SPYDER FOR $199.00 Month?

[bruisersbaby]

Got a post on Facebook that you can now get a Spyder, either RT or RS, for $199.00 a month. You have to go in to the website, give all of your information, and wait for an e-mail from Can-am (I'm guessing) to see what the deal is. Does anyone know about this and be able to explain it to me? Sure, we would love to buy another Spyder and the monthly payment is really good, but always skeptical of - if it sounds too good!!! Any feedback would be most appreciated.

[staysafeonline]

Got a post on Facebook that you can now get a Spyder, either RT or RS, for $199.00 a month. You have to go in to the website, give all of your information, and wait for an e-mail from Can-am (I'm guessing) to see what the deal is. Does anyone know about this and be able to explain it to me? Sure, we would love to buy another Spyder and the monthly payment is really good, but always skeptical of - if it sounds too good!!! Any feedback would be most appreciated.

Here is a link to the PDF promotion:
http://en-us.spyder.brp.com/Files/en...o.pdf#zoom=100

and here are the terms see bold text for details:

*Motorcycle license required for open-road test. Without a motorcycle license, you will ride the Can-Am roadster on a closed course. ©2012 Bombardier Recreational Products Inc. (BRP). All rights reserved. ®, ™ and the BRP logo are trademarks of BRP or its affiliates. In the U.S.A., products
are distributed by BRP US Inc. Offers valid in the US only from March 5 to April 30, 2012. The terms and conditions may vary from state to state and the promotion is subject to termination or change at any time without notice. See the “TRY A ROADSTER” section on www.can-am.brp.com
for a list of available demo and/or rental options. †LOW MONTHLY PAYMENT OPTION: Eligible units are new and unused 2010, 2011 and 2012 Can-Am roadsters. On a purchase where the amount financed is $12,749, your down payment is $3,750 with 84 monthly payments of $198.07
each (excludes delivery charge, taxes and registration fees). Annual percentage rate is 7.9%. Offered by Sheffield Financial, a Division of BB&T Financial, FSB. Minimum amount financed: $1,500; maximum amount financed: $50,000. Subject to credit approval. Approval, and any rates and
terms provided, are based on credit worthiness. Other financing offers available. Other conditions and some restrictions may apply. Financing promotion void where prohibited by law. BRP is not responsible for any errors, changes or actions related to the financing provided by Sheffield Financial.
See an authorized BRP dealer for details. BRP reserves the right, at any time, to discontinue or change specifications, prices, designs, features, models or equipment without incurring any obligation. Some models depicted may include optional equipment. Always ride responsibly and safely.
Always observe applicable local laws and regulations. Don’t drink and drive

[wyliec]

I don't see where this is a bargain. Looking at the example they gave, you can get an RS, SM5 2012 (I'm guessing). You could probably find a better percentage rate some place else. I'm sure you know the more you put down the lower the monthly payment.

[daveinva]

84 months at 7.9%?!?!?!?

Honestly, I want to meet the owner who does this. I want to meet them, hit them over the head, steal their Spyder and drive away laughing, for they are much, much too stupid to own such a wonderful machine.

[JayDawg]

I can finance a Spyder for $50.00 a month. Of course in order to do that, I need to put a ton down but it can be done. All that advertisement is, is a scam to get a person in the door. Always look at your out the door price and then from there look at your interest rate and length of term. From there, you can figure out your payment from how much you will be financing. On a 60 month term, with an interest rate of around 5%, you will probably be just under $20.00 for every $1,000 financed so if you finance $20,000 for 60 months, your payment will probably be around $400.00 a month

[Clicker1944]

It's not a scam if you can actually get that deal....and you can! It's an advertising ploy to generate traffic for dealers and it's nothing car dealers don't do every day. If that isn't the right deal for somone then either walk or do it differently. If that gets someone a Spyder that the have been dreaming of and can't do it any other way I see nothing wrong with it. I think it's great advertising.

[Arr MiHardies]

How about 1$/month for 24,000 months?

[Firefly]

To each his own.... while this may work for some... it's a personal choice on how you run (or ruin) your finances.

I never finance any vehicle for more than 5 years..... get em' paid off and then drive em' till they drop! Last one I financed for 5 years only because they did zero % interest.

The problem I have is that you'll be so upside down that you'll take a big loss should you want or need to get rid of the Spyder during your 8 years of 'ownership'.

In the end.. my opinion is that the Spyder is a toy. If the only way you can afford one is with 7 years of payments.... you probably shouldn't be buying such an expensive toy.

I was raised that you should save up for such purchases instead of borrow... which I *try* to do as much as possible.

As with anything..... YMMY

[Bob Denman]

If you want one bad enough I suppose that paying for it over 7 years is worth it...
You can always pay it off early if you manage to hit one of the big lotteries...

[ARtraveler]

I try to avoid the low monthly payment stuff. You end up paying so much interest and----who is going to drive the same for 8 or 9 years?

If you have to finance a that way for that many years, you probably cannot afford to buy one.

As some have said below: Financing at that rate, but intending to pay it off in quicker time span does help--you only are scheduled to pay the low payment--in case of some emergency. You do save a pile of interest by early principle payments. I did RTS that way.
Financed through a Credit Union @ 5% for three years. I made the last payment last month (18 months total) and paid very little interest on the whole thing.

[Paulf10]

84 months at 7.9%?!?!?!?

Honestly, I want to meet the owner who does this. I want to meet them, hit them over the head, steal their Spyder and drive away laughing, for they are much, much too stupid to own such a wonderful machine.

Funny stuff!

[Arr MiHardies]

If you want one bad enough I suppose that paying for it over 7 years is worth it...
You can always pay it off early if you manage to hit one of the big lotteries...

I financed mine for 7 yrs @ 4.9% to get the payments down with the full intention (and ability) to pay it off within 2 years. Lowering the payments and interest by extending the terms will save you money if you plan to pay it off way early.

[murphybrown]

Most credit unions would have a much better interest rate. Personally I make payments to myself when I have the money then I go shopping. Based on that a new Spyder year 2015!!!!!

[daveinva]

I financed mine for 7 yrs @ 4.9% to get the payments down with the full intention (and ability) to pay it off within 2 years. Lowering the payments and interest by extending the terms will save you money if you plan to pay it off way early.

That's a legitimate strategy. Requires discipline, but I've done it myself from time to time.

Guess I won't have to steal your bike.

[Sarge707]

I did exactly that with Sheffield financial- Paid 3,500 down and financed $13,000 on my 09 SE5 for 7 years =84 Months.
Paid it off in 2 Years because I wasn,t WAITING 2 Years to OWN a SPYDER!!! My FICO has been above 800 for years?

[JCSMOKE]

First marriage lasted just about as long, would have been nice to have a spyder after all was said and done.

[bruisersbaby]

How about 1$/month for 24,000 months?

Now this is the way to go!!

[FrankPa]

...everybody will STOP asking "How much did you pay for that thing?"

(I always tell 'em that they run mid-teens to mid-20s. Not how much I paid for my thing...)

[Bob Denman]

I always answer that question with,"It's not how much I've got in it that matters; it's how much I get OUT of it!"

[bullant12]

It's not a scam if you can actually get that deal....and you can! It's an advertising ploy to generate traffic for dealers and it's nothing car dealers don't do every day. If that isn't the right deal for somone then either walk or do it differently. If that gets someone a Spyder that the have been dreaming of and can't do it any other way I see nothing wrong with it. I think it's great advertising.

and do a lot worse conning people on lease! Not surprised if BRP/Sheffield does this later in the future: Lease a Spyder for $X,000 due at signing, $XXX a month for 36 months and then owe $x,xxx plus .35 per mile over XX,000 miles (notice that I put that in small letters, like the dealers do).

To each his own.... while this may work for some... it's a personal choice on how you run (or ruin) your finances.

I never finance any vehicle for more than 5 years..... get em' paid off and then drive em' till they drop! Last one I financed for 5 years only because they did zero % interest.

The problem I have is that you'll be so upside down that you'll take a big loss should you want or need to get rid of the Spyder during your 8 years of 'ownership'.

In the end.. my opinion is that the Spyder is a toy. If the only way you can afford one is with 7 years of payments.... you probably shouldn't be buying such an expensive toy.

I was raised that you should save up for such purchases instead of borrow... which I *try* to do as much as possible.

As with anything..... YMMY

It's nice to know that eventually it will become yours, but more than 5 years (and no extended warranty if not covering those 5 years) is a waste! Bad enough vehicles depreciate in price so why go over?

I try to avoid the low monthly payment stuff. You end up paying so much interest and----who is going to drive the same for 8 or 9 years?

If you have to finance a that way for that many years, you probably cannot afford to buy one.

As some have said below: Financing at that rate, but intending to pay it off in quicker time span does help--you only are scheduled to pay the low payment--in case of some emergency. You do save a pile of interest by early principle payments. I did RTS that way.
Financed through a Credit Union @ 5% for three years. I made the last payment last month (18 months total) and paid very little interest on the whole thing.

Credit unions and even your own bank can do good deals if you call them.

Most credit unions would have a much better interest rate. Personally I make payments to myself when I have the money then I go shopping. Based on that a new Spyder year 2015!!!!!

As stated above...

...everybody will STOP asking "How much did you pay for that thing?"

(I always tell 'em that they run mid-teens to mid-20s. Not how much I paid for my thing...)

And then you get those that go ... so I tell them "Apperantly you've never shopped for a trike!"