? 10% Down ?
#71
03-06-2007, 11:31 AM
RE: ? 10% Down ?
ORIGINAL: MACK
OK, I will bite. I am a Harley salesman and the short answer to your questions are yes, yes and no. You may have had an inexperienced person who just could not explain it to you. A697 is considered 2nd tier and requires a down payment of a minimum of 10%. Harleys financing is rigid and unless you have a 725 plus beacon you wont get the best APR.You will always get a lower apr elsewhere for a 697 score which is very respectable and in the world of home buying is golden. Cars also, but not bikes generally, and for sure not with Eaglemark which is the name of Harleys subsidiary finance company. Now ,because you had negative equity you would have had to put down money no matter the credit score although Harley is liberal in this sense. The street glide price was right on. He was selling it to you at msrp and then adding back the negative equity you still owed.The security system was mispriced at 360 because it is 325 but the prep set up fee was less than most dealers charge.So the deal was correct but it was not explained to you very well. If you had gone in with no trade you would have purchased the bike for the 2600 less than you still owed . so the bike was fairly priced. It just seems unreasonable because of the negative equity and dont forget you also mentioned a hefty price for additional accessories which also got added. The good thing about hd financing is you can go up to 84 months if you can hack the payments and your income supports the extra 5k plus added expenses you had based on the negative equity and accessories. On avarage hd will approve an overage of about 25% more than the bike is selling for or worth. Credit unions and banks wont do that unless you have extensive resources and dealings with them. Hope this helps. If you ever need a good deal look me up at HD OF MONTGOMERY,AL. MACK ............PS,$1000.00-1500.00 to hold a popular model like the FLHX is common.I will take 500 and hold a sportster but if it is any touring bike especially a street glide or ULTRA 1000.00 minimum to hold it.
OK, I will bite. I am a Harley salesman and the short answer to your questions are yes, yes and no. You may have had an inexperienced person who just could not explain it to you. A697 is considered 2nd tier and requires a down payment of a minimum of 10%. Harleys financing is rigid and unless you have a 725 plus beacon you wont get the best APR.You will always get a lower apr elsewhere for a 697 score which is very respectable and in the world of home buying is golden. Cars also, but not bikes generally, and for sure not with Eaglemark which is the name of Harleys subsidiary finance company. Now ,because you had negative equity you would have had to put down money no matter the credit score although Harley is liberal in this sense. The street glide price was right on. He was selling it to you at msrp and then adding back the negative equity you still owed.The security system was mispriced at 360 because it is 325 but the prep set up fee was less than most dealers charge.So the deal was correct but it was not explained to you very well. If you had gone in with no trade you would have purchased the bike for the 2600 less than you still owed . so the bike was fairly priced. It just seems unreasonable because of the negative equity and dont forget you also mentioned a hefty price for additional accessories which also got added. The good thing about hd financing is you can go up to 84 months if you can hack the payments and your income supports the extra 5k plus added expenses you had based on the negative equity and accessories. On avarage hd will approve an overage of about 25% more than the bike is selling for or worth. Credit unions and banks wont do that unless you have extensive resources and dealings with them. Hope this helps. If you ever need a good deal look me up at HD OF MONTGOMERY,AL. MACK ............PS,$1000.00-1500.00 to hold a popular model like the FLHX is common.I will take 500 and hold a sportster but if it is any touring bike especially a street glide or ULTRA 1000.00 minimum to hold it.
#72
03-06-2007, 12:06 PM
RE: ? 10% Down ?
Run, do not walk away from this deal.
Eaglemark (harleys bank) ususally requires 10% down, unless you got the credit score of Jesus.
Rolling the DP back into the loan is stricly verboten by eaglesmark and is a sign of a shady dealer. It also may be violating your state law, (it does in missouri).
Go to a local credit union. I got my loan for 7.7% 6 years, for $20K with no down and a 650 Fico score. Get the loan approved and start shopping. You'll find its a much better experience that way.
Tim
Eaglemark (harleys bank) ususally requires 10% down, unless you got the credit score of Jesus.
Rolling the DP back into the loan is stricly verboten by eaglesmark and is a sign of a shady dealer. It also may be violating your state law, (it does in missouri).
Go to a local credit union. I got my loan for 7.7% 6 years, for $20K with no down and a 650 Fico score. Get the loan approved and start shopping. You'll find its a much better experience that way.
Tim
#73
03-06-2007, 02:16 PM
Outstanding HDF Member
RE: ? 10% Down ?
I read through all this and wonder, Why not keep your bike till it's paid off. What is the big rush? Shopping around didn't seem like an option. It's like you had a dealine to get this particular bike. Maybe I don't get it because I buy used and have a hard time saying Harley and loan in the same sentence.
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