Read the fine print closely. I do believe that if you make the minimum payment fot the first two years, all you are paying is the interest. If you pay the minimum and in two years you could wind up owing what you paid for it today.

The Honda dealer I deal with will not reccommend this to any one. If you don't have your own financing he has a deal worked out with the credit union he does business with and trys to get you financed through them.

READ your fine print closely.

It would be the pits to want to sell or trade in your ATV after two years and find out you still owe what you paid for it and it is worth $2500 less than what you owe.

Buyer beware. I think TransAmerica owns the title to your ATV, although it says Honda on the card.

In Utah we have titles for our ATV's. The fees for registration every year goes back into trails and other things that are related to outdoor activities.

 

My understanding of a lein is that the lein holding company does not own the item. The lein does give them the right to collect the item if the loan is not paid. Of course, I could be wrong. I'm not too familiar with the behind-the-scenes legal workings that go on with a loan, or credit card for that matter.

 

jobslob....whoever loans the money does indeed "co-own" your house or car for example until you pay the loan off in full. They are also entitled to the title/deed as collateral until you pay them their money back that you borrowed. The fact that they are "co-owners" and holders of the title is why it is legal for banks to repo cars and banks and mortgage companies to foreclose on properties and homes on such a regular basis. This way, they have the title/deed and they can sell them to someone else and get their money back. BTW, true credit cards are very different. The credit company will not come get the "stuff" you bought with there money....but they will ruin your credit......FAST. My advice, Don't use credit cards unless it's an emergency and then only as a last resort. Also, never ever ever use a credit card (honda card) to buy Toys...especially expensive ones.

 

Very true Big CLB. That is why you will usually see the lien holder listed on your insurance statement, along with a lien expiration date. If you should let the insurance policy lapse, you will be getting a call from the finance company, who will instate their own insurance policy, usually triple what you would normally pay.

And if you have a mortgage, they will put the insurance money in escrow, and pay it directly, so you can't let the insurance policy get cancelled. They are only protecting what is theirs.

 

i agree with specta the honda card which in my case was transamerica bank,is about 18%,and i thought two yrs no interest which was wrong,they get you on the find print my dealer didnt tell me that it suc%ed,my fault,i probably ended up paying 5 grand for the recon i bought,i did get a polaris card for 100.00 down and 9.9% interest which is alright.love the bike but my dealer"midwest polaris" suc*s at warranty work.

rodman