Are people Crazy!!!! these interest rates on a toy!

[rskdsk]

My boat deal fell through because the dealership had promised 2.99% finance from Yamaha .. but that rate was not true .. only for the 19 foot.

It turns out the best they could do was 6.49% from yamaha ... That is simply CARZY. I was planning on putting 10 15 k down and financing the rest, but at that rate I would have to be insane. They told me that rate was very good and only available to A credit people like me and that some B class or lower crdit score get 10 - 20% interest rate .... ARE PEOPLE REALLY that stupid to finance 50k for 15 years at 10-20%.

 

[BigN8]

No. Your salesman is full of crap I believe

 

[Zeus2013]

No. Your salesman is full of crap I believe

I agree. Sounds like they are trying to sell a higher rate and keep the variance between the actual rate and what they will charge.

The only time I have heard of 20% is with really bad credit.

 

[Ronnie]

At 20% you may as well put it on your credit card and get some points out of it. I financed used 2 or 3 years ago at 6.5%, new was 4.99% through yamaha at the time. No restrictions/limits in boat model that I recall.

Do they have a guy name Guido come and break your knee caps if you don't pay on time or a tow truck at the ready if you are minute late?

 

[Edward]

@rskdsk, what boat were you trying to get? A few weeks back I decided to pull the trigger on an AR240 and immediately was told that in order to get the 2.99 I would need to decide and move quickly as 2.99 for that boat size ended at the end of April and Yamaha was not going to extend as they had already extended from the previous month.

I just checked yamahas site and sure enough the only 2.99 they are offering right now is for 19 footers, so indeed the 2.99 for the larger boats just ended. To get the 2.99 I was told you would need minimum of 740 or higher credit rating. We had to make our decision faster than we anticipated but was able to get the 2.99.

I usually finance with USAA as our entire portfolio is with them but when I called them and told them to please match the 2.99 they said they couldn't. At the time they were only offering the same rates I saw going around which I think was like 4.9%.

If your dealer didn't know that the 2.99% was coming to an end then that doesn't instill much confidence about them being abreast of communications from Yamaha. My dealer had communicated to me that the message was quite clear.

 

[Edward]

I just checked BoatUS and USAA. BoatUS is showing 6.50 for 180 month with good credit. USAA is still showing in the 4% range.

 

[biglar155]

To answer your original question, yes there are people out there crazy enough to finance like that. It's unfortunate. At the end of the day it seems that a lot of people have a hard time understanding the concept of interest.

 

[rskdsk]

Well my dealership did not realize the rate had ended as of April ... I looked at the boat on May 1st, sign on May 2, and found out on May 3rd the 2.99% rate was no longer good. The best Yamaha can do right now is 6.49% on the 24.2 limited ... I just can not get myself to pay that much in interest.

 

[aarons1k]

Earth movers cu ! If they have one in your state . 2.34 on a used boat .

 

[BoaterGuy]

I agree I would wait. I think the rate will definitely go back down. Just keep an eye on the website.

 

[Murf'n'surf]

I suppose your FICO score could be what is causing the rate increase. Check with another dealer what rates are available. You might be able to apply for Yamaha credit online somewhere?

 

[Edward]

@rskdsk check here. Looks like 4% range is still feasible.

https://www.essexcredit.com/home/boat/rates/

I realize it's not 2.99 but definitely better 6.5

Thoughts?

 

[Murf'n'surf]

If you do go through with the higher percentage, try to get an free extended warranty, free maintenance or free cover. Get something thrown in!

Calculate the 3%....it's really not that much more.

 

[Bennie]

@rskdsk - those offers are only for the "preseason". Once you wait till the full "boat season" the deals go away. I highly suggest just waiting till next year. It will give Yamaha a chance to review and improve on the amazing 2015 line-up and allow you the chance to get a great deal.

(with another dealer!!)

 

[BigN8]

They will come back in late season. I got the low rate in July when I purchased my 240

 

[Glassman]

You don't have to go the bank route. There are a lot of people who happen to have a bunch of money and they make loans all the time. Let's face it, stocks and bonds aren't the big money makers they used to be and can be somewhat volatile.
Private loans at 5.5% can be had all day long.
I have a buddy who got his money lender license not too long ago. While he prefers big dollar loans for interesting homes (mansions, beach front homes) he will lend to various people with different needs.
There is a website where you post your need and interested lenders respond.....I'll dig that info up for you.

 

[rskdsk]

My wife and I have over 800 scores ... that is not the issue. However I agree that since both the salesman and the manager both did not know about the rate change ... what else do they not know? This is the second thing they "did not know" ... the week previously they told me yamaha was offing a 5 year warranty ... that turn out to be false as well.
I am in no hurry and if that is how they roll ... it is their lost.

 

[Bennie]

@rskdsk - There are plenty of great guys on here with nothing but happy stories in regards to purchases from their dealerships. If you'll update your profile with your location, I assure you you will find assistance on this forum.

 

[Murf'n'surf]

You need to find another dealer to purchase from. Period.

 

[Willard Ivins]

While I continue to lurk & learn about the Yamahas and their particular quirks, foibles & joys, can anyone recommend a reputable dealer for these vessels? I live north of L.A., near Six Flags. I'm aware of (semi) nearby dealers, but don't know their reputations, so if someone here can offer their advice & experience with theirs, regardless of location, I'm all ears. I frequently visit friends in Lake Elsinore & Temecula, so my area of possible dealers is not so limited.