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DesertChris

Yamaha's purchase plan sucks!

33 posts in this topic

What ways are some of you using to get around the 17.9% interest on their wonderful credit card? The bike was expensive enough without having to see $100 of my monthly payment going towards interest. This alone will most likely send me looking at other bikes when it comes time to purchase another.

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That is why I never buy on credit, If I can not pay cash for it I can not afford it.

I understand you frustraion it sucks, In my opinion credit is nothing to get involved with.

You may want to try and get it refied through your bank now or simply pay it off saves a $100.00 a month

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So you didn't know they changed interest when you signed the CONTRACT? :D What "sucks" about them charging you the amount YOU AGREED TO when you signed on the dotted line? :D

If you're unhappy, get busy. :) Check the local Credit Unions and banks for rates. My local CU is 6.25% for bikes right now. You should be able to do much better than 17.9% :D

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Read what the contract before you sign it and if you don't understand it make them explain it to you.

You learned the hard way, join the club.

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That is why I never buy on credit, If I can not pay cash for it I can not afford it.

Thats exactly my sentiments. If you payed that kind of intrest, by the time you got the bike paid off you could have saved up for 3 bikes.

Credit cards are the biggest scam going. :)

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I always go through my Credit Union.

Ever notice how EASY it is to get a Credit Card with an 18-22% intrest rate? Then they act surprised when you turn them down.

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I used the Yamaha card to buy three bikes in the last couple of years. However, I ONLY did it because I knew I had money coming in to pay for them outright before the interest kicked in. As others have suggested, your local Credit Union will do you much better than than Yamahas Credit Card (revolving credit.)

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I know what I signed, thank you! I was asking for some helpful information on what other have done to avoid their ridiculous post introductry rate. I just came off of the 3.9% and am looking for alternatives. My credit union considers dirtbikes jetskis and such as unsecurable items and will only give a signature loan of up to $5000. Congats to those that can pay cash, I'm just not in that postion yet and it is easier to spread the payment out over a couple of years. 17.9% for thoses with good credit in this current market is uncalled for. Sorry for the rant guys, but this will most likely cost Yamaha (enven though they make a good product) my future purchases.

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Here is what I did on mine. I purchased a 2002 WR426 last year on their 0% deal for 6 months. At the time the "special promototion" was up, I rolled the entire amount over to a 0% balance transfer credit card. I am now enjoying an additional year at 0% on my new credit card. My min payment due each month is $100, all pricincipal, no interest. I do not use this card for anything other than my bike payment. After this balance transfer program is up, I will move it all over to another 0% balance transfer card. (And so on until the total is payed off.) I do not know if everyone gets these offers but my credit is very good so I get these offers a few times per month. Transferrring your Yamaha credit card is no different than moving from Mastercard to Visa! Good Luck. Don't give them any more interest money.

:)

Cheers.

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Ask your credit union what the rate is on a street legal motorcycle, at my credit union was 4.5%.

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Ask your credit union what the rate is on a street legal motorcycle, at my credit union was 4.5%.

Excellent idea G-dawg!

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Feeling a little better now, thanks for all the tips. I am in contact with my other credit union now and they are seeing what they can do. I have my fingers crossed, so far the payments I have made have been taking care of the taxes and dealer fees so I am slightly upsidedown. Wish me luck, should know within the next hour. :)

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Paying cash is an honorable approach but not always the smartest. Using the 0% option for 6 or 12 months allows you to invest your money and actually earn interest while simultaneously improving your credit rating. Yes, you have to use credit to have a credit rating.

So, once the intro period is up, transfer the balance to another card company offering 0-2% balance transfers to get your business.

Using credit is smart, especially if you can do it free of charge while your hard earned money is working for you. The rich get richer because they used their heads for something other than a helment mount every once in a while.

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Here is what I did on mine. I purchased a 2002 WR426 last year on their 0% deal for 6 months. At the time the "special promototion" was up, I rolled the entire amount over to a 0% balance transfer credit card. I am now enjoying an additional year at 0% on my new credit card. My min payment due each month is $100, all pricincipal, no interest. I do not use this card for anything other than my bike payment. After this balance transfer program is up, I will move it all over to another 0% balance transfer card. (And so on until the total is payed off.) I do not know if everyone gets these offers but my credit is very good so I get these offers a few times per month. Transferrring your Yamaha credit card is no different than moving from Mastercard to Visa! Good Luck. Don't give them any more interest money.

Cheers.

This is exactly what I did for my R1. My Wr 426 and wife's TTR 125L I paid for in cash. And for those of you that don't like buying an item unless you use cash, are not using you brain. CREDIT and then money make the world go round!! :)

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Paying cash is an honorable approach but not always the smartest. Using the 0% option for 6 or 12 months allows you to invest your money and actually earn interest while simultaneously improving your credit rating. Yes, you have to use credit to have a credit rating.

So, once the intro period is up, transfer the balance to another card company offering 0-2% balance transfers to get your business.

Using credit is smart, especially if you can do it free of charge while your hard earned money is working for you. The rich get richer because they used their heads for something other than a helment mount every once in a while.

You have to understand that most people dont take this approach though. 6 months no intrest looks great to everyone that walks in a wants that shiny new thumper so all they ask is "Where do I sign?"

Then when 6 months is up... "Oooops!!! I forgot to roll it over to another low intrest card! Oh well, screw it. Its too much hassle."

Thats what Yamaha and the other guys (Honda, Kawi, Suzuki , KTM) want you to do too.

Financing makes it so easy for people to buy stuff nowdays that they dont realize they are getting in over their head until its too late.

And as for having a good credit report just keep making the payments on your house (if your lucky enough to be a homeowner) or your car and that will keep your credit rating in fine shape.

The above mentioned are 2 things people need in life. Not bikes. (Although Im sure most in here would dispute that) Even me! :)

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Paying cash is an honorable approach but not always the smartest.

We're talking about ~$6,000.00 here not $600,000.00. I highly doubt that the average person using a credit card has the desire/means to play the 0% interest card juggling game. I sure as hell don't have the time/desire/etc.

I have the titles to everything I own that moves - ahhhhh - and I make no credit card payments. There's one more title that eludes me - (7) years more and it's mine too.

I don't have to funnel money from one card/account to another, pay anybody anything. I work/worked hard, went without for many years and finally dropped the coin for my toys. I carry very little cash (if any) and no checks (unless I'm buying a toy). I use my credit card as if it were cash, gas, lunch out, etc. I pay my balance in full every month. I owe nobody - except Washington Mutual and in (7) years it's :) to them too.

You can still have title to your bike if you purchased it w/ a credit card, but you will still be making payments. Mentally, that's not fun. You've extended yourself. You're "banking" on keeping your job and being able to make payments for the next n months. Do not be fooled.

I've learned the hard way that paying someone else over time (interest) gets boring and costs a ton 'o denero and can have very tough consequences if you're late, etc.

So you young guys out there - work hard, real hard and save your money. Believe me, really owning your toy feels much better than paying some bank month after month after month after month...

What's that, your job doesn't pay you enough, offer you advancement. Screw them. Push the envelope, carve your own path. It's hard but you'll get where you want to be. I'm 36.5 years old, not "rich", not expecting to get "rich" and not caring if I get "rich", but I'll own my house before my oldest (boy) is in Jr. high school.

I could go on and on. Just be carefull when extending yourself and your finances. Make smart decisions that you can live with. I've bought (financed) maybe (10) new cars? The feeling of sitting in the finance guy's office and signing my life away was never fun/easy. Those days (of bad choices) are gone. Now I pay cash. When I was a kid (probably about 9 or 10) I wanted a KX80 like you could not believe. It's taken me (25) years to get my toys, but I got 'em and got 'em good and did it w/ cashola.

125

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You da man Shifter.

Congratulations. Its nice to hear a refreshing story about someone that believes in paying for stuff the old fashoned way, earning it. Not getting it and then paying for it whenever like the majority of america believes.

Im 32 and I dont owe anyone either. Nothing. Well except I got married last Sept and I pretty much assumed my wife school loans. But once those are gone (about 6 months) then all we have left is house payments.

My goal is to have the house paid off in 2 years. (probably wont happen, but its a goal) Then we can start putting all that money that we were "giving" to the loan into savings or a CD. Then in 6-7 years my wife and I plan on buying a much bigger house outright. :)

Screw lenders. :D

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The guy with the 600k got it because he knew how to handle 6k. Working hard is great but it's only half the picture. Working smart is the other half.

If you have the 6k for a new bike and you are offered 0% interest, take the offer and invest your 6k. 12 months later (at 3% interest compounded annually) you have $6180. Pay the bike off and buy yourself $180 worth of gear for wich you would have had to work (hard work mind you) 9 hours at $20/hour.

So my point is simply that while paying cash is always an honorable proposition, using the system to your advantage makes good business sense. I don't advocate using credit to buy things you can't afford because that's a recipe for disaster but don't shorchange yourself either.

After all, wouldn't you rather be out riding for 9 hours instead of working so you can buy the gear you need?

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Seems the only thing I pay cash for is lap dances and booze. :):D :D :D

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