I'm still riding the '72 ElectraGlide I bought in 1980 for 2500 bucks, and the '97 WideGlide I bought 6yrs ago for 3 grand. Both of them are worth more today than I paid for them.
That's why I'm rebuilding a 06 Sportster. Not fancy but it's not financed because I buy used parts wherever I can find them and it's taking shape. It doesn't have to be pretty just run down the road.
had mine repossessed and learned a hard lesson.. YEAH that 40,000 dollar Electra glide looks great going down the road. HOWEVER that shadow 1100 gets me to the same bar drinking tge same beer and I don't have a 600 dollar bike payment hanging over my head !!
Emotional buys are largely how HD makes money. They don't care if you can afford it, either way, they win. They'll take the repo bikes and sell them a second time creating more willing victims. I haven't bought a new car or bike since 1994. I realized what a ripoff the new vehicle racket is. If you can control your emotions and have some patience, you can find some great deals on cars, trucks, and motorcycles, but waiting and diligently searching. You can find things you can afford or even pay cash for. I recently was in the market for a new (to me) pickup truck. I decided to get a Toyota Tundra but I looked at (for shits and giggles) the latest 2023 version for 80k. I was like, "Ya'll must be high on LSD if you think I'm paying that". I waited almost a year and found a 2012 Tundra fully loaded with on 73k miles on it. I live in the DC area and the truck was in Texas so I paid an extra 800 bucks to have it shipped to my home. I'm super happy with the purchase. Just remember, emotional buys are the worst kind of buys, DON"T FALL FOR THE HD OR ANY DEALER"S TRICKERY.
Harley and Suzuki are the 2 motorcycle companies known for financing anything with a pulse. A 19 year old with a GSXR 1000 as their first bike with a 28% interest rate loan. What could possibly go wrong. It's like the guy that watched sons of anarchy and decided he wanted to be a biker so he took his 402 credit score and $1000 cash and now he has a 27% interest loan on a $35,000 motorcycle for 96 months.
HD started this bad business model back in the 2000's. They started financing anybody and with years and years of payments to get the monthly payment down to a range the poor buyer could afford. Not knocking anyone who is poor, hell I consider myself poor. You also have to factor in as long as it's financed, you gotta carry full coverage insurance for the term of the loan. And property taxes on HD"s is higher than on other bikes. Plus normal maintenance isn't cheap as well as tires. I could go on and on down the rabbit hole of new bike ownership. I've bought bikes and financed them. But I have a budget and I factor in all the costs before I even look, so I know where I stand on what my limitations are. Now I just buy used and pay cash, great video INSANE WHEELS!
I'm like you HW, I buy used, pay cash, and usually end up modding the bike out, flipping it for enough profit to buy and mod the next one...but my SGS I have now, I'll probably keep, ofcourse I always say that till someone shows up with more cash than I can say no to...Rock on HW!🤘
I seriously can’t imagine taking out a loan for a toy. Please - if you’re doing that you are not in a financial position to have a motorcycle. Wait, pay cash and make sure you don’t have debt on anything else first.
3 bikes i own outright, 1 i got a loan on. When i had 2months of hard times i did side jobs for extra cash to make sure i paid my note and other bills. My loan was never even paid a day late. If ya want it youll.find a way
I'm making sure my next bike is not taken away. I'm rebuilding a basket case sportster out of salvage parts. It's coming along slowly but when finished it will be mine free and clear.
Go to your bank or credit union first, if they won't loan you the money HD will, but be aware they are going to be very expensive, so maybe if your own bank won't loan you money you shouldn't be borrowing. You are right about education though, a lot of people don't understand it at all.
Buying used is the only way a small independent shop can survive in today's world because the overhead, maintenance, parts, upkeep on equipment and tools needed are going to kill any business owner in finance charges or balloon payments If that bike, car, or truck isn't off the lot in 95 days it's best to auction it and take a small hit while keeping the lot fresh and pray for better days ahead
If you deal with a local bank or credit union they will sit down with you and calculate exactly how much they will lend you and estimate the monthly payment. The last thing they want to do is repo anything. Logic and emotion are parts of any purchase so try to minimize the emotional part and you can probably end up with a nice bike you can actually afford. And if you go to a Harley dealership for Gods sake don't even sit on the bikes. Harley dealers are experts at turning a purchase 100% emotional, which means you end up paying $400+ a month for 6 or 7 years. Being trapped in a bad payment can take the fun out of owning a bike. Protect your money.
Not only are people getting motorcycle repo but new vehicles. Harley Davidson is the real problem in allowing people with bad credit or can't afford to make payments. Our economy is in a big mess!!
Unless they aren't too really worried being they can just at some point file for bankruptcy protection on the financial side of their business and at the same time be showing stock holders that they are getting bikes out the door selling new bikes. It's a sick twisted idea but if you look outside and thinking back to the banking thing a few years back where stocks were going up because those banks were showing they were doing great with loans while at the same time filing for protections to be able to stay in business and yet keep most of that money at the same time.
Good day: Insane Throttle ;Enjoy your video content. Is it too early to require at the dealers on the repossess cycles at Harley. The next move for Harley Finance would be to start leasing their cycles. Cin-Cin and Salute. Have a bless day.
I think it's a joke you guys in the USA calling yourselves HD Enthusiasts & complaining about the new price cost🤔🤔 🤔🤔image the import fees & taxes & the dollar exchange rate to make these over inflated prices here in Australia 🇦🇺 & people are still in-store signing up on finance 🤔🤔🤔🤔 & as a true Harley Davidson Enthusiast, I'm finding so sad that the vision to purchase a new HD is becoming just a dream😭😭😭😭 as I'm getting priced further out of the game, year by year 😭 I love what I got but my future with HD is becoming faded, just like my time on this earth..... Harley Davidson shattering Dream's for the future of motorcycling world-wide.... 😭😭 Living The F🤪KING Dream ❗ Safe travels 🙏♥️🐾🐾🇦🇺
Exactly 1 year ago I went to my local dealership in Texas to see if I can finance and they declined my application. I offered $2,000 down payment still declined for having no credit.
With another rate hike coming for the third quarter this year. There’s nothing wrong with being the 2nd or 3 rd owner of a bike. You can always find some thing grand, but you have to be willing to look around. Just remember you can buy at a low figure. Worn out items can be replaced. As you work through the bike. I did this with two bikes. 2nd owner on one and 3 rd on another.
It's much better to finance a bike thru a credit union or your own bank. It's much easier to refinance if money gets tight and they won't repossess your bike.
Motorcycles are the worst vehicle to finance because the depreciation is so rapid. And if ya modify it, or worse, drop it, you'll owe 2x what it's worth real quick. Saw lots of this back in the late 90s~early 2000s, when Harley's were fetching scalpers prices and interest rates were sky high. Lots of bikes got 😏 "stolen"!
Bikes are a "want" not a "need" item. A Motorcycle is the Last thing you should go out and finance especially with high rates and economic uncertainty. If you can't pay, don't play!
Its sound to me that both parties are at fault. Sure the customer is more at fault. Isn't eagle mark bank independent from the motor company? If so harley get their money and eagle mark gets the shaft. If this is true then why would people defaulting on their loans cause harley to raise the prices of their bikes?
'A lot of people who can't afford these products...' I thought you were gonna finish with '...start bashing Harley with saying they aren't reliable.'. 😂😂
Not all people who get a bike repossessed are dead beats who don't understand finances. The economy is doing horrible and inflation is high. A lot of people are losing jobs. They could afford it, but then lost a job. Also, eagle finance doesn't work with people AT ALL. My bike was in a flood, got totaled. Eagle finance took their sweet ass time signing paper work my insurance company needed. I tried call them myself, I tried calling eagle finances, I tried having a three way call. They basically told me they will do it when they feel like it. So I said, "Okay, well they are going to give you the full price of the bike and I don't want to keep making payments, can you roll the next payment to the end?" The answer I got was "No". I said, look I lost EVERYTHING I own. I've made every payment on time, plus extra, and I have a great credit score. You can either roll it back, and when I go to get a new bike, I will continue to buy Harleys, or you can get fucked because I'm not paying anymore and I'll go buy another bike. Eventually I got them to cave and roll it back to the end of the year because they knew I wasn't going to pay on a bike that was totaled. It would be a bigger pain for them to repossess it and then have to deliver it back to the insurance company. And yes she knew it was totaled, as it was the first things she said to me when I was asking about the payment. TLDR; No point in answering phone calls from the bank. You got the money or you don't. They don't take partial payments. They don't care about your situation. Only money.
Ironic how people with good credit don't really use it and people with bad credit constantly have loans on stuff. Its a choice, pay cash and accept where you are financially or get a loan and look like a poser.
But my down payment was my stimulus . Well, duh ! If you couldn't afford it prior to your stimulus, money, most likely, you couldn't afford it in the place . Just a thought . How can low income people afford Sling Shots and Cam Am spiders and, of course, the H.D.s as well . If they stayed in school, it's just simple mathematic . Ummm, wait, I was a high school dropout . But at least I learned the basics . I did really well in school when I was there . Once I found out our U.S. history was a lie . I thought to doctrine myself in my own bullshit . It paid off 73k last year . And my math is so good I owen a 2008 Softail Custom and it's paid off and rebuild to my liking. I'm not a big fan of the Milwaukee 8 platform . But anywho who wants to go the auction with me ? It's time for a brand used Harley
When I first saw this. With a bike and your photo. I thought what happened. Glad to hear this was an example. Best watch out. There’s another rate hike coming soon. Should be this third quarter.
Debt is slavery. If you can’t buy it cash then you don’t need it. All the dealerships are selling you a loan not a bike…doubt me? Try to buy a brand new vehicle cash…they won’t sell it to you 😂
I'm still riding the '72 ElectraGlide I bought in 1980 for 2500 bucks, and the '97 WideGlide I bought 6yrs ago for 3 grand.
Both of them are worth more today than I paid for them.
That's why I'm rebuilding a 06 Sportster. Not fancy but it's not financed because I buy used parts wherever I can find them and it's taking shape. It doesn't have to be pretty just run down the road.
had mine repossessed and learned a hard lesson.. YEAH that 40,000 dollar Electra glide looks great going down the road. HOWEVER that shadow 1100 gets me to the same bar drinking tge same beer and I don't have a 600 dollar bike payment hanging over my head !!
You’re helping so many young people with this video!!!!!
Emotional buys are largely how HD makes money. They don't care if you can afford it, either way, they win. They'll take the repo bikes and sell them a second time creating more willing victims. I haven't bought a new car or bike since 1994. I realized what a ripoff the new vehicle racket is. If you can control your emotions and have some patience, you can find some great deals on cars, trucks, and motorcycles, but waiting and diligently searching. You can find things you can afford or even pay cash for. I recently was in the market for a new (to me) pickup truck. I decided to get a Toyota Tundra but I looked at (for shits and giggles) the latest 2023 version for 80k. I was like, "Ya'll must be high on LSD if you think I'm paying that". I waited almost a year and found a 2012 Tundra fully loaded with on 73k miles on it. I live in the DC area and the truck was in Texas so I paid an extra 800 bucks to have it shipped to my home. I'm super happy with the purchase. Just remember, emotional buys are the worst kind of buys, DON"T FALL FOR THE HD OR ANY DEALER"S TRICKERY.
Harley and Suzuki are the 2 motorcycle companies known for financing anything with a pulse. A 19 year old with a GSXR 1000 as their first bike with a 28% interest rate loan. What could possibly go wrong. It's like the guy that watched sons of anarchy and decided he wanted to be a biker so he took his 402 credit score and $1000 cash and now he has a 27% interest loan on a $35,000 motorcycle for 96 months.
It happened to me when I was 18 years old.
Ahhh memories gsxr you say
HD started this bad business model back in the 2000's. They started financing anybody and with years and years of payments to get the monthly payment down to a range the poor buyer could afford. Not knocking anyone who is poor, hell I consider myself poor. You also have to factor in as long as it's financed, you gotta carry full coverage insurance for the term of the loan. And property taxes on HD"s is higher than on other bikes. Plus normal maintenance isn't cheap as well as tires. I could go on and on down the rabbit hole of new bike ownership. I've bought bikes and financed them. But I have a budget and I factor in all the costs before I even look, so I know where I stand on what my limitations are. Now I just buy used and pay cash, great video INSANE WHEELS!
Personal responsibility is lacking in people who don’t think it through before they sign on the dotted line.
I'm like you HW, I buy used, pay cash, and usually end up modding the bike out, flipping it for enough profit to buy and mod the next one...but my SGS I have now, I'll probably keep, ofcourse I always say that till someone shows up with more cash than I can say no to...Rock on HW!🤘
I seriously can’t imagine taking out a loan for a toy. Please - if you’re doing that you are not in a financial position to have a motorcycle. Wait, pay cash and make sure you don’t have debt on anything else first.
3 bikes i own outright, 1 i got a loan on. When i had 2months of hard times i did side jobs for extra cash to make sure i paid my note and other bills. My loan was never even paid a day late. If ya want it youll.find a way
People should not get credit if they can’t afford it.
I'm making sure my next bike is not taken away. I'm rebuilding a basket case sportster out of salvage parts. It's coming along slowly but when finished it will be mine free and clear.
A lot of people need to hear this one . Thanks for sharing ✌️
Go to your bank or credit union first, if they won't loan you the money HD will, but be aware they are going to be very expensive, so maybe if your own bank won't loan you money you shouldn't be borrowing. You are right about education though, a lot of people don't understand it at all.
Buying used is the only way a small independent shop can survive in today's world because the overhead, maintenance, parts, upkeep on equipment and tools needed are going to kill any business owner in finance charges or balloon payments
If that bike, car, or truck isn't off the lot in 95 days it's best to auction it and take a small hit while keeping the lot fresh and pray for better days ahead
If you can't put down 80% get you a used Sportster.
Yup, I bought and paid for 2 custom Harley’s…. Live life with only honor and respect…. Stay well and vigilant… 💯🇺🇸😎🌪🌎
I dont know 🤷 Sometimes they give out loans to people they shouldnt
If you deal with a local bank or credit union they will sit down with you and calculate exactly how much they will lend you and estimate the monthly payment. The last thing they want to do is repo anything. Logic and emotion are parts of any purchase so try to minimize the emotional part and you can probably end up with a nice bike you can actually afford. And if you go to a Harley dealership for Gods sake don't even sit on the bikes. Harley dealers are experts at turning a purchase 100% emotional, which means you end up paying $400+ a month for 6 or 7 years. Being trapped in a bad payment can take the fun out of owning a bike. Protect your money.
Not only are people getting motorcycle repo but new vehicles. Harley Davidson is the real problem in allowing people with bad credit or can't afford to make payments. Our economy is in a big mess!!
Your so right that it’s the person who buys the bike, if they can’t make the payment than take it away from them
Unless they aren't too really worried being they can just at some point file for bankruptcy protection on the financial side of their business and at the same time be showing stock holders that they are getting bikes out the door selling new bikes. It's a sick twisted idea but if you look outside and thinking back to the banking thing a few years back where stocks were going up because those banks were showing they were doing great with loans while at the same time filing for protections to be able to stay in business and yet keep most of that money at the same time.
Good day: Insane Throttle ;Enjoy your video content. Is it too early to require at the dealers on the repossess cycles at Harley. The next move for Harley Finance would be to start leasing their cycles. Cin-Cin and Salute. Have a bless day.
I think it's a joke you guys in the USA calling yourselves HD Enthusiasts & complaining about the new price cost🤔🤔 🤔🤔image the import fees & taxes & the dollar exchange rate to make these over inflated prices here in Australia 🇦🇺 & people are still in-store signing up on finance 🤔🤔🤔🤔
& as a true Harley Davidson Enthusiast, I'm finding so sad that the vision to purchase a new HD is becoming just a dream😭😭😭😭 as I'm getting priced further out of the game, year by year 😭
I love what I got but my future with HD is becoming faded, just like my time on this earth..... Harley Davidson shattering Dream's for the future of motorcycling world-wide.... 😭😭
Living The F🤪KING Dream ❗
Safe travels 🙏♥️🐾🐾🇦🇺
Exactly 1 year ago I went to my local dealership in Texas to see if I can finance and they declined my application. I offered $2,000 down payment still declined for having no credit.
I:09 am Grand Island Florida. People need to educate themselves on this subject
With another rate hike coming for the third quarter this year. There’s nothing wrong with being the 2nd or 3 rd owner of a bike. You can always find some thing grand, but you have to be willing to look around. Just remember you can buy at a low figure. Worn out items can be replaced. As you work through the bike. I did this with two bikes. 2nd owner on one and 3 rd on another.
Every Craigslist city has dozens of used Harleys. I wouldn't buy new. I have a Honda and BMW I got from Craigslist with cash.
You are spot on!
Most credit companies will work with you if you call and explain your situation.
Just let them know we are getting repossessed?🤣🤦♂️
It's much better to finance a bike thru a credit union or your own bank. It's much easier to refinance if money gets tight and they won't repossess your bike.
Only two words come to mind watching this video. Due diligence.
Motorcycles are the worst vehicle to finance because the depreciation is so rapid. And if ya modify it, or worse, drop it, you'll owe 2x what it's worth real quick. Saw lots of this back in the late 90s~early 2000s, when Harley's were fetching scalpers prices and interest rates were sky high. Lots of bikes got 😏 "stolen"!
Sounds like what happened with houses in 2008.
Shitty financing dudes that are gonna struggle.
I only buy used that I can buy with my hard earned.
Bikes are a "want" not a "need" item. A Motorcycle is the Last thing you should go out and finance especially with high rates and economic uncertainty. If you can't pay, don't play!
This is why I went with a 25 year old sportster….
Yessir! They are amazing bikes!🎯💯
My dealer said he's seen 200000 yearly income with a 500 credit score.
Its sound to me that both parties are at fault. Sure the customer is more at fault. Isn't eagle mark bank independent from the motor company? If so harley get their money and eagle mark gets the shaft. If this is true then why would people defaulting on their loans cause harley to raise the prices of their bikes?
keep up the good work ;)
40k for a road glide 3. 😂. 😂. That’s why I didn’t buy.
'A lot of people who can't afford these products...' I thought you were gonna finish with '...start bashing Harley with saying they aren't reliable.'. 😂😂
Not all people who get a bike repossessed are dead beats who don't understand finances. The economy is doing horrible and inflation is high. A lot of people are losing jobs. They could afford it, but then lost a job.
Also, eagle finance doesn't work with people AT ALL. My bike was in a flood, got totaled. Eagle finance took their sweet ass time signing paper work my insurance company needed. I tried call them myself, I tried calling eagle finances, I tried having a three way call. They basically told me they will do it when they feel like it. So I said, "Okay, well they are going to give you the full price of the bike and I don't want to keep making payments, can you roll the next payment to the end?" The answer I got was "No". I said, look I lost EVERYTHING I own. I've made every payment on time, plus extra, and I have a great credit score. You can either roll it back, and when I go to get a new bike, I will continue to buy Harleys, or you can get fucked because I'm not paying anymore and I'll go buy another bike. Eventually I got them to cave and roll it back to the end of the year because they knew I wasn't going to pay on a bike that was totaled. It would be a bigger pain for them to repossess it and then have to deliver it back to the insurance company. And yes she knew it was totaled, as it was the first things she said to me when I was asking about the payment.
TLDR; No point in answering phone calls from the bank. You got the money or you don't. They don't take partial payments. They don't care about your situation. Only money.
My bike was the first payment every day of my life 1:12
Yessir!🦾💯
Well not everyone is willing to do illegal crap to make a Harley payment or perhaps they put family first so they had to let their dream go back
Buy used, pay cash. You can get a used Harley for 4-6 grand. Never finance a motorcycle.
LOL rocket science 😅 Love it
Ironic how people with good credit don't really use it and people with bad credit constantly have loans on stuff. Its a choice, pay cash and accept where you are financially or get a loan and look like a poser.
But my down payment was my stimulus . Well, duh ! If you couldn't afford it prior to your stimulus, money, most likely, you couldn't afford it in the place . Just a thought . How can low income people afford Sling Shots and Cam Am spiders and, of course, the H.D.s as well . If they stayed in school, it's just simple mathematic . Ummm, wait, I was a high school dropout . But at least I learned the basics . I did really well in school when I was there . Once I found out our U.S. history was a lie . I thought to doctrine myself in my own bullshit . It paid off 73k last year . And my math is so good I owen a 2008 Softail Custom and it's paid off and rebuild to my liking. I'm not a big fan of the Milwaukee 8 platform . But anywho who wants to go the auction with me ? It's time for a brand used Harley
Never had a bikeloan just savedup
Never finance a toy. Ever.
DUNN&BRADSTREET GOOD CO.
Everything is getting repod lately, not just Harley.
So your bike isn't going to be repossessed, is it?
@insanewheels haha. That's good. You don't come across as a dude who gets his shit repoed. Haha
When I first saw this. With a bike and your photo. I thought what happened. Glad to hear this was an example. Best watch out. There’s another rate hike coming soon. Should be this third quarter.
If u won't to play then uv got to pay
Debt is slavery. If you can’t buy it cash then you don’t need it. All the dealerships are selling you a loan not a bike…doubt me? Try to buy a brand new vehicle cash…they won’t sell it to you 😂
Buy Hollywood's bike instead
#Rockon
Sweat equity......buy what ya can afford....tear it down, wrench it back up....ride it....old school worked jus fine.
Build a chopper,,banks won't finance a build
Park it in your living room on a plank of wood and carpet.