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Buell Motorcycle Forum » XBoard » Buell XBoard Archives » Archive through October 16, 2008 » New Buells -Trading trucks, financing, etc. « Previous Next »

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Robinsoncr
Posted on Monday, October 13, 2008 - 08:44 pm:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only)

My friend told me that HD finances their bikes up to 12 years to lower payments. Long story short, I used to have a business and now don't. I'm stuck with a 2005 Dodge Cummins 3/4 ton truck with a $700 payment and due to huge drops in KBB values, now owe more than what it's worth.

Question 1: Will a HD/Buell dealer take a truck on trade for a Buell?

Question 2: Can I trade and finance upside down?

Question 3: Does Buell have the same financing programs as HD?

Question 4: Are there any HD/Buell dealers in the Brunswick, GA area have any leftover XB9 or XB12's that I might be able to trade with?

Thanks,
Chris
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Moosestang
Posted on Monday, October 13, 2008 - 09:03 pm:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only)

I think you'll have a hard time trading that truck for a buell or any motorcycle. I don't know how harley works, but most bike shops don't take cars on trade. Hell, some bike shops don't take bikes on trade! I tried to trade my 96 fzr on a 99 r6 and they wouldn't even consider it, didn't even offer me anything.

12 year loan on a buell, that sounds pretty crazy to me. maybe on a $25,000 harley, but it still seems like a long time to finance that much money.

I'd work on getting rid of the truck, then worry about a bike.
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No_rice
Posted on Monday, October 13, 2008 - 10:29 pm:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only)

depends on the shop. we trade for almost anything. so far since i've been there ive seen many makes of bikes, car/truck, snowmobiles, jet ski's and most recently a tuba. yes i said a tuba...
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Damnut
Posted on Monday, October 13, 2008 - 10:38 pm:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only)

tuba......... that's what us Massholes call the old Buells.
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Cityxslicker
Posted on Tuesday, October 14, 2008 - 12:48 am:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only)

If that shop goes through Eagle Mark Financing (the financing company that Harley owns) Then your max funding is 72 months. Trade ins are the dealers discretion. We wont touch a truck, suv or 'cross over' as our wholesalers wont BUY them. That is a NO GO for us. Any negative equity you have will be added to the sale price of the bike that you are purchasing (remember that there are dollar limits to the amount you can finance, and negative equity may require you to put a bigger down payment down)
Remaining model year clearances deals are there to be had, A good sales man that wants to sell you a BUELL should check H-D Net ; ) I know we have been buying some nice clean bikes from W. Virginia and Georgia.
PM if you have any additional ?'s.
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Court
Posted on Tuesday, October 14, 2008 - 07:27 am:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only)

If you are financing anything (other than real estate) for 12 years I'd suggest it be a student loan and you enroll in a finance course.

Generally financing a motorcycle for more than 3 years gets scary.

There is a neat trick you can use with 5 year financing but it takes some discipline. I used to go with a 60 month, then pay the current months principle, interest and the next months principle only, each month.

At the end of 2-1/2 years I was done.

Think carefully. Young folks get played for saps on credit. I am working with my 33 year old nephew to untangle his credit mess as he is mired in $50K of credit card debt. He called to cancel a card with a $500 limit last week and they offered him a $15,000 credit line. Credit is the cocaine of the young and the folks selling it are the pushers.
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Moosestang
Posted on Tuesday, October 14, 2008 - 11:09 am:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only)

I only financed my house for 15 years!

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Moosestang
Posted on Tuesday, October 14, 2008 - 11:11 am:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only)

I am working with my 33 year old nephew to untangle his credit mess as he is mired in $50K of credit card debt.

I hope he bought a couple of buells on his credit card.
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Robinsoncr
Posted on Tuesday, October 14, 2008 - 05:42 pm:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only)

I'm not looking to finance for 12 years but would go 72 months depending on the bike. Back in VA, there was a local motorcycle dealership that took cars and trucks but they sell the big 4.

Wasn't sure if HD dealers traded for 4 wheel vehicles. One might be interested in my 8.5x20 enclosed trailer. Good to haul bikes in!

My local HD dealer in Brunswick doesn't sell Buell. I'll check and see what the closest Buell dealer is and see what they have in stock for 2006 or 2007 models.

Thanks,
Chris
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Neurorider
Posted on Tuesday, October 14, 2008 - 06:21 pm:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only)

You might try here in Arkansas. The state's largest car dealers, Landers, just bought three Harley dealers. I emailed them, and they are adding back Buell (previous owners had dropped Buell's line).
landersharleydavidson.com

hope that helps
neuro
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Ustorque
Posted on Tuesday, October 14, 2008 - 06:24 pm:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only)

just some food for thought, i was once very bad with money and credit(now i have a wife that reminds me i'm a retard with money)and made bad choices with upside down car loans.

what you are thinking about doing could and probably will quickly go from bad to worse. if they took your trade they would give you very little for it and now the nut of that being added onto another loan could put you into a worse situation then you are in now.

have you considered checking with one of you local credit unions for a personal loan(they are usually great to work with) put your truck up for sale and if you are that upside down use the personal loan to offset the sale, what you owe, and the purchase a used buell.

break down(fake figures because i don't know what you owe)

truck payoff: 15,000

sale price: 12,000

personal loan: 8,000

3k to pay off truck during sale to new owner

5k to purchase a used buell

this may take longer to accomplish the just running out trading it in and walking away with a huge long term loan and a new bike, but it will be worth it.

in the end all you walk away with is an 8k loan, which could usually be done fairly comfortably short term.

hope you don't take this as a lecture, because it's not meant to be. good luck
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Froggy
Posted on Tuesday, October 14, 2008 - 06:34 pm:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only)

Personally I say keep the truck, you never know when you are gonna need it. A week after you sell it, someone will be giving a way a free cord of wood to the first person that takes it : )
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Ustorque
Posted on Tuesday, October 14, 2008 - 06:48 pm:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only)

$700 bucks a month, just in case someone gives away a free cord of wood! i like the way you think Frank.
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Buellinachinashop
Posted on Tuesday, October 14, 2008 - 07:01 pm:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only)

"My friend told me that HD finances their bikes up to 12 years to lower payments."

NO. They won't. 7 years is max I was told. I just financed an new 08 Nightrod Special two weeks ago.

"There is a neat trick you can use with 5 year financing but it takes some discipline. I used to go with a 60 month, then pay the current months principle, interest and the next months principle only, each month.

At the end of 2-1/2 years I was done. "

THAT IS EXACTLY WHAT I'M DOING!!
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Neurorider
Posted on Tuesday, October 14, 2008 - 07:15 pm:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only)

Chris, what you're doing can be done, it just takes some homework. Dealers can sometimes put a vehicle on consignment, then do a trade-in after it sells. It just takes a dealer that knows where he can move the truck to sell it. Or, a dealership that owns both types. That's why I mentioned Landers (no affiliation, no perks to me) as they have soooo many car and truck dealerships in Arkansas. I'm looking fwd to their getting Buell back in the Harley dealerships as they are much closer to me.
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Froggy
Posted on Tuesday, October 14, 2008 - 07:18 pm:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only)

Either that, or take a huge hit and sell it, still having to pay for it long after it’s gone. Maybe he can refinance it to get a better rate and lower his monthly payment? $700 is a steep pill to swallow, but I don't see any other practical way.

Getting a Buell will only add more debt. As great as they are, I don't see how it’s a good thing. Perhaps he should worry about getting the truck paid off fast, that way when he goes to get a Buell, he has $700 more a month to play with.

But I am young, I do not understand everything about money yet. Just my 2 cents.
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Guell
Posted on Tuesday, October 14, 2008 - 07:28 pm:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only)

Thinking about it, you still might not get what its worth or what you owe if you trade it in on a motorcycle. The company is going to look at what its worth and of course give you even less.

Why not refinance the truck and buy a used buell. You can get great deals on 03/04 buells or even a tuber.
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Robinsoncr
Posted on Tuesday, October 14, 2008 - 08:30 pm:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only)

Yeah, I've been running the numbers. I don't think it's going to be advantageous to try and trade for a Buell.

I have some other tools to sell and the enclosed trailer. I could probably come up with enough to buy a 2003 XB9 and pay down some on the truck and refi.

I found a nice 2003 XB9R with 8900 miles for $3995. Anything I need to watch out for on the 2003?

Thanks,

Chris
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Froggy
Posted on Tuesday, October 14, 2008 - 08:40 pm:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only)

Yes, the 03 was the first year, so it was the most problem prone one. The big thing is the wheel bearings, they should have a orange seal on the outside. If the seals are black, that means it was never replaced when Buell had the upgrade program going. Get that done ASAP if they are black! The rest of the issues are minor, like burning headlights, and the 2003's have a horrible belt system that was switched in 2004, again in 06, and again in 09 : )
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Iamarchangel
Posted on Tuesday, October 14, 2008 - 09:22 pm:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only)

Dump the truck. Take whatever hit you have to. If you have nothing lined up for using it, nothing is likely to come up in the next year.

Whatever value it may have is offset by the money you are losing now. That loss is what you will be saving, which an accountant will demonstrate is a gain of double the interest.

Been down this road before. It hurts and the longer you stay on it, the longer it takes to recover.

Wrong audience but a bike is the least of your problems right now. Get out of debt.
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Barnyard
Posted on Tuesday, October 14, 2008 - 09:55 pm:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only)

1+ on the get out of debt!!

Don't know if you have have been under a rock but the hole Fu**ing economy is in a bad spot because of people getting to much credit. You should look at Dave Ramsey. smart man. If you have money problems or need some advice. Ask a pro.

http://www.daveramsey.com/shop/The_Total_Money_Mak eover_by_Da_P123C31.cfm
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Ekass13
Posted on Tuesday, October 14, 2008 - 10:32 pm:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only)

Sell the truck.
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Mtuttle02
Posted on Wednesday, October 15, 2008 - 02:45 pm:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only)

Gap insurance is a good investment to have-
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Darthane
Posted on Wednesday, October 15, 2008 - 03:20 pm:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only)

=P

I have an '03 XB9R. They're nowhere near as bad as the demonizers make them out to be.

Check the wheel bearings, leave the belt guards on, and follow the maintenance schedule and the bike will love you long time.
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Ekass13
Posted on Wednesday, October 15, 2008 - 03:26 pm:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only)

+1 on Darthane
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