You are not getting screwd. 697 is 2nd tier credit. 720 up is first tier. Yes, the salesman should have told you in advance.

 

you are welcome. Would you believe that 82% of harleys are financed. Well over 40% are 84 months. Some people just want the bike. you of course can finance from 3 months to 3 years or 4, 5,6 or 7 years. We will even take cash if you threaten us but as you know, we sure like the credit for obvious reasons. I am with you though. 84 months is gonna cost you.

 

ALot of you are not understanding the OTD price in many areas. OTD means the price you paid including all fees, taxes title, and registration.

 

OK my $.02 for what it is worth.[8D] Strolled into Hampton Roads HD on a Saturday. Never bought a HD before, knew no one there. Looked at an 06 EG Std. Salesman said he would hold it for me. Called him 3 days later, told him I did not want it. Did some more research, on my own, visited 2 other dealers. Did a credit app at one and was approved (with a 675 Beacon Score='B' credit) for HD financing at 14%. Told them to take a hike without even looking at a bike. Returned to first dealer (HRHD) and looked at an 05 RK Custom, with a lot of extras and 6K mileage. Asking 16,900. He held that bike with NO DEPOSIT and NO MONEYat all. Did a credit app, they shopped all their sources, got me financed at a credit union I did not belong to for 7.5% NO MONEY DOWN. (B credit), 5 days later returned to sign papers, put some cash down (personal preference) and paid cash for accessories I wanted at delivery with 25% off anything I bought that day. Bought bike for $16,000 and got 200 card to spend at my leisure + one year extended factory warranty and a free year of HOG membership. The salesman were not pushy and took a LOT of time (on 3 different days with my wife and 4 girls with me) knowing I was not a HD saavy buyer. They could have trounced on me but let the bike sell itself and we both ended up very happy. I will return there and buy parts and get service because they sold me on the deal the right way. It really depends on who you get walking in the door. These salesman work on numbers not dollars and their boss (owner) apparently takes very good care of them because some of them have been there over 10 years.

 

I don't know what math you are using, but if you take the payment schedule 84 Payments of $347.00it comes out to $29,148. Add in the $1000.00 Down and that come out to $30,148.



Looks like this:
[($347.00 x 84= $29,148.00) + $1000.00 Down]= $30,148.00

 

Being a banker/finance guy myself, I am tempted to offer my thoughts, but candidly Mack did such a great job explaining things, there's really little I can offer. Just to reiterate, the fico score of 697, while not terrible is not A+ credit either. I am see scores of 720, 740 + on a daily basis. Those would be respresentative of A+ credit, for which little to no downpayment would be required. The other important point to consider is the negative equity that is being rolled in to the deal + accessories + taxes + title. It all adds up quick when dealing in hundreds & thousands ofdollars. You hit the nail on the head, when you said you would be better off selling private party.

Good luck to you, I am sure something will work out for you.

 

Okay, my turn. I bought my first harley a year ago next month. Found a dealer on ebay "dreammachinesof texas.com". Called the guy and told him what I wanted. Ended up doing a deal on a 05 rk custom with 770 mi for 16.5 , plus I had it delivered to me in NM. Wife would not let me pick up because we had only rented various harleys for weekend getaways and was not as confident as I was about returning home to her and the kids.- POINT being... a new bike is not always the best answer. There are tons of slightly used bikes out there for a better price and lower milage. Shop around. The wife and I almost bought a bike twice before at the local dealer, and backed out when it came to the interest rate. Apparently UNLIKE most of you my credit is not good 620'ish and I was not about to do 18%. But, I was lucky enough to buy a house 5 years ago at an excellent price which increased in value nearly 50%, So, the wife wanting me to be happy took the steps and did a refi on the house on her own, got a lower rate and payment and did not drain all the equity, and handed me check for my bike. And with the savings of buying a gently used ride, we payed off all our remaining debt. Now instead of payments to credit cards, I buy parts. Who knew when I was trying to fend her off years ago she was going to be the best wife I could hope for.-PapaTravis

 

I just want to know when your gonna get a bike?? Riding season is right around the corner!!

 

697 is 2nd tier for most car loans also. I am in the car business(I am the Internet Sales Manager for a local car dealer)& we see all credit score ranges daily(last week I had a customer with an 840 score & the next clown was a 372)

I agree that in that"upside down"equity situation that dealer was not screwing anybody under the guidelines he has to work with. Obviously a private sale of the trade makes sense & may negate some/all of the negative equity.

I can't believe that anyone would finance a Harley for 84 months, that is insane but you do what you gotta do I guess.

I did have a car deal a few weeks ago that was financed for 84 months, but that was a different kind of deal entirely. The guy bought an XC90 Volvo from me for $32,000 & could have paid cash for it. The guy was a Neuro-Surgeon making $600,000 a year & had an 820 Beacon score. His wife was a College Professor making another $100,000 a year. They wanted a long term loan so they could use their money for other things at this time. We got them financed at 6.9%(the car was used)& there is NO WAY they will keep the loan going full term.

~John

 

I have purchased 6 bikes from this dealer over the last 10 years, they have been more than fair, my credit score is pretty good (around 700). My most recent purchases were a 07 Ultra and a 07 Softail Deuce (4 months apart). When I bought the Ultra, it was priced lower than any dealer in a 300 mile area, got a interest rate below 5%, and they gave me a 500.00 gift card. The Deuce was not as sweet a deal as the Ultra, but it was still cheaper than other dealers I could get to. They beat another dealer in the immediate area by 3000.00 omn the Ultra and 2000 on the Deuce. on both cases I was presented with a variety of financing options and chose the interest rate and terms that fit me best. I guess it all comes down to the way the dealer works with you.