View Full Version : Any suggestions on motorcycle loans, dumping current place over incompetence.
Have 2 bike loans, from space Age credit Union was lowest the dealer was offering from. Local place and pretty much stone agree website.
First bike i transposed a number on my accnt number. Called and fixed it, on my 3rd rejected payment now after calling 3 times to confirm and fix number after reading straight from my checks. First time they said computer had reverted to original wrong info.
These folks don't deserve the business. Impossible hours or locations for me to go in person unless i take work off too.
Great-Kazoo
11-27-2017, 17:54
Public Service credit union, Norlarco, even your bank.
I forget why I'd wanted to avoid using wells. Either outrage at their scandal or assuming higher rates since my personal loan years ago when I was poorer and maybe a 740 credit score sucked (due to no history rather than anything bad)
I should clarify since it got brought up in a different forum. I think more than anything I want a place good to deal with/modern since this small credit union giving me a really bad taste in my mouth. Heard Geico might actually finance bikes? For 4 and 3k each, the $ over the life of loan is small enough even being a % point higher really doesn't hurt much.
2nd bike is really wifes I paid the 1k down payment on as holiday gift, she wants to pay it rather than me just to feel in control. Making me debate just taking one or both loans and doing them on a regular loan to pay them off and just have titles on hand now.
Great-Kazoo
11-27-2017, 19:41
Let her pull her own loan, why bog down your credit score? Equal Rights comes with Equal Responsibility.
Outside chance the marriage doesn't work out down the road, why get stuck with her debt.
First rule of motorcycles: Never finance a bike.
SouthPaw
11-27-2017, 22:09
First rule of motorcycles: Never finance a bike.
Best advice right here. Some guys are ok spending $10K+ on one but I’ve always paid cash for $7K or less.
Blue Federal Credit Union - Sister branch of public federal.
First rule of motorcycles: Never finance a bike.
Any huge reason why? I figure you lose big on trade ins anyways. Figure a few hundred in financing is better than fighting insurance on a total loss and fair valuation?
First rule of motorcycles: Never finance a bike.
That’s all fine and dandy but not everyone who wants to ride has $20K to pay cash if they want a brand new bike. For some people financing is the only way to get the bike of their dreams and start riding.
Sorry to hear about your bad experience with Space Age, I've always been treated exceptionally well there. Public Service was a close second. I never went to an actual Space Age office after I closed my loan but a partner cu to make payments (usually either Public Service or Arapahoe-one on my way to the office, the other near where I live). Beware of Bellco-they screwed up my younger son's car loan seriously bad and repoed it. They had serious egg on their face when he showed them his canceled checks. The rep he dealt with didn't even offer an apology-I had some choice words with him and immediately closed the account I had there (residual from a short, small loan I had years prior with them).
Martinjmpr
11-28-2017, 10:28
First rule of motorcycles: Never finance a bike.
[word] This x eleventy brazillians. Financed one bike, will never do it again.
Any huge reason why? I figure you lose big on trade ins anyways. Figure a few hundred in financing is better than fighting insurance on a total loss and fair valuation?
Because (a) a motorcycle is a toy if you live in CO, and it's not a good idea to finance a toy. And (b) motorcycles depreciate like crazy, especially if they're new. Finance a new motorcycle and unless you put 50% down, you are pretty much going to be upside down on the bike the moment you ride it off the lot. Nothing like having a $9000 note on a bike that is worth, at best, $6000.
"Back in the day", maybe 15 - 20 years ago, HDs were in such high demand that they were the exception to the rule - you could buy them new, ride them for a few years and then sell them for darn near what you paid. But once everybody who was going to buy a big Harley got one, prices on used ones started falling dramatically, and while HD's do hold their value better than most other brands, there has still been a significant decline in the prices of used Harleys, as they've become something of a glut on the market.
That’s all fine and dandy but not everyone who wants to ride has $20K to pay cash if they want a brand new bike. For some people financing is the only way to get the bike of their dreams and start riding.
Buying brand new is another thing I like to avoid. Might as well just pile up some $100 bills and set them on fire.
With motorcycles that's especially true - there are so many low-mileage late-model bikes for sale out there, it's crazy. A lot of people buy a motorcycle on a whim, park it in the garage and then rarely (if ever) ride it. You can pick up a 5 year old motorcycle with less than 10k on it typically for about half of what it cost new.
Martinjmpr
11-28-2017, 10:30
Also I financed my one and only financed bike through USAA. If you're eligible (based on your user name I assume you are) then I'd try them.
Sorry to hear about your bad experience with Space Age, I've always been treated exceptionally well there. Public Service was a close second. I never went to an actual Space Age office after I closed my loan but a partner cu to make payments (usually either Public Service or Arapahoe-one on my way to the office, the other near where I live). Beware of Bellco-they screwed up my younger son's car loan seriously bad and repoed it. They had serious egg on their face when he showed them his canceled checks. The rep he dealt with didn't even offer an apology-I had some choice words with him and immediately closed the account I had there (residual from a short, small loan I had years prior with them).
FWIW the folk on the phone are really nice. But im spoiled by big company online/mobile services paired with this ongoing billing issue. I even confirmed my accnt and routing with WF yesterday.
[word] This x eleventy brazillians. Financed one bike, will never do it again.
Because (a) a motorcycle is a toy if you live in CO, and it's not a good idea to finance a toy. And (b) motorcycles depreciate like crazy, especially if they're new. Finance a new motorcycle and unless you put 50% down, you are pretty much going to be upside down on the bike the moment you ride it off the lot. Nothing like having a $9000 note on a bike that is worth, at best, $6000.
"Back in the day", maybe 15 - 20 years ago, HDs were in such high demand that they were the exception to the rule - you could buy them new, ride them for a few years and then sell them for darn near what you paid. But once everybody who was going to buy a big Harley got one, prices on used ones started falling dramatically, and while HD's do hold their value better than most other brands, there has still been a significant decline in the prices of used Harleys, as they've become something of a glut on the market.
Buying brand new is another thing I like to avoid. Might as well just pile up some $100 bills and set them on fire.
With motorcycles that's especially true - there are so many low-mileage late-model bikes for sale out there, it's crazy. A lot of people buy a motorcycle on a whim, park it in the garage and then rarely (if ever) ride it. You can pick up a 5 year old motorcycle with less than 10k on it typically for about half of what it cost new.
Guess im not doing to bad then, first bike was 1-2 yrs old with 4k on it. 7 or 8k ish new bought for like 4500ish? Second bike was new and 3k, i was pissed at dealer freight/destination/etc that seemed absurd. Flat rate seemed like for any new bike almost so a big % on a 3k mini bike.
Groms seem extremely popular used market. Stock used going for very near new prices on craigs/mototrader. Its why if wife didnt take to it I knew I could flip for a mild loss.
Martinjmpr
11-28-2017, 11:37
Guess im not doing to bad then, first bike was 1-2 yrs old with 4k on it. 7 or 8k ish new bought for like 4500ish? Second bike was new and 3k, i was pissed at dealer freight/destination/etc that seemed absurd. Flat rate seemed like for any new bike almost so a big % on a 3k mini bike.
Groms seem extremely popular used market. Stock used going for very near new prices on craigs/mototrader. Its why if wife didnt take to it I knew I could flip for a mild loss.
Buying ANY motorcycle from a dealer is also something I'm unlikely to ever do again. All the little BS charges they tack on just piss me off. Yeah, I know, "everybody does it" but it's still sleazy.
Motorcycle dealers (at least the ones that sell new bikes) often tack on an 'assembly charge' to a negotiated price. Now, first of all, unless they offer you the option of buying an unassembled bike, that's pure crap. But it gets even stupider than that when they tack that charge onto USED bikes too. How the hell does it make sense to charge an 'assembly' fee on a bike that was already assembled when the dealer got it?
Again, there are HUNDREDS of nice, low mileage bikes on the private sale market. Private sales are honest: Negotiate a price, money changes hands, sign the title over, hand the keys over, deal done.
fitterjohn
11-28-2017, 11:57
Bank of Colorado is my suggestion. Never had anything but amazing service at every single location I've ever gone into.
How the hell does it make sense to charge an 'assembly' fee on a bike that was already assembled when the dealer got it?
I think when the dealers get them in the crates part of the front end (maybe the front wheel and ??) are not installed on the bikes.
"Back in the day", maybe 15 - 20 years ago, HDs were in such high demand that they were the exception to the rule - you could buy them new, ride them for a few years and then sell them for darn near what you paid. But once everybody who was going to buy a big Harley got one, prices on used ones started falling dramatically, and while HD's do hold their value better than most other brands, there has still been a significant decline in the prices of used Harleys, as they've become something of a glut on the market.
I'd say around 40% of the bikes for sale on Craigslist are Harleys. If it's not 40%, it's gotta be at least a third. I've seen several Sportsters for sale with less than 100 miles on them, usually something like 35 or 60 miles. Guess they rode it home from the dealer and never rode it again...[Dunno]
Great-Kazoo
11-28-2017, 20:24
Buying ANY motorcycle from a dealer is also something I'm unlikely to ever do again. All the little BS charges they tack on just piss me off. Yeah, I know, "everybody does it" but it's still sleazy.
Motorcycle dealers (at least the ones that sell new bikes) often tack on an 'assembly charge' to a negotiated price. Now, first of all, unless they offer you the option of buying an unassembled bike, that's pure crap. But it gets even stupider than that when they tack that charge onto USED bikes too. How the hell does it make sense to charge an 'assembly' fee on a bike that was already assembled when the dealer got it?
Again, there are HUNDREDS of nice, low mileage bikes on the private sale market. Private sales are honest: Negotiate a price, money changes hands, sign the title over, hand the keys over, deal done.
New MC's require set up, clutch checked, fluids and battery installed, road test to verify it's ready to go off the show room floor. Used MC's require an axle to axle check. Last thing a dealer wants is for a mc to go down the road and have brakes fail, axle nut come loose, etc.
Personally, I'd rather buy a gently used bike from some poor schlub that bought it new as a toy then realized he was in over his head, and just needs to unload it. Dealers can kiss my ass, especially HD dealers. Independent shops are another story.
Martinjmpr
11-28-2017, 22:19
New MC's require set up, clutch checked, fluids and battery installed, road test to verify it's ready to go off the show room floor. Used MC's require an axle to axle check. Last thing a dealer wants is for a mc to go down the road and have brakes fail, axle nut come loose, etc.
Then the cost of that needs to be factored into the price, just like it is withvirtually every other product sold in the market.
If I buy a TV from Best Buy and the price is $599, then the price is $599 (plus tax which of course Best Buy has no control over.)
How would you feel if they said "OK, that's $599, plus the fee to take it off the truck, plus the fee to put it in the warehouse, plus the fee to take it to your vehicle - $680 plus tax?"
Imagine buying a gun at your LGS. Sale price is marked at $690. But when they ring it up, they add the shipping charge, the record keeping fee, the unboxing charge, the inspection charge - etc etc.
Would you put up with that? Hell no you wouldn't and neither would anybody else. But for some stupid reason we put up with this crap when it comes to motor vehicles.
Understand, I have no beef with charges that are out of the seller's control: Sales tax, excise tax, background check fees, new development surcharges - those are things that the seller can't change.
But things like "assembly" ought to be built into the price unless they're going to give you the option of buying it unassembled. Otherwise, why charge it? If it costs the dealership $200 in man-hours to assemble a bike, then instead of selling it for $5995 sell it for $6195.
I mean, dealerships might as well charge extra for wheels and tires while they're at it. Or sparkplugs. Or oil in the engine. [Rant1]
And BTW it is EXACTLY shit like this that makes me reluctant to buy from a dealer, and I'll bet I'm not the only one. I wonder if dealers could actually sell more products and have happier customers if they simply built all the extra charges into their prices and advertised that fact: "The price you see is the price you pay. No hidden charges, no bogus add on fees."
Martinjmpr
11-28-2017, 22:22
I'd say around 40% of the bikes for sale on Craigslist are Harleys. If it's not 40%, it's gotta be at least a third. I've seen several Sportsters for sale with less than 100 miles on them, usually something like 35 or 60 miles. Guess they rode it home from the dealer and never rode it again...[Dunno]
Last I checked more than 50% of the bikes over 700cc sold in the US were Harleys, so if 40% of the ones that are for sale are Harleys that's about equal to their share of the total MC market.
Then the cost of that needs to be factored into the price, just like it is withvirtually every other product sold in the market.
If I buy a TV from Best Buy and the price is $599, then the price is $599 (plus tax which of course Best Buy has no control over.)
How would you feel if they said "OK, that's $599, plus the fee to take it off the truck, plus the fee to put it in the warehouse, plus the fee to take it to your vehicle - $680 plus tax?"
Imagine buying a gun at your LGS. Sale price is marked at $690. But when they ring it up, they add the shipping charge, the record keeping fee, the unboxing charge, the inspection charge - etc etc.
Would you put up with that? Hell no you wouldn't and neither would anybody else. But for some stupid reason we put up with this crap when it comes to motor vehicles.
Understand, I have no beef with charges that are out of the seller's control: Sales tax, excise tax, background check fees, new development surcharges - those are things that the seller can't change.
But things like "assembly" ought to be built into the price unless they're going to give you the option of buying it unassembled. Otherwise, why charge it? If it costs the dealership $200 in man-hours to assemble a bike, then instead of selling it for $5995 sell it for $6195.
I mean, dealerships might as well charge extra for wheels and tires while they're at it. Or sparkplugs. Or oil in the engine. [Rant1]
And BTW it is EXACTLY shit like this that makes me reluctant to buy from a dealer, and I'll bet I'm not the only one. I wonder if dealers could actually sell more products and have happier customers if they simply built all the extra charges into their prices and advertised that fact: "The price you see is the price you pay. No hidden charges, no bogus add on fees."
Lol! My dad spotted a nice Ford Windstar once that he wanted. Went in and negotiated the price, and whipped out his checkbook to buy it on the spot. Salesman about shit himself, stammering about other fees and charges, financing, etc.
Dad said "you told me the price was $xxxxx, you wanna sell the damned thing or not?" Boss told the saleshole to let Dad have it for that price.
Lol! My dad spotted a nice Ford Windstar once that he wanted. Went in and negotiated the price, and whipped out his checkbook to buy it on the spot. Salesman about shit himself, stammering about other fees and charges, financing, etc.
Dad said "you told me the price was $xxxxx, you wanna sell the damned thing or not?" Boss told the saleshole to let Dad have it for that price.
Sucks your dad got stuck with a Windstar.[pileoshit]
I mean, dealerships might as well charge extra for wheels and tires while they're at it. Or sparkplugs. Or oil in the engine. [Rant1]
Auto dealers call it an 'destination fees' and 'dealer prep fees'.
The scammy part of all of this is that dealers are given kick-backs from the manufacturers to cover costs like this.
BladesNBarrels
11-29-2017, 11:18
Lol! My dad spotted a nice Ford Windstar once that he wanted. Went in and negotiated the price, and whipped out his checkbook to buy it on the spot. Salesman about shit himself, stammering about other fees and charges, financing, etc.
Dad said "you told me the price was $xxxxx, you wanna sell the damned thing or not?" Boss told the saleshole to let Dad have it for that price.
I bought a used Dodge Van in 1973 from a dealer in Boulder.
Wrote a check for $3,000 and left it unsigned with the salesman and said, "When you are ready to accept that amount, give me a call. It is all I have,"
Had a call later that evening and picked up the van the next morning.
Never worked since.
Sucks your dad got stuck with a Windstar.[pileoshit]
His Windstar was damn nice for a new 2000 model. Now, the Aerostars were steaming piles o'shit.
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