FINANCING THE SPYDER

[Derwin]

Well, folks.....I guess the Saga has finally ended. I was just informed that my credit application was declined....even with putting $10,000 cash down on the order. I guess I just have too many things "in hock" right now for them to consider this loan. It's really surprising to me, though, since over half of the thing would be paid for. I just don't understand it.

Now Brett Cosich, the dealer, asked me if I want to "officially" cancel my order. He said the he would then try to find a person to take my place in line for the SE5, and he would then be able to refund my deposit. Seeing that I was told by an employee at brp that I am ONE OF THE VERY FIRST people to place an order for the SE5, I will be one of the FIRST to be getting it. Actually, he said my SE5 would be delivered in August, but I wasn't supposed to really divulge any details.

So, if anybody wants an EARLY delivery of the SE5, you can take MY PLACE in line to get it. But please TELL ME ABOUT IT, so I know the dealer is being straight with me. I don't want to lose my $1,000 deposit.

Anyway, it's been fun interacting with all of you. It's really too bad. I was really looking forward to sharing my experiences with all of you once I had the Spyder. I'm gonna stop now.....I'm getting a bit depressed over this.

Take it easy....and have fun.

Derwin

[TonyMac]

Anyway, it's been fun interacting with all of you. It's really too bad. I was really looking forward to sharing my experiences with all of you once I had the Spyder. I'm gonna stop now.....I'm getting a bit depressed over this.

Take it easy....and have fun.

Derwin

Derwin. I've watched a number of your posts where you go back and forth canceling your order, not canceling it, etc. Now that your within a month or so of delivery I hope a financing issue doesn't derail you. There's more than one credit union out there. You may wind up with a slightly higher rate but I have to think whatever passion made you want to place one of the first SE5 orders is still burning.

Hang in there brother! I'm sure you can work it all out

[Derwin]

You may wind up with a slightly higher rate but I have to think whatever passion made you want to place one of the first SE5 orders is still burning.

Hang in there brother! I'm sure you can work it all out

Thanks for the encouragement, I really appreciate it.

But now it is simply out of my hands. The fire is still burning, but I just had 3 places turn me down....irregardless of the interest rate. I just have too much stuff on my credit right now, and they don't want to handle me, even with me putting $10,000 cash down on the purchase.

So, it's not pulling out now.....it's me not having the total price or credit to get it. Sorry I put all of you through the agony of reading my posts over the past 7 months or so.

The only thing left for me to do now is either find someone to take my place in line for the SE5, or try to scratch up the remaining $7,000 needed to pay for it in full. The latter does not seem likely, but I'll try.

Derwin

[zzneonzz]

Come on Derwin i'm sure there is some place that can work with you on financing the remaining balance. You have come to far for something like this to stand in your way!!!!!

[bjt]

Our dealer in Michigan also told us that BRP wasn't providing financing for the Spyder. They recommended our local bank or joining a credit union.

[Derwin]

Our dealer in Michigan also told us that BRP wasn't providing financing for the Spyder. They recommended our local bank or joining a credit union.

Brett at Lake Effect Powersports in Benton Harbor, Michigan took my application and sent it into GE Finance. I guess they have a deal or something with BRP. I don't know, maybe all the dealerships don't know about it......or MY dealer was lying to me! But I don't know why he would.

Derwin

[Smylinacha]

That was the first one who accepted me - it was a higher rate and I would have gone w/ it if my credit union didn't come thru - give it a shot - whaddya gotta lose? Hey you can always put the balance on a credit card and then do a balance transfer to a lower rate later on.

[GoodHouse]

Vehicle loans are some of the easiest to get. Your putting down over 50%. Just go to any large commercial bank...i.e.. wachovia, BoA, Citi, Chase - they offer financing for vehicles including motorcycles. But dont let them run your credit until you are sure it will go through after speaking with the loan officer.

You go back and forth a lot. You need to stick to you decisions and follow through. Worst case scenario, put 7k on a credit card and transfer balances to 0% for a year and try and pay it off or switch it again to another Credit card. Good luck.

[Derwin]

I appreciate all of the positive feedback. But it seems no bank or credit union will let it go through. I am actually putting OVER 50% down. I have $10,000 CASH to put down on this thing, but nobody is willing to finance it. I guess I am just too "stretched" for any bank or cu to take a chance.

Believe me, I'm not a happy camper.

Derwin

[NautiBrit]

Have you considered using the $10,000 to pay off your other debts, thereby clearing your credit. Lenders are much more apt to finance you if you have little debt.

[scottmanesis]

Yup that Debt to Income is the major hurdling block for many people even if they are current and have a good score. I just got an offer on my house today that is only 3 grand less than our lowest acceptable offer....we counter offer tommorrow...if all goes well I will be getting our SPyder delivered soon......don't want debt at all....spent too long to get debt free to be talked into any "write offs" etc as an incentive to be a slave to the banks.

You never know what could happen tommorrow and with todays turbulent economy that holds more truth than many people realize........debt is the last thing anyone should be trying to get into right now......we talk about the price of gas alot here...........have you noticed your grociery bill lately??? I believe we are at the beginning of something worse than the Great Depression althought I try to remain positive, when you make money out of thin air like the Federal Reserve Debt note it has to end one day and that day is rapidly approaching.

Sure glad I never used my house as an ATM and my parents taught me well to save for the things I want.......paid cash for the house and everything I ever owned other than a couple of 0 percent cards that I pay at the end of every month.....and just got rid of the NOOSE that the Harley had on me at 600 bucks a month when I was offered the payoff to sell it.....I took a loss as I put down several thousand dollars but I am cool with it......now if I could just find a way to get around the tax man noone could ever take anything from me for any reason.

BTW I am only 36 and although some of my peers SEEM to own more than me , it's more like the banks own more of them. I feel pretty good about semi retirement already and cannot wait to hit the road with our RV.

[dvmdf]

If your credit is good, look for checks from your credit cards in the mail. They send me pretty good offers on cash advances. I have seen 5.9% fr the life of the loan. They might charge a transaction fee of 3 % with about $150 max, but you can negotiate with them to waive it. Sometimes they offer a 0% introductory rate for like 6 months, you can get that, mark your calendar and in 6 months transfer the balance to another card and pay as much as you can every month. I got a call from the dealer today,they said I should get the SE5 in a few weeks.
Los Angeles, PLaced the order 11/07

[Derwin]

Have you considered using the $10,000 to pay off your other debts, thereby clearing your credit. Lenders are much more apt to finance you if you have little debt.

Actually, I intend on paying CASH for the Spyder. All I need is $6500 more. That's not a whole lot of money. I actually have over 2 months to come up with it, so it may indeed be possible.

I really like paying CASH for things that I get also, but SOME things it's really not possible to pay cash for. This Spyder SHOULD be paid for with cash, now I just have to scratch that cash up! That mean work, work, work......or in my case....Sell, Sell, Sell! Anybody interested in the new 3 wheeled scooter I'm selling?.... www.FlyTheRoadNow.com Only $2995 for this futuristic vehicle! Sorry, Lamont, for this shameless Ad, but I'm desperate!

Derwin

[Rando]

$2995 OTD or is that the initial deposit? How long is the wait?

[Derwin]

$2995 OTD or is that the initial deposit? How long is the wait?

The TOTAL cost is only $2995 out the door (plus shipping, of course!). If you pick it up in the Chicago area, there is no shipping charges, or taxes. Not bad for this vehicle. Heck, it even can be used in the snow!:



I am expecting my shipment of vehicles to arrive in about 25 days. They are coming directly from the factory overseas. So, if you are picking it up here in Chicago, you would be getting it in about that time. But add about a week or so to that if you need it delivered to you.

All the units I have coming in are already sold, except for 2 of them....a Silver and a Black unit. You can go to this website and watch the video: www.FlyTheRoadNow.com . They are really unique little vehicles for popping around town.

If I sell the 2 units that I have left in this shipment, I will be able to get my Spyder SE5. So if anyone can help me out, I would REALLY appreciate it!

Derwin

I hope Lamont doesn't mind me posting this. But I am really needing to sell these 2 units in order to get my SE5.

[Derwin]

Here's a video of it:


[nomedia="http://www.youtube.com/watch?v=EEYP8XvWVfI"]YouTube- Broadcast Yourself.[/nomedia]

[scottmanesis]

That's a pretty neat little vehicle there Derwin! The only thing I personally would find odd is having a roof and a windshield and still have to wear a helmet. Like a dome inside a dome, must take some time to get used to being INSIDE with a Helmet on. Looks like fun though!

[Derwin]

Yeah, I know what you mean. Luckily, I live in a state where there is no helmet law!

So, which color did you want to order?

Derwin

[Smylinacha]

Pretty cool but how many did that rider have? He was zig zaggin all over the lane! LOL!

[LittleJohn]

The TOTAL cost is only $2995 out the door (plus shipping, of course!). If you pick it up in the Chicago area, there is no shipping charges, or taxes. Not bad for this vehicle. Heck, it even can be used in the snow!:



I am expecting my shipment of vehicles to arrive in about 25 days. They are coming directly from the factory overseas. So, if you are picking it up here in Chicago, you would be getting it in about that time. But add about a week or so to that if you need it delivered to you.

All the units I have coming in are already sold, except for 2 of them....a Silver and a Black unit. You can go to this website and watch the video: www.FlyTheRoadNow.com . They are really unique little vehicles for popping around town.

If I sell the 2 units that I have left in this shipment, I will be able to get my Spyder SE5. So if anyone can help me out, I would REALLY appreciate it!

Derwin

I hope Lamont doesn't mind me posting this. But I am really needing to sell these 2 units in order to get my SE5.

Its a little clearer now why all the banks think your overextended...LOL If youve got a whole shipment of these financed then Id think that too...LOL

Im sure you can sell those last 2 no problem. Best wishes to ya! I know you want the spyder, or maybe you dont, but then again do..... (snicker...just ribbin ya!)

[Derwin]

Im sure you can sell those last 2 no problem. Best wishes to ya! I know you want the spyder, or maybe you dont, but then again do..... (snicker...just ribbin ya!)

Believe me, littlejohn, I WANT MY SPYDER! I want it more than most anything I have EVER wanted in my life. It's just that I have gotten too emotional over the past several months, and I tend to wear my feelings on my sleeve. Yeah, I know.....I'm a wimp! But let me make this perfectly clear....I DO want my Spyder SE5.....More than I can possibly explain to you in this forum.

Now I just hope that somebody comes up and buys the 2 VogueOne vehicles that I have left. If this happens, I WILL HAVE MY SPYDER PAID FOR IN FULL! So, if ANYBODY has an extra $2995 laying around, and would like an AWESOME little vehicle, please go to my site and place the order. Or.....call me direclty at 815-315-0321. Here is another nice pic:



Thanks. And God Bless.

Derwin

[Derwin]

Pretty cool but how many did that rider have? He was zig zaggin all over the lane! LOL!

LOL! I noticed that also. I think the guy is just showing-off the tilting ability of the vehicle. So, Smylinacha, which color would you and your hubby like to buy? ---Just joking! Well, kind of!

Derwin

[LADREW]

The Spyder is very over priced and dealers have been marking them up way beyond reason. I bought one and enjoyed it before selling it but I think the way CAN AM is releasing them has created a false hype especially once the dealer puts a certain level of greed into making a profit. I think between CAN AM, dealers, and the economy they have actually killed a few peoples dreams of owning a Spyder with no special financing and over pricing. Here is the cost of a Spyder broken down for those who really want to know.

Full Moon Color SM5

Dealer net: $12399

Hold back: $795

Dealer invoice: $13174

MSRP: $15499

If you are smart enough to do the math there is a $2500 profit before the dealer even marks it up and so forth. Alot of dealer are trying to charge $2500 for setup, shipping, and so forth which leads to almost a $6000 dollar profit.

Most bank wont finance because the Spider is so overpriced and if you look at the average depriciation over the ifrst year or two its not worth it to them. Also with todays economy you must have a good credit score and so forth.

[Derwin]

I really don't know about all that, LADREW@HOTMAIL.COM . I actually think that the Spyder is priced at a level that is very reasonable, considering what you are getting.

Go out and price the Piaggio MP3 500. They are asking $9,000 for that, and it is just a scooter! The Spyder is a major vehicle, and I think is worth every penny.

Now about needing triple A credit, and not having "too much" on your credit before they will approve a loan.....I agree with this. The economy is bad now, and this affects how they give out loans. But that's not BRP's fault. I guess it goes back to the old saying....If you can't afford it, don't buy it!

It so happens that right now I only have $10,000 Cash to put towards the Spyder, and I can't get the credit to finance the remaining amount. It may be that I just "can't afford" the Spyder right now, and it's as simple as that. I really don't want to face-up to that because it really hurts, but I have to eventually. Either that, or I have to come up with the other $6,000 for the purchase.

By the way, are you interested in a very nice VogueOne vehicle? Only $2995! I know...My Bad!

Derwin

[LADREW]

Just for your information the numbers come directly from Can Am and are not based on speculation or guessing. These are the numbers that the dealers are using which they claim can't be discounted but are willing to profit off of. Not trying to be rude but a guy in your situation should sit down and number crunch to try and get the best deal based off of these numbers.