HD Finance

Discussion in 'General Harley Davidson Topic' started by CTUltra, Feb 16, 2011.

  1. CTUltra

    CTUltra Member

    My 21 Year old son is so excited he just got a great deal on a 97 Wide Glide and wanted to finance 4,000 dollars of the purchase price as a way to continue building his credit. He has already paid off 1 car loan, owns a car and pays insurance and credit cards all in his name, never missing a payment.

    Harley Finance offers financing even though it is a private sale. The way it was explained to us was for a fee of $299 buyer and seller would meet at dealership than dealer would inspect motorcycle and make sure it is road worthy. After it passes the inspection the seller is cut a check on the spot. Dealership also takes care of registrations for buyer. Not a big fan of the fee but, if it saves me a day of running to the bank trailering the bike home than going to DMV it might be worth it. Easier for him as he wanted to do all of this on his own.

    Harley quotes him 22.5% interest on a 3 year note.
    USAA quotes him 6.74%.

    This is his first experience at a dealership and left feeling violated! Not a good way to promote future business by gouging a young customer!

    Looks like I need to dig the trailer out of the snow.
  2. Jack Klarich

    Jack Klarich Guest

    Ouch, I would try a Credit Union
  3. Cyclops

    Cyclops Active Member

    I wouldn't touch the HD financing. I've been a USAA member for 25 years. Even if you find a rate lower than USAA, you can ask them to match the lower rate. Been there, done that. However, without HD financing you wouldn't get their inspection, etc., that's part of their $299 deal. But, you could have a local indy do the same thing or inquire with your local HD dealership to see what they'd charge outright for such an inspection, if you feel more comfortable with the inspection.

    Good luck getting USAA to insure it though!
  4. kemo

    kemo R.I.P

    Another fine example of how Harley rips us off.
  5. Webbtron

    Webbtron Banned

    I remember once a dealer told me that getting a loan from a credit union wouldn't build my credit, like a high interest loan from them would.. Sometimes you shake your head at what comes out of these guys mouth. Little did I know that eventually I would finance everything including my house at the poor credit building credit union. Easiest loans I ever got.
  6. doc_63

    doc_63 Active Member

    HD finance tried to get a hold of me when I bought my SG. Nice try. 9.9% interest? I dont think so partner.

    I went tot the local credit union and got 5.25%. I was not even a member at the time.

    Nice try HD finance. What a joke.

    Credit rating 788. 20 year employment history.

    They had their ONE chance.
  7. dbmg

    dbmg Guest

    They try to seize the moment. Fortunately you were paying attention when talking with the finance person. Most of the time the excitement of buying a new bike and all the accessories, the interest is usually over looked till its to late.
  8. Bodeen

    Bodeen Well-Known Member Staff Member Moderator Contributor

    I have a friend that was recently quoted a similar ~23% interest on a new bike. He asked them if he looked stupid. They still have their retail price only bike.

  9. Duane53

    Duane53 Active Member

    What I did was got the financeing through Harley and when I got the title I went to my local credit union and refinanced it through them. That way I didn't have to make more than one trip to the dealership and saved a bunch on intrest. Sounds strange, but it worked for me.
  10. murf

    murf Active Member

    Sounds like H-D is playing on the convenience factor. If your local dealer or even an independant will do a pre-purchase inspection that may be the way to go. It's done for cars all the time and I would think an hours labor would tell you all you need to know about the bike. Would be some cheap peace of mind.