Bike Shopping - Very specific - Need help

[DerekClouser]

So here's the deal - 

 

I want to buy a 2005 or newer ZX10r 

 

I called JandJ today because I found a bike I liked

(http://www.jandjcycle.com/new_vehicle_detail.asp?sid=04618189X1K20K2014J8I37I51JAMQ1503R0&veh=58611&pov=3511152)

 

 

Wouldn't budge on price and said I would need to put $500 deposit just to run credit to see about financing.  He says the $500 also puts bike as sold.

 

I'll be completely honest, my credit isn't the best, so sometimes I have an issue with financing so financing is kind of an important thing to have ironed out BEFORE agreeing to purchase the bike. 

 

Is this normal bike financing practice?  Anyone have any recommendations? I want to pay about 6k (or less) out the door for the bike, with 3k down and 3k financed. I'm sure there's a few lending institutions that will finance because of the 50%+ down payment. 

 

 

Any help or leads to a place that would accommodate me would greatly be appreciated. 

 

 

 

[Tpoppa]

No help on the lending part...but I've bought a motorcycle from them before.

 

j&j buys a lot of their used bikes from auctions.  Repo's and the like.  I thought they were pretty honest.  I would just ask about the bike's history.

[Bad324]

get your own financing before hand and just take them a check. I've only ever used them for parts because I never much liked their unwillingness to deal on used bikes

 

Personally, I'd usually tell people financing a used bike is a terrible idea but in this case it might be a good idea if it helps you rebuild your credit

[tall_tracy]

I had the same problem with my bike. I couldn't get approval for a $4k loan. I ended up paying half cash and half went on a credit card which is now paid off. Turns out going into foreclosure on your house really does a number on your credit.. gotta love layoffs. But seriously, have you tried a credit union? I wish I had better advice for you.

[Helmutt]

Take the ad and the vin# into a local credit union, explain to them your intentions and see what they can do for you.  Credit unions are usually fair to deal with and a good way to re-establish your credit if it's substandard, and 50% down may entice them to loan you the rest.

[Tonik]

J&J won't deal until you are there and they think you are really going to buy the bike. Once you establish that they will budge a bit. So get financing on your own and walk in there with it. They were good to deal with when I bought a bike there 4 or 5 years ago.

[DerekClouser]

get your own financing before hand and just take them a check. I've only ever used them for parts because I never much liked their unwillingness to deal on used bikes

 

Personally, I'd usually tell people financing a used bike is a terrible idea but in this case it might be a good idea if it helps you rebuild your credit

 

Problem was in the past, I had a bike repossessed when I got laid off from work for an extended period of time. 

 

I paid off the balance after they auctioned the bike once I got back on my feet, but it's really affected my score. I paid off 20k vehicle loan as well, but that didn't seem to do much to help improve my credit.   I'll contact a credit union, see how that works for me. 

[turnone]

Getting financing on something you already had repossessed once is unlikely. Best to save up and buy outright or lower expectations on what to buy. Can't hurt to try but I wouldn't count on it.

[Anden]

In all reality, be prepared to be turned down. Credit Union is your best bet though. I have had my best luck with them. But I did have to threaten to move somewhere else to get a better interest rate on my car. One of the better things is that for $30 I can skip a payment. Helps immensely around the holidays.

Most of our banking is through Kemba in Cincinnati. I also have an account at Wright Patt. Kemba has always treated us well just wish they were closer.

[DerekClouser]

Getting financing on something you already had repossessed once is unlikely. Best to save up and buy outright or lower expectations on what to buy. Can't hurt to try but I wouldn't count on it.

 

I already have a healthy bike, so it's nothing pressing. Just got the urge to get something with a little more up to date technology and 3k isn't a bad finance option to get together rather quickly. 

 

If I get turned down, then I still have the fireblade to ride whenever until I can get the extra 3k to put into a newer bike. 

[Gixxus Christ!]

Sell the fire blade for 3k.

[smccrory]

You should settle for a cheaper bike. Get on the road and save your pennies for a better bike in a few years. I've been down the layoff road. Don't put yourself in a position to repeat the past..especially over a motorcycle.

I'm of the mindset that one should never, ever borrow money to feed a hobby. I work in the financial industry and see folks bring themselves to thin margins that way, then a surprise comes along and they don't have a few grand in savings to keep them off the ropes.

[DerekClouser]

Sell the fire blade for 3k.

 

Already on it  http://akroncanton.craigslist.org/mcy/4295504528.html

[Rusnak_322]

They don't need a $500 deposit to run your credit, but they won't do it if you can't be bothered to come tot the shop (cost them money to run your credit).

Personally, I would keep the 900rr and $3k over the ZX10 any day of the week.

[Gixxus Christ!]

I Shoulda asked to trade bikes for a while when we were riding...to remind myself why I should not own a liter supersport.

[Connie14]

They don't need a $500 deposit to run your credit, but they won't do it if you can't be bothered to come tot the shop (cost them money to run your credit).

Personally, I would keep the 900rr and $3k over the ZX10 any day of the week.

+1

Take your time and save some money. It is not always wise to finance depreciating assets. IMHO, the 900rr could do the job well for a while longer.

[DerekClouser]

I Shoulda asked to trade bikes for a while when we were riding...to remind myself why I should not own a liter supersport.

 

You can ride it anytime. 

[tro.aimee]

So here's the deal -

I want to buy a 2005 or newer ZX10r

I called JandJ today because I found a bike I liked

(http://www.jandjcycle.com/new_vehicle_detail.asp?sid=04618189X1K20K2014J8I37I51JAMQ1503R0&veh=58611&pov=3511152)

Wouldn't budge on price and said I would need to put $500 deposit just to run credit to see about financing. He says the $500 also puts bike as sold.

I'll be completely honest, my credit isn't the best, so sometimes I have an issue with financing so financing is kind of an important thing to have ironed out BEFORE agreeing to purchase the bike.

Is this normal bike financing practice? Anyone have any recommendations? I want to pay about 6k (or less) out the door for the bike, with 3k down and 3k financed. I'm sure there's a few lending institutions that will finance because of the 50%+ down payment.

Any help or leads to a place that would accommodate me would greatly be appreciated.

Not a fan of J&J. Had nothing but bad luck with them. Good luck in your search.

Sent from my SCH-I545 using Tapatalk

[DerekClouser]

Not a fan of J&J. Had nothing but bad luck with them. Good luck in your search.

Sent from my SCH-I545 using Tapatalk

 

Good to know, after the complete disregard for customer service over the phone, I'll avoid them as well. 

[Gixxus Christ!]

I've ordered parts there. Every time I go in I drool over a few nice bikes. Inevitably a salesman will approach. I tell him I'm just dreaming and he counters with 'I make dreams come true' or some such bullshit. They usually back of when I inform them my credit is so bad I can't get s library card.