Any suggestions on motorcycle loans, dumping current place over incompetence.

[fitz19d]

Have 2 bike loans, from space Age credit Union was lowest the dealer was offering from. Local place and pretty much stone agree website.

First bike i transposed a number on my accnt number. Called and fixed it, on my 3rd rejected payment now after calling 3 times to confirm and fix number after reading straight from my checks. First time they said computer had reverted to original wrong info.

These folks don't deserve the business. Impossible hours or locations for me to go in person unless i take work off too.

[Great-Kazoo]

Public Service credit union, Norlarco, even your bank.

[fitz19d]

I forget why I'd wanted to avoid using wells. Either outrage at their scandal or assuming higher rates since my personal loan years ago when I was poorer and maybe a 740 credit score sucked (due to no history rather than anything bad)

I should clarify since it got brought up in a different forum. I think more than anything I want a place good to deal with/modern since this small credit union giving me a really bad taste in my mouth. Heard Geico might actually finance bikes? For 4 and 3k each, the $ over the life of loan is small enough even being a % point higher really doesn't hurt much.

2nd bike is really wifes I paid the 1k down payment on as holiday gift, she wants to pay it rather than me just to feel in control. Making me debate just taking one or both loans and doing them on a regular loan to pay them off and just have titles on hand now.

[Great-Kazoo]

Let her pull her own loan, why bog down your credit score? Equal Rights comes with Equal Responsibility.


Outside chance the marriage doesn't work out down the road, why get stuck with her debt.

[asmo]

First rule of motorcycles: Never finance a bike.

[fitz19d]

First rule of motorcycles: Never finance a bike.

Any huge reason why? I figure you lose big on trade ins anyways. Figure a few hundred in financing is better than fighting insurance on a total loss and fair valuation?

[ray1970]

First rule of motorcycles: Never finance a bike.

That’s all fine and dandy but not everyone who wants to ride has $20K to pay cash if they want a brand new bike. For some people financing is the only way to get the bike of their dreams and start riding.

[SouthPaw]

First rule of motorcycles: Never finance a bike.

Best advice right here. Some guys are ok spending $10K+ on one but I’ve always paid cash for $7K or less.

Blue Federal Credit Union - Sister branch of public federal.

[Doc45]

Sorry to hear about your bad experience with Space Age, I've always been treated exceptionally well there. Public Service was a close second. I never went to an actual Space Age office after I closed my loan but a partner cu to make payments (usually either Public Service or Arapahoe-one on my way to the office, the other near where I live). Beware of Bellco-they screwed up my younger son's car loan seriously bad and repoed it. They had serious egg on their face when he showed them his canceled checks. The rep he dealt with didn't even offer an apology-I had some choice words with him and immediately closed the account I had there (residual from a short, small loan I had years prior with them).

[Martinjmpr]

First rule of motorcycles: Never finance a bike.

This x eleventy brazillians. Financed one bike, will never do it again.

Any huge reason why? I figure you lose big on trade ins anyways. Figure a few hundred in financing is better than fighting insurance on a total loss and fair valuation?

Because (a) a motorcycle is a toy if you live in CO, and it's not a good idea to finance a toy. And (b) motorcycles depreciate like crazy, especially if they're new. Finance a new motorcycle and unless you put 50% down, you are pretty much going to be upside down on the bike the moment you ride it off the lot. Nothing like having a $9000 note on a bike that is worth, at best, $6000.

"Back in the day", maybe 15 - 20 years ago, HDs were in such high demand that they were the exception to the rule - you could buy them new, ride them for a few years and then sell them for darn near what you paid. But once everybody who was going to buy a big Harley got one, prices on used ones started falling dramatically, and while HD's do hold their value better than most other brands, there has still been a significant decline in the prices of used Harleys, as they've become something of a glut on the market.

That’s all fine and dandy but not everyone who wants to ride has $20K to pay cash if they want a brand new bike. For some people financing is the only way to get the bike of their dreams and start riding.

Buying brand new is another thing I like to avoid. Might as well just pile up some $100 bills and set them on fire.

With motorcycles that's especially true - there are so many low-mileage late-model bikes for sale out there, it's crazy. A lot of people buy a motorcycle on a whim, park it in the garage and then rarely (if ever) ride it. You can pick up a 5 year old motorcycle with less than 10k on it typically for about half of what it cost new.