I bought a bike a couple months ago. I put a couple thousand down and financed the rest in order to get a better deal from the dealership. You’d think they would be more willing to work with you if you’re paying cash, but not so. Since it was used, Honda Financial Services hit me with a 9.9% interest rate even though my credit is excellent.
I kept trying to get them to lower my interest rate. I wanted less than 3% but they wouldn’t budge off 9.9%. I spoke to supervisors, everybody. They would “extend” my payment plan to 7 years or something ridiculous, but not lower the interest rate. I explained that I had no problem making the payments, and if they didn’t lower the interest rate I would pay my balance in full the next day. The supervisor said:
“Hah, thats what they all say”.
Cash only from now on. Sick of paying people more money just to let me use their money. I will eat ramen noodles and take the bus (or my newly paid off motorcycle) before I finance another vehicle.
I bought my Honda Rincon back several years ago. It was on close out so I got a great deal, I sat down to fill out the paperwork and I told the girl I was writing a check for it.
She didn’t believe me. I had to log onto her computer to get Vanguards customer service number and let her talk to a customer service rep so that she would agree to let me pay with a check.:rolleyes:
When I bought my last Corolla, I sat down with 3 different people and every single time they would say, you haven’t filled out the loan paperwork yet. No, really? There is a reason for that…:rolleyes:
When I bought my truck, I did finance $2,000 of it’s price for 1 month. I got $2,000 off for using GMAC during the financial crisis. I paid it off as soon as I got the first payment request. The dealership called and they were really angry because I had agreed to finance it. I told them that I did, and there wasn’t a prepayment penalty, not my problem. (I also got a 2011 4WD Extended Cab Silverado out the door for $24,000) which was only $1,500 more than I paid for my 4WD Single Cab Stepside in 1999.
Yep, not only is there no “cash discount” but it’s almost no cash accepted anymore. The interest is factored into the price now, so when you don’t want to pay it they short circuit.
We bought several thousand worth of new furniture and beds about 6 years ago and the salesman did everything but refuse to sell it to me unless we financed it with them. Up to and including the bank call to insure my check would clear.
Debt sucks, but we’re seemingly a minority in feeling that way.
WOW the interest rate on my VISA card is 6%, Why don’t you refinance? My bank pittsford federal CU shows 2.99%/72 months for bikes and Navy fed is showing 1.49% at 36 months.
Go through USAA(if you qualify), use Vehicle Buying Program, let dealers fight to give you lowest price, and finance through USAA. Simply cannot beat finance rates or vehicle prices.
When my old man bought his last truck in 09 they gave him a check for his trade in and he financed the entire purchase price less minimum down payment for 60 months at 0%.
If you can work a deal like that, you might as well finance, but I think the days of 0% financing are over.
I’ve paid cash for every bike and car I’ve owned, the only loan I’ve had was for my lasik. It was 0% as well, it would have been foolish to not finance that.
At least you have good taste in bikes. I’ve competed on all of the “big 4”, Buell’s & an Aprilia. While I’m partial to Suzuki’s, Honda’s just run & they run GOOD. They’re just not the eye candy that the Aprilia’s are… which is why I can’t part with the one in my rec room.
I knew what I wanted, waited until I knew the dealer really needed to move some product, went in with a competing quote from a competitor (Toyota), mentioned I was a previous Chevy owner and wanted to stay with them, but I was really leaning towards Toyota quality based on my experience with my Corolla. Walked away from the 1st deal and went back to Toyota (Tacoma) with the 1st deal from Chevy. Got Toyota to lower their price but it wasn’t where I wanted to be and I really wanted a bigger truck for hauling stuff, went back to Chevy with the new Toyota deal and told them they were really going to have to beat it to sell that Silverado. I also told them I knew they had on the lot for 4 months and it was a nearly the next model year and I could tell they hadn’t been turning over product and I would be willing to make a large down payment.
I walked out with a brand new truck that cost what a 2 year old used truck listed on Edmunds person to person, with several free oil changes and a full tank of gas.
^What he said. Always shop your interest rates. There can be huge differences between lenders. Sometimes the big lenders have the best rates; other times they have the worst. Credit unions have been particularly good to me over the past several years.
I’ve never had a problem getting anyone to accept cash for cars, boats, snowmobiles, motorcycles. They won’t give you a break for paying cash, probably to be expected because of some kind of kickback for the dealership on all of the financing they broker. As to interest rates…you will always do far better with your home bank or credit union (assuming reasonable credit history with them) than you will with a finance company. I wouldn’t have even wasted my time trying to get a lower interest rate from Honda financing. I would have just gone to my bank or credit union.
I got $2,000 off for using GMAC during the financial crisis. I paid it off as soon as I got the first payment request. The dealership called and they were really angry because I had agreed to finance it. I told them that I did, and there wasn’t a prepayment penalty, not my problem. (I also got a 2011 4WD Extended Cab Silverado out the door for $24,000) which was only $1,500 more than I paid for my 4WD Single Cab Stepside in 1999.
