Yamaha Credit Card = Household Finance...any Prob?

[ttsb]

Hope this post fits the vendor area ok...

the dealer signed me up for 6mos no interest, no down payment, which I thot would be fun to try. turns out Yamaha financing is done by HSBC, which took over Household finance. It seems they may have a reputation for shady dealing, especially if late once. I am thinking of paying off the credit deal early, but need more study on best way to pay off. The finance statement came in and said zero for six months (10.9% after), etc, but no obvious word on how to make sure pay off is noted and title to bike is sent.

any experience with these folks? Tanks in advance.

 

[XJRGUY]

I haven't had any problems at all, but the point to take is all in your post.

Don't be late with any credit payment.

I see you got the top tier financing rate at 10.9 percent.

I also got the 6 mo deferred interest too, and didn't know about this offer until I got my first statement this month.

My plan is to refi with my credit union at 3.5 percent and pay off the balance.

If they don't send the title to the credit union, its NBC vs them. Not my problem until I pay off the loan via the CU.

 

[CheapFZR]

I used the delayed interest financing when I bought my 05 FJR last year. I got nervous after 4 months and decided to go ahead and pay the loan off. Household sent me a letter to take to the local courthouse to get my title. The staff at the courthouse said that they did not have my title and to contact Household Bank to get my title. I call Household and they said that they would send my title. 2 weeks later I got another letter. I called and they said they did not have my title. My dealer called also with no luck. I ended up paying for a lost title which ended up costing 3 times the interest that I saved with the 4 months of no interest financing.

No more Yamaha financing for me!!!!

 

[slapnpop]

I can only speak for how things are done in TN and in VA, but in both:

If your car or bike is used as collateral for a loan, you still hold the title, however it's designated with a "lein holder." You cannot sell the car or bike to anyone else untill the leinhold signs off on the title, and you get a new one without the leinholder. At any rate, I've got the title for my FJR sitting in the firesafe, but I'm still paying it off. Granted this wasn't with Yamaha's financing. Apparently 24 year olds with very little credit history are an instant turn down to them.

 

[crewof1]

My experience with HSBC/Household was when I bought a 2001 Kawasaki KLR650 with 6 months, no payment, no interest deal. Didn't have any problems with late payments, etc., but after I paid it off, they never sent the title. It took a phone call and then a letter "officially" requesting the title before it was sent to me.

IMO, take a wary attitude with these guys - absolutely read ALL the fine print, 'cause that's where they'll get ya! If you can easily follow all the rules, then not too bad a deal, especially if it means having a bike or not.

 

[hobarthogrider]

Did my '04 with them,transferred balance at 2 weeks shy of deadline.Got my title in mail,clear,no problem.About six mo. or so later,recieved an offer for $100 off a purchase of $500,if I remember correctly,and used it towards my extended warranty($400-negotiated)and a new set of Avons.Smokin' deal.

 

[Groo]

I used the 0 down payment, 0% interest for 6 months financing when I got my '05. Put it on the Yammy card. They have a website where you can check your balance and account status. I payed off the remaining due amount in the 5th month, got a confirmation, and got the title. Easy peasy.

 

[twowheelnut]

I like Groo's thinking...

ttsb, I'm in Carpinteria... Let's git together and ride some... PM me if you wanna ride. We're off to Pine Mountain tomorrow if you wanna go...

 

[Longrider]

Got my California 04 FJR using the Yamaha credit card with 0% interest and zero payments for 6 months.

Paid off the total price at 5 and 1/2 months and received the "pink slip" (Calif title) in about three weeks.

No problems, but be sure not to be late on any payments due!!

Longrider

 

[yamahlr]

On my 04 which I got from Jarman's in VA. I got 1 year no interest / no payments, paid it off w/ a no interest credit card at 11 mos. They were not happy about the payoff deal, also had a problem getting the loan released. I tried to use them again when looking at a new VStar w/ the 0 down deal and they refused me. My credit score is in the 760 range. Spoke w/the dealer who said it was over the previous 0 down payoff. "They aren't in the business of lending money interest free". Said screw it and bought a slightly used VStar instead. Won't use that company again.

 

[MCRIDER007]

I bought my 2005 FJR in October 2004 and took advantage of the free financing. My account was through "Retail Services" whose home office was in California but the payments were to be made to Illinois. They held the title and I decided to pay off the loan at the 5 month mark. I didn't hear a word from them for 3 weeks so I called their customer service center after my check cleared to ask about the title. They said they didn't mail the title until they received notification of where to send it (there were never any instructions to notify them regarding the title) but I received it in the mail about a week later. I was not happy about the way they held the title after they cashed my check.

 

[gunnaride]

Bought mine in Oct. 6 month no int. transferred balance after 6 months got title in about 2 weeks no problem

 

[Randy]

I did another bike through them. I put the bike up for sale before it was paid off. I sent them a check for the balance and had a helluva time getting the title. Think it was well over a month before they sent it to me.

 

[JimV]

I bought a Kawasaki Vulcan Nomad through the factory financing which uses Household/HSBC as their bank as well. When I paid off the note two years early, they sent me the (WA) title in the mail along with a signed letter saying the bike was paid off. No problems.

What they didn't do was send anything to the WA dept of licensing to get me a title without their name on it. However, when I traded the Nomad in for my Feej, I just took the title and the letter to the dealer, again no problems.

YMMV.

Cheers,

Jim

BTW - What's up with this new posting points thing? I finally worked my way up to squid, go to Europe for a week and come back to find out I've been bounced all the way back to FNG (which I don't think even existed before.)

 

[FJRMGM]

I used the six month no interest and no pay on my '05 FJR and it went well.

I never made any monthly payments and paid it off one month early. It took two phone calls to HF to get the title but it finally came in the mail and I am the owner.

AS with all these offers, make sure you pay it off early so they can't possibly say the payoff was late.

 

[bluefjrdevil05]

LOL, I too used the 6months plan, I've had my bike 4 months and yes, I'm having an issue with them releasing the information for payoff to my bank.

My bank said they have never ran into this must hassle trying to get a payoff.

I called for a payoff and to request they fax it to me and of course it couldn't be done for 48-72 hours-they're busy.

I went out to look art my account on line and found a statement which my bank said they would use so printed it out and faxed it to them.

The link on the card isn't very helpful, just click on a product and or the pay bill section.

Then creat an account; you will be able to view your account statement and maybe your bank will accept that as I am hoping my will.

Hopefully this will take care of it.

I actually have my title already which list them as a lien holder so I'll have to have it changed.

 

[FriscoJim]

You have to be carefull with not only payments to them but also to any other of your creditors. If something in your credit reports shows up that deems you to be a risk AFTER the fact they can jack your rate up. I had it happen with Yammy/HBC with something that was reported in ERROR on my credit report. It took 6 months to get it corrected. My rate got jacked up because another creditor reported something that was wrong - once I got that creditor to report correctly (several months later) it took another several months to get HBC to recognize the error. With all the ID theft possibilities out there the legit consumers shoulder the most risk. It sux!

 

[markjenn]

I'm 3.5 months into the 6-month free interest deal with Yamaha/HBC, which I plan on paying off at the end of the 6-month period. No problems so far, but I'm nervous about the payoff and getting the title. They've also called me twice with annoying pitches for credit life insurance and the like. You can tell that they their tactics are predatory.

One thing I was warned about was not to make any purchases on the credit card during this 6-month period since these charges would not be under the same 6-month deal. The problem is when you attempt to pay these new charges within the card's grace period - there is no way to designate that you want your payment to go towards the new charges rather than to reduce the balance on the old charge for the bike. What happens is that the payment gets applied to the bike rather than the new purchases, and you're automatically paying 11% interest for the new charges.

I'm not sure I'd do this again just to save a $200 in interest.

Question for someone who has gone through the entire process: I'm receiving monthly statements which simply show the balance going from month to month with no finance charge and no money due. Does anyone know if I need to proactively pay off the loan prior to getting a statement showing a payment due? Or can I just wait for a statement which shows an amount due and pay the whole balance at this time and have no finance charge?

- Mark

 

[MCRIDER007]

Question for someone who has gone through the entire process:  I'm receiving monthly statements which simply show the balance going from month to month with no finance charge and no money due.  Does anyone know if I need to proactively pay off the loan prior to getting a statement showing a payment due?  Or can I just wait for a statement which shows an amount due and pay the whole balance at this time and have no finance charge?

Mark, if you wait until you get a statement showing a payment due then they will probably also be charging you interest. Take any one of the statements they have sent you and send your check at about the 5.5 month mark. Be sure to call them a week or so later or they will hold your title until you do. They will sign off on the title and mail it to you, you then have the option of holding the title showing them as the signed off lienholder or you can take the title to the county auditor's office and pay $12 to have a new title issued to you.