Sheffield Financial and Financing

[Sarge707]

Paid Off 2 Sheffield Loans and Have another for the F3. Always got 3.9 (Or the lowest rate available because of a Super FICO) and although (Like Most Loans) you Pay your highest interest in the Beginning and Lowest near the end, If I pay off the F3 tomorrow I will ONLY have paid the first 2 Months interest and NO MORE!!!

They are a Good company if you have a Very Good FICO But they can only give you the lowest BRP Promised Incentive rate, IF you qualify.:yikes:

 

[Samir221]

Shop around. My credit union gave me 4.89 but I went with the dealership who found me a better rate 2.89%. Same happened for my first Spyder as well. Doesn't matter what bank u end up with as long as they give u the best rate. U can always use bill pay even if they are located in another state just make sure there is no prepayment penalty in case u decide to pay off ur bike earlier. . Good luck !!!

 

[missouriboy]

I used Sheffield because that's what the dealer offered, and I have 3.9% with no prepayment penalty. I've never heard of "charging full interest amount regardless of prepayment". You pay daily interest on the unpaid balance, that's all. Anything else doesn't sound legal. The very term "No Prepayment Penalty" would preclude charging unearned interest, would it not?

So perhaps I need to do some serious analysis of my loan terms? I am making extremely hefty prepayments each month, and have assumed the interest charges are computed the way I would do it. Maybe not? We'll see, just as soon as I have the time to analyze it. I'll do it in a spreadsheet and see what's really happening. :doorag:
But tomorrow is another Ryde for Lunch! :yes:

 

[pegasus1300]

Had our 2011 financed through them and went to pay off using the rule of 78's, which is you only pay for money as long as you use, and they stated they do not do that. They charge interest for the complete length of the contract, no matter when you pay off. Bought 2014 with cash, best way. Good luck.:bowdown:

Although a small point here your definition applies to simple interest loans such as used in Lines of Credit attached to your house. here is a definition for the Rule of 78s. Using The Rule of 78s you will always pay more interest if pay off early then with a simple interest loan. On your loan where you pay all the interest no matter the length it makes no difference when you pay the loan off

BREAKING DOWN 'Rule Of 78'

When paying off a loan, the repayments consist of two parts: the principal and the interest charge. The Rule of 78 weights earlier payments with more interest than later ones. If the loan is not terminated or prepaid early, the total interest paid between simple interest and the Rule of 78 will be equal. However, because the Rule of 78 weights the earlier payments with more interest than a simple interest method, paying off a loan early will result in the borrower paying more interest overall.

This method of allocating interest was commonplace in loans for consumer goods, such as automobiles. However, the U.S. government has outlawed the use of the Rule of 78 for loans longer than five years. This is largely because this method penalizes borrowers who pay off debts early.


Read more: Rule Of 78 Definition | Investopedia http://www.investopedia.com/terms/r/ruleof78.asp#ixzz3qOKgwG8h
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[happyspyder2039]

Looking at the website for BRP I was wondering if anyone else has used Sheffield? I checked with my credit union and they are talking 6.9% and that was after a call because they didn't want to make a loan on a spyder. Even though they did my first one.

For those who did did it really only take 30 minutes?

I had them for 3 brp products. Interest rate was based on length of loans. Easy loan process with no down payments. I now have a ent cu loan at 2.4%

 

[Peter Aawen]

Had our 2011 financed through them and went to pay off using the rule of 78's, which is you only pay for money as long as you use, and they stated they do not do that. They charge interest for the complete length of the contract, no matter when you pay off. Bought 2014 with cash, best way. Good luck.:bowdown:

:hun: It sounds to me like you've got that 'Rule of 78' thing backwards!!

My understanding of these things is that if you DONT pay your loan off early, then Simple Interest & Rule of 78 loans will have you paying the same amount of interest. BUT the trap with Rule of 78 loans is that IF you DO pay one of them off early, you still hafta compensate the lender for the interest they would've earned if you kept paying the loan for the whole period - so if you pay off a Rule of 78 loan early, you end up paying MORE interest than you would have paid if you paid your Simple Interest loan off early.... :yikes:

Which is why many lenders luuuurve the Rule of 78 loans but most Financial Consumer Advocates STRONGLY recommend against them!! :thumbup:

Check out out this 'quick explanation' that covers it pretty well & has a few good links explaining why it isn't such a good thing for you as a consumer, altho you will probably need to enter 'Rule of 78' into their search fields to get back to it -

www.tiac.net/~mabaker/rule_of_78.html


edit: sorry Pegasus1300 (& everyone else pps: ) I didn't read down far enough to see that you'd already made that point. :2thumbs:

 

[jimsrts15]

Sheffield, 1.9% for 84 months through BRP promotion. 2015 RTS Intense Red 0 miles, purchased July 2015

 

[Bob Denman]

:clap: That's not a good deal; it's a GREAT one! :2thumbs:

 

[Easttndealer]

They are a great bank and we use them quite a bit.
They have better rates on lower terms and usually a credit union can beat a long term rate.
But, that being said, they are easy to deal with and we submit the applications on line, usually takes no more than 5 to 10 mins to get a response.
Once you book the loan and if you have any questions, you don't have to push a million buttons to get in touch.

 

[missouriboy]

Sheffield, Check, same here
1.9% for 84 months through BRP promotion Check, same here (almost... see below)
2015 RTS Intense Red Check, same here (except RTL)
0 miles check, same here,
purchased July 2015 Check, same here (because promotion was only for July)

My deal was for a much lower price than the one that qualified for the 1.9 rate, so I was later told "1.9 rate OR lower price, but NOT BOTH". So I ended up with 3.9, not 1.9, but I didn't care because I intended to make a rapid payoff anyway. Now I'm hearing I'm going to be charged the full interest amount regardless? Whoa, that's news to me! If I have to pay the interest anyway, then their "No Prepayment Penalty" terms statement is BS and a bald-faced lie!

Anyhow, Gosh, we're not more than 50-60 miles apart! hyea: Where did you buy yours?

 

[Elembytes]

Sheffield-

We used Sheffield and we just paid the bike off! Sheffield was fine for our first Spyder. Got a 3.? % interest rate.

We are contemplating buying a 2015 RTS-SE6 and our dealer said they do not go through Sheffield now and their rates are not very good. They are using other places to get the credit. Just FYI!

So if we bite the bullet and trade, our 2nd Spyder will NOT be financed through Sheffield.

 

[missouriboy]

I just did a spreadsheet analysis of my Sheffield statements after having made 3 payments so far, all of which were several times the required amount. Prepayment on steroids, in fact!

The interest charges shown therein are exactly consistent with Simple Interest calculations, and the declining balance is dropping accordingly. There is no "forward weighting" or any other such exotic math going on here, at least not with my loan.
So I'm happy with the deal, overall. :yes:

 

[SierraCycles]

Sheffield is a great bank with outstanding customer service. Just so you know, Sheffields current rates for Spyders are: 3.9% for 36 months; 6.9% for 60 months; 7.9% for 84 months. But most any of your local credit unions should be able to beat the 6.9% rate for 60 months...

 

[missouriboy]

My deal was for a much lower price than the one that qualified for the 1.9 rate, so I was later told "1.9 rate OR lower price, but NOT BOTH". So I ended up with 3.9, not 1.9, but I didn't care because I intended to make a rapid payoff anyway.

I dug back through my paperwork and found that I got mine for $7839 below the List Price, due to the BRP July promotion, and the leverage of the competing offer from Imotorsports.

 

[jimcrom]

I wonder if that is because the dealer doesn't make as much money using Sheffield?

We used Sheffield and we just paid the bike off! Sheffield was fine for our first Spyder. Got a 3.? % interest rate.

We are contemplating buying a 2015 RTS-SE6 and our dealer said they do not go through Sheffield now and their rates are not very good. They are using other places to get the credit. Just FYI!

So if we bite the bullet and trade, our 2nd Spyder will NOT be financed through Sheffield.