments. Now I know that 12 x 12 = 144, but I still had to double check it on my calculator. Can you imagine financing a bike (or any vehicle) for 12 years???
To put it into perspective, if you had done this earlier, you would just now be making the final payments on your 1994 Harley! Art
Cruiser
Joined: Feb 2006
Posts: 113
Likes: 0
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RE: How many finance their bikes?
I've been shopping around for better rates since my first post and it looks like I'll be going with a local Credit Union instead of HDC. I can get a 60 month loan for 6.14%, which was much better than the quotes I received from the HD dealership. I've already been pre-approved so that'll remove some of the stress when my bike finally arrives.
ORIGINAL: Smitty
I just read the post regarding added points that dealerships tack on from HD Credit and found it very interesting. I'm in the process of looking for the best financing for my '06 Ultra Classic, which will be shipped on May 26th. The salesman checked with their finance personnel and this is the response I received:
"Harley Davidson credit came back at 9.99% for 84months or 8.89% for 60 or less months. Oak Brook Bank came in at 10.79% for 84 and 9.59 for 60. H.D.C. only requires 10% down of the total deal; this includes all parts & accessories, motorclothes and warranties. We also offer such products as Guaranteed Asset Protection (G.A.P. plus). H.D.C. has no penalty for early payoff."
After reading your post I wonder what the REAL percentage rate from HD Credit actually was. I do not plan on financing any accessories, motorclothes or warranties. I'm not sure what G.A.P. is all about so that's something I'll need to look into. Based on these figures I plan on shopping around at a local bank or credit union to see if I can find some better rates.
I just read the post regarding added points that dealerships tack on from HD Credit and found it very interesting. I'm in the process of looking for the best financing for my '06 Ultra Classic, which will be shipped on May 26th. The salesman checked with their finance personnel and this is the response I received:
"Harley Davidson credit came back at 9.99% for 84months or 8.89% for 60 or less months. Oak Brook Bank came in at 10.79% for 84 and 9.59 for 60. H.D.C. only requires 10% down of the total deal; this includes all parts & accessories, motorclothes and warranties. We also offer such products as Guaranteed Asset Protection (G.A.P. plus). H.D.C. has no penalty for early payoff."
After reading your post I wonder what the REAL percentage rate from HD Credit actually was. I do not plan on financing any accessories, motorclothes or warranties. I'm not sure what G.A.P. is all about so that's something I'll need to look into. Based on these figures I plan on shopping around at a local bank or credit union to see if I can find some better rates.
Outstanding HDF Member
Joined: Jul 2006
Posts: 2,380
Likes: 9
From: Texas
RE: How many finance their bikes?
The best investment I ever made was a $12 book on negotiations when buying a car, most of which applies to buying that Harley too. I suggest that anyone who is not an experienced negotiator and who does not have full knowledge of all aspects of the transaction go and buy a book. You don't have to be a wizard to understand the concepts, if I can anybody can. This knowledge would help those who pay cash and those who finance. Plus it helps eliminate the games stealers like to play.
A couple basic rules...
1. Do not let them combine the price of the bike, the financing, or any trade-in together..this is where they make a ton of money. Don't even talk about financing or a trade-in until you have agreed on the sales price.
2. Have financing arranged someplace else before you go into the stealership such as your bank or credit union. HD wants that financing because they want to make all that interest, make them beat the best deal you could get someplace else to get the financing. A bank or credit union will often give you .5% off the rate if you have automatic withdrawal payments.
3. Know what your trade-in is worth. What are similar bikes selling for around town? The stealer deserves to make something for taking your bike and selling it again, but they do not deserve to get rish off of it. Get what you want for your bike, or sell it yourself. The stealer will always try to get it from you for as little as they can. Stand firm, they usually give in.
It is a really nice feeling to ride out of a stealership knowing you got close to the best deal possible and all it took was a few negotiating skills and some information gathering up front. Now you can spend what you saved on accessories and chrome!
A couple basic rules...
1. Do not let them combine the price of the bike, the financing, or any trade-in together..this is where they make a ton of money. Don't even talk about financing or a trade-in until you have agreed on the sales price.
2. Have financing arranged someplace else before you go into the stealership such as your bank or credit union. HD wants that financing because they want to make all that interest, make them beat the best deal you could get someplace else to get the financing. A bank or credit union will often give you .5% off the rate if you have automatic withdrawal payments.
3. Know what your trade-in is worth. What are similar bikes selling for around town? The stealer deserves to make something for taking your bike and selling it again, but they do not deserve to get rish off of it. Get what you want for your bike, or sell it yourself. The stealer will always try to get it from you for as little as they can. Stand firm, they usually give in.
It is a really nice feeling to ride out of a stealership knowing you got close to the best deal possible and all it took was a few negotiating skills and some information gathering up front. Now you can spend what you saved on accessories and chrome!
Tourer
Joined: Feb 2006
Posts: 287
Likes: 0
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RE: How many finance their bikes?
I never finance anything except real estate. I sold my Panhead to buy the EG,it was nice to walk into the dealership with a pile of cash.
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Cruiser
Joined: Mar 2006
Posts: 124
Likes: 0
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RE: How many finance their bikes?
This is my first bike that was financed. Wanted to dump the Road King and get the RG. Only way to swing it was to finance part of it. Got three kids in College. I promised it would be paid off by the time I retire ( 3 years)
John
John
