Dealer requires financing through Yamaha <also says NO CASH deals!!??>

[Florida195fsh]

Is this Boaters Exchange in Rockledge, Fl? I tried to buy an AR190 through this dealer earlier this year they would only finance it through YFS.

Edit: Spelling

 

[adrianp89]

Is this Boaters Exchange in Rockledge, Fl? I tried to buy an AR190 through this dealer earlier this year they would only finance it through YFS.

Edit: Spelling

I didn't even know they are an authorized Yamaha dealer. I thought for the state it was Barneys, Cycle Springs, Riva, BMC, Ride Now (and the other one in Jacksonville).

 

[EricB]

Its not surprising they did it this way. Its a common tactic called "price obfuscation".

The dealer is in SW Florida.

 

[adrianp89]

Interesting... the only dealer I knew of in SW Florida no longer sells Yamahas. Now I am really curious lol.

 

[Florida195fsh]

Interesting... the only dealer I knew of in SW Florida no longer sells Yamahas. Now I am really curious lol.

According to the dealer locator. Walker Marine Group is on Marco Island. Never heard of them.

Dealers are shady as hell.

 

[EricB]

Well, at this point you can work the google and figure out who it is. .

 

[crazy4life]

Run and do not walk from this dealer. I would have after the first conversation.

 

[Florida195fsh]

Well, at this point you can work the google and figure out who it is. .

Run from them. I bought mine from Cycle Springs in Clearwater, zero bullshit with them.

 

[Julian]

Its not surprising they did it this way. Its a common tactic called "price obfuscation".

The dealer is in SW Florida.

Did they put these requirements in writing? Pretty sure this violates Federal Law (truth in lending act).

I would be inclined to call the owner, and in the nicest way possible, threaten the shit out of him over this! Totally bullshit.

Also, please name the dealer if you would - and you can use that as a reference to the owner - and they can join the forum and explain how they will fix this illegal activity!

Your other option is to simply call the Feds - you might make some good federal whistle blower money on this!

 

[adrianp89]

Might be legal, though it is being investigated:

Forced financing at the car dealership: Following WFAA story, Texas regulators getting complaints about dealers who refuse outside financing

The dealer demands in the finance office are frustrating car buyers, who are already navigating lack of inventory and higher prices.

www.wfaa.com

I have also found the Florida AG to very useful. They usually can answer questions for you over the phone very quickly.

Contact | My Florida Legal

www.myfloridalegal.com

They will call you.

 

[Julian]

Might be legal, though it is being investigated:

Forced financing at the car dealership: Following WFAA story, Texas regulators getting complaints about dealers who refuse outside financing

The dealer demands in the finance office are frustrating car buyers, who are already navigating lack of inventory and higher prices.

www.wfaa.com

I have also found the Florida AG to very useful. They usually can answer questions for you over the phone very quickly.

Contact | My Florida Legal

www.myfloridalegal.com

They will call you.

Pretty sure they can't MAKE you get a loan to buy something. But yes....call the Florida AG!

Nothing like calling the owner and saying "I just got off the phone with the Florida AG office and...."

 

[adrianp89]

Pretty sure they can't MAKE you get a loan to buy something. But yes....call the Florida AG!

Nothing like calling the owner and saying "I just got off the phone with the Florida AG office and...."

I think they can, because you don't have to accept all methods of payment for purchase. I do not think it is anything different than trying to buy a boat in all pennies, they can say no. But you if owe a debt, they have to take what ever payment you provide (so you could pay Yamaha finance in pennies).

 

[Julian]

I think they can, because you don't have to accept all methods of payment for purchase. I do not think it is anything different than trying to buy a boat in all pennies, they can say no. But you if owe a debt, they have to take what ever payment you provide (so you could pay Yamaha finance in pennies).

I'll be interested to see what this end up uncovering. I'd be stunned if a company can FORCE you to take a loan to buy anything. Also pretty sure they can't make you use a more expensive loan.

https://www.investopedia.com/terms/t/tila.asp

 

[adrianp89]

I'll be interested to see what this end up uncovering. I'd be stunned if a company can FORCE you to take a loan to buy anything. Also pretty sure they can't make you use a more expensive loan.

https://www.investopedia.com/terms/t/tila.asp

Truth in Lending may protect him on the APR part, he would have to know the range before signing any applications. The more expensive loan part is interesting, not sure if that applies to internal and external. I.E. Chase cannot lead someone to chose their higher loan if they can provide a lower APR. But I believe they can steer them to a higher APR loan than say Wells Fargo.

In either case, he is two hours away from 2 dealers here in Pinellas. Barneys was no BS for me. No good deal but no ridiculous fees. Straight forward and I brought my own financing.

 

[1969mach1]

I'll be interested to see what this end up uncovering. I'd be stunned if a company can FORCE you to take a loan to buy anything. Also pretty sure they can't make you use a more expensive loan.

https://www.investopedia.com/terms/t/tila.asp

The more expensive loan is probably right. I am going on the cash v credit gas signs everywhere. I would bet they are perfectly within their rights to charge you more for non Yamaha financed deal likely claiming it is more work.

OP, there is a thread on here about "dealer prep" fees. You can get a feel what others have been charged. Just do a search on it. This dealer is charging you +$6k for dealer prep and delivery. That is going be in the up quartile based on forum member provided information.

The universal truth about the internet, when every man, woman and child old enough to play the trombone say "run like hell", it's probably a good idea to run like hell.

 

[King]

I also have a strong feeling this is a dealer in Jacksonville.

One who's name should be RunNOW?

 

[tabbibus]

If it is via Yamaha financing, there is nothing in their official terms that says you can't pay it of early. This is another red flag. I can't decide if the dealer is a multitude of red flags or one huge red flag.

 

[mrmeaniemeateaterman]

I know this is a jet boat forum, so I say this with no disrespect, but there are a lot of other nice 25ft boats you can get for that kind of money. They may not have jet propulsion but they can do the same thing you are likely trying to do. They likely have better dealer networks, better aftermarket service and probably less QC issues upon arrival.

I and lots of others get overwhelmed by the multitude of options when buying things like this. One coping mechanism to make it easier is to narrow our choices down to a single item, focus on that one item, then nit pick the details to make decisions easier. This forum is full of examples, such as "do I want the 252XE, 255XE, or 255XD?", when ultimately those are all the same decision according to 99.999% of the population. This is less for your mind to deal with than ALL the other manufacturers/models/trims.

I feel like this is a good point in your buying decision to step back, take a deep breath and really assess if this is really what you want to do. It's your money, you earned it, don't give it to anyone you are not comfortable in dealing with. The hair on your neck raised up for a reason, listen to it.

 

[EricB]

I know this is a jet boat forum, so I say this with no disrespect, but there are a lot of other nice 25ft boats you can get for that kind of money. They may not have jet propulsion but they can do the same thing you are likely trying to do. They likely have better dealer networks, better aftermarket service and probably less QC issues upon arrival.

I and lots of others get overwhelmed by the multitude of options when buying things like this. One coping mechanism to make it easier is to narrow our choices down to a single item, focus on that one item, then nit pick the details to make decisions easier. This forum is full of examples, such as "do I want the 252XE, 255XE, or 255XD?", when ultimately those are all the same decision according to 99.999% of the population. This is less for your mind to deal with than ALL the other manufacturers/models/trims.

I feel like this is a good point in your buying decision to step back, take a deep breath and really assess if this is really what you want to do. It's your money, you earned it, don't give it to anyone you are not comfortable in dealing with. The hair on your neck raised up for a reason, listen to it.

That excellent advice. Its also how to negotiate. I had a non-Yamaha option-B sorted out ahead of time.
I pushed back from the table on this deal, then spoke to the sales manager directly and was able to get all concerns resolved to my satisfaction and then moved forward with the improved deal.

That always seems to work best for me. You just have to go into the conversation armed with an understanding of current market condiions.

I got that last part from you guys. Great ROI from my being a member hear only a few days. Looking forward to hanging out with you all more.

Some of you will be spooked by the sales assoc's aggressive position. It doesn't bother me. Its his job to get the best deal he can for his organization and I think he was just a little inartful in his communication style.

I'll post follow-ups if you're curious to see how it all works out.

Cheers
-E

 

[Julian]

That excellent advice. Its also how to negotiate. I had a non-Yamaha option-B sorted out ahead of time.
I pushed back from the table on this deal, then spoke to the sales manager directly and was able to get all concerns resolved to my satisfaction and then moved forward with the improved deal.

That always seems to work best for me. You just have to go into the conversation armed with an understanding of current market condiions.

I got that last part from you guys. Great ROI from my being a member hear only a few days. Looking forward to hanging out with you all more.

Some of you will be spooked by the sales assoc's aggressive position. It doesn't bother me. Its his job to get the best deal he can for his organization and I think he was just a little inartful in his communication style.

I'll post follow-ups if you're curious to see how it all works out.

Cheers
-E

Glad its working out for you. I still think that sales associates "aggressive position" is potentially an illegal one and could get that dealer into trouble. Primarily around the area of the cost of financing - they are making money from the financing, and if you are forced to take a more expensive loan - that is where they'd get into trouble. Now if you document this and they force you into that agreement - their repercussions could be major (like you not having to pay the loan).

If it isn't illegal, and you can find a cheaper loan, and neither have origination fees, then you take their loan and pay it off immediately with your own loan. Stupid waste of time for both parties....but they'll count on you not bothering once you have the boat.