Yamaha Boat Loans Sold From Synchrony to Yamaha Motor Finance

[haknslash]

Imagine all the people that aren't in this forum and have Yamaha boats or skis going through this nonsense. They probably feel entirely in the dark and frustrated.

 

[BigAbe75]

Imagine all the people that aren't in this forum and have Yamaha boats or skis going through this nonsense. They probably feel entirely in the dark and frustrated.

Still confused why the FB groups are so active... feels like those folks don’t even know this site exists.

I guess some just prefer that format, but I prefer what we have here.

 

[Neutron]

I dont know if this is a coincidence but since this debacle started my email has been spam bombarded with tons of loan scams.

 

[adrianp89]

It's 2020. Transferring data from one bank server to another and matching database fields is beyond elementary. Unreal this kind of thing still happens.

Agreed - you can prob take a class on how to do this in high school these days.

 

[adrianp89]

Imagine all the people that aren't in this forum and have Yamaha boats or skis going through this nonsense. They probably feel entirely in the dark and frustrated.

When I got my messed up letter, my first thought was to check here lol.

 

[ripler]

I got 2 letters today, one saying we messed up your account number and one saying my account is past due even though my Jan payment was processed on the 10th. I have about given up on calling and hopefully things will get straightened out.

 

[Maccam26]

Well now I’m hot... I tried making the extra payment on their site with my bank info and they are now saying it was NSF ... so now I have an NSF fee and a late fee when really I was paid ahead ... guess I’m in for a battle now and a long hold period

Note : in an attempt to keep the peace and my credit rating. I tried making the January ( which I paid in December) AND the February and the late fee and the NSF fee ) today from a different bank account not at a credit union maybe that was the issue with my first payment. I will respectfully ask them to reverse and apply the NSF and Late fee to my principal when hold times decrease.... I just don’t need this hitting my credit whatsoever.

Unfortunately , understanding how credit reporting works from a database , until they correct this issue in their system , there’s 99% freaking chance this will show as a late payment on my bureau arghhhhhhhhhhhh....I’m pissed.



They updated their phone system to State they are not credit reporting until all imports are completed and they will not assess late fees. I guess hey are very aware now of the problems.

 

[2kwik4u]

Spoke with my dealer last night at the Louisville boat show. He had some interesting insights.

Call center that handles these calls usually gets 250-300 calls a day. They expected issues, and staffed up for something like 3.5-4k calls a day. he said current call volume was around 12k calls a day. They are quite literally 3x overwhelmed with calls. Dealers advice was to be patient and realize it's just the place we're in, and no amount of being irate will speed anything up.

He also said the number of loans "bought out" was around 60k. 60,000 loans!!!! just imagine if every single one of those had the wrong account number. It's no wonder there are problems with the call center. Imagine the number of temp workers they've had to bring in to handle the volume, and I'm sure not all of the customer care reps are trained and experienced in handling irate customers.

I sent my dealer the "We Care" website from above. He hadn't seen it yet and was going to reach out to his rep at Financial about it. He was glad to see an official statement though that mirrored what he was told from his Yamaha Financial rep.

He's been great to me every time I've dealt with him, so hearing another voice that has far more skin in the game than I do is somewhat reassuring. I've decided I'm going to just "let 'r rip" with my normal payment schedule and see where the dust settles. My payment didn't change, and my interest rate didn't change. I'm missing my last payment from Synchrony. Hopefully they iron that out before the March payment is due, and it'll be back to normal.

I really hope everyone else is as patient as they can be with this. While it's a major blunder on Yamaha's part, it really has the appearance they are attempting to do the best they can to correct it at this point. I feel REALLY bad for the dealers trying to work deals at the boat shows this month, as I'm certain getting accurate payoffs, and determining the status of boats being traded in is a royal PITA.

 

[Stevenpigsooie]

There’s zero excuse. This isn’t just an inconvenience, it likely violates consumer protection laws in several states and I’m reporting it to my state’s attorney general office. Yamaha is responsible because under no circumstance can you go live until you’ve back tested the accounts. Converting the data is literally programming 101, then you start audits to confirm the data. I hope they get slammed with financial penalties and lawsuits.

 

[Lovewater]

I did that Thursday still no word back.

I found something online, please follow this link: Yamaha Cares

 

[Neutron]

I found something online, please follow this link: Yamaha Cares

More blaaa blaa blaaa. Nothing about incorrect payment amounts, incorrect payment dates etc...

 

[2kwik4u]

I found something online, please follow this link: Yamaha Cares

It's a first step.

Admit your wrong, own the mistakes, move to right them.

I read something years and years ago when doing management training for Pizza Hut. In regards to customer perception, and word of mouth advertising. If you do something wrong and do nothing, a person will tell 5-6 others about it. If you do something 100% right, that customer will tell 2-3 people about it. However, if you do something wrong, own it, and make it right, that customer is likely to tell 9-10 others about it.

 

[Stacey]

I got the letter in the mail last week about the loan being sold. Then today I got a bill about how I am 2 months behind on payments. (From the new place)I had set up automatic deductions for my checking account. So I attempted to call today and the wait was over 2 hours.

 

[DutchBoy17]

After three Yamaha motorcycles and a boat over the years I can't imagine EVER purchasing ANYTHING from Yamaha again. The incompetence they've displayed here is unimaginable. There is literally NOTHING they've done correctly, so how can we believe anything they say?

• January payment made early? Check.
• Amount paid for January over and above the step amount despite being in the lower-interest period? Yup.
• Notification that the loan was being transferred to a different servicer? Not in anything that didn't scream junk mail, so who knows.
• Surprise two weeks after making my January payment when I called Synchrony to check my current payoff and got transferred twice only to be told they couldn't tell me anything about my loan and provided me with the number of 1st Associates? Complete!
• Bonus surprise when I called 1st Associates and was told that my January payment (made two weeks previously) was past due? Massive.
• Seeing that Yamaha's selected Loan Servicer 1st Associates thinks I should be making the step payment several years before the step occurs? WTF?!
• Making my "January" payment a second time to protect my credit rating? Unnecessary in theory, but...
• Seeing that the excess I paid above the step payment was being considered part of my February payment and not being applied to Principal reduction? Are. You. Serious?
• Double bonus surprise when I received the letter showing I still owed my January payment and that Yamaha Finance now expects two payments (at STEP AMOUNT) from me? WHAT IS WRONG WITH YOU YAMAHA??!!

I really didn't enjoy all the hours of wasted time on hold across two phone interactions with Synchrony and another two phone interactions with 1st Associates either.

When I'm able to see, securely, on their site, correct information about my loan and payments, and not also be surprised by some completely inaccurate ding on my credit report (because come on: they're doing everything else wrong so why wouldn't that happen as well), maybe then I can stop worrying that these clowns will continue to get almost everything beyond my December 2019 Principal Amount wrong.

I've never seen anything approaching this level of incompetence out of any Finance Operation. Loan Transfer and Servicing are basic operations for them. Managing accurate information about Loan Terms and Amounts is basic competence for them. No properly-functioning Finance operation would ever tolerate this volume of garbage numbers and inability to accurately reflect the basic numeric values of their business. Would a bunch of grade schoolers do a worse job than this? I don't know, but it's hard to imagine they'd be any worse.

Yamaha has accomplished ONE thing with COMPLETE effectiveness here: Yamaha has convinced me that they have such a low quality bar that I'll NEVER be comfortable trusting any product or service they provide because who knows what corners they've cut.

 

[Neutron]

So from that pathetic Yamaha apology page it seems Yamaha didn't take over the accounts, Vervant did. Never heard of them.

 

[DutchBoy17]

It's also not exactly inspiring that Yamaha Finance calls them Vervant in their apology, while the Servicing parent company's actual name appears to be Vervent. Sure, it's just a spelling typo, but it's almost a poster child example for Yamaha and their chosen business partners's complete inability to get the simplest details right.

 

[Lovewater]

I got 2 letters today, one saying we messed up your account number and one saying my account is past due even though my Jan payment was processed on the 10th. I have about given up on calling and hopefully things will get straightened out.

Hello,

I found this link on a twitter account:

https://twitter.com/i/web/status/1220746961176989696

 

[Lovewater]

After three Yamaha motorcycles and a boat over the years I can't imagine EVER purchasing ANYTHING from Yamaha again. The incompetence they've displayed here is unimaginable. There is literally NOTHING they've done correctly, so how can we believe anything they say?

• January payment made early? Check.
• Amount paid for January over and above the step amount despite being in the lower-interest period? Yup.
• Notification that the loan was being transferred to a different servicer? Not in anything that didn't scream junk mail, so who knows.
• Surprise two weeks after making my January payment when I called Synchrony to check my current payoff and got transferred twice only to be told they couldn't tell me anything about my loan and provided me with the number of 1st Associates? Complete!
• Bonus surprise when I called 1st Associates and was told that my January payment (made two weeks previously) was past due? Massive.
• Seeing that Yamaha's selected Loan Servicer 1st Associates thinks I should be making the step payment several years before the step occurs? WTF?!
• Making my "January" payment a second time to protect my credit rating? Unnecessary in theory, but...
• Seeing that the excess I paid above the step payment was being considered part of my February payment and not being applied to Principal reduction? Are. You. Serious?
• Double bonus surprise when I received the letter showing I still owed my January payment and that Yamaha Finance now expects two payments (at STEP AMOUNT) from me? WHAT IS WRONG WITH YOU YAMAHA??!!

I really didn't enjoy all the hours of wasted time on hold across two phone interactions with Synchrony and another two phone interactions with 1st Associates either.

When I'm able to see, securely, on their site, correct information about my loan and payments, and not also be surprised by some completely inaccurate ding on my credit report (because come on: they're doing everything else wrong so why wouldn't that happen as well), maybe then I can stop worrying that these clowns will continue to get almost everything beyond my December 2019 Principal Amount wrong.

I've never seen anything approaching this level of incompetence out of any Finance Operation. Loan Transfer and Servicing are basic operations for them. Managing accurate information about Loan Terms and Amounts is basic competence for them. No properly-functioning Finance operation would ever tolerate this volume of garbage numbers and inability to accurately reflect the basic numeric values of their business. Would a bunch of grade schoolers do a worse job than this? I don't know, but it's hard to imagine they'd be any worse.

Yamaha has accomplished ONE thing with COMPLETE effectiveness here: Yamaha has convinced me that they have such a low quality bar that I'll NEVER be comfortable trusting any product or service they provide because who knows what corners they've cut.

Hello,

I found some information regarding the transfer of the accounts on two websites:

https://twitter.com/i/web/status/1220746961176989696

Yamaha Cares

www.yamahamotorsports.com

 

[sananvet]

I've tried every variation of YM, ym, followed by account number and last 6 of social as password-still no luck logging in. Tried registering as a new account with name and social and received an alert that they have no record of my information. I suspect they have my social wrong. What a cluster! Guess I'll have to find time to endure the on-hold.

 

[J-RAD]

I've tried every variation of YM, ym, followed by account number and last 6 of social as password-still no luck logging in. Tried registering as a new account with name and social and received an alert that they have no record of my information. I suspect they have my social wrong. What a cluster! Guess I'll have to find time to endure the on-hold.

It should be "YM-Account#" if you haven't attempted it.