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Discussion Starter #1
I am sitting here in complete bewilderment.
Saturday I left the dealership with a contract, an owners manual, a temporary registration and a key to the bike. Not the bike itself because I've been waiting on insurance.

Well today I get a call from the saleslady. She says American Honda Finance called and they've adjusted things. They now want a 48 month term instead of 60 and the percentage rate is going up three points.

They waited until the day I was suposed to pick the bike up to pull this crud.

So.. It's off to the credit union tomorrow. If they can help me out great. If not I guess I won't be bringing the bike home. Ever :(

Sorry for the rant and wallow of self pity. I'm just really, really stunned and ouit of it right now.
 

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Discussion Starter #2
If things go the way I suspect I want to say it has been very nice hanging out with you all.
You're all a great bunch of guys (and gals)

Thank you for the hospitality. And I'll probably still lurk around.
 

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Well crap... don't get too discouraged yet. Did they give you a reason for the changes?
 

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Discussion Starter #4
There was a lot of layer talk. I'm not fluent in lawyer speech.

I'm on the fence as to take the new revised deal or not. The higher payments of the 48 month term doesn't seem too damaging right now but I'm a paver. When winter sets in work stops. What is now an easy enough payment might feel a whole lot bigger & harder during the rainy season when I'm not making any $$.

I want so badly to tell them to "F" off but I sooo want.. nay, need that bike.

I'm now on my 21st month of having no bike to ride. It's the longest stretch ever by a mile and I'm going bonkers. I need my two wheeled therapy.
 

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I know they have a minimum payment they're willing to do. I believe the cutoff is $75 a month. Maybe you could do a down payment to get your 60 month loan closer to the minimum, if that's the issue.
 

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Discussion Starter #7
Hmm you got me thinking.

If I put 1200 down the payments would be the same in a 48 month span as it would in a 60 month span with zero down.

It's just scary to spend a big chunk of the winter nest egg. Especially just before winter. Yikes. But a rider has to do what a rider has to do.

I'll see what happens tomorrow. My little violin has stopped playing. It's time to concentrate on the solution, not the problem.

I will not give up without a fight...
I shall not go gently into that good night..

Ahhhh you get the point.
Thanks guys :)
 

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haha... good luck man... let us know how it works out. I'll keep my fingers crossed for you. :)
 

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I'm sure you don't want to hear this but if it's that much of a stretch you can always wait for a slightly used, $500-first-serviced, 30% depreciated one to turn up. And in this economy the wait won't be forever because no matter how much you're hurting you know there are others getting slammed worse.
World markets took a 5% crap today. 10% over the last week or so. If this keeps up they'll be used toys all over craigslist soon. Don't let some finance company do ya.
 

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Maybe do what I did. Buy a cheaper bike for now to at least be riding. I bought a (ashamed to say) 110cc scooter with manual transmission. Called a Honda SuperCub 110. drove it for a year before I could afford my 250R.
Good luck my fellow rider.
 

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Maybe do what I did. Buy a cheaper bike for now to at least be riding. I bought a (ashamed to say) 110cc scooter with manual transmission. Called a Honda SuperCub 110. drove it for a year before I could afford my 250R.
Good luck my fellow rider.
Nothing to be ashamed of. On the contrary, something to be proud of; that scooter was 100% yours.

I have no time for finance companies; paid cash for every vehicle I have owned.

No, I am not wealthy. They have all been second hand, and properly maintained, they have lasted for years.

As the old saying goes: Cut your suit to fit your cloth.
 

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Discussion Starter #12 (Edited)
I have a very serious hangup with bikes. I can't own a second hand bike. The thought of some one else having had hands on it bugs me.
A bike isn't anything like a car to me, it's so much more.

I don't really know how to explain it. A bike is the vessel with which my soul interacts with the world around me. It's a special bond between man and machine.

I know it sounds crazy and I wouldn't blame you for thinking I'm a loon.

I've never owned a used bike. All my cars have been used. They have been greatly used, rusted, exceedingly worn out pieces of crud. I've always been fine with that. A car is just an appliance to me. I use it when I absolutely have to but not unless. I really don't like driving. I actually feel safer when I'm on a bike.

I spent the first three years of my 'legal to drive' status with just a motorcycle before I finally broke down & bought my first car. It was just so I could take the then gf out when it rained. I think I was almost but not quite nineteen at the time.

I guess you can say my life consists of used cars, used women and virgin motorcycles :D

*sighs* I miss the old economy. If this bike came out two years ago at this price I would have been able to simply walk in and throw the cash on the table.

At least right now is the busy time for work. Between now & the first rains the phone will ring off the hook. Everybody wants their driveway done before the rains come. I will be able to build a nest egg. I can handle the payments.

And...I just made another really cool observation ..If my math is correct (and it usually isn't :)) The $$ I will be saving on gas makes up roughly 80% of the monthly payment. 17mpg vs I'm hoping at least 60mp (can you tell I've been playing with the calculator? hehe). I completely forgot to factor that in before I freaked out. At the first approved rate I would have been making money by owning this bike.

Anyway, I thank you for the suggestions and concede that yours is the smarter way but I'm unfortunately bull legged...from the neck up :D

Of course they can still refuse me. They have already giveth and then taketh but we'll see. I'm seeing a light at the end of the tunnel. It might not be the train coming at me :)
 

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Correct me if I am wrong, but if you have a signed contract then its their fault. I don't think they can do that. I remember my first car I tried to buy after I joined the military. A 1993 Prelude. Awesome car to drive...2 days later the dealer called me back saying they messed up on something and I would have to agree to 300 a month payment. For a used 93 in what 2004? Get the hell outa here. I could buy a brand new car for 300 bucks a month. I drove the the living crap out of it the rest of the day and took it back the next lol. They did the same thing to me, but I thought about it a few years later and I'm not sure they can do that. I am not a lawyer though.

But do not under any circumstances sign a new document. That would render the old one null and void. They would probably shred the documents anyway like it never happened. Talk to a lawyer. A consultation is free, or find a free lawyer at the court house and ask them.

But if you cant, you just cant. Save up some more to put down a payment. Look over your credit report to find errors and dispute them. You really dont want a 60 month loan for a motorcycle anyways, you will pay a lot in interest for the life of the loan. 3 points is a lot though. Especially for a 4000 dollar bike.

Paying cash is good, but if you can get it financed cheaply, I can invest my cash in a much better asset with a better rate of return. My finance charges amount to basically 400 bucks for 3 years. Not to mention you need credit in this day and age. But I have good credit though... YMMV

I say get over your psychological stigma of getting a new one and wait for a used or get a used bike. Think with your wallet, not your brain. If its never been dropped, get it serviced as soon as you buy it, and I doubt you will notice any difference except for the odometer reading.
 

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i had the minimum payment problem too, i actually couldn't put any money down otherwise i couldn't get the special rate. i just waiting until i got my first statement and put the money towards the principle (interest free)
 

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i had the minimum payment problem too, i actually couldn't put any money down otherwise i couldn't get the special rate. i just waiting until i got my first statement and put the money towards the principle (interest free)
Same issue here. It's really not a big deal with Honda Finance since they use simple interest on bikes. It's not like a car loan at all.
 

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Try a different dealer. Is Honda telling you that, or is the dealer finance ppl telling you?

I tried to get an ABS bike financed at 6500, they tell I am approved but I have to put down $1500. Yea, hell to the no on that.

Got a non ABS financed with no money down for 5k going through Honda Finance at another dealer.

Try another dealer, or just wait a couple months.
 

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Honda finance fantastic

It sounds like the dealer is working you over for more money. The finance person at the dealer gets paid an extra bonus on whatever amount they can overcharge you. It is the same at my auto dealership where I work. They get your heart set on a vehicle and a price, then start hitting you with add ons and number swaps where they always talk in dollars per month rather than total price. They can jack your deal up $500 for just a few dollars a month. You can easily call Honda finance directly and a real person will pick up the phone right away and answer all of your questions honestly.
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My dealings with Honda finance has been fantastic, both on paper and on the phone. They gave me nothing down, tax, tags, accessories. All rolled into the loan at 1.9% for 36 months. I rode the bike away with new gear and never paid a dime for 30 days. The dealer bumped me $300 for delivery charges and raised the price of the tags $40 but didn't try to hide the fees and I wanted the bike this summer so I paid it. Otherwise I would have had to wait until fall to get a better deal as the CBR250R (and the Ninja) is continuosly sold out in my area.
 

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Discussion Starter #19
Here I am again. In complete bewilderment again.
I am staring at a loan contract from a credit union that is at an amazingly, unbelievably low rate that puts Honda Finance to shame.

My new plan has allowed me to throw in the $600 extended warranty and I'm still paying $200 less than at Honda. I normally don't go for the extended warranty but I figured if these guys are going to go to bat for me like they did, I shall show my appreciation by giving this bike (their financial interest) the most protection that I can.

So now I am exactly where I was last week at this time. Counting the hours until Thursday when my buddy can give me a ride in to pick the bike up.

So in short: Yaaaay! I get to stay here! :D
 

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that is awsome news! i was going to say before you got the good news; why didnt you try for a loan from the bank instead of the dealer, i dont know how it works in the usa but here in oz a bank loan for 5k gives you a cheaper interest rate generally then any vehicle dealer loan, then you could get the banks money and throw it in the face of the dealer and say "now give me a bike A hole!" and you could also get a reduced "cash" price for it..... well thats how it works down under lol :D
 
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