Yamaha Boat Loans Sold From Synchrony to Yamaha Motor Finance

[2kwik4u]

With the depreciation on boats just make sure your not underwater if you find yourself needing to sell it. It may depreciate faster that your principle balance declines with these longer term loans.

100% agreed. At the beginning (first couple years) it takes cash in hand to sell it. Which can be a MAJOR trap if the poo hits the fan. Long term it's not a huge ordeal we've found. Typically we'll throw "spare" cash at it (like an unexpectedly large tax refund) when we get it, adn that will cover the depreciation. We'll also usually pay 2-3 extra payments a year to "keep up". Works for some, not for others....just nice to have the option.

 

[Z06Avalon]

Did anyone make advance payments to Synchrony that have not been reflected with 1stassociates?

Curious if anyone else is in the 'boat' I am:

• Prior to the changeover, I wanted to lower my principal with Synchrony, so sent a few extra checks to the normal address (NOT the special payoff / principal address)
• I then realized that the amount was being applied to FUTURE payments (not principal), so I called Synchrony to figure out 'wtf'
• Synchrony informed me my money was being held essentially in escrow and would be applied to future payments, (but also that it WOULD reduce my interest as well. Despite not really believing that second part, I just accepted I had a few buffer payments in the system)
• Now I get transferred to 1stassociates.com, and they have no record of the prepayments....

I had my account "reviewed", which accomplished nothing, but now they are supposedly emailing me a history of ALL payments that were ever made to Synchrony.. I do not expect to see the secret buffer/escrow account here.... but I guess this is my next step for now before (I assume) bringing legal into the fold.. ugh..

Anyone else in the prepayment situation who was able to get it reflected with 1st?


Thanks, and ready for some Summer weather up here in the northeast to at least be enjoying the boat causing me so much Winter financial grief!!!

 

[Neutron]

My payment to synchrony that was paid on January 16 was transferred to 1st on the 17th.
They did finally get my payments applied to January and February. So i am good till next month.
My minimum payment is still the higher bracket that isn't due till October of 2021.
Not really concerned because i pay almost twice the amount anyway

 

[BoaterGuy]

Did anyone make advance payments to Synchrony that have not been reflected with 1stassociates?

Curious if anyone else is in the 'boat' I am:

• Prior to the changeover, I wanted to lower my principal with Synchrony, so sent a few extra checks to the normal address (NOT the special payoff / principal address)
• I then realized that the amount was being applied to FUTURE payments (not principal), so I called Synchrony to figure out 'wtf'
• Synchrony informed me my money was being held essentially in escrow and would be applied to future payments, (but also that it WOULD reduce my interest as well. Despite not really believing that second part, I just accepted I had a few buffer payments in the system)
• Now I get transferred to 1stassociates.com, and they have no record of the prepayments....

I had my account "reviewed", which accomplished nothing, but now they are supposedly emailing me a history of ALL payments that were ever made to Synchrony.. I do not expect to see the secret buffer/escrow account here.... but I guess this is my next step for now before (I assume) bringing legal into the fold.. ugh..

Anyone else in the prepayment situation who was able to get it reflected with 1st?


Thanks, and ready for some Summer weather up here in the northeast to at least be enjoying the boat causing me so much Winter financial grief!!!

I’m in the same boat for over paying via the normal address. I also assumed it was reducing the principal. Please keep us posted on how you progress and let me know if you end up needing to go legal because I may be interested as well. I have a message out to them from a couple days ago and still haven’t heard back. Maybe I’ll try calling.

 

[ThatJeepGuy]

Yamaha strikes again! I set up auto-pay last month. The payment is due and setup to be paid on the 15th. Well they took out 2 payments on the 19th.....

 

[J-RAD]

Yamaha strikes again! I set up auto-pay last month. The payment is due and setup to be paid on the 15th. Well they took out 2 payments on the 19th.....

Mine is supposed to come out today. I'm watching it...

 

[Noko]

I haven't done a thing. I think my payment is due the 3rd or 4th. I'll just go to the site and set up autopay. So far no late fees have been charged. We
'll see on the next statement. Monthly payment is correct as is the interest rate.

 

[2kwik4u]

You guys are awfully brave with the Autopay IMO. I usually make manual payments anyway, but I'll definitely be avoiding this one for the AutoPay.

I got my last statement a few days ago. It appears correct on every front.

 

[Neutron]

Just got my most recent bill in the mail. Says no past due, but minimum monthly payment is still wrong and they doubled it for what i owe for March. Cant they get anything right by now!

 

[DavisAR195]

I'm in the process of trying to sell my boat and called into Yamaha Finance last Wednesday requesting a 10 day payoff to be e-mailed to me. I made sure and took the extra time to have her read back my e-mail address to me and was told I should receive the e-mail in 24 to 48 hours. So I give through the weekend and still no payoff. I called in this morning as was on hold for 62 minutes till I spoke with someone. Went through the same processes again and this time was told the same thing, 24 to 48 hours before I would receive the payoff. Not wanting to get stiffed again, I asked for the payoff that was requested last Wednesday to be sent to me now while I waited on the phone. I was told that was not his department and I asked to be transferred to the correct department that could help me. I was told that it doesn't work that way and the request has been submitted, so I asked to speak with his manager. After another 40 minutes on hold I was disconnected. You would think that Yamaha Finance would be bending over backwards right now based on everything that has happed, but it appears they could give two shits.

 

[Captbob]

And the beat goes on.. …. After talking to 3 different customer service people over the last month, sending January's proof of payment ,check front and back, showing Synchrony, their agent, cashed the check and sending them the proof 3 times, it still is not corrected. I get mail saying I'm delinquent. I'm going to the Atlantic City Boat show this week and I will be on the hunt to find the Yamaha financial group. I have never seen such a disgrace for a big outfit like Yamaha.

 

[Maccam26]

Getting same thing , 4 calls...5 hours of phone time to get my $39.99 credited to me ..... and still nothing but ... we will escalate, we will enter a task, etc....
at least tonight I ripped the a**hole on the phone a new one, that was worth $40 haha... I’m done with it forget I paid it and finding another source shortly

 

[Captbob]

At the Atlantic City Boat Show yesterday, I sought out someone from financial at the large Yamaha section. They were aware of the issues that many of us have been going since January. Were they any help? Not really. He gave me a new phone number to call which I did today. The lady was very nice and put me on hold to transfer me to another section. As soon as I heard the music, I knew where I was going. Hard to understand person in a far away land. This one said the situation would be corrected soon!!!!!! I've heard that 5 times now. Its getting old. It was clear that they were embarrassed and didn't want the situation to effect their sales. There weren't to many people looking at their boats or wave runners. The Seadoo exhibit was very crowded. I guess the Financial Manager at the show did what he could in such a pitiful situation.

 

[Liveto99]

Yesterday morning called after getting my letter $1079.52 due about 10:27 AM answered said 10 min wait.
got picked up in 2 min, I said I can’t have crap like this happen and asked if I could pay it off check by phone.
they took $44,731.45 done in 5 min
I just checked it is out if the account.
But after seeing how easily this can be done I’m no longer going to be writing checks out, I don’t want them floating around...
good news my boat is paid off. Bad news I owe money on my house now but at 3 percent and tax deductible.

 

[biglar155]

On the plus side, their website is so sad that I'm no longer worried about the fact that there doesn't seem to be a way to change the password. What's someone going to do? Log in and make a payment for me?

 

[Liveto99]

Hopefully!
But most likely they would use your info to pay for a Jetski and leave with it

 

[Maccam26]

My next boat will not be a Yamaha as much as I like this one, sour taste. On top of the loan fiasco, I had purchased a new 2019 19ft model and the trailer was setup for the prior gen hull. All I requested under warranty was the newer style brackets (taller) and their warranty dept could not even authorize that for my dealer... Cobalt, Regal or Searay gets dibs next time

 

[Liveto99]

Turn the key and it starts almost all the time, just complain about the trailer up the line to them sounds like a easy fix. 10 miles offshore I want a Yamaha. I 4wheel a bit and it’s never a Yamaha broken down that we help out, except for cheap owners that don’t change the battery that need a jump at a area that everyone stops.

 

[Maccam26]

Turn the key and it starts almost all the time, just complain about the trailer up the line to them sounds like a easy fix. 10 miles offshore I want a Yamaha. I 4wheel a bit and it’s never a Yamaha broken down that we help out, except for cheap owners that don’t change the battery that need a jump at a area that everyone stops.

I know what you mean on the motor but every other part on my boat is cheap as heck though (yes it’s the entry level boat understand) but my glove box was hot glued and fell in my wife’s lap, all the bolts from the factory for my hinged seats were loose, the floor snaps for the carpet I had to fix 3 of them with epoxy. Lost cup holder cover on highway (fixed with double sided tape all of them now). My windshield trim is cut too short on each side, the Bimini had no locktite to secure it in place and came out during towing on first trip scratching windshield frame. I fixed my trailer got tired of waiting. So yeah, apart from motor, my Yamaha has had a bunch of small annoyances. Guess fit and finish is my gripe but 30k vs 55k so I’m kinda ok

 

[Maccam26]

You guys are awfully brave with the Autopay IMO. I usually make manual payments anyway, but I'll definitely be avoiding this one for the AutoPay.

I got my last statement a few days ago. It appears correct on every front.

Yeah no way that third party gets auto anything to my accounts