Yamaha FZ-09 Forum banner

1 - 20 of 42 Posts

·
Registered
Joined
·
35 Posts
Discussion Starter #1
I'm thinking of buying the FZ-09 with Yamaha credit if I'm not approved for a loan through my local credit union. Anyone have any experience with this card? A salesman checked my credit and told me I would qualify for 6.9% APR @ 60 months. I'm not sure if he was honest with me being that I can't find much information on this Yamaha credit line. Anyway I have a few questions about this card:


-Will this card have a drastic effect on my credit score? I'm assuming Yamaha will only approve a line of credit that will cover the motorcycle. If that's the case, I believe it will leave me with a very high utilization rate.

-Will I be given the title or does Yamaha hold onto it till I pay off the loan?

-What does this mean for insurance? Can I get liability only?
 

·
Registered
Joined
·
298 Posts
I have bought two bikes on Yamaha Credit. That rate sounds okay, your credit is what decides that.

Yes, it will have an effect. It is a line of credit, and as long as you are making your payments, it will show payment history, and that is what builds your credit. That isn't necessarily true, when I got the card initially, my bike was about $8700 OTD, but was approved for $10,000 and that is what my credit line is. As far as the title, apparently it depends on your state. I think for most states, Yamaha will hold onto it, or else the state will hold it (like Maryland). Basically, you won't have it. For me, Yamaha held it. It doesn't take long once you get it paid off to get the title, maybe a week or two. That is the beauty of the Yamaha card, you are NOT required to carry full coverage insurance. Some choose to anyway, but Yamaha doesn't require it for their financing. So yes, you can get liability only.
 

·
Registered
Joined
·
35 Posts
Discussion Starter #3
Thank you very much, Rabbitman109!

Does the APR really stay at 6.9%? I thought maybe it was an intro APR for a year or something like that.

Also, side question. Any news on ABS for the FZ-09? Should I wait till next year to buy one? Will the price change in the next three months?
 

·
Registered
Joined
·
96 Posts
Thank you very much, Rabbitman109!

Does the APR really stay at 6.9%? I thought maybe it was an intro APR for a year or something like that.

Also, side question. Any news on ABS for the FZ-09? Should I wait till next year to buy one? Will the price change in the next three months?
The price is not going to change. If anything you will have more wiggle room on msrp in a few months since most shops should be fully stocked.
 

·
Registered
Joined
·
35 Posts
Discussion Starter #6
Right now you can get loans from Yamaha for as low as 3.99%, of course that's credit worthiness dependent. It seems that's a heck of a lot better than 6.9%.
I don't think I qualify for that loan, but I'll ask the sales guy.

He offered the bike to me for $9000 OTD. Am I getting shafted here?
 

·
Registered
Joined
·
247 Posts
I don't think I qualify for that loan, but I'll ask the sales guy.

He offered the bike to me for $9000 OTD. Am I getting shafted here?
Without knowing your state's sales tax rate and license fees, it is hard to say that you are getting shafted. However, $9,000 OTD seems high to me considering that cold weather is almost here. I would inquire with other dealers of their price to get a better idea of the market.

Remember supply and demand is at work. As more bikes arrive at dealerships prices should drop.
 

·
Registered
Joined
·
35 Posts
Discussion Starter #8
Without knowing your state's sales tax rate and license fees, it is hard to say that you are getting shafted. However, $9,000 OTD seems high to me considering that cold weather is almost here. I would inquire with other dealers of their price to get a better idea of the market.

Remember supply and demand is at work. As more bikes arrive at dealerships prices should drop.
I live in southern California. Sales tax is 8.25% in my area.

What would be a good OTD price?
 

·
Registered
Joined
·
555 Posts
I was quoted 9990.00 at one CA dealer then 9k out the door at one closer. guess which one got my deposit. Granted the first dealer got at least 1 in and
my local dealer is still waiting for his first one. for 990.00 savings, I can wait awhile longer. Just the bike at that price. What I figure I am saving can go into some accessories later.

I will be ok with that. Besides, the longer it takes, the more I will have in FZ-09 jar. While waiting, I sold a 1987 Honda Super Magna (look it up if your are curious) and made 500 profit on it and just before that I sold a pristine 1979 CB650 four with 8900 miles and made 1100 profit. Then sold a bunch of my old Harley boots, jackets and leathers on Craig's list last week for 610.00. An old computer for 100 and some excess lead from my gun safe for 900. I also know I qualify for Yamaha financing just wanting to have enough down so the payment will be under 150 per month ( like a non-event). I also rearranged my garage so I have room to park it (no easy task as I only have a 2 car garage with 2 cars and 1 bike in it already)

Also, My dealer told me that GE and CITI Corp do the financing for Yamaha. Citi has 5k minimum with 3.99 percent GE does not have a minimum but gets 4.99 percent I think he said.
 
  • Like
Reactions: chuck

·
Registered
Joined
·
611 Posts
That is the beauty of the Yamaha card, you are NOT required to carry full coverage insurance. Some choose to anyway, but Yamaha doesn't require it for their financing. So yes, you can get liability only.
Very nice to know! I wish I had know that a month ago =( But, then again, you never know when a bike just decides to fling itself off a bridge. j/k
 

·
Registered
Joined
·
611 Posts
-Will this card have a drastic effect on my credit score? I'm assuming Yamaha will only approve a line of credit that will cover the motorcycle. If that's the case, I believe it will leave me with a very high utilization rate.
Hey Chuck, I did mine on the Yamaha card. They approved me for $15K. My credit is pretty good(~730), not awesome anymore b/c we just bought a house and filled it and EVERYTHING is in my name, ha ha. It is through Capital One. It will effect your credit more so than an auto loan type, but sometimes the end justifies the means ;P
 
  • Like
Reactions: chuck

·
Registered
Joined
·
35 Posts
Discussion Starter #17
Thank you all for your input! Sadly, there aren't very many red FZ-09s in my area. Also, I still cannot find any bike under $9000. Last dealership I went to wanted $9800 and they wouldn't budge! Other places are telling me to go for the $9000 deal. Guess I'll have to wait next year when the prices are more negotiable.
 

·
Registered
Joined
·
35 Posts
my dealer quoted me $8400 out the door! unfortunately, its better for me to wait until spring because then my sled will be paid off and i'll have a down payment for it. don't they have 1.99% right now?
 
1 - 20 of 42 Posts
Top