Im fixing to go ahead and pay my bike off and was wondering if anyone has ever been able to get HD credit to settle on an amount less than what the payoff amount really is? I just payed my wifes car off and I was able to talk them down a grand on the payoff amount, was just wondering if anyone had been able to get HD credit to do anything like this.

 

Never heard of such a thing
Gary D.

 

Lots of creditors will take less than the amount owed if your willing to pay the loan off all at once. I just dont know if HD credit will.

 

I just paid mine off... Didn't haggle with the payoff though. And I seem to recall that Harley does their finance charge differently than a conventional loan... Therefor there may be less wiggle room.

I did submit for a refund on my GAP insurance though... still waiting for that.

 

Correct me if I'm wrong, but when you get a payoff you have to give them a check number or credit card number right then on the phone to pay it off. If you wait the intest drive the total price up. They are going to charge you a convience fee to pay right then of like 7.50 too. Yep ! I know who's convience yer or their's, Done screamed at them and asked to talk to a supervisor and sent them a letter.But that's cheap after you pay the interest. I was paying a payment on my 07 scooter the 1st of the month and the 15th of the month. They pulled this convience fee on me and I borred against my condo and paid it off immediately and told them how I felt about their convience fee.

 

Keep in mind is a creditor settles for an amount less than what it owed to them, they will report this to the credit reporting agencies (Experian, etc) and it will have a negative result for your credit score.

I never heard of a creditor accepting less than was what was owed to them unless they had obtaineda judgement or repossesion of a vehicle.

 

They told me that the payoff amount they gave me was good for ten days, after ten days I would have to call and get a new payoff amount

 

Well the finance company the car was through let mehaggle on the payoff and settled for a thousand less, and the account was marked paid in full. There was no judgement or repo on the car by the way, my loan was in good standing and the payment had only been late 2 times and never 30 days late.

 

Not sure what the benefit to the bank would be to haggle, when the customer is obligated to pay the entire amount. I am not disputing what you say, but everything is possible.

Question, was it a straight auto loan or was it a lease ? I know that some banks are working to get out of the leasing business and are working with current leases to remove them from the books..more attractive if they are looking to sell

 

Payoffs on a loan are usually non-negotiable. Buyouts on a lease are very negotiable because they are based on the vehicles market value. I bought out a lease on a truck for $5,000 less than the contract stated and then traded it in the next day for $3500 more than I bought it out for. Easy way to use an end of term leased vehicle for your down payment on a new one. However, there is one issue...once the dealer realizes what you did based on the purchase price and date on the title they usually tell you to take your f*%c#ing new truck and leave.........