Yamaha Financing

[HangOutdoors]

Everyone does understand that the interest rate is somewhat muted when you have fixed payoff plan. The rate is a huge factor that you get as long
as you amortize at the term you want to pay it off in and at the rate you want to pay, then adjust payments to compensate so they are hitting principal and in the end adjusting your APR, you can get awful close or actually under depending how aggressive you get.

None the less, @lgparra most likely cause the dealer gets juiced based on spread and rate from lending institution. So if you can upsell the rate you get a bigger cut at the dealer level. Or perhaps he just didn't know.

 

[Kawak11]

Seems a little off @Kawak11. Current rates/deals through Yamaha financial through the end of 2020 are 2.99% for 60 months or 3.99% for 180 months with tier 1 credit (which to my knowledge is 800+ credit score). If you're looking for a 5 year payoff, the Yamaha site has 2.99% for 60 months right on the website so no clue why your dealer didn't mention that.

I did see the 2.99 for 60. Couldn’t find the 3.99 for 180 anywhere on the Yamaha Boat site. I heard of those terms. When I pressed it was just 4.99. Since I couldn’t negotiate a penny off, I’m not accepting an extra point so the dealer makes more on the purchase. Can I call Yamaha direct to get rates and term?

 

[lgparra]

I did see the 2.99 for 60. Couldn’t find the 3.99 for 180 anywhere on the Yamaha Boat site. I heard of those terms. When I pressed it was just 4.99. Since I couldn’t negotiate a penny off, I’m not accepting an extra point so the dealer makes more on the purchase. Can I call Yamaha direct to get rates and term?

Gosh that's messed up. I'd be shocked if it wasn't what @HangOutdoors mentioned about the dealer getting some sort of a kick-back for locking a customer into a higher rate. Not right. As far as the current offers...its a annoying that they only publish the 2.99 for 60 on the website. However the 3.99 for 180 does exist per my dealer when I financed with Yamaha financial last month. I'd definitely reach out and try to get another answer from a different dealer nearby and/or Yamaha Financial themselves.

MyCCPay

MyCCPay Payment Site

yamahamotorfinanceusa.com

 

[HangOutdoors]

@lgparra I agree with you totally, it is not right. Unfortunately it goes on with all sorts of financing, from your Mortgage, through large purchase through Retail Finance. The spread on the interest rate as well as any garbage fees gets a bigger kickback. C'mon $100+ doc fee? To push print. Absolutely absurd.

Also, when using different banks and credit unions, the dealer or seller may receive a promotion fee or better kickback depending on the institution. It happens, not all the time, it is situational, but it is best to get informed and educated on the topic and how it works. It prevents product/institution steering.

The bottom line is if you don't like the rate, fees or purchase price, shop it around. That is how you can get the best deal for you.

 

[Kawak11]

@lgparra I agree with you totally, it is not right. Unfortunately it goes on with all sorts of financing, from your Mortgage, through large purchase through Retail Finance. The spread on the interest rate as well as any garbage fees gets a bigger kickback. C'mon $100+ doc fee? To push print. Absolutely absurd.

Also, when using different banks and credit unions, the dealer or seller may receive a promotion fee or better kickback depending on the institution. It happens, not all the time, it is situational, but it is best to get informed and educated on the topic and how it works. It prevents product/institution steering.

The bottom line is if you don't like the rate, fees or purchase price, shop it around. That is how you can get the best deal for you.

I agree and will shop around for rates. Thanks!

 

[PatrickKolby]

800 Fico got 3.99 @ 180 for our 2021 212SE.

 

[mrcleanr6]

800 Fico got 3.99 @ 180 for our 2021 212SE.

same here

 

[kgower]

I have been a mortgage loan officer in the D.C. area since 1995, 800+ credit isn't that common. A score above 800 is top 3% +/-.

 

[Krats]

I always have a refi option lined up. Sign with their lender because they likely will reduce the price a bit as they make money from the lender. Then I refi with better terms. Works every time