Financing problems

[Smylinacha]

I'm financing the Spyder. My dealer is having problems with the bank who finances them - they are saying that the Spyder is worth less than what the dealer is selling them for. The bank is saying that the retail pricing they have is $1000 less than the actual retail pricing which screws up the loan to value ratio of the vehicle. So I'm applying on my own to other sources. Anyone else finance and have this problem? Bank is Chittendin (sp)?

[Rando]

Yep! My credit union would only approve a loan for my Spyder for $10,000

[Smylinacha]

Wonder why it's such a hassle? I did get a loan but at 12.5%! I was hoping more for 6%? So I'm trying to get that before I do the 12.5. If I have to go w/ 12.5 I'll keep it a month and then refi hopefully. So you had to pay cash for the rest of it? That is :edit:nutz!

[Ryno]

home equity lines are wonderful things, 1% after securing the loan and borrowing against your own money.

[Smylinacha]

Actually we are in the middle of a refi so I can't do anything w/ that right now. We'll see if I get any deals tomorrow from the credit unions.

[spyderbitten]

Local credit union did $15,000 at 4.5%.

[LittleJohn]

Im only financing about 8,000 since I have money stashed away from previous MC sales, but if I stay at 36 months, my Credit Union gave me 3.99% quote. (BTW, they would have financed up to 120% of the loan at 5.25-10.5% for 60 moths)

[matusky]

I had to pay $400 to a credit finders service through my dealer..... they found a bank in Utah who sold my loan to another place..... long story...

84mo/9%

[Smylinacha]

Working w/ one of my credit unions now - hopefully they will get back to me today - I'll let you know what happens. Dealer still didn't get back to me w/ Chittenden - maybe he's still having problems. I just want a 5 yr loan at 6% like my credit union advertises.

[Roaddog2]

:joke:Smylinacha there isalways :edit: dancing :bigthumbsup:

[pitmon]

Campus credit union financed 100% for me at 8.5%, then I refinanced at Florida credit union 100% for 7%, those of you in Florida may wanna check it out....

[Smylinacha]

Ok Chittenden (****tenden) turned me down - I have never ever been turned down by a loan in my life! Probably because I just bought a house. So I had to have the hubby co-sign and they STILL turned me down. No word from the credit union yet so I'll call tomorrow. They did call me today and wanted the hubby to cosign (which I never had to do before) so we'll see what the credit union says. My dealer is beside himself - he said that ****tenden is quoting the bikes by the original price when they first came out - 14,9 so they won't offer me a loan for my '08 Yellow. He said he's having problems trying to finance anyone who comes in to buy a Spyder who wants 100% financing. So I can go with a GE loan for 12.4 and refi a month later hopefully if the credit union does not pan out. It's still cheaper than my Harley but I guess I'm just not used to a bank turning me down for a loan - so much for paying my bills on time. Might as well slack off now.

[bjt]

The banks were screwing up for the past few years by giving everyone a loan, whether their credit checks showed they could reasonably pay or not. Now, in a knee jerk reaction, they are making it darn near impossible for many qualified people to get loans. For example, I have a friend who does housing rehab and rentals. He has about 20 houses and a small apartment building now and has always made his mortgage and bill payments on time. On the last three houses he bought, he tried getting a mortgage on them to pay himself back the cash he put out for the homes and their repair. He can't get a bank, any bank, to even look at him. Being he used all his business cash reserves to initially buy the houses, his business has ground to a quick halt as he has no cash to do / buy anything else and he can't get any loans. ::)

[Smylinacha]

Well my credit union came through 100% financing/60 mos/6%. My insurance only went up $120 a year too - not bad!

Yep, guess the banks are tightening their purse strings now!

[csmead]

After I ordered my Spyder, I started hearing rumors of financing difficulty...and this was before the "crisis" started. The background issue is-- most of these finance/insurance, etc companies are now software driven. In otherwords, the correct software updates must be in place so that the people can select the correct buttons. Can Am Spyders had not be placed in the choices for the company software...so how could you get a loan for something that did not exist??? One insurance company told us that their insurance would only cover off-road use of the Spyder because their software listed it as an off-road product (Spyder vs Quad?). They couldn't accept that the Spyder was not an off-road product because they would only follow the guidelines set up by the computer, no matter if it was wrong.
Okay, now think back to older 3-wheelers. Most were garage conversions, VW engines, homemade frames, unstable, unsafe, not the best financial investment. Move forward a few years, remember the Honda/Yamaha, etc ATC phase? Remember the emergency room Doctors sending out video tapes of some of the horrible accidents (BTW: we had 2-Honda 185S and we still have our 1982 Honda ATC 70- it's a blast) children had on the 3 wheelers? Remember how the pulled the 3 wheelers off the market?
Most finance companies have not updated their software to meet today's 3 wheel availability. Honda, Goldwing, Harley (patented a 3-wheeler in 2006, looks like a Spyder) are all building better trikes. But it will take the finance world years before they catch up with the market and update their software. The finance companies are concerned that this will be another ATC, pulled off the market suddenly and have no value. I love my Spyder and have ridden over 4,000 miles in less than 3 months.

[NancysToy]

Csmead makes some good points. The world has gone deaf, dumb, blind, and stupid without their software. At our credit union, they ran into the same thing. They did have means of over-riding it, somehow. My wife showed them the brochure, they made some calls, then had at the work-around. She walked out with a loan at 4.5% (did not finance 100%). Took her two and a half hours, though.
-Scotty

[Smylinacha]

Well I don't think the Spyder is going to fail - I bet we'll see tons more models of it in time to come! When I spoke w/ the lady at Geico last night - she knew what a Spyder was and said :congrats: those are cool!