I see they are offering $39 a month for 2 years on any atv. Of course the intrist goes up after that, but even so, I rarely keep a quad that long. Anyone else got in on this deal?

 

I got in on this deal for my first quads ever. I got approved for 12k so I was like a kid in a candy store. Of course after 2 years the interest and price skyrocket, so either pay it off by then or refinance witha bank or something to get the interest down and payments down. I think its a good way to get some people into motorsports cheap.

 

yeah my 04 raptor is on the old deal that they were offering and that was like 79 a month untill january 2005. If you plan on going with a deal like that then you better always pay more a month then the minimum payment and i would have some kind of a down payment as well. Even if you dont keep it that long you would be upside down in the bike because you havent really been paying anything on it at 39 a month.

 

For reasons already mentioned, it's deals like this that keep me in business (bankruptcy attorney).

People go in, want a quad, but can't afford a quad, but heck anyone can afford $39/mo. But two years later, the quad is worth $4k, you owe $6k, no bank will loan you $6k on a $4k quad, so you can't refinance the loan. Then the payments of $300/mo kick in on a 2yr old quad. They gotcha. You now have two choices: 1) continue to pay $300/mo on a $6k @ 21% interest rate loan, or 2) you come see me.

And Congress has the ***** to say consumers abuse bankruptcy. While some people are stupid for getting themselves into the messes they do, I think creditors are just as responsible for offering deals like this that will almost always end up unfavorably.

If you want a quad, save and pay cash or get a loan from a bank. Don't buy it on Yamaha credit (it's a credit card, not a loan) unless it's a short term deal and you have a way to pay it off when the deal expires!

Colby

 

it is a great deal..i am using it . Just do yourself one favor. Make a nice downpayment...& try to pay at least $100 a month on the quad. ...then afer 2 years you should get it refinanced if you dont have most of it paid.

 

So how is a $39/mo a great deal when you put down a down payment and are paying $100/mo? It's hard to say it's a great deal when you're not taking advantage of it. What is the interest rate on the first two years? If it's little to no interest, then it's a good deal only for the fact that you are not obligated to make a large monthly payment (although you should, problem is most ppl won't), and anything you do pay goes straight to principal. If it's a high rate, then the $39 probably just pays interest and it's no better of a deal than throwing it on your VISA.

Colby

 

Good advise Colby.

 

Colby
Its a good deal for those that will have it paid off in 2 yrs. No your not taking advantage of the $39 a month, but you do get to take advantage of the low interest rate.

 

3.9% interest for 2 years...as long as you make the minimum payments of $39


I look at the minimum $39 incase i have a hard month.

A smart person would do as I said. Example


I am gonna make a downpayment to get the total price of my bike to $5000 exactly. I will leave the stealership owing $5000 to yamaha card. 24 months at $100 a month...I should owe about $2600 on a $4000 bike in 2 years as someone stated. I should be able to refinance the bike easily if or make bigger payments here and there.



now granted..a person who only pays $39 a month could easily get into trouble in that situation....I mean even starting like me they could make under $1000 in payments over 24 months and owe a lot.


And the people who take full advantage of a $12000 ish credit line are also gonna get into more trouble. It all depends on how you work things.


I totally agree that if you dont use your head you can easily lose your shirt. But I think my plan is great.

 

The thing about a deal like this is you have to be smart about it. As Colby mentioned, the advantage to a loan like this is usually the extremely low interest rate during the first couple of years. At such a low rate, what you pay goes straight toward the principal. The true advantage to such a deal lies within paying more than the minimum payment so as to quickly reduce your principal. Another nice thing (I can relate being in college) is that during tighter months, you're not obligated to make a huge payment. If you have good management skills, you will be able to use such a loan deal to quickly lower your principal and then refinance for a small loan (which should be easy from your personal bank with any kind of collateral) before the grace period runs out and the interest skyrockets. The big question between whether someone will do well with these kinds of loans or if they will be paying a visit to Colby lies within their level of personal dicipline.

~HoundDog