YAMAHA FINANCING

[RobbieO]

I'm wondering if anyone has their boat financed through Yamaha. I've made 3 payments on my boat and the balance has gone up. I always pay early. I've just received my 3rd statement and noticed my payments are being applied to interest only, no principal. Just got off the phone with Yamaha and what they told me has me dumbfounded. I guess I'm just stupid. According to Yamaha, the payment due is a minimum payment, although it's not stated that way. Unless I pay more than the payment due, I will be paying interest only. This is like a damn credit card. I'm dumping this loan immediately, or the boat. Which ever can happen first.

 

[HangOutdoors]

Where is your financing paperwork. What does it indicate on that? It shows terms, APR, whether or not it is interest only or not, penalties, etc. etc.. Yamaha has multiple different options of financing. You need to look at what you signed for. Of course the excitement of getting a new boat or other large purchase may have caused you to rush through the documents. I have done the same thing myself in the past more than once.

Local credit unions are giving aggressive rates and terms around here locally. Since your boat is probably still considered new, I would check those out near you. They definitely know how to take care of their customers.

 

[obrien19]

I just recently dumped them and moved the loan to my credit union, with a much better rate. When I first inquired with my credit union when I bought the boat, they were only showing 6 year maximum on recreation vehicles. When I called about a refinance, they didn't even question it, gave me a loan that matched the remaining payments I had with Yamaha. I had nothing but issues after Yamaha pulled everything in house from Synchrony. Getting them to apply my extra payment to my principal was a PITA. The real kicker, when I called to cancel my auto payment, they wouldn't cancel it with out me giving them an excuse. Told the CSR that I was refinancing locally, and all I got was an "Oh", and when I asked for a confirmation on the cancelation, they said they "didn't do that" and just gave me his employee ID# and the date. Hell a 3 year old could design a better website.

 

[2kwik4u]

Hell a 3 year old could design a better website.

100% agree here. Although, Yamaha financial has a better website than was available when serviced by Synchrony. I hated mailing a payment in every month. Only other place I have to do that is with the local rural water company that services the house. They get a pass, because I'm fairly certain that office doesn't even have a phone line in it.

I've ranted several times on the borderline "bait and switch" tactics they use to advertise the current rates. "well qualified applicants" is far too vague when they really mean "less than 2% of all applicants will qualify".

I have enough other debt to handle that is a higher priority than the boat to really mess with it and move it somewhere else currently, so I'm still with them. However, I can say that as I gain experience with financing options I've learned to be much more discerning with who I borrow money from. Yamaha financial will NOT be getting any future business from me, and I'm like 99% certain I'll buy another Yamaha boat when the time comes to upgrade.

 

[Maineiac]

This post made me go check my account and my balance is calculating as it should. I double checked the amortization schedule for a loan with the same rate and term online and my payments are split between principal and interest correctly.

I’ve had good customer service from them the two times I’ve called and I also qualified for their advertised promotional rate so I don’t have much to complain about. Their website and statements are pretty sparse and could use some more detail and functionality for sure.

To the op, something seems off with your payments. It shouldn’t all be going to interest unless you had a deferred payment promotion or something. I pay the minimum amount every month and my balance goes down.

 

[tkeru408]

Agree with Maineiac, something seems off with your payments unless your loan is some kind of interest-only loan. I'm 9 months in with Yamaha financial and no issues so far. Automatic payment for minimum amount debits on time every month and my current loan balance matches what it should be compared to an online amortization calculator.

 

[Quad]

Agree with Maineiac, something seems off with your payments unless your loan is some kind of interest-only loan. I'm 9 months in with Yamaha financial and no issues so far. Automatic payment for minimum amount debits on time every month and my current loan balance matches what it should be compared to an online amortization calculator.

Same here. 9 months in (via Yamaha), amortizing as expected. I got a 2020 boat show rate though and I can't find any CUs that advertise a lower rate. Maybe there are better rates to be had, but we have accts at 4 CUs in different states and none of them have ever gone lower than their published rates, and we (both admiral and I) have stellar credit. I don't like Yamaha's site, but I knew I'd probably be with them for the duration.

 

[LakesideLaw]

agree with the others... something is off. I got a great rate for 180 months and payments are applying as normal. I called one time to ensure my auto pay was hitting in their system as it fell on a Saturday and they were very helpful. I would call again.

 

[2kwik4u]

@RobbieO Did you get a "low payment for the first 2 years" type plan? I've seen Yamaha advertise such plans in the past. I wouldn't have expected it to be an interest only setup, usually it's just a "lower" interest for the first period, then jacks up to a more "normal" rate after the promotional period.

Gotta watch Synchrony as well as Yamaha though. We financed a couch with them a few years ago. Got 0% for 48mo. Changed a few pieces around and charged an extra bit to the same 0% financing deal. They gave us a "minimum" payment to meet, so that's what we paid. Come to find out the additional purchases were only 0% for 12mo, not the full 48, and the minimum payment didn't add up to the amount charged to have it completely paid off before the promotional period ended. Had we gone over the promotional period all interest would have been retroactive to date of purchase at a rate of 24%. Luckily we caught it in time, but it was a surprise $500 bill to make it happen. I can't imagine how many people don't check that and get blasted with GIANT finance charges by not paying it off in time. I wouldn't put it past Yamaha to be pulling some semi-shady shenanigans like that here.

 

[RobbieO]

I did get a promotional loan. No payments for 90 days. But as @HangOutdoors said, I was so excited about the boat I paid little attention to the details. Just let me sign! I'll wait another month or two before I blow a gasket. Just retired and need to get my finances reshuffled before I go to my credit union. My credit union is the best. Been with them forever.

 

[Quad]

I did get a promotional loan. No payments for 90 days. But as @HangOutdoors said, I was so excited about the boat I paid little attention to the details. Just let me sign! I'll wait another month or two before I blow a gasket. Just retired and need to get my finances reshuffled before I go to my credit union. My credit union is the best. Been with them forever.

Which CU? I see you're in the Bay Area, I still have Patelco, 5 years after leaving CA.

 

[Yambers]

I just called them as well. I have made 2 payments and owe the same as the original loan, but the ammoritization works out right. You always have more going to interest in the beginning. I am gonna give it a few months before I jump ship.. ha. Get it??

They even stated that anything above minimum payment goes to principle, so I think mine is right. Time will tell

 

[RobbieO]

Which CU? I see you're in the Bay Area, I still have Patelco, 5 years after leaving CA.

I have been with Stanford Federal CU for about 15 years. I also have Patelco.

 

[Yamahaul]

I'm wondering if anyone has their boat financed through Yamaha. I've made 3 payments on my boat and the balance has gone up. I always pay early. I've just received my 3rd statement and noticed my payments are being applied to interest only, no principal. Just got off the phone with Yamaha and what they told me has me dumbfounded. I guess I'm just stupid. According to Yamaha, the payment due is a minimum payment, although it's not stated that way. Unless I pay more than the payment due, I will be paying interest only. This is like a damn credit card. I'm dumping this loan immediately, or the boat. Which ever can happen first.

holy shit. same here. just looked. been paying extra thinking it was going towards principal for nothing since september. F me. thanks for the heads up. guess you should read the paperwork when signing. SMH

 

[HangOutdoors]

I just called them as well. I have made 2 payments and owe the same as the original loan, but the ammoritization works out right. You always have more going to interest in the beginning. I am gonna give it a few months before I jump ship.. ha. Get it??

They even stated that anything above minimum payment goes to principle, so I think mine is right. Time will tell

You dont pay more interest in the beginning on these type of loans. They are simple interest straight ammortization. They don't work like mortgages which are front loaded.

Amount going toprincipal and interest doesnt change

 

[Yambers]

Below is an example straight from BoatLoan. Interest decreases over time, principle increases at same rate. Thats more what I was talking about. But what goes where does change..

 

[Yambers]

I believe its because daily finance charges are based off of total balance and your interest rate, which decreases after each payment.

 

[Noko]

I bought my boat in 2014 and the interest rate was and still is 2.99 percent. My loan didn't get screwed up fortunately when the loan changed lenders.

 

[the MfM]

 

[Evil Sports]

Pay it off using your home equity line