Rider to Rider Financing?
#21
07-25-2015, 07:19 PM
The $200 deal is a buyer incentive for financing through Harley.
I used Rider To Rider a when I bought my Dyna a couple of months ago. Wasn't planning on financing it, but the seller wanted to go through the dealership since he had a loan on the bike through Harley. The admin fee including bike inspection was $500 at my dealer, but the seller and I split it, and I went ahead and financed it to get the $200 deal then paid it off when the first statement arrived. The way the credit deal worked was it had to be used on Harley branded merchandise, and had to be used that day.
Since I effectively paid $50 after taking the credit deal in to account for the dealership to process all the paperwork including tax, tag, and title, I thought it was well worth it.
I used Rider To Rider a when I bought my Dyna a couple of months ago. Wasn't planning on financing it, but the seller wanted to go through the dealership since he had a loan on the bike through Harley. The admin fee including bike inspection was $500 at my dealer, but the seller and I split it, and I went ahead and financed it to get the $200 deal then paid it off when the first statement arrived. The way the credit deal worked was it had to be used on Harley branded merchandise, and had to be used that day.
Since I effectively paid $50 after taking the credit deal in to account for the dealership to process all the paperwork including tax, tag, and title, I thought it was well worth it.
#22
03-01-2016, 08:47 PM
Advanced
Revising old thread:
So the "admin" fee is for the salesperson to get their commission?
I buy seller's bike through this program, do I take over seller's contracted payments or does is either go up or down due to my credit?
It continues from how much is left on the bike if he's still paying?
What other fees besides admin do they throw in?
So the "admin" fee is for the salesperson to get their commission?
I buy seller's bike through this program, do I take over seller's contracted payments or does is either go up or down due to my credit?
It continues from how much is left on the bike if he's still paying?
What other fees besides admin do they throw in?
Last edited by RebelScout671; 03-01-2016 at 08:51 PM.
#23
03-01-2016, 09:30 PM
Revising old thread:
So the "admin" fee is for the salesperson to get their commission?
I buy seller's bike through this program, do I take over seller's contracted payments or does is either go up or down due to my credit?
It continues from how much is left on the bike if he's still paying?
What other fees besides admin do they throw in?
So the "admin" fee is for the salesperson to get their commission?
I buy seller's bike through this program, do I take over seller's contracted payments or does is either go up or down due to my credit?
It continues from how much is left on the bike if he's still paying?
What other fees besides admin do they throw in?
No the admin fee is for the dealer for doing the paperwork, handling financing, inspecting the bike, no commission for sales guy.
You dont take over payments. You finance the sales price, whether it's the payoff or more. Your new payment will be based on your credit and term of loan.
#24
03-01-2016, 10:48 PM
Club Member
I know this is an old thread, but since I came across it through a Google search I thought I would leave my very recent experience.
I found a 2014 Iron 883 with less than a thousand miles on it, the seller agreed to sell it to me for his payoff, which is $6300. Quite a good deal I think.
I have bad credit, 613 to be exact, but applied for the rider to rider financing online just for the heck of it. I was told by the dealer when they called me the next morning that there is a $500 fee to the seller to run a full inspection on the bike and for pricing; basically this is how the dealership makes their money, according to the dealer at least. Sounds reasonable to me as I sold cars and was wondering how the dealership made anything on this.
Anyways, they said they could add the $500 into the deal in order to reimburse the seller. I was okay with that. They also made it clear they could run the loan and we could work out terms before the inspection. I'm assuming they would just do the inspection without actually charging the seller of I agreed on terms, but I didn't ask.
They approved me, with my bad credit and only 5 months on the job, but there were since stipulations. Had to prove that I had been working continuously for at least 6 months even if on multiple jobs, which I could do, prove residence, and show proof of income at my stated $42k per year.
On top of those, which are pretty standard, they wanted $700 down. The deal was 21.4% interest at 72 months which came to $167 per month.
With my bad credit, I was actually okay with the payments, but not the down. For starters, I'm just too tapped out right now with three trips in the past month, camping coming up, another family trip next month before school, school supplies/clothes, etc. Second, the bike is about $1300 under retail value, so I don't see the need for the down on this.
I'm going to decline the deal, maybe they'll back off on the down, I know when I sold cars many times we said we needed a down when in fact we didn't but wanted it to increase profit margin.
I found a 2014 Iron 883 with less than a thousand miles on it, the seller agreed to sell it to me for his payoff, which is $6300. Quite a good deal I think.
I have bad credit, 613 to be exact, but applied for the rider to rider financing online just for the heck of it. I was told by the dealer when they called me the next morning that there is a $500 fee to the seller to run a full inspection on the bike and for pricing; basically this is how the dealership makes their money, according to the dealer at least. Sounds reasonable to me as I sold cars and was wondering how the dealership made anything on this.
Anyways, they said they could add the $500 into the deal in order to reimburse the seller. I was okay with that. They also made it clear they could run the loan and we could work out terms before the inspection. I'm assuming they would just do the inspection without actually charging the seller of I agreed on terms, but I didn't ask.
They approved me, with my bad credit and only 5 months on the job, but there were since stipulations. Had to prove that I had been working continuously for at least 6 months even if on multiple jobs, which I could do, prove residence, and show proof of income at my stated $42k per year.
On top of those, which are pretty standard, they wanted $700 down. The deal was 21.4% interest at 72 months which came to $167 per month.
With my bad credit, I was actually okay with the payments, but not the down. For starters, I'm just too tapped out right now with three trips in the past month, camping coming up, another family trip next month before school, school supplies/clothes, etc. Second, the bike is about $1300 under retail value, so I don't see the need for the down on this.
I'm going to decline the deal, maybe they'll back off on the down, I know when I sold cars many times we said we needed a down when in fact we didn't but wanted it to increase profit margin.
I know this post is a little old, but I can't help myself. This guy finds a bike for a fair price, $6300.00. Now he's willing to actually pay over 12g's for it (167.00 x 72 mo), but worried about the $700.00 down. I don't know that I can even get there in my head.
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#25
03-02-2016, 08:42 AM
Stellar HDF Member
I was floored at 21% interest. I wouldn't pay 1/3 of that...
#27
03-02-2016, 09:41 AM
The local dealer here says they have to do a Safety check on the bike, which is $150.00, then they charge $500.00 for doing the paperwork.
When I sold our bikes in the past, I put "Financing Available" in the ad so if they ask about it, I tell them what they need to do, and we would split the $500.00 cost if they go that route. It is a good option for someone who finds a good bike at a lower price than the dealer would sell it for.
When I sold our bikes in the past, I put "Financing Available" in the ad so if they ask about it, I tell them what they need to do, and we would split the $500.00 cost if they go that route. It is a good option for someone who finds a good bike at a lower price than the dealer would sell it for.
#28
03-02-2016, 09:50 AM
Seasoned HDF Member
There's a reason that people with bad credit have bad credit.
on an old thread...
#30
03-08-2016, 06:17 PM
Advanced
seems pretty straightforward
the Buyer looked at the bike on saturday the 5th
we agreed on a price
called the dealership, spoke to the finance guy
the buyer was approved by 3pm that same saturday
delivered the bike to the dealership for the mandatory inspection on Monday the 7th
the buyer works all week, will come in next saturday to sign and drive away same day
they will have my check on Monday.... so I was told
this is a R2R deal in progress so i will update you as things progress but so far I love the R2R program (from a sellers standpoint)
I was able to offer $199/month financing in my ad and get a fast sale (the buyer will be paying less than $199/mo with $0 down)
The interest rates vary wildly... I have heard of rates rivaling Credit Cards for bad credit buyers... and just above current bank rates for strong borrowers with stellar credit and no debt
Last edited by azsportpilot; 03-08-2016 at 06:24 PM.