2013 CBR600rr BAD NEWS...... :(

[froggie3kb]

Originally Posted by mattcbr250

When I went to buy my 250R from the dealer, Honda had a finance cap of $4,100 on sports bikes. I have a mid 700's credit score too. I originally went in for the 250R, but after receiving that news, there was no way I was going to even set my mind on buying a 600RR.

So the news of not continuing to make 600's isn't surprising.

I'm sorry but you need to go back and tell the finance guy you talked to that he is full of it.

I've been a finance mgr for a powerhouse Honda dealer for quite a few years now and I can tell you without a doubt that Honda will not cap the $$ amount based on the type of bike you're looking at. Honda Finance will only cap the $$ amount on a persons loan for 1 of 2 reasons:

1: First time buyers program where they cap you at $3,500
2: You either have limited credit but enough to skip the 1st time buyers program or you have had a few hiccups credit wise, to where they don't want to loan you the full amount so they will cap the loan amount to where you have to come up with X amount down.

Having a credit score in the 700's can also mean more than 1 thing. You can have a score in the 700's and have a very thin credit history with maybe 1 credit card or small loan etc. Then you've got the people in the 700's that have many many years of established credit history that are in the 700's.

I have quite a few younger people come in spouting that their score is in the 700's etc and that they should be approved etc. Only to find out like I mentioned above they have 1 credit card and so on. People put too much emphasis on score these days because of all of the credit monitoring sites that want to sell you your score. Sad part is most of them are FAKO scores and mean nothing when you compare it to what most lenders pull.

Long story short either your credit history is limited and you were really capped at $4,100 but it would have been on any bike you looked at, not specific to a CBR. Or you're golden credit wise and this finance guy thought he could pull one over on you hoping he got you to buy a CBR250R. Honda does have some kickbacks right now on the 250's so if this incident wasn't too long ago I'd bet money that's why he was trying to push you on a 250 because the 600's and 1000's don't have the kickbacks the 250's do.

I'm sorry for the long ramble, just really bothers me when I hear about people like this at a dealership just flat out lieing to someone in return giving all dealers a bad name.

[mattcbr250]

Originally Posted by froggie3kb

I'm sorry but you need to go back and tell the finance guy you talked to that he is full of it.

I've been a finance mgr for a powerhouse Honda dealer for quite a few years now and I can tell you without a doubt that Honda will not cap the $$ amount based on the type of bike you're looking at. Honda Finance will only cap the $$ amount on a persons loan for 1 of 2 reasons:

1: First time buyers program where they cap you at $3,500
2: You either have limited credit but enough to skip the 1st time buyers program or you have had a few hiccups credit wise, to where they don't want to loan you the full amount so they will cap the loan amount to where you have to come up with X amount down.

Having a credit score in the 700's can also mean more than 1 thing. You can have a score in the 700's and have a very thin credit history with maybe 1 credit card or small loan etc. Then you've got the people in the 700's that have many many years of established credit history that are in the 700's.

I have quite a few younger people come in spouting that their score is in the 700's etc and that they should be approved etc. Only to find out like I mentioned above they have 1 credit card and so on. People put too much emphasis on score these days because of all of the credit monitoring sites that want to sell you your score. Sad part is most of them are FAKO scores and mean nothing when you compare it to what most lenders pull.

Long story short either your credit history is limited and you were really capped at $4,100 but it would have been on any bike you looked at, not specific to a CBR. Or you're golden credit wise and this finance guy thought he could pull one over on you hoping he got you to buy a CBR250R. Honda does have some kickbacks right now on the 250's so if this incident wasn't too long ago I'd bet money that's why he was trying to push you on a 250 because the 600's and 1000's don't have the kickbacks the 250's do.

I'm sorry for the long ramble, just really bothers me when I hear about people like this at a dealership just flat out lieing to someone in return giving all dealers a bad name.

Thanks for clearing some of that up. I'm 31 and have been buying and financing my own vehicles since I was 18. This is my first motorcycle though. He was very firm in saying that goes for everyone and every sports bike. I qualified for their "gold" finance, or whatever they consider it. He specifically said that If I want a cruiser or something else, I could get it financed no problem. I even went to Kawi and had no problem getting a new 650R financed. I did however go with the CBR250 cause it was more economical for me.

[froggie3kb]

Originally Posted by mattcbr250

Thanks for clearing some of that up. I'm 31 and have been buying and financing my own vehicles since I was 18. This is my first motorcycle though. He was very firm in saying that goes for everyone and every sports bike. I qualified for their "gold" finance, or whatever they consider it. He specifically said that If I want a cruiser or something else, I could get it financed no problem. I even went to Kawi and had no problem getting a new 650R financed. I did however go with the CBR250 cause it was more economical for me.

No problem man, hate seeing how some of these dealers try to jerk people around.

Yeah, If you've financed multiple things over the years and have a score over 700 you're golden in Hondas eyes and could finance anything on the floor (of course assuming your debt/income isn't way off haha). Just as a heads up in the future, and to anyone else that may be reading this... Honda Finance doesn't go by "gold" or anything like that pertaining to their tiers of approval. They call them Super Preferred, Preferred, Standard, Select. It isn't always dry cut score wise to which tier you will be approved at but they want you to be a 720+ to get the best tier which is Super Preferred. If you're a past Honda Finance customer and are a few points shy of 720 I can pull strings and get the customer approved at the best rate even if they technically didn't "qualify" for it. Regarding the scores again, it goes both ways, I have young people with a 700+ score that have had 1 credit card for 6 months and think they could buy the whole dealership haha.

Back to what he told you, sorry got a little side tracked. He is flat out lieing to you by telling you if you wanted a cruiser etc that he could get the finance done through Honda versus them not financing a sport bike. That's a new one for me on hearing that kind of gimmick. Usually I have customers that tell me the finance guy told them oh the sport bike rates are higher, doesn't matter how good your credit is etc. A lot of people will take what they say as the truth because well who will argue with a finance guy most of the time? Usually you as a customer take what we tell you as the truth.

Again, sorry for the long ramble lol. If you guys ever need any help when it comes to a Honda dealer possibly jerking you around and would like to know if they are shooting you straight or not just let me know.