How many finance their bikes?
#51
04-19-2006, 03:21 PM
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RE: How many finance their bikes?
Thanks for all the feedback, fellas. HD offered me something like 11% and my credit is very good. My credit union will give me 5.99% for 60 months. I haven't shopped any other rates. I'm still up in the air as to what I'm gonna do. I'm single w/no kids. Just paid off all my credit card debt w/tax returns. All I have left is my $150/mo car payment for about 30 months. I'm able to put away around $1500/mo in savings. I may just save up and continue renting Hogs here and there like I have.....although it's about $135 a pop on weekends. Something about me doesn't want to finance.....or I would have done it already.
Well I did have this '04 Wing that was running me $321/mo......I didn't consider it a toy....more like my main form of transportation.
34K miles in 2 years and I had my full of it and sold it. Wing is a great bike but even with pipes on it, it's just a very unemotional bike....efficient, fast, comfortable but doesn't speak to you unfortunately.....more like a well oiled appliance. Anyway bikes to me are not toys but rather "necessities" for sanity in my case. I love bikes, period. And one is just not enough....
The current scoot:
Well I did have this '04 Wing that was running me $321/mo......I didn't consider it a toy....more like my main form of transportation.
34K miles in 2 years and I had my full of it and sold it. Wing is a great bike but even with pipes on it, it's just a very unemotional bike....efficient, fast, comfortable but doesn't speak to you unfortunately.....more like a well oiled appliance. Anyway bikes to me are not toys but rather "necessities" for sanity in my case. I love bikes, period. And one is just not enough....The current scoot:
#52
04-19-2006, 03:54 PM
RE: How many finance their bikes?
ORIGINAL: Neggy ZRXOA 5248
The Blackbird isn't a fast bike.... if you wanted fast you should have gotten a ZX-12.
I pay cash for my bikes. For the little I get to ride them it isn't worth the 1200+ a year EACH to insure them to the level a bank would want to secure the loan. So I take the 2 grand a year I save and replenish the fun money fund with it.
Even if I had a uninsured loss I have saved enough money over the years that I am way ahead of the game.
The Blackbird isn't a fast bike.... if you wanted fast you should have gotten a ZX-12.
I pay cash for my bikes. For the little I get to ride them it isn't worth the 1200+ a year EACH to insure them to the level a bank would want to secure the loan. So I take the 2 grand a year I save and replenish the fun money fund with it.
Even if I had a uninsured loss I have saved enough money over the years that I am way ahead of the game.
#53
04-19-2006, 03:58 PM
RE: How many finance their bikes?
ORIGINAL: Steele
For those who finance here's a dirty little secret that the dealers will never admit but is 100% true.
All dealerships (auto and motorcycle) have a extra profit magin they like to call "Dealer Reserve"; works something like this. The person in finance runs your credit report, contacts HD credit and faxes over the proposal; HD credit either approves or deny's the financing. If approved, HD credit (or GMAC, etc if an auto dealership). the approved financing is approved at a finance rate. Make a long story short, lets say HD credit approves you @ 6.99%, the finance manager at the dealership where you applied will write the contract + 3 points (at least 1 point, I have heard of as much as 10 points). So figuring the 3 point example, your approved 6.99% rate just jumped tp 9.99%.
EVERY dealership does this. I know this for a fact. My wife is the finance manager of a very large auto dealership here in Phoenix. Another suprising fact is that that those friendly folks working in finance, trying to sell you extended warranty's, etc., make well over $100,000 a year.
For those who finance here's a dirty little secret that the dealers will never admit but is 100% true.
All dealerships (auto and motorcycle) have a extra profit magin they like to call "Dealer Reserve"; works something like this. The person in finance runs your credit report, contacts HD credit and faxes over the proposal; HD credit either approves or deny's the financing. If approved, HD credit (or GMAC, etc if an auto dealership). the approved financing is approved at a finance rate. Make a long story short, lets say HD credit approves you @ 6.99%, the finance manager at the dealership where you applied will write the contract + 3 points (at least 1 point, I have heard of as much as 10 points). So figuring the 3 point example, your approved 6.99% rate just jumped tp 9.99%.
EVERY dealership does this. I know this for a fact. My wife is the finance manager of a very large auto dealership here in Phoenix. Another suprising fact is that that those friendly folks working in finance, trying to sell you extended warranty's, etc., make well over $100,000 a year.
#54
04-19-2006, 04:08 PM
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RE: How many finance their bikes?
Well in his post he says his wife makes well over $100,000 per year so I’m guessing he pays in cash with her money. 
ORIGINAL: Otisroundtree
Answer the question...cash or Finance?
ORIGINAL: Steele
For those who finance here's a dirty little secret that the dealers will never admit but is 100% true.
All dealerships (auto and motorcycle) have a extra profit magin they like to call "Dealer Reserve"; works something like this. The person in finance runs your credit report, contacts HD credit and faxes over the proposal; HD credit either approves or deny's the financing. If approved, HD credit (or GMAC, etc if an auto dealership). the approved financing is approved at a finance rate. Make a long story short, lets say HD credit approves you @ 6.99%, the finance manager at the dealership where you applied will write the contract + 3 points (at least 1 point, I have heard of as much as 10 points). So figuring the 3 point example, your approved 6.99% rate just jumped tp 9.99%.
EVERY dealership does this. I know this for a fact. My wife is the finance manager of a very large auto dealership here in Phoenix. Another suprising fact is that that those friendly folks working in finance, trying to sell you extended warranty's, etc., make well over $100,000 a year.
For those who finance here's a dirty little secret that the dealers will never admit but is 100% true.
All dealerships (auto and motorcycle) have a extra profit magin they like to call "Dealer Reserve"; works something like this. The person in finance runs your credit report, contacts HD credit and faxes over the proposal; HD credit either approves or deny's the financing. If approved, HD credit (or GMAC, etc if an auto dealership). the approved financing is approved at a finance rate. Make a long story short, lets say HD credit approves you @ 6.99%, the finance manager at the dealership where you applied will write the contract + 3 points (at least 1 point, I have heard of as much as 10 points). So figuring the 3 point example, your approved 6.99% rate just jumped tp 9.99%.
EVERY dealership does this. I know this for a fact. My wife is the finance manager of a very large auto dealership here in Phoenix. Another suprising fact is that that those friendly folks working in finance, trying to sell you extended warranty's, etc., make well over $100,000 a year.
#55
04-19-2006, 04:17 PM
RE: How many finance their bikes?
Just picked up my '06 Silver RKC last Wednesday. Put $5,000 down and financed at $262/mo. for 6 years. Only live once and never know what Tomorrow will bring you whether I'll be alive or dead. My personal belief is that I only have 2 payment books under the roof of my house which is Mortgage and some kind of Vehicle loan which mine happened to be Motorcycle.
Shopped for loans at HD Eaglemark loan (10.75%), HSBC Bank (10%), State Farm (7.5%) and Credit Union (4.99%). Tried Credit Union and got declined so I went for State Farm. Now, I'm one all happy man all over again cuz I've dreamed of owning a RKC for the last 4 years saving $$$.
Shopped for loans at HD Eaglemark loan (10.75%), HSBC Bank (10%), State Farm (7.5%) and Credit Union (4.99%). Tried Credit Union and got declined so I went for State Farm. Now, I'm one all happy man all over again cuz I've dreamed of owning a RKC for the last 4 years saving $$$.
#56
04-19-2006, 05:59 PM
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RE: How many finance their bikes?
Skater,
I think everyone with an HD will agree with me, when we say there is a difference owning a Harley! Yes, the price is definitely higher than a typical Japanese bike. But, how often do you meet (and make) lots of great friends riding a crotch rocket or a non-Harley touring bike? Also, how many thumbs ups, and compliments from people have you received when you're riding on the street or a freeway? I can honestly say that the Harley riders get more of those on a daily basis. In addition, we get to meet other great people whose passion is also to ride a Harley and make new friends.
It's not just the bike, but the comradery and the passion are what Harley riders are all about!
I think everyone with an HD will agree with me, when we say there is a difference owning a Harley! Yes, the price is definitely higher than a typical Japanese bike. But, how often do you meet (and make) lots of great friends riding a crotch rocket or a non-Harley touring bike? Also, how many thumbs ups, and compliments from people have you received when you're riding on the street or a freeway? I can honestly say that the Harley riders get more of those on a daily basis. In addition, we get to meet other great people whose passion is also to ride a Harley and make new friends.
It's not just the bike, but the comradery and the passion are what Harley riders are all about!
ORIGINAL: skater69
Thanks for all the feedback, fellas. HD offered me something like 11% and my credit is very good. My credit union will give me 5.99% for 60 months. I haven't shopped any other rates. I'm still up in the air as to what I'm gonna do. I'm single w/no kids. Just paid off all my credit card debt w/tax returns. All I have left is my $150/mo car payment for about 30 months. I'm able to put away around $1500/mo in savings. I may just save up and continue renting Hogs here and there like I have.....although it's about $135 a pop on weekends. Something about me doesn't want to finance.....or I would have done it already.
Well I did have this '04 Wing that was running me $321/mo......I didn't consider it a toy....more like my main form of transportation. 34K miles in 2 years and I had my full of it and sold it. Wing is a great bike but even with pipes on it, it's just a very unemotional bike....efficient, fast, comfortable but doesn't speak to you unfortunately.....more like a well oiled appliance. Anyway bikes to me are not toys but rather "necessities" for sanity in my case. I love bikes, period. And one is just not enough....
Thanks for all the feedback, fellas. HD offered me something like 11% and my credit is very good. My credit union will give me 5.99% for 60 months. I haven't shopped any other rates. I'm still up in the air as to what I'm gonna do. I'm single w/no kids. Just paid off all my credit card debt w/tax returns. All I have left is my $150/mo car payment for about 30 months. I'm able to put away around $1500/mo in savings. I may just save up and continue renting Hogs here and there like I have.....although it's about $135 a pop on weekends. Something about me doesn't want to finance.....or I would have done it already.
Well I did have this '04 Wing that was running me $321/mo......I didn't consider it a toy....more like my main form of transportation.
34K miles in 2 years and I had my full of it and sold it. Wing is a great bike but even with pipes on it, it's just a very unemotional bike....efficient, fast, comfortable but doesn't speak to you unfortunately.....more like a well oiled appliance. Anyway bikes to me are not toys but rather "necessities" for sanity in my case. I love bikes, period. And one is just not enough....
#57
04-19-2006, 06:20 PM
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RE: How many finance their bikes?
I don't finance anything anymore so I paid cash for my RK. Of course I'm older and have some savings and now I guess I'll a lot of time to play with my new toy as I'm in the middle of a divorce. It had nothing to do with the purchase of the bike since we haven't lived together for 2 years. I wish we had done it 2 years ago before all the property values went through the roof here in the metro Phoenix area, oh well it's only money and now I'm a lot poorer.
#59
04-19-2006, 06:59 PM
RE: How many finance their bikes?
Financed my 05 Electra Glide Standard. Actually got a decent rate from the dealer, it was something like 4.99%. It did come with the extended warranty and GAP, but I just went in a month later and cancelled it (warranty), and kept the interest rate. (Got an $800 check a few months later, they definately take their time to give you money back!)
#60
04-19-2006, 08:04 PM
