GE money bank

[swmichvector]

anybody use GE money bank financing that is through Yamaha at the dealer? if you google it you get nothing but horror stories. they are offering 2 years no interest with no back interest if its not paid in 2 years.after 2 years mine would go to 6.9%. i like the idea of free money for 2 years.

 

[Mikedom]

This is the second time I used them for the free 2 year no interest. Make sure you pay well ahead of the due date so they have time to process your payment and you should have no problems. I never did, but then again I always paid them off before the 2 years were up.

 

[sledneck22]

You have to be careful because some of these have hidden lines where it says after 2 years your interest is 6.9% but not on the remaining amount but rather the total amount of purchase. I know someone that was going to do this and it was 0% for 3 years and after 3 years it was 29.9% and that was every month after 3 years on the total purchase price. Just be careful with these 0% credit applications and stuff... These are people on the get rich quick plan.

 

[swmichvector]

it sounds like you need to pay like 3 weeks ahead to avoid any possible late fees. i can do that. i will not have it paid for in 2 years. i know the guy in the finance office personally so i will get a blank copy of the loan paperwork to put under the microscope. he told me that he called them and inquied as to wether the interest was figured on the total ammount or the remaining ammount. he told me it was on the remainig ammount. i need to see that in writing.

 

[swmichvector]

just talked to my buddy. the financing with GE money IS NOT a credit card. its a contract loan . its supposed to be the same as going to the bank and getting a loan. he said first thing tomorrow he will print out the paperwork and see whats what.

 

[cudase]

IMO if you can't pay it off during the no interest period, go thru a tradition bank. After the no interest period they hammer you will the interest on the whole purchase(this was the terms when I bought my nytro in 09) so it will cost more than a trad loan with a lower interest rate.

 

[swmichvector]

IMO if you can't pay it off during the no interest period, go thru a tradition bank. After the no interest period they hammer you will the interest on the whole purchase(this was the terms when I bought my nytro in 09) so it will cost more than a trad loan with a lower interest rate.

and thats my fear with this loan.

 

[Almost700]

I got hosed by them. They mysteriously lost my check that I sent two weeks early to pay it off. Battled for two years getting this fixed. They tried to add 3500 to my balance. Nightmare... I won't do it again.

 

[swmichvector]

I got hosed by them. They mysteriously lost my check that I sent two weeks early to pay it off. Battled for two years getting this fixed. They tried to add 3500 to my balance. Nightmare... I won't do it again.

what was the $3500 for? interest? was your loan a contract loan or a credit card?

 

[mooseflyer]

I got hosed by them. They mysteriously lost my check that I sent two weeks early to pay it off. Battled for two years getting this fixed. They tried to add 3500 to my balance. Nightmare... I won't do it again.

Reason number 127,369 never to deal with a bank.....

 

[sledneck22]

Go through a bank or credit union.
I know that the bank here where I live, is offering 2.99% on anything with wheels (this includes a snowmobile) for non-relationship customers. Being I bank through them I would get 2.45% right now up to 60 month loan. PM if you would like more information on this Credit Union. I have nothing but the best to say about them as they have taken care of every purchase I have ever had.

 

[Almost700]

I got hosed by them. They mysteriously lost my check that I sent two weeks early to pay it off. Battled for two years getting this fixed. They tried to add 3500 to my balance. Nightmare... I won't do it again.

Reason number 127,369 never to deal with a bank.....

I totally agree. Never again. I tried to work the angle to use the free money and it was very not worth it. that was $3500 in back interest and BS. While I was refusing to pay their junk fees, they were tacking on late fees to their junk fees. I paid the balance of the loan off. They jacked up my credit with late fees and back interest that I refused to pay. I finally won the battle and got the late removed from credit, but it was a total nightmare.
Cash only from here on out. Hence why I don't have a new $15,000 sled this year. I tend to enjoy them more when they are paid for. Not fun making a payment in the middle of summer for something you can't use.

 

[Almost700]

BTW, mine was a GE Money credit card. Using a local bank or CU with someone you have a good working relationship with is the better alternative. Something with a fixed rate and term that cannot surprise you unless you do something to void the contract like dafault on your payments.
I'm a banker so I am not anti banks. I am however anti GE Money. They are crooks IMO.

 

[fourload]

Anytime you payoff a loan make sure you do it 3 to 4 weeks ahead of time and always send it registered mail return receipt requested. This way you have proof of your delivery. All these banks and credit card companies are crooks anyway!!! Thank God I don't have to deal with them much!!!

 

[swmichvector]

Going to pass on ge money bank. Way too many bad stories for me,not just with snowmobiles but with everything they finance. I really dont like that they do not offer online bill pay either. That allows them to play the blame it on the mail game. I aint playn