Vehicle finance?

[Osbornezo]

Hi all,

I know vehicle finance isn't the best but its really the only way i would get a bike. If i were to buy a bike that costs 5k i would end up paying like 7k including interest, maybe 5k if the bike is 3.5k. Who has bought a bike on finance and can help out with advice? Who does the best deals? Is there other ways around it? Any advice is welcome.

Thanks in advance :)

[Hitcher]

If you can't afford it, don't buy it. Seriously.

[Woodman]

+1 to Hitcher. Save up till u have the cash.

[BMWST?]

you have the information right there.It is a very expensive way to buy a bike,but when i was younger and more foolish than i am now i had a series of 5 or six bikes that were all bought on HP,some through the bank,some though a finance company that i organised and a couple through the shops finance company.Dont forget that while you are paying the bike is actually decreasing in value too(and you have to keep it in tyres and petrol and rego and warrant and insurance.The latter is compulsory when you have a bike on finance

[Osbornezo]

I know that is the best way. Debt Sucks, but to get the cash i would be looking at over a year which i hate the thought of

[Mushu]

I know that is the best way. Debt Sucks, but to get the cash i would be looking at over a year which i hate the thought of

That's a fair point, but the other side would be to say if you save for a year you'll own it, if you get it on finance you'll pay more and won't own it for 3 years (or possibly 5)

Sent from my XT535 using Tapatalk 2

[Osbornezo]

That's a fair point, but the other side would be to say if you save for a year you'll own it, if you get it on finance you'll pay more and won't own it for 3 years (or possibly 5)

Sent from my XT535 using Tapatalk 2

Fair point, i would aim to have paid it off within 2 though (roughly 70 per week). I know some dealers allow you to pay it off to them with little or no interest but that seems to be mainly car dealers

[xXGIBBOXx]

Me im shit at saving , hp works for me . X amount to pay the bike x amount in bank acc for rego, tyres , oil ect . Yeah i lose money but i build a credit rating . Its a lose win , so when i go for the big loan for a house i have a record of payment with the bank . It up to you and i plan on keeping this for a few years well past the end of the loan . Just plan a head can you afford that each week after rent, power , gas, running costs and pocket money for your self ? Do the maths first , if you get behind they own you and your left paying for a bike you dont have anymore

[Jantar]

My accounant advised me to always keep one thing on HP, but only for a fraction of its true value. There are two reasons for this:
1. It maintains a credit record if you ever need to remortgage your property or buy additional property.
2. To explain to the the taxman why you are offsetting so much interset off your tax. You can't afford to write down your mortgage any faster because you have HP payments to meet.

As a result I keep a small part of one bike on HP all the time. The other 3 bikes i paid cash for.

[Berries]

Don't do it.

The week I started my first ever full time permanent job I walked in and bought a brand new KMX125 with finance arranged through the bike shop. After passing my test I traded it for a new GPZ500 from the same place with the same kind of deal. At some point I got rid of the bike because I couldn't afford the insurance and the monthly payments as well as my monthly entertainment bill so sold it at a massive loss and ended up with an ex race GPX750. After seven years I left that job - I mistakenly believed that the redundancy package would pay off my debt but I pissed it up the wall instead. Spent a year doing that before coming over to NZ. It was two years after arriving here before I finished paying off the debt that started with that first bike. Two years where I couldn't afford a bike here, couldn't afford fuck all really the way the exchange rate shat itself the day I got off the plane. Hate to think what it cost me in the end.

Yes, catching the bus with the poor people and the mentals sucks big time. But a year or two of hardship while you save up is better than a year or two of hardship paying for shit you no longer own or have trashed and couldn't afford insurance.

I am not one for offering advice on KB but really, unless it is part of some tax cheat or you really know what you are doing don't fucking touch it.

[ducatilover]

I'm no fan of HP, I had one bike on it and it was cheap per week, but I ended up paying a fair bit more than the bike was worth.

Everything I own now has been cash (two bikes, one car, all cheap and probably shit to anyone but myself), it takes me a lot longer than my mates to buy or build something but I think I appreciate it more.

[st00ji]

you'll value it more if you have actually saved the money up for it too. if you had 5k and wanted a 6 or 7k bike i could maybe see stretching just for the awesome factor. but a whole anything on finance is just asking for pain. insert similar sad stories of misspent youth as above

[JimO]

it must take a long time to save up for a house, as far as im concerned if you want it and can afford the repayments buy it

[Monkfish]

Finance is never a good option.

But, if you need to get a loan, get it from the bank not a finance company. I (like you) couldn't wait and got my bike with a top up loan from the bank. Interest is waaaayyy better than a finance company. only problem you have is convincing the bank manager.

- no worries if your good on your knees, and have a pretty mouth. :msn-wink::nya:

[Edbear]

I told my a young guy to buy what he could afford, save the equivalent of the repayments until he had enough cash to upgrade, repeat until he was paying cash for a really nice car.

Worked out it would take five years and he could be buying a near new car of his choice. 20 years later after ignoring my advice he has an older car on tic.

[Dragon]

If your parents have a mortage see if they will loan you the money from it

3k at 5.7%pa is way better then 17.95% for an unsecured loan (bank with the bike being older then 10years)

Note to get the loan secured the bike can be no older then 10 years when youve finished paying it off

Depends on if your parents trust you however, the bank is happy to offer me 25k unsecured which I could afford but its not worth it at 17.95% and on something that drops in value day by day

In saying that next thing ill be buying is a house

[caspernz]

it must take a long time to save up for a house, as far as im concerned if you want it and can afford the repayments buy it

In all fairness, a house is an appreciating asset whereas any motorcycle is very much a depreciating asset...

Heck, if you have to borrow the money to buy a bike then how will you look after the R & M?

[Fergus]

Fair point, i would aim to have paid it off within 2 though (roughly 70 per week). I know some dealers allow you to pay it off to them with little or no interest but that seems to be mainly car dealers

Money has an intrinsic time value so there is no such thing as "interest free". Businesses are in it for profit, they don't pay interest on customers debt because they are generous, they simply include that interest in the sale price and claim "interest free" on the debt, a tactic that apparently works very well on the slow-witted :msn-wink:

The only thing I've borrowed for is education, and the taxpayer picks up the interest on that:niceone: (I might even emigrate when I graduate and let them pick up the whole bill :eek: )


In all fairness, a house is an appreciating asset whereas any motorcycle is very much a depreciating asset...

They are both subject to market forces.
You may want to google "housing bubble", Make sure you're sitting down, shit hit the fan in the last 6 years :niceone:

[Gremlin]

it must take a long time to save up for a house, as far as im concerned if you want it and can afford the repayments buy it
a) as said, a house is an asset, a car/bike is definitely a liability, unless you're a courier/taxi driver etc.
b) you don't go to a finance company for a house loan

OP, like others, save first then buy. If you must do it via loan, get it from the bank. If they won't, take it as a sign. Finance companies exist because their customers are considered too risky by the bank. The finance companies deliberately create an attitude of "if you want it, buy it" because it benefits them.

[speeding_ant]

Don't do it. I went through a painful 4 year phase of ticking up bikes. Not getting insurance on them. Two got written off. Took me 7 years in total to pay it all off.

I learned from my mistakes the hard way instead of taking solid advise from others. I'm now debt free and much wiser with money. Last two vehicles bought with cold hard cash, and have a sizable deposit towards a house. I could have been in this situation 3 years ago mind...

Finally being out of consumer debt is enlightening. Not getting into it in the first place on the other hand... :msn-wink:

[Edbear]

a) as said, a house is an asset, a car/bike is definitely a liability, unless you're a courier/taxi driver etc.
b) you don't go to a finance company for a house loan

OP, like others, save first then buy. If you must do it via loan, get it from the bank. If they won't, take it as a sign. Finance companies exist because their customers are considered too risky by the bank. The finance companies deliberately create an attitude of "if you want it, buy it" because it benefits them.

Well said. The finance companies don't usually lose because they first take your bike off you, which by then will be worth less than you still owe, and send the debt collectors after you for the balance if you fail to pay. The banks can't be bothered with all the kerfuffle and would rather avoid that scenario in the first place.

The bike will devalue at about the rate of your payments, so unless you buy something rare and appreciating in value, you lose as if you want to trade it in you still owe about what it is worth retail.

[Tigadee]

What about trading in a bike for the next one (from a dealer)? Is that worth it? Technically that's using your old bike as a deposit towards the new one, right?

[kiwi cowboy]

everything i own now has been cash (two bikes, one car, all cheap and probably shit to anyone but myself), it takes me a lot longer than my mates to buy or build something but i think i appreciate it more.


dad?????????.

[Banditbandit]

I'm not a fan of HP ... and when I've used it I've always paid it off as fast as I can - not just at the required repay rate.

But if it was the only option to get a bike now I would still use it ...

But have a look at some of the other options outlined above - there are soem cheaper ways if they can work for you .. (not suggesting you look at the saving option - I've never used that one myself .. )

[Banditbandit]

a) as said, a house is an asset, a car/bike is definitely a liability


Yeah ??? Have a look at the value of some of the classic bikes .... there's been a massive increase in value - thety are wrth more now than when they were brand new - definitely assets.

[Gremlin]

Yeah ??? Have a look at the value of some of the classic bikes .... there's been a massive increase in value - thety are wrth more now than when they were brand new - definitely assets.
Trend is happening in cars too, some crazy stuff. However, OP is saying 5-7k.

And to balance that, paid 24k for a new bike, just over two years later, got 8k in trade in value. Fuck buying a new bike again.

[pyroguy55]

My accounant advised me to always keep one thing on HP, but only for a fraction of its true value. There are two reasons for this:
1. It maintains a credit record if you ever need to remortgage your property or buy additional property.
2. To explain to the the taxman why you are offsetting so much interset off your tax. You can't afford to write down your mortgage any faster because you have HP payments to meet.

As a result I keep a small part of one bike on HP all the time. The other 3 bikes i paid cash for.

I work for a bank and let me tell you, there is no such thing as a good credit rating.

On a credit check all we see is who has done a credit check on you and if you have had anything go to collections. If you get an HP then pay it off the only thing that shows is that sed agency did a credit check on you. If you have lots of credit checks it shows you have an appetite for short term debt, ie bad in the banks eyes.

[davereid]

I work for a bank and let me tell you, there is no such thing as a good credit rating.

On a credit check all we see is who has done a credit check on you and if you have had anything go to collections. If you get an HP then pay it off the only thing that shows is that sed agency did a credit check on you. If you have lots of credit checks it shows you have an appetite for short term debt, ie bad in the banks eyes.

As of April 1 that kind of changed.

From that date, some companies started sending a copy of every transaction they had with you, comprising your personal identity data, driver licence number, address etc, plus the value of the transaction, its date due and its date paid to Veda Baycorp etc.

Telecom were first off the rank, with Kiwibank right behind them. I understand most of the major banks are now "in" as well.

I am uncomfortable with this.

As long as I pay my phone and power bills, don't get behind on my credit card or mortgage, then my financial relationship with the companies I deal with should be confidential.

Right now, I can choose to do this, as I have simply stopped dealing with companies that are doing this data sharing. But eventually I expect that all companies will be bullied into line, and I won't have any choice.

[pyroguy55]

As of April 1 that kind of changed.

From that date, some companies started sending a copy of every transaction they had with you, comprising your personal identity data, driver licence number, address etc, plus the value of the transaction, its date due and its date paid to Veda Baycorp etc.

Telecom were first off the rank, with Kiwibank right behind them. I understand most of the major banks are now "in" as well.

I am uncomfortable with this.

As long as I pay my phone and power bills, don't get behind on my credit card or mortgage, then my financial relationship with the companies I deal with should be confidential.

Right now, I can choose to do this, as I have simply stopped dealing with companies that are doing this data sharing. But eventually I expect that all companies will be bullied into line, and I won't have any choice.

How can the bank know if your behind or not without having this information? They certainly can't 100% trust what you tell them and it takes quite a while before thigns go to a collection agency.

Being a lender at the bank that I work for I can tell you that nothing has really changed yet. Yes I have seen in the news that places like Telecom are going to start sharing information about your account conduct. The bank I work for was included in the list that wil be using this. But as yet nothing has changed, personall if you arent paying your bills on time or at all somewhere like Telecom I think that bank that is considering lending you money has every right to know that. Things like account conduct are a very heavy weight on an application for credit especially when it comes to things like home loans.

[pyroguy55]

Furthermore, if you have nothing to hide then you shouldn't be worried about it. All information still has to be kept confidential and can only be used as part of an application.

It's sad to say that people who are honest and keep up to date on all their bills will have to go through the same process because not everyone cares enough to keep it all up to date.

[cynna]

I know that is the best way. Debt Sucks, but to get the cash i would be looking at over a year which i hate the thought of

you only live once.....

[st00ji]

yes, you do only live once. which is why you dont want to spend your one life watching your hard earned pay disappear into a blackhole of interest and depreciation

[cynna]

well you cant take it with you when you die. saved up got my first bike when i was 15 and from then borrowed money from my parents and sister and paid them back with interest. when i finished uni bnz was giving away $20000 overdrafts so got a decent bike then. brought a house then used a revolving credit account for next few bikes. split up and paid ex out of house so had to get a bigger mortgage so got a bit extra to buy another toy. still got a revolving credit account for my next bike..... and interest rate is just over 4% so no big deal. suppose its a differnt story with a 17% loan

my way off looking at is im going to die, got no kids to leave my money to, paying less in mortage then most people i know pay in rent. got all they toys i want. sure i have lost money in interest and depreciation but rather do what i want now then be a 60 year old with 100g in the bank

[HenryDorsetCase]

Hi all,

I know vehicle finance isn't the best but its really the only way i would get a bike. If i were to buy a bike that costs 5k i would end up paying like 7k including interest, maybe 5k if the bike is 3.5k. Who has bought a bike on finance and can help out with advice? Who does the best deals? Is there other ways around it? Any advice is welcome.

Thanks in advance :)

I have of course done this. But I was younger and didnt have any choice. And i am familiar with the aching need to own something that you really can't afford. Some tips: Avoid loan sharks (anyone who advertises on telly for example). READ THE GODDAMN FINE PRINT. Work out exactly what you are going to pay. I would suggest your "borrow $5k capital and will repay $7k" is very light indeed. How these contracts work is that All the interest and all the charges (a PPSR charge, a documentation charge, an application fee, a charge for printing the document, a charge for walking in their door are front end loaded. Say thats a grand (and it could be, because these guys are absolute scumbag bottom feeder financiers of last resort) So you are paying interest on $6k, not $5k.

And the interest rate is not low. In an era of historically low rates (I can borrow money secured at 5% FFS) the rate they will charge you is something like $14% or whatever. Thats front end loaded too by the way: that makes a difference 18 months into a two year contract and you have had a pay rise and you think: Wow, Ima pay this bad boy off right away. You will end up paying nearly all of the last six payments anyway because they are principal which you still owe. Which you agreed to in that fine print you didnt read.

Dont you dare miss a payment or be late: they will ding you another few fees: $50 dishonour fee, and a $50 documentation fee for sending you the letter . That is added to the loan balance and it flicks the whole thing into penalty interest. If you think the friendly rate of 14% or whatever is bad enough, be prepared for AT LEAST an extra 5% but more likely 10% on the unfriendly rate. Plus bad credit report, potential repo, all that shit (particularly if it goes on and on and on).

Bottom line: Dont do it.

Explore some other options. Maybe you can get a low interest (Westpac?) credit card at 12% and use that. It is still expensive money because the interest rolls monthly but if you borrow $5k, thats all you're paying interest on. Of the credit contracts I have looked at lately, MTF seemed to be OK.

Hit up your Mum and Dad, assuming they own their own home and have some equity in it. Either get them to borrow the money, then lend it to you, and you pay them back, or you borrow it and they guarantee it. If you do go down that track I have some advice for your olds also (apart from the standard "Are you insane? NEVER do that for your bloody kids"). Basically that boils down to limitation of their liability as much as possible. that will involve negotiation with the bank. The other issue for them is if you turn out to be a scumbag and rip them off then its usually pretty difficult for them (emotionally not legally) to try and enforce their security. Or they might be like my dear old Mum when I asked her who said "Sure, for a car. Never for a motorbike".

But also think about this. You dont own the bike you're riding, you're committing a chunk of coin each week to it. DO YOU HAVE ENOUGH MONEY LEFT OVER FOR THE OTHER SHIT YOU HAVE TO DO? Not rent or food or whatever, you can sleep under a bridge. But you have to keep the bike on the road and road legal, you have to buy tyres for it and put petrol in it and since it is financed you have to have full insurance cover on it. (That will be hard to get BTW if you live under a bridge). Plus it costs ten bucks a week for Nick's Myth payments aka registration.

Bottom line: save your pennies. Buy cheap stuff till you can afford better. Wheel and deal a bit or fix stuff and on-sell. But easy credit is for suckers. If you get sucked in, at least try and get a reasonable deal.

[Flip]

Don't do it.

Credit ratings and finance companies are a sham.

I have one rule. Don't buy any depreciable asset with a loan. You will buy a $5k bike, end up paying $7k and end up with a $3k asset. All you end up doing is smoking $4k for nothing.

Save your money and pay cash, then you will save that $2k in interest that can go towards the next and better bike. Do this a few more times and you will will have saved the cash price of a new Harley.

[JimO]

Don't do it. I went through a painful 4 year phase of ticking up bikes. Not getting insurance on them. Two got written off. Took me 7 years in total to pay it all off.

:msn-wink:
finance wasnt your problem being a dumb cunt not getting insurance was

[davereid]

How can the bank know if your behind or not without having this information? They certainly can't 100% trust what you tell them and it takes quite a while before thigns go to a collection agency. Being a lender at the bank that I work for I can tell you that nothing has really changed yet. Yes I have seen in the news that places like Telecom are going to start sharing information about your account conduct. The bank I work for was included in the list that wil be using this. But as yet nothing has changed, personall if you arent paying your bills on time or at all somewhere like Telecom I think that bank that is considering lending you money has every right to know that. Things like account conduct are a very heavy weight on an application for credit especially when it comes to things like home loans.

If you really believe its confidential then you should have another look. Your credit account can be provided to a wide range of companies without your authority, and bloody near anyone with your authority.

And you will find that virtually everything you sign from your flats lease to the DVD rental form give those people the right to access your personal data as they wish.

Secondly, I don't need credit. So I don't gain anything from having my personal data shared. It would be OK if people were able to choose. But you can't.

Thirdly this crock-of-shit "if you don't have something to hide etc" is a snoops dream. I don't have anything to hide.

But nor should I be compelled to have every aspect of my life made available to anyone who wants to snoop.

Send me a scan of your driver licence if you like. I'm curious about you. Id just like to know your income, expenditure, loan exposure, what you watch on the tv and download on the internet. Can't imagine why you would object unless you are hiding something.

[speeding_ant]

finance wasnt your problem being a dumb cunt not getting insurance was

True - though having no money to spend on WOF/REG will lead to the same conclusion...

[pyroguy55]

If you really believe its confidential then you should have another look. Your credit account can be provided to a wide range of companies without your authority, and bloody near anyone with your authority.

And you will find that virtually everything you sign from your flats lease to the DVD rental form give those people the right to access your personal data as they wish.

Secondly, I don't need credit. So I don't gain anything from having my personal data shared. It would be OK if people were able to choose. But you can't.

Thirdly this crock-of-shit "if you don't have something to hide etc" is a snoops dream. I don't have anything to hide.

But nor should I be compelled to have every aspect of my life made available to anyone who wants to snoop.

Send me a scan of your driver licence if you like. I'm curious about you. Id just like to know your income, expenditure, loan exposure, what you watch on the tv and download on the internet. Can't imagine why you would object unless you are hiding something.

Your data cannot be accessed without due reason. If someone has a look for the sake of having a look they are breaking privacy laws. If I go and look at a customers information at the bank without having a reason for it I could lose my job.

I think the key line in your arguement was "and bloody near anyone with your authority. " WITH YOUR AUTHORITY.

Its your responsibility to know what your signing. As a side note I can't access any information other than a credit check and information that is provided to me by the customer and I do home lending!! I think you are blowing it out of proportion a tad.

But in relation to the main point of this thread, finance can help people out but, coming from someone who sells it - Know the fees, shop around, Save the money if you can before looking at finance.

[Edbear]

I have of course done this. But I was younger and didnt have any choice. And i am familiar with the aching need to own something that you really can't afford. Some tips: Avoid loan sharks (anyone who advertises on telly for example). READ THE GODDAMN FINE PRINT. Work out exactly what you are going to pay. I would suggest your "borrow $5k capital and will repay $7k" is very light indeed. How these contracts work is that All the interest and all the charges (a PPSR charge, a documentation charge, an application fee, a charge for printing the document, a charge for walking in their door are front end loaded. Say thats a grand (and it could be, because these guys are absolute scumbag bottom feeder financiers of last resort) So you are paying interest on $6k, not $5k.

And the interest rate is not low. In an era of historically low rates (I can borrow money secured at 5% FFS) the rate they will charge you is something like $14% or whatever. Thats front end loaded too by the way: that makes a difference 18 months into a two year contract and you have had a pay rise and you think: Wow, Ima pay this bad boy off right away. You will end up paying nearly all of the last six payments anyway because they are principal which you still owe. Which you agreed to in that fine print you didnt read.

Dont you dare miss a payment or be late: they will ding you another few fees: $50 dishonour fee, and a $50 documentation fee for sending you the letter . That is added to the loan balance and it flicks the whole thing into penalty interest. If you think the friendly rate of 14% or whatever is bad enough, be prepared for AT LEAST an extra 5% but more likely 10% on the unfriendly rate. Plus bad credit report, potential repo, all that shit (particularly if it goes on and on and on).

Bottom line: Dont do it.

Explore some other options. Maybe you can get a low interest (Westpac?) credit card at 12% and use that. It is still expensive money because the interest rolls monthly but if you borrow $5k, thats all you're paying interest on. Of the credit contracts I have looked at lately, MTF seemed to be OK.

Hit up your Mum and Dad, assuming they own their own home and have some equity in it. Either get them to borrow the money, then lend it to you, and you pay them back, or you borrow it and they guarantee it. If you do go down that track I have some advice for your olds also (apart from the standard "Are you insane? NEVER do that for your bloody kids"). Basically that boils down to limitation of their liability as much as possible. that will involve negotiation with the bank. The other issue for them is if you turn out to be a scumbag and rip them off then its usually pretty difficult for them (emotionally not legally) to try and enforce their security. Or they might be like my dear old Mum when I asked her who said "Sure, for a car. Never for a motorbike".

But also think about this. You dont own the bike you're riding, you're committing a chunk of coin each week to it. DO YOU HAVE ENOUGH MONEY LEFT OVER FOR THE OTHER SHIT YOU HAVE TO DO? Not rent or food or whatever, you can sleep under a bridge. But you have to keep the bike on the road and road legal, you have to buy tyres for it and put petrol in it and since it is financed you have to have full insurance cover on it. (That will be hard to get BTW if you live under a bridge). Plus it costs ten bucks a week for Nick's Myth payments aka registration.

Bottom line: save your pennies. Buy cheap stuff till you can afford better. Wheel and deal a bit or fix stuff and on-sell. But easy credit is for suckers. If you get sucked in, at least try and get a reasonable deal.


Don't do it.

Credit ratings and finance companies are a sham.

I have one rule. Don't buy any depreciable asset with a loan. You will buy a $5k bike, end up paying $7k and end up with a $3k asset. All you end up doing is smoking $4k for nothing.

Save your money and pay cash, then you will save that $2k in interest that can go towards the next and better bike. Do this a few more times and you will will have saved the cash price of a new Harley.

Wot they sed! :msn-wink:

[HenryDorsetCase]

If you really believe its confidential then you should have another look. Your credit account can be provided to a wide range of companies without your authority, and bloody near anyone with your authority.

And you will find that virtually everything you sign from your flats lease to the DVD rental form give those people the right to access your personal data as they wish.

Secondly, I don't need credit. So I don't gain anything from having my personal data shared. It would be OK if people were able to choose. But you can't.

Thirdly this crock-of-shit "if you don't have something to hide etc" is a snoops dream. I don't have anything to hide.

But nor should I be compelled to have every aspect of my life made available to anyone who wants to snoop.

Send me a scan of your driver licence if you like. I'm curious about you. Id just like to know your income, expenditure, loan exposure, what you watch on the tv and download on the internet. Can't imagine why you would object unless you are hiding something.

relevant.

You should do this


http://www.stuff.co.nz/business/money/8712641/Freezing-your-financial-identity

[Banditbandit]

And to balance that, paid 24k for a new bike, just over two years later, got 8k in trade in value. Fuck buying a new bike again.

1 Never ever never ever trade in a bike .. the shop will put it on their floor at more than they paid you for it ... you can sell it for the same price they can .. so why give the money? ... the last trade in I made was in the mid 1980s when I got $600 for a trade in and the shop put it on their floor at $1600 .. I've never traded in since ..


2. That's a massive drop in value in two years .. I suspect that is unusual .. (but not sure) I did buy a new bike - and two years later I could have sold it for the same money (or maybe more) than I paid for it ...

Why was there such a masisve drop??? (or did the shop just rip you off .. I know .. I'd feel pissed off too ..but just asking the question .. what did they put it on the shop floor for?) .

[Gremlin]

1 Never ever never ever trade in a bike ..

Why was there such a masisve drop??? (or did the shop just rip you off .. I know .. I'd feel pissed off too ..but just asking the question .. what did they put it on the shop floor for?) .
Of course bike shops will put a markup on it, it's how they make a profit (and pay overheads), and I'm OK with that. Selling to me is a pain in the arse. You have to be around for buyers to view. Most are tyre kickers wanting a spin, or thieves lining up a later visit. Sure, there are the legit ones, but when I make up my mind I want a new shiny thing, then I want the old shiny thing gone ASAP, so I can enjoy the new shiny thing (can't own both at the same time either). Easier from my point of view to let the shop take the risk of finding a new buyer while I start enjoying my new bike.

Re depreciation... could have been the slight mileage increase from 6km on the clock to 63,000km. I just rode it when I wanted... :lol: The dealer had to double check I was right, and it wasn't 6300km. I think they listed it around 11-12k, but they also spent some time touching up scratches from a low side, removing some of the bits etc.

By the time they sold it a few months later (I met the new owner who was loving it), I'd probably put 10k on the new bike. Worth it to me.

[shafty]

Haven't you seen the ad's on TV? - it even uses a scooter as an example ~
" if you save up, you earn interest, not pay it"

[davereid]

Your data cannot be accessed without due reason. If someone has a look for the sake of having a look they are breaking privacy laws. If I go and look at a customers information at the bank without having a reason for it I could lose my job.I think the key line in your arguement was "and bloody near anyone with your authority. " WITH YOUR AUTHORITY.Its your responsibility to know what your signing. As a side note I can't access any information other than a credit check and information that is provided to me by the customer and I do home lending!! I think you are blowing it out of proportion a tad.But in relation to the main point of this thread, finance can help people out but, coming from someone who sells it - Know the fees, shop around, Save the money if you can before looking at finance.

I asked you to publish a copy of your Driver Licence. You haven't done it. Why not ?

Maybe its because you want some control over who has access to your personal information and for what purpose. We use a word called Privacy to describe that idea.

You think its OK for Telecom, my bank, my power company to disclose that information without my consent, or with consent gained on a "take it or leave it" basis, for a purpose which solely relates to improving their business.

I don't.

Its called PRIVACY.

If I meet all my obligations for payment to a company, I think the financial relationship I have with that company should remain PRIVATE unless I freely choose for it to be disclosed.

I may say, "go for it, it will make it really easy for a finance company to asses my creditworthyness and sell me credit to the hilt"

Or I may say, "no thanks, I don't need to be evaluated for the credit I will never ask for"

Sadly, the financial machine has designed a system that will ensure it knows exactly how much credit any individual can cope with, even if that individual would prefer privacy. I can currently avoid it. But eventually I will be part of it.

But I will still get banned from parties for punching people who tell me "if I have nothing to hide I should drop my pants". As it were.

[GDOBSSOR]

I know that is the best way. Debt Sucks, but to get the cash i would be looking at over a year which i hate the thought of
You may hate the thought of it, but it's the way I did it. And I'm glad I did it, because I now have money to fix my bike if something goes wrong with it. And for god's sake, don't buy a Chinese scooter/bike, people have problems sometimes from new with those.

[breakaway]

Yeah i lose money but i build a credit rating . Its a lose win , so when i go for the big loan for a house i have a record of payment with the bank

What a load of horse shit. Your little hire purchases and miscellaneous debts have zero bearing on your ability to get a mortgage. Honest.


By the time they sold it a few months later (I met the new owner who was loving it), I'd probably put 10k on the new bike. Worth it to me.

Yes because keeping an extra bike in your shed and potentially taking out an hour and a half of your time over a week to meet potential buyers at a local landmark would mean you couldn't do that :p