Call me crazy but I financed both bikes with them (HD/Eaglemark). Just paid off my 07 in Dec and already have title, no problem there, with the 10 I have them take it out of my account automatically every 2 weeks plus I'm paying a little extra, I started Jan 10 when I bought the bike and according to the last statement I'm a little over a year ahead right now. My credit union had 1/2% better interest rate, but I didn't feel like doing all the running back and forth they wanted me to do, got lazy and did everything at the dealer.

 

Don't assume anything. Every bank I've dealt with just "assumes" you're making extra payments, and they get applied as per contract. Which works to their advantage. You need to spell it out with them.

 

I pay all my bills online. I set them up through my own banks online banking service. There are NO fees from Eaglemark or any others when doing it this way.
Only when you use Harley's website would you probably have to pay a fee.
If you have a checking account, most banks these days have online banking available also for free.

That is definitely not true when I make my payments.
I make a payment every two weeks, also through my banks electronic payment service (even though it's only due once a month).
Both payments are credited the same day they are processed, and show up on my statement every month.

Also, for those who asked. You do not need to tell them to apply the extra payment to principle.
A previous poster explained how "most" loans (and this would include Eaglemark) work these days.
All $ received is applied to the loan balance, and you are charged interest based on the remaining balance each month.
So, even if you only paid $20 a month extra you would pay your loan off earlier.
And unless you have a "special case" loan, there is NO pre-payment penalty.

 

It's happened to me twice in my life where I paid a huge balloon payment to knock off near all of the loan, and received a due date for my next payment for over a year away. It didn't "automatically" get applied to principal. They simply pushed back the due date of the next payment in hopes that I'd wait that long before making the last payments.
One of those was with a reputable GMAC and the other with Chase.

The one I currently have with Chase has online payment provisions to allow you to earmark extra money toward principal.

You need to confirm where your money is going!

Oh, and BTW: My last big Home Equity loan (again with Chase) had a $500 penalty if I had paid it off within 3 years. I paid it off in 3 years and 1 month. (Ten year loan, 45 thou).

 

Eaglemark also limits the amount one can pay to $2,500.00 for that single $6.00 fee. If one remits $7,000.00, Eaglemark will charge $18.00 in fees.

 

i've paid off several loans in the past by going in to my bank and making a payment, and putting an extra $500 or thousand bucks toward the principal, but when doing this, it's a good idea to specify to the loan dept. where you want the extra money to go.

 

I think you're doing the smart thing in having your bank transfer funds to Chase (HD's processor). They won't put up with any posting delay crap. I don't blame HD for the poor service I got, I blame Chase.

Every time I called to ask about PMT posting or the title delay, I was told that they promised it would be done tomorrow - maybe someone was on vacation. They really do charge $6 for online pmts made through HDFSI, not recurring pmts though.

Had a similar problem with Honda Finance a few years back. Almost a month to get a title after paying off with certified funds transfer from my bank.

 

Separate Check. Separate Day. Marked Principal ONLY!

 

If I want to pay extra principal on my house, I have to have it applied that way. Otherwise, it will go towards the next payment. TALK TO YOUR LENDER!!!

 

As long as you continue to pay your payments regularly it will not matter if they show the next due date being down the road......the money was applied to the balance...they are just showing that to stay within the terms of the loan that a payment would not be due until the future date before you would be in default. Also if you chose not to make payment because you were ahead would you see the balance GROW as the interest was earned...

Bottom line...continue to make regular payments with extra and the loan will be paid off prior to the agreed to date...