3.99% Yamaha financing

[fredz43]

We just received Yamaha's July sales incentives bulletin and one that may be of interest states:

"3.99% APR for 36 months through September 30, 2011*
*for qualified buyers"

:All new 2012 and prior year Motorcycle, Scooter and ATV models"

This applies for units sold from July 1 thru Sept 30, 2011. I'm not sure how it applies if you already have a PDP agreement with your dealer, but it wouldn't hurt to check especially if you haven't applied for financing yet.

 

[colorider]

Thanks for the heads-up Fred!!!! I will contact my dealer tomorrow and find out if this promotion is applicable to the SuperT..

 

[Venture]

I would think it's like car finance deals - it's not when you order, but when you take delivery that you are eligible for the promotions.

 

[fredz43]

I would think it's like car finance deals - it's not when you order, but when you take delivery that you are eligible for the promotions.

I think you are correct. Our finance manager was off today, but I will check with him tomorrow.

 

[TierHawg]

This is some good news!

I'll be saving a little money between this, and changes in California's sales and vehicle license tax.

 

[keeponriding]

Thanks for the heads-up!

Another reason to call my dealer back tomorrow....that's 2% lower than the ST loan rate.

 

[~TABASCO~]

Cool... save a few bucks fo sho....

 

[markjenn]

This is a good rate. But I think Yamaha has stepped rates based on credit scores, so you probably need absolutely perfect credit to get the lowest rate.

I don't want to kill Fred's financing business, but I must relate than my one previous experience with Yamaha credit was poor. (If things are the same, Yamaha contracts their credit through HSBC/HFC). I bought an FJR on a six-months/no-interest promotion and I had three issues with the way things were handled:

1) The loan was done with a revolving Yamaha credit card. During the loan period, if I made any additional charges to this credit card, any payments I made to the account first went against the no-interest bike balance rather than the item I just purchased. This has the net effect of making any further charges on the card automatically accrue 18% interest until the bike loan is paid. I discovered this almost by accident and needless to say, I didn't touch that credit card during the six-months I had the loan. Read the credit contract VERY carefully.

2) I received several hard-sell telemarketing calls while I had the loan trying to sell me credit life insurance, extended warranties, etc. These were obnoxious, high-pressure calls.

3) When I paid the loan off in full at six-months (with no interest), it took three phone calls and two months to get a clear title mailed to me. Twice they said they mailed it to the wrong address despite the fact that I was getting regular marketing materials mailed to me at my correct address. I'm convinced they were simply lying.

All in all, I thought the way this loan was handled was almost predatory in nature. If you can get anywhere close to Yamaha's rate at your credit union or trusted local bank, I'd suggest you do so.

- Mark

 

[Twitch]

If you can get anywhere close to Yamaha's rate at your credit union or trusted local bank, I'd suggest you do so.

Also consider borrowing from your 401K plan if you’ve got one, pay the interest to yourself and avoid all the crapola.

 

[colorider]

Mark makes some good points concerning Yamaha financing. They actually use two outfits, IIRC. GE Finance and the one he mentions. I also financed my FJR, but had zero problems with the whole process,

 

[TierHawg]

Mark makes some good points concerning Yamaha financing. They actually use two outfits, IIRC. GE Finance and the one he mentions. I also financed my FJR, but had zero problems with the whole process,

I've heard the same story before about some motorcycle financing. I did get approved through GE Finance back in March for the then current rate of 5.9%. A couple things I mentioned at that time to the finance manager and still plan to do: large down payment, and will shop my Credit Union for similar rates.

My local Credit Union will match dealer rates on auto loans, I'm not sure about motorcycle loans yet. The main thing I notice about going through a Credit Union vs dealer, is they generally require a more substantial down payment, usually 10%.

 

[fredz43]

A quick scan of the Yamaha promo on this shows that Tier 1, 2 , and 3 credit ratings are eligible. It is handled thru either HSBC or GE. The 3.99% rate is for up to 36 months. If you choose to stretch it out to 60 months, it goes to 6.99%.

At least that is my take on it after reading all the verbiage. Check with your dealer to make sure. It is your choice as to how you finance your bike, but this may offer you a chance to save a few $$.

I have no financial interest in this, just trying to pass on some info that may be helpful. I will be writing a check for the difference between my traded in ST1300 and my Super Tenere.

 

[colorider]

A quick scan of the Yamaha promo on this shows that Tier 1, 2 , and 3 credit ratings are eligible. It is handled thru either HSBC or GE. The 3.99% rate is for up to 36 months. If you choose to stretch it out to 60 months, it goes to 6.99%.

At least that is my take on it after reading all the verbiage. Check with your dealer to make sure. It is your choice as to how you finance your bike, but this may offer you a chance to save a few $$.

I have no financial interest in this, just trying to pass on some info that may be helpful. I will be writing a check for the difference between my traded in ST1300 and my Super Tenere.

Thanks again Fred for the heads-up on the offer. I will call my dealer later this morning when they open up.

Assuming the FJR sells as planned, I will only be financing the difference in what I get out of it. Hopefully the 36 month promo will work for me!

 

[fredz43]

Per our finance manager, this is on a Yamaha credit card. Now, if you are going to buy other stuff on that credit card, this is not a good deal, but if you are going to use it to finance your bike only, it could be worthwhile.

 

[colorider]

Per our finance manager, this is on a Yamaha credit card. Now, if you are going to buy other stuff on that credit card, this is not a good deal, but if you are going to use it to finance your bike only, it could be worthwhile.

Super!!! That works for me!!!!

 

[switchback]

Never had any issue with Yamaha credit except for the requirement to have a credit card that I won't use. Titles do take a month or two to get back. This is a good fall back option but I hope to pay cash and avoid another payment. Like the 401k option as well but make sure you make the payments and pay it off or Uncle Sam will get you.

 

[Checkswrecks]

...I must relate than my one previous experience with Yamaha credit was poor. ...

I obught my current FJR from a guy who had it on HSBC through our Yamaha dealer, as well. First, he had a number of comments similar to Mark's. Then, it was an absolute nightmare for HSBC to release the title. In the end, we learned that HSBC is actually many separate sub-companies and they truly have no concept about each other's practices. The financing was through an HSBC company in another state out west, who insisted that releasing the title could take 14 WORKING days (3 weeks), then messed that up.

We both swore not to deal with HSBC again.

 

[roy]

I sold my soul (maybe not the whole soul but a few motorcycles I had sitting around) to get my S10 and will be paying cash for it.

 

[colorider]

I sold my soul (maybe not the whole soul but a few motorcycles I had sitting around) to get my S10 and will be paying cash for it.

It almost worked that way for me as well - at least if my FJR sells in the next month or so. The bad news is that some of the money from the sale of my KLR (and some from the pending sale of the FJR) will go toward some unforeseen medical bills.

 

[colorider]

Per our finance manager, this is on a Yamaha credit card. Now, if you are going to buy other stuff on that credit card, this is not a good deal, but if you are going to use it to finance your bike only, it could be worthwhile.

Yes, confirmed the same thing with my dealer yesterday. He basically told me to hold tight and just wait until the bike arrives as it only takes a matter of minutes to get approval on one of the cards. The other thing he mentioned is that sometimes after a "better" rate like this one, the first finance outfit (which offered the 5.99%) may match or beat this current offer.