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Buell Motorcycle Forum » Quick Board Archives » Archive through May 31, 2008 » Not a fan of credit unions right now... « Previous Next »

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Xl1200r
Posted on Thursday, May 22, 2008 - 01:42 pm:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only)

So I made arrangements to buy the '64 Sportster I was looking at. I can afford it no problem, but I wanted to take out a loan for most of it just because I'm about to move and what not. With the girlfriend and I getting a place together, as opposed to living on my own right now, I'll be saving a lot more and it would be paid off by Winter.

So I apply with my (or so I thought) credit union. It's techincally through my mom's work (for employees only) and since I'm her kid, I'm also a member. They have really uncomplicated rates (doesn't matter how long of a loan, how much, how old the car/bike, etc.), so it made life super easy, and the rates are really good. I was going to be able to get 4.25% for 5 years - you can't beat that ANYWHERE.

So today they call me with bad news. I was figuring I was going to have to get a personal loan because the bike was so old, but instead I was told I coudln't borrow anyything at all because I no longer with my mother and she doesn't support me. Huh? If I make so little that I need mommy to support me (not true, but their logic), they have no problem lending me $18,000+ for my car 2 years ago. But now that I'm own my own and have my own career, I can't borrow $3000?

So then I'm forced to join another credit union, and the rates aren't even close. Not bad, just not as good. Somewhere in the 6's is what I've found for a vehicle older than a '97 or whatever.

So I go in to join and fill out the laon app, and... oops, we can lend for such an old bike. It has to be a personal loan and a minumum apr of 9.75%.

Awesome. What choice do I have except to not buy the thing (and we all know that isn't happening!).

Thankfully, like I said, it'll be paid off before Spring, so the extra interest should amount to $50 or so. I guess I can live with that.

/rant
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Freezerburn
Posted on Thursday, May 22, 2008 - 01:53 pm:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only)

Should have talked to mommy's bank manager and told them you were going to join another credit union, or better yet a bank. They may have made some concessions then. Also mention that a mortgage (thinking down the road) is worth tens to hundreds of thousands to a mortgage broker and you wouldn't be doing business with them.
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Bbbob
Posted on Thursday, May 22, 2008 - 02:07 pm:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only)

Check with local Harley Dealer or go to Harley website, Harley Davidson credit will finance any year Harley. I don't know what rates are currently.
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Xl1200r
Posted on Thursday, May 22, 2008 - 02:29 pm:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only)

Bbbob - HD has always given me stupid high rates whenever I've applied - close to 12% or so.

I did check the site though, and it seems that you still need to purchase through a dealer, and this is a private sale.
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Bbbob
Posted on Thursday, May 22, 2008 - 02:46 pm:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only)

Mark, Harley Finance has a program called "buyer assist", you need to talk to an F&I person at the dealership. Unless HDC just changed the rules because of credit crunch, the program is designed to finance private sale purchases. I sold Harley's at my local dealer for 3 yrs, saw the buyer assist done numerous times. The F&I person at our dealer made the same commission as if it were a dealer purchase.
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Natexlh1000
Posted on Thursday, May 22, 2008 - 04:27 pm:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only)

Buell had some special deal running now that they gave me a 6% until the end of May.
Maybe it's Harleys too?
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Natexlh1000
Posted on Thursday, May 22, 2008 - 04:51 pm:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only)

here is the offer:
http://buell.com/en_us/promos/rider-relief/
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Nevrenuf
Posted on Thursday, May 22, 2008 - 06:32 pm:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only)

mark, i don't know what kind of credit union you belong to but the two that i belong to both have the policy of which you have to have a relative in the system to join(which is your mother) but once that is done, then there is no reason why you are not a permanent member. i've belonged to the navy credit union, which is the largest in the world, since 1975 and their policy hasn't changed since i've been there. you need to have a talk with someone of importance. personally, i have no use for banks. another thing i've done is take the equity out of my car loan to get some extra cash.
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Xl1200r
Posted on Tuesday, May 27, 2008 - 07:50 am:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only)

Neil - thanks for the heads up - This is kind of a special credit union because it's for employees only. I'm still allowed to hold my savings account there, but I can't borrow anymore.

No harm no foul at this point - I found another credit union and joined on Thursday, applied for a loan and had my check on Friday. And everyone I've spoken to has been incredibly nice.

Getting the loan through my old credit union might have saved me $50 since I'm paying this off by winter, so no biggie.
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Bad_karma
Posted on Wednesday, May 28, 2008 - 01:49 am:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only)

Mark it's time to find another credit union. There are some very good one out there.
Joe
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