Triumphrat

R100Pilot · 05-29-2007, 04:34 PM

I knew goin' in that I wasn't getting the best deal financing the S3, but it was a Saturday, sorta an impulse buy and I wanted it immediately on accounta I am impatient. My financing was done through the dealer with The Great Exponentially huge Money Beast.

My thought at the time was that I'd just pay extra each month and get the loan paid off sooner than the whole term, but looking at the statements, I saw that when I paid more than the minimum, they didn't put the extra money toward the principal - they divvied it up between principal and interest, so I was gettin' thoroughly hammered (well, there's another word for it, but it won't pass the smell test here).

So today, I finally threw off the shackles of corporate oppression and refinanced the beast (with a credit union - slightly less restrictive shackles of corporate oppression).

The Great Exponentially huge Money Beast didn't make it easy. First I called and asked them to fax the payoff amount to the financial institution (where the Redhead works - helps to know someone financially savvy). They said they would do it within three business days. I can get Progressive to fax proof of insurance in five minutes - what's their problem?

The next day, they call and tell me they can't fax it without written authorization - this after going through their phone security inquisition thingie (mother's maiden name, shoe size, etc.), so it wasn't like they didn't know it was really me wantin' 'em to do this. But I jumped through their hoops and finally got the deal done - shorter term, 5% less interest, and only $20/mon. more.

So yeah, I spent some extra for a time, but I got a bike I thorougly enjoy. But now it's gonna be an even better ride without that monkey on my back.

All of which is to say, why doesn't Triumph offer better financing? I woulda stuck with their finance company if they were remotely competitive. Oh well - money outta their pocket.

sanscrainte · 05-29-2007, 05:04 PM

I'm in the exact same boat... I have a few more months on my truck payment. Once I get that paid off I'm going to shop around also and get the bike refinanced with hopefully a better rate also.

harleyxlc · 05-29-2007, 05:19 PM

Oh joy, I see some fun calls to GE in my future....

Limey · 05-29-2007, 05:47 PM

The dealer makes money off the interest rate they sell you. ie, they submit your app, the bank says approved at 6%, they sell you the rate at 8% and pocket the difference. :hammer:

gimpsta · 05-29-2007, 05:50 PM

and i bet they make a killing off of the $36 a month payment for the first 2yrs thing then too haha

05-29-2007, 05:58 PM

Quote:

On 2007-05-29 15:47, Limey wrote:
The dealer makes money off the interest rate they sell you. ie, they submit your app, the bank says approved at 6%, they sell you the rate at 8% and pocket the difference. :hammer:

Some of the best advice I ever got from anyone when it comes to buying a vehicle:

Have your financing arranged before you step onto the dealers property. Then you know EXACTLY how much you can afford and you are essentially negotiating from a cash position.

Oh, and credit unions are da bomb. :-)

sanscrainte · 05-29-2007, 06:17 PM

I think I'm going just pay off my bike through check n' go

:

Diego · 05-29-2007, 11:53 PM

Maybe Florida allows different business practices than Georgia and Kansas, but FWIW, I had very good results with GE when my Rocket III was financed with them. The interest rate was good, extra principal was applied correctly, and when it came time to get a payoff amount, I had it over the phone in minutes, then had the released title in less than 2 weeks of sending them my payment.

tekmoe · 05-30-2007, 12:42 AM

cash is king!

Andhedrew · 05-30-2007, 01:06 AM

+1 on da cash thang.

I was looking at a whole lotta more bike until my wife slapped a cash-only restriction on me. That is a big reason why I'm riding an 03 S3 versus a 1050 or Harley Cashcow.

SaxM had it right though... if ever you need financing check out what you're worth at your CREDIT UNION beforehand.

Any dealer of any vehicle is going to take you to the cleaners if it comes to financing through them. The only people capable of the prime rates through dealers are the same people who can afford to pay cash (and do if they are smart).