Financing a 2015 AR240 - $400 financing fee from the bank?

[RegezM3]

Hey guys. My sales rep told me today that there would be a mandatory financing 'fee" from the bank which could be up to $400 depending on how much we will be borrowing. Sounds sketchy...I have never heard of this before. Has anyone else encountered this?

 

[dancathy]

That definitely sounds like a scam to put some extra money in his pocket. Yamaha has low interest and extended warranty and definetly no fees like that.

 

[Ronald Moore]

who is the financing through? Call that bank and ask..

 

[Just1more]

Just financed one through yamaha last month. 2.99 and 5 year warranty. There is no 400.00 fee.

 

[itsdgm]

Financing fee? Never heard of that. Tell him you'll pay the fee if it's a 0% loan.

 

[SCSTWG]

Probably some kind of "origination fee" or other scam fee as a way to line their pockets. You definitely want to push back on this.

 

[Murf'n'surf]

If I were in your position, I would get the other nearest dealer in on the bid for your sale. Even if you have to drive a few hours it's worth to have dealers compete for your sale.

 

[OrangeTJ]

Just piling on - that's BS.

 

[bobbie]

go to a credit union...that's crap.

 

[subysti]

Call another dealer. Sounds scammy.

 

[Belleville_Boater]

ohhhh yeah the $400 financing fee... that's right, but also don't forget to remind them about the "I'm not an F'ing idiot" $500 instant rebate coming to you then.

 

[MikeyL]

go to a credit union...that's crap.

X2 ! GREAT suggestion @bobbie gave you. Don't "fight" the fee .......... "SHOW" them ....... go get your own financing ..........
then lose all the way around ! I would be leery of anyone who started off this way ! If they START off this way, think of how you'll be treated 12 months down the pike when you might need something.
Do business with someone who A) WANTS your biz and 2) APPRECIATES your business.
Good Luck - Mikey Lulejian - Lake Oconee, GA

 

[RegezM3]

Thank you for the input guys. I told them I was going to another dealership if they didn't eat that "finance fee" and they agreed to eat it. I put in my credit app and hoping to get the 2.99%. If I don't get it... I will be calling a credit union for sure to compare rates. I had a 738 a few weeks ago when I last checked. Just 2 points away!!! WTF

 

[Belleville_Boater]

I had a 738 a few weeks ago when I last checked. Just 2 points away!!!

I don't know what would upset me more... the phony financing charge or being two points under getting 2.99! Hope it works out for you RegezM3, GOOD LUCK!!

 

[RegezM3]

I know right! The anticipation is killing me. They should be calling back any minute now with an update...

 

[Ziess21]

If you don't make the 740 credit score then have your dealer call back and ask them to pull a different bureau at Synchrony. I've had cases where one bureau said 735 and the other said 760, a couple of points make all the difference! This is not a guaranteed thing and has only worked for my customers a handful of times but thought I'd put it out there. YMMV

 

[subysti]

Still think you should call the other dealer. These guys sound like they are going to try and get away with anything they can, you keep going back and giving them another chance. It should be the other way around.

 

[Belleville_Boater]

Still think you should call the other dealer. These guys sound like they are going to try and get away with anything they can, you keep going back and giving them another chance. It should be the other way around.

I agree with @subysti, once the shadiness starts I have no confidence in ANYTHING they tell me after that point. If there is another Yamaha dealer near you I would at least call them and see what they can offer, almost guaranteed they will beat this dealers price or at least match and offer extras to get your business.

With that being said though, I can't imagine this dealer would lie or work on coming up with anything less then the magic 740 for your 2.99%, they could be possibly out a sale (unless they are horrible business owners). Their only drive is to get you to buy, they don't care with whom the funds are coming from obviously.

 

[davel501]

Do not finance through Synchrony. They are more shady than your dealer. Go to a good credit union and save money in the long run.

 

[RegezM3]

I'm supposed to hear back tomorrow. If things aren't in my favor I'll def be calling the other dealership I was recommended to originally even though they are hours away. Thank you for all the help guys!