Question about Yamaha Financing


7 replies to this topic
  • KYMXRacer

Posted September 18, 2008 - 11:22 AM

#1

I'm planning on buying a left over 08 YZ450F. I'm going to buy it using the 0,0,0 for 12 months deal. The plan is to put about $2500 down and then pay it all off before the deal ends. Can you do that? I won't have to pay back the interest over that period will I?... only if it isn't paid off in full before the deal ends, right?

Thanks for the info

  • WB450

Posted September 18, 2008 - 12:09 PM

#2

That's what I did, no penalty for me.

  • 06crf_er

Posted September 18, 2008 - 12:26 PM

#3

Just make sure you're dedicated to making whatever payments it takes to git er done. You'll be all good then. If not, you'll most likely be slammed for all of the retroactive interest at some ungodly rate making that $7000 bike a $10000 on in a hurry.

  • rdjohnson55

Posted September 18, 2008 - 12:39 PM

#4

That's how I buy a lot of stuff... If they are going to give me the money for free for 12 months why not? Just calculate the final money owed after the down payment and divide by 12 and if you can make that payment monthly you are good to go. If you go over you probably pay additional 1K to 2K in interest... How much are they asking for the bike?

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  • KYMXRacer

Posted September 18, 2008 - 01:05 PM

#5

$5700 OTD.... which would mean I would owe $3200... divided by 12 that is about $267 a month which is doable. Thanks guys

  • RCannon

Posted September 18, 2008 - 04:23 PM

#6

Keep in mind, Yamaha has nothing to do with the financing. It is actually financed by HSBC..better known as "Household Bank". Its also not a "loan". Its a credit card. This avoids you having to put money down or add insurance to protect the lending institution. It also allows them to set the interest rate as high as they want. Default on the one I used was 36%. I paid mine off from them within 3 months without penalty and canceled the account.

This works very well as long as YOU LIVE UP TO YOUR END OF THE DEAL!

Step out of line even a little bit, for any reason, and you will quickly find out HSBC uses no vaseline when they do you. Interest rates are very low now......really, with decent credit you can buy new stuff all day long for a max of 5.9%.

Yes, you pay this from day 1, but paying it off in a year will cost very little in interest.

Household banks eats people up. I would be smart to get a credit union loan to protect yourself if somethign goes wrong. If you happened to break a leg on that new bike, HSBC will be at your door to take your crutches and your dog if it could bring money on the open market.

Please dont tak emy word for it...search "Household Bank Problems" on google and you will see what I mean.

  • projected

Posted September 18, 2008 - 07:14 PM

#7

As mentioned above most of these cards go retro on the interest if your balance is not paid off 100% the day before the 0%/0 payment deal ends.

I'm pretty sure that even if you left $1 on the card you would accrue all the interest earned over the term.

Mine is up on 11/15/08 I will have it paid off on 11/1 for piece of mind. Don't take ANY chances with this card.

  • tnl

Posted September 18, 2008 - 07:58 PM

#8

Don't be late by one day either or they can jump your interest rate to the default level like 22% pending your fico score. Read the Schulmer (sp) box or the fine print always.





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