Suzuki credit and my dealer

[Justyntym]

Well I've been wanting a Busa for a while now and I'm waiting for a bit 'o realestate to move to make everything get rosie. As it's been a couple of months +, I'm getting real ancie(sp).

I'll be the first to admit my credit not exactly sterling perfect, however household income is pretty good, never missed a car payment or mortage...but there is a glitch or two.

Anyhow, I'm checking out Suzuki's website, notice the online credit application...$99 a month up to 10K and $159 mo for above 10K. Yeah I know how it works, they balloon the rear end of the loan but no big deal cause I'm looking to pay everything off and buy a bike with cash when the house sells anyway.

Don't think I'll get it but I fill it out anyway. Three days later, I get a call from my local Suzuki shop...guy tells me my bike is in, he's looking at my credit app. doesn't see a problem and thinks he can get it done.

I go in (and to try to shorten this down a bit) after spending almost 2 hours 'efn around, we sit down and the guy hands me a sheet that has my monthly payment at....$409 a month..WTF

(don't forget I have to buy insurance too).

He says he couln't swing the Suzuki credit and had to go with a 3rd party lender..again...WTF. I applied for Suzuki...if it didn't work out WTF did you call me for and waste my time? $500 a month for a motorcycle...are you insane??

Aside from them wasting my time on this BS, (they told me several times they had it done by the way and never alluded to any higher payment till they dropped $409 on me) but...if my credit isn't great...I'd have a hellofalot easier time paying $99 a month instead of $409 a month.

The other thing that gets me is, with the money we make...can anyone really believe I would NOT pay and let someone come take my Busa for a stinking $159 a month...that's lunch money...that's nothing. (but somehow I can manage $409 a month  )



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[Don Hardcastle]

Did you give him permission to run your credit at a 3rd party lender or suzuki only?

 

[pseudo]

Did you give him permission to run your credit at a 3rd party lender or suzuki only?

Yeah, that's illegal. I'd take em to court. I bet the judge would love to hear that one, because all in all, the only reason they did it is fraud. I wouldn't put up with it.

 

[clearwaterms]

just out of curiousity, would you mind posting the details on where they got a $409 a month payment?

if my math is right thats like a 21% interest over 3 years at 11K...

 

[05 Busa LE]

Why not call Suzuki credit yourself? Find out why they couldn't do it, and if they can maybe swing something else?

 

[Justyntym]

I'm not really sure of the other details of the loan, once I saw the $409 my brain went to serious boil and it wasn't real pretty after that. I don't remember length of loan either, I was kinda thinking 48 months, (maybe even longer).

I could also fill the page on the bs that went on, like how they KEPT telling it's looking good and even put me on the phone with one individual who took some more information, then told me congratulations Mr. "Sucker", you've been approved. And I'm thinkin' "OH YEAH".

And I liked when the guy says, "well if $409 is too much, how high will you go..."

It's frustrating...I've owned my own home for 20 years+, been at my job for 13 years (20 total)...43 years old, married....etc. etc...

 

[clearwaterms]

I'm not really sure of the other details of the loan, once I saw the $409 my brain went to serious boil and it wasn't real pretty after that. I don't remember length of loan either, I was kinda thinking 48 months, (maybe even longer).

I could also fill the page on the bs that went on, like how they KEPT telling it's looking good and even put me on the phone with one individual who took some more information, then told me congratulations Mr. "Sucker", you've been approved. And I'm thinkin' "OH YEAH".

And I liked when the guy says, "well if $409 is too much, how high will you go..."

It's frustrating...I've owned my own home for 20 years+, been at my job for 13 years (20 total)...43 years old, married....etc. etc...

one thing you have to remember about suzuki credit is that it's not an installment loan, its an unsecured debt... (aka, Credit card) unlike a installement loan (mortgage, car payment) that they can take something away if you don't pay it... Suzuki gives you the bike and then gives you the title, and it's up to you to repay it

 

[Justyntym]

Why not call Suzuki credit yourself?  Find out why they couldn't do it, and if they can maybe swing something else?

Phone # ??

 

[05 Busa LE]

Did a Google on Suzuki financing, and came up with quite a few. First is Suzuki's, and it appears you can apply on-line (https://suzukicycles.com/Financing/); here's another:
http://www.capitaloneautofinance.com/Public....es.aspx

 

[DRAGBUSA1300R]

when i bought mine they came out and said you have excellent credit your interest will be 19% i asked them what it would be if you have bad credit 200% went to my bank and got a home equity line of credit it was at 4% dealer gets a kick back from suzuki and local banks the higher they can get out of you the more they get

 

[Super Trucker]

Why not call Suzuki credit yourself?  Find out why they couldn't do it, and if they can maybe swing something else?

Phone # ??

I got the 129.00 per month last year (2005) but I pay 220.00 to have it paid in less than 5 years though. We make our checks ( wifes bike is financed the same way, but we have to write 2 checks) payable to Retail Services. The cust service number is 1-800-365-1363
As already stated it is a credit card type account, if you pay the minimum you will be paying for years.
Good luck.

 

[bronc3]

Retail Services are shmucks. You can find all kinds of dirt online regarding them and Suzuki.

 

[Revlis]

If your offered percentage rate is off the chart? It's natures way of saying save your money, get your finances in order first. Then work out the toys later when you can afford it.

OTHERWISE....

If your making mad money then pay cash, should only take a few months to save the $11.5 right? If not, then your not making mad money, and you need to get your finances straightened out first. It's cyclical yes, but it's a system that helps keep risks down. Both for you and the Bank.

Not TRYING to be a #### it just happens sometimes.

Nobody gets handed BAD credit. It's somethign that is earned, just like good credit.

I know this to be true, I've been on both ends.

 

[hbr]

11% thru Suzuki. Revolving line of credit, I'll make 6 or 7 BIG payments.

 

[hbr]

oops



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[TKTM8KR]

Well I've been wanting a Busa for a while now and I'm waiting for a bit 'o realestate to move to make everything get rosie. As it's been a couple of months +, I'm getting real ancie(sp).

I'll be the first to admit my credit not exactly sterling perfect, however household income is pretty good, never missed a car payment or mortage...but there is a glitch or two.

Anyhow, I'm checking out Suzuki's website, notice the online credit application...$99 a month up to 10K and $159 mo for above 10K. Yeah I know how it works, they balloon the rear end of the loan but no big deal cause I'm looking to pay everything off and buy a bike with cash when the house sells anyway.

Don't think I'll get it but I fill it out anyway. Three days later, I get a call from my local Suzuki shop...guy tells me my bike is in, he's looking at my credit app. doesn't see a problem and thinks he can get it done.

I go in (and to try to shorten this down a bit) after spending almost 2 hours 'efn around, we sit down and the guy hands me a sheet that has my monthly payment at....$409 a month..WTF

(don't forget I have to buy insurance too).

He says he couln't swing the Suzuki credit and had to go with a 3rd party lender..again...WTF. I applied for Suzuki...if it didn't work out WTF did you call me for and waste my time? $500 a month for a motorcycle...are you insane??

Aside from them wasting my time on this BS, (they told me several times they had it done by the way and never alluded to any higher payment till they dropped $409 on me) but...if my credit isn't great...I'd have a hellofalot easier time paying $99 a month instead of $409 a month.

The other thing that gets me is, with the money we make...can anyone really believe I would NOT pay and let someone come take my Busa for a stinking $159 a month...that's lunch money...that's nothing. (but somehow I can manage $409 a month  )

that sucks i would have wanted to beat the you no what out of the salesman.

 

[joyRYDER]

Save the cash and buy then... you'll have the title free and clear. I have excellent credit. Wanted to put 2 grand down, but this little think called GAP Insurance, when you finance (although I was told it was optional) and that Insurance was a MUST, I thought it was just plain old best and great sense to just pay cash. I am not rich, but I do make a great income. Instead of pulling from the bank accounts, which I never would have placed it back, I saved for three months and bought into a 06 LE for $10500, just shy of a month ago. The sales manager was firm on $12900 out the door, until he saw my Bank Draft. I sorta a left it on his desk and went to get something to drink... Great credit or not, I think it's best to be patient... My 3 cents...

 

[98vobra]

Yeah that credit card sucks, almost 11%. I did the same thing last year and thought " I'll just make $250 payments and pay it off before 5 years, F-that I am not paying that interest. I just payed the dame thing off and now have to put back the savings. The wife isn't happy but now I am not makeing payments.

 

[Turbo-Torch]

If your offered percentage rate is off the chart?  It's natures way of saying save your money, get your finances in order first.  Then work out the toys later when you can afford it.  

OTHERWISE....

If your making mad money then pay cash, should only take a few months to save the $11.5 right?  If not, then your not making mad money, and you need to get your finances straightened out first.  It's cyclical yes, but it's a system that helps keep risks down.  Both for you and the Bank.

Not TRYING to be a #### it just happens sometimes.  

Nobody gets handed BAD credit.  It's somethign that is earned, just like good credit.  

 I know this to be true, I've been on both ends.

Uh Oh...you better have an asbestos suit on after spewing forth that kind of common sense!

Those dealer credit cards are awesome! Pay nothing but interest for 5 years and at the end be left with the original $10K cost of the bike for which you take out another 5 year loan.
After 10 years you're finished paying off a bike that stolen out of your low rent apartment complex 9 years and 11 months ago because you couldn't afford full coverage insurance on it.

You know things are screwed up when you try to pay cash for your Busa and the sales manager doesn't know how to react.

 

[Busa_05]

Wow, yeah, that had to be like 18% or better interest. But like Rev said, bad credit is earned. Takes awhile to clean it up, but it'll happen, especially if your income is as good as you've said. Good luck.