Want to upgrade to Apex/Attack Yamaha's financing questions.

[CaptCaper]

Being there isn't any snow here in NH for the 3 season I belive I can get a decent deal on some 07's. Either Apex ER or Attack's ...I'd like to get two of them.

They have financing with zero interest,etc. Also there is a 89 a month for 24 months then 12.9 percent.
These are the surface pros the dealer is throwing at me. What's below the surface? What can I expect when getting one of these loans? Should I wait till spring?

I now have two 03 VMaxER600's that are clean. One has 1400 mi. the other 1000.
What about these sleds?

I think I know what your going to say but I'd like some feedback before I pull the trigger. Then it's too late. Ha.. It's not everyday we spend like this.

Capt.

 

[Ported Hornet]

I think the 0/0/0 ended December 31.

 

[AIRWOLF]

I think the 0/0/0 ended December 31.

still no snow, the deals can only get better

 

[n2oiroc]

if your sure you can pay them off in time for the 0-0-0 then go for that. otherwise get a loan through a bank or credit union. 7% is a lot better than 12.9%.

 

[nate007]

My Yammi dealer won't sell that deal to anybody that might want to come it his store again, if that tells you something. There's really not any benifit to doing that just to have your interest rate go up later. If you know your banker well enough they won't pull your credit report which having that done will affect your score also. If you can qualify for a better interest loan locally, do that first.
The best way to bargain is to have your banker approve you for a loan that would cover the cost of the sleds, and whatever else you need to go with them..
Then walk into the Yammi dealer and start dealing with them, letting them know,(casually!!!) that you will be writing a check for the purchase and do not need any financing. This makes you appear savvy enough to afford the sleds. If you don't tell them you have a loan to back the check you can have a little leverage there by saying that you have a certain ammount of cash to spend, and that's IT!
(I've spent a few years in sales)
Happy Hunting & Good Luck!!!)

 

[MXD]

stay away from any financing thats not a conventional closed end load. All of these promotions are on the Yamaha credit card. Have you ever put 10 g's on a credit card and paid 89 a month? It will take you 24 years to pay it off. Sounds good up front but without a good exit strategy within 6 months, they are no good. Trust me, I'm a dealer

 

[CaptCaper]

thanks

It all makes sense. My dealer did tell me I'd better pay it off before the 08 deadline.

He said it gave people a chance to sell their sleds. But at this rate of snow here fat chance this year.

 

[craze1cars]

Financing ANY depreciating asset is a poor financial decision period in 99% of all situations.

However...the zero percent thing can be a great deal if you have solid financial discipline. This means you have the ability to pay cash for the sled right now, but you invest that cash instead of giving it to the dealer. Then you can't spend any of it in the mantime, and then you pay it off completely before the zero interest expires.

So for example you pick up your brand new sled and deposit your $10K in a 1 year CD that will earn just under 5% interest these days, and by the time you have to pay off the sled in 2008 you've got an extra $500 to put in your pocket. Net result, you've bought the sled for $500 less than you otherwise would have if you paid cash. And about $2,500 less than you would have if you financed it. Not only that, but you're riding a brand new sled all the while!

But if you don't have the cash right now to invest and leave sit there, or you don't have the financial discipline to do this, then it's a bad financial deal no matter how you look at it. Because then you'll just be doing what 95% of the less disciplined small-savings-account people in the world do with their cars, sleds, and other expensive items...just finance it and make your monthly payments. This gives you the opportunity to pay $12,000 or even much more for your $10,000 sled. But I guess for some people if you just gotta have it, you just gotta have it regardless of cost.

This class of Personal Finance 101 is now dismissed....

 

[CaptCaper]

Financing ANY depreciating asset is a poor financial decision period in 99% of all situations.

However...the zero percent thing can be a great deal if you have solid financial discipline. This means you have the ability to pay cash for the sled right now, but you invest that cash instead of giving it to the dealer. Then you can't spend any of it in the mantime, and then you pay it off completely before the zero interest expires.

So for example you pick up your brand new sled and deposit your $10K in a 1 year CD that will earn just under 5% interest these days, and by the time you have to pay off the sled in 2008 you've got an extra $500 to put in your pocket. Net result, you've bought the sled for $500 less than you otherwise would have if you paid cash. And about $2,500 less than you would have if you financed it. Not only that, but you're riding a brand new sled all the while!

But if you don't have the cash right now to invest and leave sit there, or you don't have the financial discipline to do this, then it's a bad financial deal no matter how you look at it. Because then you'll just be doing what 95% of the less disciplined small-savings-account people in the world do with their cars, sleds, and other expensive items...just finance it and make your monthly payments. This gives you the opportunity to pay $12,000 or even much more for your $10,000 sled. But I guess for some people if you just gotta have it, you just gotta have it regardless of cost.

This class of Personal Finance 101 is now dismissed....

Well put..............

 

[CaptianC]

I think your nutz buying anything now. I see new leftover GT's going for $9100 and used $6500, so your dropping $2,600 walking out the door and the diffrence between what you coud sell it for next season which if your lucky is $5k. So your cost for 12 months is $9100-$5k or $4100. I say wait!!!!!!!!!! This does not even include financing items...

 

[rupprider]

On the 0-0-0 'til March 2008 (If it was still available), if you had indeed made no payments, in March 2008 your sled would have two seasons of riding on it and you would still have the new price to pay. Just one way to look at it. RR