wisconsinkris
New member
has any one ever used the 3asy Financing from BMW
anything good or bad to say?
anything good or bad to say?
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3asy Financing from BMW
- Thread starter wisconsinkris
- Start date
Patch
New member
Yes... I used it last year on my R.
What works for some doesn't always work for others, but for me... after weighing the available options it was my best choice.
Depending on what you're looking to achieve it could be the best or worst option for you. At face value, you get a low monthly payment at a specific interest rate, sometimes lower than conventional financing. But you're left with a balloon payment due at the end of the term, which you can refinance or pay in a lump sum.
The hook here is a low (or no) down payment, low monthly payment and the desire to get a new ride making this an attractive option... but do the math and see how the costs stack up. Again at face value, if you need to refi the loan at the end of the term, you'll in fact be paying again on the same use of money. In the longrun It will likely always cost more.
What are your concerns?
What works for some doesn't always work for others, but for me... after weighing the available options it was my best choice.
Depending on what you're looking to achieve it could be the best or worst option for you. At face value, you get a low monthly payment at a specific interest rate, sometimes lower than conventional financing. But you're left with a balloon payment due at the end of the term, which you can refinance or pay in a lump sum.
The hook here is a low (or no) down payment, low monthly payment and the desire to get a new ride making this an attractive option... but do the math and see how the costs stack up. Again at face value, if you need to refi the loan at the end of the term, you'll in fact be paying again on the same use of money. In the longrun It will likely always cost more.
What are your concerns?
RogerWilco
New member
I purchased two motorcycles at the same time, on two separate notes. Firstly, I had to notify BMW Financial after noticing I never received an invoice. They apologized and sent them out. I then paid several times over the amount due on each note, making sure I checked the box labeled for "additional principal" and indicated the proper amounts for both the payment and the additional principal( when they said I didn't, I pulled out the copies I had made and faxed to them. "Oh", they said, when caught in a "misspeak": I wouldn't want to say "lie".)
BMWF then notified me I was delinquent on both accounts, so I called them. They had logged ALL of the funds I forwarded them as additional principal and chose to show the original monthly amount as in arrears. They apologized (again) and corrected it. This only took them three weeks or so.
Next, as I was now a bit leery of them, I called to discuss my plans to provide additional principal, and was told that I couldn't even include both payment slips and TWO separate checks in the same envelope or I would be considered to be delinquent. Considered delinquent, because I'm sending them more than is required, explaining all on THEIR form using their format, just because two transactions are included in one envelope. What business acumen they have, those 20-somethings, the financial whiz's at BMWF. They think they are sooo grown up.
After still more problems, the details of which escape me now, I just paid both notes off with the next installment. I really expected more from the marquee. I have been in the same situation with other lenders and had no problems at all.
If one is to finance a single motorcycle from them it might go just a bit smoother, though.
My dealer has been great to do business with and was just as disgusted with BMWF as I was, and we really enjoy the bikes we purchased.
If you do choose BMWF, plan to be diligent in your dealing with them.
BMWF then notified me I was delinquent on both accounts, so I called them. They had logged ALL of the funds I forwarded them as additional principal and chose to show the original monthly amount as in arrears. They apologized (again) and corrected it. This only took them three weeks or so.
Next, as I was now a bit leery of them, I called to discuss my plans to provide additional principal, and was told that I couldn't even include both payment slips and TWO separate checks in the same envelope or I would be considered to be delinquent. Considered delinquent, because I'm sending them more than is required, explaining all on THEIR form using their format, just because two transactions are included in one envelope. What business acumen they have, those 20-somethings, the financial whiz's at BMWF. They think they are sooo grown up.
After still more problems, the details of which escape me now, I just paid both notes off with the next installment. I really expected more from the marquee. I have been in the same situation with other lenders and had no problems at all.
If one is to finance a single motorcycle from them it might go just a bit smoother, though.
My dealer has been great to do business with and was just as disgusted with BMWF as I was, and we really enjoy the bikes we purchased.
If you do choose BMWF, plan to be diligent in your dealing with them.
NI5L
New member
Really???
That sort of logic is a big part of the reason our real estate market is in the toilet.
Amazing.....
sedanman
neanderssance man
Defaulting on a motorcycle won't render anyone homeless. It generally doesn't lower the value of other motorcycles. Repossessed motorcycles are taken away, they do not sit on their lots in a state of disrepair while the grass grows 4 feet high around them. I doubt these are compaines with billions of dolllars at stake on sub prime motorcycle loans. I don't know anyone who owes 3 times the current retail value of their motorcycle. And we are talking about a $15.000 to $25.000 motorcycle not a half million dolllar house. I see this kind of spending as a lot less dangerous than buying a house you have no shot of being able to pay for. From a purely economic standpoint, the purchase of my truck was not the most financially sound move I have ever made. I financed for 72 months to keep the payment down ( I had just bought a house and the mortgage needed to paid, there wasn't a huge pile of money left over.) I had tuned the race car down so it didn't brake parts (or go fast anymore) but being a bracket car, I could still race and win from time to time. The long term on the truck loan meant I had enough the keep racing on a limited schedule. The long term meant a higher interes rate so the ''cost of financing" was much higher.
Oh, and on the real estate crisis. Loan officers were taking people who weren't sure they could buy a home and putting them in bigger homes/loans they even wanted and telling them that everything is going to be fine. Then credit card companies raised the minum monthly parmens and the house of cards started to fall. (there's way more to it but this is a motorcycle forum )
Oh, and on the real estate crisis. Loan officers were taking people who weren't sure they could buy a home and putting them in bigger homes/loans they even wanted and telling them that everything is going to be fine. Then credit card companies raised the minum monthly parmens and the house of cards started to fall. (there's way more to it but this is a motorcycle forum )
NI5L
New member
Straw arguments and relativism that don't address the point of my post. Your argument is weak.
But go ahead and rant, if it makes you feel better, about your thesis that being able to buy something you really can't afford is just hunky dory. That sort of vacuous logic is adolescent.
NI5L
New member
Basic economics our generation was taught in school....I'm 55....you old fart.
BTW, do you do HF at all? 20 meters is usually good to the northeast from here. Might be fun to QSO and visit about scootering and all.
K1600_gtl
New member
with interest rates as low as they are on a new R1200R and the amazing resale, thus the great financing terms it's borederline stupid to pay cash for one when you can take that $20K and put it into the market and earn double the cost of financing the bike... Just my .02$ ... I paid 50% down and 3Easy at $65/mo which is about what I spend on my Starbucks budget per month!
tommcgee
Unfunded content provider
I don't care about interest rates and all that bullhooey, all I care about is not having payments. If I can't pay cash for it, I don't need it.
And no, Warren, I had to take all the antennas down a couple of years ago when I had some work done on the house. They remain down. The only radio I'm doing regularly is APRS.
And no, Warren, I had to take all the antennas down a couple of years ago when I had some work done on the house. They remain down. The only radio I'm doing regularly is APRS.
akbeemer
SURVIVOR
with interest rates as low as they are on a new R1200R and the amazing resale, thus the great financing terms it's borederline stupid to pay cash for one when you can take that $20K and put it into the market and earn double the cost of financing the bike... Just my .02$ ... I paid 50% down and 3Easy at $65/mo which is about what I spend on my Starbucks budget per month!
Stupid to not borrow money???? An odd point of view.
K1600_gtl
New member
Not at all! Ever hear of a mortgage? Makes almost no sense for 95% of home buyers to pay cash for a home. Especially now!
Also ever hear of opportunity cost?? My retirement fund has made me a net 9% annual return at the same period my $9000 was borrowed at 2.9% from BMWNA. So if I were really smart and had the benefit of hindsight, I would have put 0 down and not $9k then deposited the entire 18k into my retirement fund.
NI5L
New member
classicvw
Active member
Not really. Kind of like the lease vs. buy car discussions. There is no one correct path for each buyer. Some people will always walk into the dealership and plop down cash for a new car, saying "Why pay intetest"? while others will argue that you should never buy outright any large-ticket item that will depreciate. Many businesses lease their machinery as opposed to buying.
With interest rates being so low, it could pay for you to leave your pile of cash in whatever investment forum you have it in, and gladly pay the interest on a motorcycle loan. Even if it doesn't work out where you earn money or exactly break even, at least that cash will still be available to you for any unforseen emergency that may pop up in the 4 or 5 or 6 years of the loan.
36654
New member
What retirement fund do you have? I haven't seen any real return on my TIAA-CREF 401(k) since 2000.
36654
New member
Back in the day, 1999 to be precise when the dollar was super strong, BMWFS had a program which was a hybrid of a lease and balloon payment load. I purchased my 99 R11RS on this plan and paid 3.9% on the financed amount (purchase price - 5yr estimated value( 40% MSRP)). At the end of 5-yrs, I had the option of buying the bike for 40% MSRP or returning the bike to BMW. I think I was allotted 6000 miles per year without penalty, if I choose to turn in the bike.
I my opinion, that was the best financing deal I ever saw on a vehicle purchase.
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jogitu
New member
So if you were given the option of 0% would you still put down cash?
