So I go to the bike shop today and start chatting with the salesman who I've been talking to for the past few weeks. We bs a little bit and I'm telling him how I took a few days off to buy a car. So he's says why not get the bike now and car later. We talk a little more and I decide to see if I'm qualified for the Yamaha card. Long story short, HSBC, the bank Yamaha uses for the card has been f**king my credit for abotu 3 years over a debt that has long been paid (3 years ago) :boom , and I wouldn't be qualified b/c of my history with them.

So we check my fiancee's credit, and she may be qualified (won't find out 'till tomorrow). If she's not, then that means no bike until maybe end of summer or will have to wait till 08. :cryin

errrr.....huh? If the debt is paid and they made a mistake, you contact them & have it corrected or contest it through FICO, experian, blue beacon, etc. You don't just go, "Oh well....I'll just use my fiance's credit." Get that shit straightened up if it isn't your fault!

 

errrr.....huh? If the debt is paid and they made a mistake, you contact them & have it corrected or contest it through FICO, experian, blue beacon, etc. You don't just go, "Oh well....I'll just use my fiance's credit." Get that shit straightened up if it isn't your fault!

:stpd: you can't do anything with screwed up credit mang. I would be all over that if that happened to me
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My buddy is a car saleman and he checked his credit the other day just for the heck of it.. Saw some deliquincies on there from HSBC from after he closed out the account and there was 0 balance. He contacted one of the credit companys and he said they fixed it in about 2 days..

 

It's best to just stay away from those cards. Get your financing done at your bank or credit union before you go in, or pay cash if you have it, or put down as much cash as you can. Your credit union or bank should be able to pre approve you for up to the full price of the bike if needed unless your a risk.

 

I know the Yami card is crap, but I can't afford to have a high bike payment, get a car soon, save for a house, and get married all at once. The card would make it easier to get the bike now (been waiting too damn long!). $129 a month for 2 years is good for me. I can pay the min. $129 for first year, then after all the big stuff is out the way I can pay it off before the interest skyrockets...well this was my plan.

 

get that taken care of it's not your fault. don't want to get screwed on the rate if possible

 

Save up $11K - walk into a dealer = go home w/ new bike, no credit check needed.

Hopefully you get it fixed....

 

That is the way to go...it is what I did, and can't imagine doing it any other way. Plus you bring in cash and they usually start talking savings to you as well.

 

dude.. keep telling urself in a year u will pay it off or whateven when rates go up.. i would bet 99.99 % of people that say that... dont do it. i work in bike dealership and we try to trade for bikes that people bought from Yami, kawi,zook.. all use HSBC.. dont fall for the revolving stuff.. get it on set payment and set interest.. u will be better off. and yes just contact them and they will remove it if its an error. been known to happen with them.

 

dude.. keep telling urself in a year u will pay it off or whateven when rates go up.. i would bet 99.99 % of people that say that... dont do it. i work in bike dealership and we try to trade for bikes that people bought from Yami, kawi,zook.. all use HSBC.. dont fall for the revolving stuff.. get it on set payment and set interest.. u will be better off. and yes just contact them and they will remove it if its an error. been known to happen with them.

Yeah , perfect example is my buddy brad who thought the suzuki finance deal was just too good to pass up. $99 a month for an 06 750? WHY NOT!?!? well that was last year and now hes up shits creek since that interest is going to come back and bang him relentlessly, sad part is he knows its coming.

 

i financed my 01 for $3,000 paid the rest with cash and my credit sucks.. i went through GE money Bank, Funancing card, and paid the rest cash,,

 

Me too!!!
I Like how my Statement say's that too!!!
FUNancing!!! LOL!!! What fun it is to pay a Bike Note every Month.
Especially next winter when i wont be riding it!!!!


But to Try and Help Take out a Loan from the Bank yourself.(Bank of choice)
Get the bill of sale from the dealer, and the Loan officer will give you a check for that amount~~~~

And the dealer might even Drop the salesprice because You can pretty much be like that your gunna pay them in full right now!!!!:thumbup

 

Find out which credit reporting bureau they used, probably one of the big three: Experian, Equifax or Transunion. You should recieve a letter in the mail telling you which one. Then go online and buy your credit report, most are about $10 to $20. You don't need to pay for the one with your credit score. Then you dispute the item online. The credit bureau then has 30 days in which to investigate the dispute. If they find in your favor, they will mark the account as paid and that will help your credit rating some. I'm not sure if it can be removed, unless it was put on there after you paid the account, then they may be able to remove it.

FWIW, I pull a free credit report every year. Every state has a certain month in which they can do this. For Virginia, it's September. You can find out what month your state is by going to www.annualcreditreport.com . But I don't believe you have the right to dispute with this report, it's merely for monitoring purposes, and in compliance with federal laws. You also have the right to a credit report since you've been denied credit, but once again, I don't know if you will have dispute rights with a free credit report.

Good luck!

 

I agree with the others that say do not use the credit card thinking you will pay the debt back after a year. I paid cash for my bike, and no worries about the payments.

 

You do know what happens when you are late for a payment or send a payment in past the due date, right? Kaboom...interest rate sky rockets. If you're trying to save up on getting married, getting a house, etc, etc....purchasing a bike or even a brand new vehicle would not be on the top of my to-do list. I don't see how going into more debt allows you to save up more in the future...doesn't make sense to me.

 

Cash for me...:rock second choice is set intrest and set payment..:boobies . I would never do that yami,zooki,kawi deal.... sounds good but if you really add it up you can get a way better deal at your local bank.. also I know that I would not pay it off in time....:nopity: esp when you can go to the bank get set intrest and pay about 50 more a month and :riding cheaper

 

Same thing hppend to me when while I was in Iraq. A whole yer of late fees on some cable bill I wasn't even using. Of course in Iraq I did't get ay letters telling me about it. So when I got back my credit was soup.

 

I paid that HSBC crap off quick.....i've heard so many bad stories about them

 

So I go to the bike shop today and start chatting with the salesman who I've been talking to for the past few weeks. We bs a little bit and I'm telling him how I took a few days off to buy a car. So he's says why not get the bike now and car later. We talk a little more and I decide to see if I'm qualified for the Yamaha card. Long story short, HSBC, the bank Yamaha uses for the card has been f**king my credit for abotu 3 years over a debt that has long been paid (3 years ago) :boom , and I wouldn't be qualified b/c of my history with them.

So we check my fiancee's credit, and she may be qualified (won't find out 'till tomorrow). If she's not, then that means no bike until maybe end of summer or will have to wait till 08. :cryin

Stay the hell away from HSBC. Its a rip off. The interest is super high and they change there billing due date month to month. Its so confusing. They want you to make a late payment just to charge you the 39 bucks. They have done it to me. I finally noticed it. Ive been charged 3 times. They even charged me a late fee when I paid on the day it was due.

 

The dealership wants to sell you a bike and get your business for service & what they sell. Tell them what is wrong and tell them to fix the credit report or you will by a GSXR - if the the threat of going to a competitor doesn't light a fire then nothing will.

I personally save up and pay cash for everything

 

The new Yamaha promo sucks. Interest only for a few years, then screw your ears off with a 150% interest rate? Yeah. Try to get a regular, amertized loan through a bank - the payment will be higher because it is not interest only but you won't be throwing your money away.

Like several people have said - get your credit fixed. Call them and let them know and be nice when you call them. Tell them there is a problem and you are trying to buy a new bike with their credit - they'll probably fix in it immediately - or pre qualify you. Then you can get whatever loan you want from whoever else. If they don't fix it, dispute it.

Don't use the GF's credit. I'm sure you've been together forever and will be together forever. That's what I said with my 1st wife - and she ended up trying to tell me she had some custodial rights over my huntin dog. Glad I kept a copy of the check I wrote for him.

 

Why don't people just finance through there own bank normally they are better because of the time you have been with them. The dealer told me that the financeing through yamaha or whatever are more like teasers than anything he said they sucked go to your own bank.

 

Pay cash or going to your bank is the best way. Look for a good used bike. It doesn't HAVE to be brand new. I'm a tech at a Toyota dealership, when one day in January in rolls a trade-in '05 raven r1 w/ 3400mi.
We get lots of bikes in trade all the time. Most roll straight through to the wholesale dealers. But it really caught my eye. $5600 later and she is mine. It books at $9000 retail sale.
Check local dealers and find a good used bike for the next 1-2 yrs.(Car dealers don't really like storing trade-in bikes because they take up room and are usually in the way). Then if you want to take that new vehicle depreciation hit go for it. But a great condition used bike would be a wise way to go.