Oh...the questions and options .......

[8LEGS]

Well, I have been going over my finances, and contemplating ordering my Spyder now instead of January. I finally got my promotion at work and wanted to have all my extra bills paid off before ordering. Since I can't wait any longer and would like to order and be locked in at the 2008 prices, I'm going to go back to the dealer tomorrow. They stated I had until the end of October.

PROBLEM ......
I went to my Credit Union today, and while they have no problem lending me the $$$, they are unable to book it due to the lack of information in the NADA guide. They are saying I would have to get a signature loan. The interest is too high. My dealer can finance me through BRP which looks like that might be the way I have to go. ???? I was wondering how others were getting theirs booked.

 

[NancysToy]

We got ours through the credit union. They did not have a listing, either, but saw it was new, and titled as a motorcycle. Ha d to go up through the feeding chain for permission, though. From there on they only needed a VIN#. Exceedingly low rate.
-Scotty

 

[8LEGS]

I wish it was that easy for me. Unfortunately I am getting ready to leave for work in a few minutes, and won't get home until after 11. I'm just going to get 1000.00 and go to the dealer tomorrow. I might go ahead and order then, still not sure. I'll see what kind of financing they offer me. I can always re-finance at a later date. I was planning on doubling on the payments anyway.

I just want my spyder, at this point in time the small things really don't matter. As I always say ...... it is what it is, and take it at that.

Thanks Scotty, you've always been a great help.


Wish me luck tomorrow!!!!!!

 

[captainryder]

Perhaps I'm not saying this right.... If you put down the $1000.00, and give your lender the bill of sale, showing purchase price, VIN#, etc. then they should be able to process the loan based on the fact there is a VIN#, it's listed as a motorcyle / trike, and the price is new.

I got mine from a credit union for 5.5% over 3 years. When I contacted my insurance representative, they just plugged in the VIN# and it showed up as a 3-wheeled vehicle. Don't know why lenders can't see that information also.

 

[FANG]

Did mine through my credit union as a preapproval for a motorcycle. Did not tell them what kind I was going to buy. Was preaprroved for $xx,xxx and given a voucher to take to the dealer for them to fill in the VIN and I signed and out the door. Papers then sent in the mail. :doorag:

 

[boogllasti]

Better also check out insurance!

Insurance on Spyders is crazy.

I have State Farm and they are charging me $900 a year - which I thought was NUTS.

Then I got pricing from Progressive - $ 2,400 a year!

Foremost - $2,500 a year!

Geico - Won't insure bikes in Michigan !

I've heard that the Spyder is being insured as a 'sport bike' - so we get grouped in with the crotch rockets- :banghead:

 

[Laz]

Also did mine through Credit Union as a preapproved motorcycle. Insured through
Foremost 600 w/towing

 

[4leafpat]

Same here. Pre-approved motorcycle loan through my Credit Union. Had to come back with the purchase contract and VIN before they could fund the loan. Pat

 

[jimcrom]

As a former Michigan resident I was interested in the insurance. I am here in California & I am paying $162 quarterly w/Geico. It was also based on having a motor cycle license since 1992. I had a Progressive policy for my Goldwing and it was going to be cheaper w/Geico. When I asked Progessive about a price quote for my wife who didn't have a license, they quoted her a price over $2000.

 

[8LEGS]

Checked with Geico, 586/year. Progressive was around 800.

 

[8LEGS]

Well, I'm off to the dealer. Taking my deposit, all depends on financing. I called the credit union today and they are adamant about having it in the NADA guide. Told me I could bring in an appraisal and go from there ???:dontknow: I'm not going to jump through hoops to keep my money local. They were only 1% lower than the other loan. Sooooo, if all goes well, I may soon be waiting on my new yellow SE5. :clap:Keeping my fingers crossed. If not, I'll wait until January as originally planned.
:spyder::spyder:

 

[ima rider]

Well, I'm off to the dealer. Taking my deposit, all depends on financing. I called the credit union today and they are adamant about having it in the NADA guide. Told me I could bring in an appraisal and go from there ???:dontknow: I'm not going to jump through hoops to keep my money local. They were only 1% lower than the other loan. Sooooo, if all goes well, I may soon be waiting on my new yellow SE5. :clap:Keeping my fingers crossed. If not, I'll wait until January as originally planned.
:spyder::spyder:

Good luck 8LEGS. Hope you get that new:spyder: ray::bowdown:

 

[SpyderDog65]

payment method

I put down 10k on my red SE5 and financed the rest at dealer should get mine around end of Oct hopefully :2excited:

 

[SpyderDog65]

New SE5

oh and :congrats: on the new :spyder: purchase and welcome . i got my insurance through farmers for 800 a year and thats with 100k 300k 50k prop dam and towing,w/500 deductable, I thought that was a screamin deal compared to my own freakin insurance company progressive morons wanted 2900 with 1k ded dont remember the coverages but they wanted 2400 with a 500 ded morons are gonna lose my buisness soon. and ive always like progressive too. too bad :sour:

 

[8LEGS]

Sorry to vent

Sorry to report, no spyder. Went to dealership and had everything in order, but needed a co-signer, I don't know why. The credit union will not loan me money without it being in NADA. I could get a signature loan at 11.5% (NOT). I just don't understand, I bring home over 600.00/week, and the only money going out now is 350.00 for auto pmt, and the insurance. My credit score is great, I just don't understand.

I just feel so dejected. I worked for a local business making decent money until they were sold and I had to find another job. I went from 17.00/hour to 6.25/hour. I lost my apartment, had to sell my motorcycle, and move back in with my folks. Since then I have a new job, started out making 7/hour, worked hard, got my Indiana Pharmacy License, and now I make good money for this location. I just don't get it. Sometimes it seems like the harder I try the harder it is. Sorry to ramble on, I'm just so mad.

I don't know what I'm going to do now. This whole ordeal has just sucked all the excitement I had for the Spyder. I still would like to get one, but right now I'm about to say forget it. Now it just seems like it is going to be a bunch of trouble. I have been pinching pennies for 9 months now saving for the spyder, just seems like I have been wasting my time.

Thanks to everyone for all your input on financing.

Right now I'm just upset, dejected, tired, and I'm going to bed.:cus:

 

[Hummer42]

Also Credit Union and the interest rate was 6.2%. The dealership wanted 7.75%.

 

[ArmyGurl]

Dont give up 8-Legs!! Just because they are giving you a hard time doesnt mean another bank won't finance you. Keep in mind that the economy just went to :cus:. So its not a reflection on you or your hard work. Keep it up and it will pay off!:2thumbs:

 

[Lamonster]

Dont give up 8-Legs!! Just because they are giving you a hard time doesnt mean another bank won't finance you. Keep in mind that the economy just went to :cus:. So its not a reflection on you or your hard work. Keep it up and it will pay off!:2thumbs:

:agree: Anything worth having is worth fighting for. :doorag:

 

[bjt]

Dont give up 8-Legs!! Just because they are giving you a hard time doesnt mean another bank won't finance you. Keep in mind that the economy just went to :cus:. So its not a reflection on you or your hard work. Keep it up and it will pay off!:2thumbs:

:agree: I've heard of people without any missed payments and great credit scores getting turned down for loans. Seems that lenders went from giving anyone a loan to refusing to do any loans. I would continue to save for a Spyder while checking out further financing options. A conventional bank loan isn't the only way to come up with the money. We paid for part of one of our two Spyders with a check from our Chase credit card. They were offering 3.9% interest for the life of that balance when we used that check. 3.9% is a pretty good rate.

 

[NancysToy]

:agree: I've heard of people without any missed payments and great credit scores getting turned down for loans. Seems that lenders went from giving anyone a loan to refusing to do any loans. I would continue to save for a Spyder while checking out further financing options. A conventional bank loan isn't the only way to come up with the money. We paid for part of one of our two Spyders with a check from our Chase credit card. They were offering 3.9% interest for the life of that balance when we used that check. 3.9% is a pretty good rate.

:agree: It's more the economy than any reflection on you. Heck, I'd be surprised if I could get credit right now, and I'm a well established fossil. Keep saving, and wait a while for things to settle out. Hopefully things will be better for loans in general in a few months, and a larger savings account sure looks good to the credit companies. It got my daughter, with no credit history at all, a car loan with no co-signer. NADA may come around by then, too, if anyone ever sells their Spyder. Keep the faith, we'll keep pulling for you.
-Scotty