Rapid Depreciation

[WenMark]

Well I think I made a boo boo. I went to the dealer back in August and was so caught up in getting a great deal that I let him talk me into financing with Yamaha Credit (HSBC) I guess I'm stuck with them for a while. Urgh! Now when I went to my credit union to pay them off they said the bike is now worth only $5200 now? I paid $6900 OTD. Oh Man.... They said I would have to put the remaining amount down if I wanted to refinance. I should of never rode the bike off the lot unless I had my financing in place with my CU. I guess I learned a valuable lesson today. Have your preferred financing up front never trust the dealer.

 

[tpr564]

For sure bro.

 

[bmw675]

6900 otd included your taxes and fees ect.

you can figure ttl and fees into the current value.
i think mine started out around 5999 before fees.

so 800 sounds is still a big difference, but not 1700.

 

[JSP]

Try another bank!

Just because that one wont do it, another most likely will. I financed through Yamaha just to get the bike. Right after I left, I refinanced through my insurance company (state farm) for a much better rate. Knowing what Yamaha's percentage is, any bank will be better choice!

 

[btastarsky]

I did the same thing as jspansel through state farm. My payments went up, but i got a better interest rate and will pay the bike off faster. I financed my truck through them too. Just keep looking around for a better rate and you will find one.

 

[Verranth]

i financed my bike through Yamaha as well. I got the 24 months of 8.99% and a low payment of $69 a month. That's plenty of time to pay this baby off. I also put a $2k down payment on it, so I just got $5400 to go. (That also included some gear i bought along with it).

Hope you find some institution to help you with that refi.

What are your current rates?

 

[JohnTC40]

Unfortunately, as we all know, motorcycles depreciate rather quickly (Harleys being the notable exception among mass produced bikes). The Blue Book wholesale price on a used '09 6R at the moment is $4,000 (at least in my zip code). Retail for the same used bike is $5,590. Also unfortunately, most financial institutions only want to finance something close to that wholesale number. So, as others have said above, it's best to get the financing you want the first time out because, unless you've put a significant amount down, you'll be seriously upside down the moment you ride off the lot.

 

[ramflyer1899]

Tell the CU it's new. They are not going to check - they just care if you are good for it.

 

[zig308]

I did the 10.9%/5yr through Yamaha. I wanted to get the "fixed" installment type loan rather thatn the $69 down revolving credit deal thing.

$10.9% kind of sucks, but in the end won't be that much interest since I'm paying above and beyond the minimum payment as to not stretch it to the maximum 5 years.

My credit union was 6.9% fixed, but they are slow as dirt and I needed instant gradification.

 

[AFDavis11]

I went with Yamaha credit. Paid the bike off 2 months ago. I'm still getting billed and late fees, despite as I said, having already paid off the lien.

I'll be contacting the Better Business Bureau tomorrow and filing a complaint with HSBC.

Even though I got 3.99% financing I won't be doing business with this company ever again.

 

[Deanohh]

i financed my bike through Yamaha as well. I got the 24 months of 8.99% and a low payment of $69 a month. That's plenty of time to pay this baby off. I also put a $2k down payment on it, so I just got $5400 to go. (That also included some gear i bought along with it).

Hope you find some institution to help you with that refi.

What are your current rates?

$69 per month for how many years?

 

[AFDavis11]

Deanohh,

I accidentally bumped an old thread.