Credit Crunch Hits Home

[fredace]

I've been lurking here for two months while I wait for my Spyder. Anyway, it's now two weeks from delivery and I went to my dealer and applied for credit. I've got a FICO over 700, and BRP's credit rate came in at 15.9%!

I just applied at BOA for the same loan amount, and was approved at 6.9%.

Needless to say, the dealer wasn't too happy, 'cause they get a kickback on financing.

 

[spydeebike]

15.9%:yikes: would change my mind of ownership, Im at 8.9% not cause of bad credit but because i have to many toy loans
-boat
-car
-jetski
-atv
-spyder.............:dontknow:what can I say Im a big kid.

 

[gjco]

I got locked in at 8.25% from a credit union and BRP wanted 21% which one do you think I took.

 

[Smylinacha]

Try a credit union - we went that route. If I remember correctly, dealer approved me w/ GM financing and it was like 12%. My credit union - I got like 6%.

 

[chaynes68]

If you are in MA look up DCU....i got 4.6%. Gotta pay online to get that rate and it cost me 25 bucks to join.

 

[tweeder]

paid cash for mine

 

[Bersquack]

:agree: That's probably what I'll do.

 

[SpyderByter]

When I decided to but one last month, my plan was to put a big down payment on one of my credit cards that has 0% until next Feb, and use another card that has 3% to pay most of the balance, and the rest in a loan if necessary. Then the dealer told me they don't accept credit cards as payment towards the purchase of the Spyder, because of their transaction fees.

I was only allowed to use the card for the $1000 down payment. In today’s society, plastic is accepted almost everywhere, and usually the only times they wont take a card is if the purchase is under a certain amount like $15.

Has anyone heard of a merchant not taking a credit card for a Spyder or any other large purchase?

 

[Putt-Putt]

paid cash for mine

Me too!

 

[Smylinacha]

When I decided to but one last month, my plan was to put a big down payment on one of my credit cards that has 0% until next Feb, and use another card that has 3% to pay most of the balance, and the rest in a loan if necessary. Then the dealer told me they don't accept credit cards as payment towards the purchase of the Spyder, because of their transaction fees.

I was only allowed to use the card for the $1000 down payment. In today’s society, plastic is accepted almost everywhere, and usually the only times they wont take a card is if the purchase is under a certain amount like $15.

Has anyone heard of a merchant not taking a credit card for a Spyder or any other large purchase?

Never heard of that before:dontknow:. Which dealer did you go to? I used Garganos but I went to a credit union. I was going to go your route until I got approved at the credit union.

Maybe w/ the way this world is going to hell in a handbasket, they are cracking down on credit - who knows?!

 

[dltang]

When I decided to but one last month, my plan was to put a big down payment on one of my credit cards that has 0% until next Feb, and use another card that has 3% to pay most of the balance, and the rest in a loan if necessary. Then the dealer told me they don't accept credit cards as payment towards the purchase of the Spyder, because of their transaction fees.

I was only allowed to use the card for the $1000 down payment. In today’s society, plastic is accepted almost everywhere, and usually the only times they wont take a card is if the purchase is under a certain amount like $15.

Has anyone heard of a merchant not taking a credit card for a Spyder or any other large purchase?

Our Credit Card sends out checks periodically. They sent out a set of checks at 3.99% on whatever you purchase with one of their "checks" That is good for the life of that balance. So we bought one of the spyders with our credit card "check". I don't know if something like that would make a difference in fees for a dealer transaction or not but it is something to ask your credit card company about.

 

[AMTJIM]

Economy is really starting to affect things at work...Hardly any new aircraft have come in for routine maintenance in months...The estimate on routine maintenance can be so large that the aircraft owners often get a loan to cover the bill...They are frequently denied...Airliners and cargo planes are coming in for storage, but there's only some initial storage prep unless the owners want any write-ups fixed...it is ssslloooowwwww, they are dropping people like flies. I was hoping to get a helicopter maintenance trip to Alaska for the overtime, but thats on the back burner too...Starting to look at part time jobs and/or working for a new company...BLAHHH!

 

[Smylinacha]

Economy is really starting to affect things at work...Hardly any new aircraft have come in for routine maintenance in months...The estimate on routine maintenance can be so large that the aircraft owners often get a loan to cover the bill...They are frequently denied...Airliners and cargo planes are coming in for storage, but there's only some initial storage prep unless the owners want any write-ups fixed...it is ssslloooowwwww, they are dropping people like flies. I was hoping to get a helicopter maintenance trip to Alaska for the overtime, but thats on the back burner too...Starting to look at part time jobs and/or working for a new company...BLAHHH!

I work for Sikorsky - do you work on any of those?

 

[MSGTDOC]

I TRADED THE HARLEY IN AND THE REST I TOOK OUT A LOAN FROM MY 401K PAYING MYSELF BACK AT 6% SO OVER THE LONG HAUL I'M PAYING MYSELF BACK.

 

[AMTJIM]

I work for Sikorsky - do you work on any of those?

That I know of, the heli side of the company owns at least 1 sky crane, a puma, some A-stars and several huey 412 helis. I have only ran avioncs wiring in the huey 412's at our Galveston(destoyed by hurricane) and McMinville location. Was looking forward to the Alaska trip, hope it pans out.

 

[Smylinacha]

That I know of, the heli side of the company owns at least 1 sky crane, a puma, some A-stars and several huey 412 helis. I have only ran avioncs wiring in the huey 412's at our Galveston(destoyed by hurricane) and McMinville location. Was looking forward to the Alaska trip, hope it pans out.

Hope you get to go to Alaska too! I watched a 2 hour show on the History Channel last night about Alaska - it was very cool! And we can't forget about the show It's Tougher in Alaska! That was one of my favorites - hope they come back w/ new episodes soon.

 

[zzneonzz]

When I decided to but one last month, my plan was to put a big down payment on one of my credit cards that has 0% until next Feb, and use another card that has 3% to pay most of the balance, and the rest in a loan if necessary. Then the dealer told me they don't accept credit cards as payment towards the purchase of the Spyder, because of their transaction fees.

I was only allowed to use the card for the $1000 down payment. In today’s society, plastic is accepted almost everywhere, and usually the only times they wont take a card is if the purchase is under a certain amount like $15.

Has anyone heard of a merchant not taking a credit card for a Spyder or any other large purchase?

It was my understanding that Visa/Mastercard were issueing fines and/or canceling them from accepting those payment methods for companies who deny the use of there cards for any amount. I know they did an article on the news a few months back that stated they will Cancel Merchant accounts who require a Minumum purchase requirement but don't recall anything on this related to a large amount.

 

[FANG]

You can always call your credit card company and request checks.

 

[NautiBrit]

The credit card companies charge the dealer around 3% to process the credit amount and that can impact a dealer's bottom line by around $500.00. That's a big hit.

 

[jwfranklin]

Back in the late 80's I bought a new car and was about $3000.00 short having enough to pay cash for it. So I put it on a Visa card. The only way they would accept it was to charge me an additional 2% on the $3000 to cover the fees.

Wayne