So I had some pretty wicked identity theft (lots of none payments) that I'm still tryin to get worked out. Anyone have any trouble getting the honda card in this situation with a cosigner with almost spotless credit?

I know I won't know the real outcome till I hit up the dealership but I was thinkin someone out there might have gone through the same thing and had some imput on their experiance. =p

 

My credit is far from ummm a...........................................spotle ss but they approved me for $7K.

 

If you have a bunch of problems you will probably have to do one of two things:

1). Solely do it in the cosigners name and get another card.loan and pay off the Honda card to get it in your name after everything is staightened out.

2). Do through a secondary lender (i.e. HMR). However, secondary lenders REQUIRE, full coverage insurance, gap insurance, protect plans, proof income, proof residency, proof of idenity.

 

If you are trying to buy a new bike, just go with a secondary lender to begin with.

When I bought my bike, no bank would approve me for a motorcycle loan (not even my own bank). Honda said "sure, at 17% interest" on their Honda Card. I was bummed out. I had a "near" spotless 788 credit rating and no one would approve me.

Then my car broke down in front of a federal credit union. I took it as a sign, and walked in to use their phone. Once I got a tow truck on their way, I applied for a loan. 15 minutes later, I had a $9200 dollar check in my hands, at the lowest APR possible for a motorcycle loan.

Yes, they do require full coverage ($500 deductible minimum.) But why on Earth would you EVER finance a bike and not have full coverage on it???? And yes, they do also require a GAP. But with me, a GAP was just 1 extra monthly payment. Meaning, the GAP only cost me $188 bucks, and instead of a 60 month (5-year) loan, it's now a 61 month loan. Plus, GAP is great when you wreck your bike and it's depreciated lower than what you owe on it.

So to conclude......

Try a Federal Credit Union
Get Full Coverage Insurance
Make sure to get the GAP

(But this is only my two cents on the matter...........now worth $463.5 million dollars)

 

If you do that honda card thing the interest is going to come back and get you in the ****. Secondary lender works out better because they can usually give you a fixed interest rate as opposed to the honda card where you get a low rate for a certain amount of time then all of a sudden it jumps to 18% or some crap like that. Just make sure and read all the fine print on things like that.

 

Credit union

 

Gap is a big scam in the end. Very few times do you actually use it nor does it work that easy. And as far as the insurance goes, because if you do the math, the rates actually suck (depending on age, record, etc)

The lowest rate I got was $259.50 a month. at 12months, that about $3150 a year. So if you pay $260 for insurance on top of the $150 a month bike payment, thats $410 a month. At thats rate, if just paying the money towards the bike, NOT insurance, you could have the bike paid off in less than 21 months, as apposed to carring the insurance throughout the course of the loan, again, it matters about the payment. If I only had to pay $100 a month, it'd be fine. I got a 8.9% rate on my Honda card for my girls bike and a 9.0% intereset on my American Honda installment loan. Inever had any problems getting either. I got a 30K call when I went to go get my girls bike.

It all comes down to what your state requires and how much you can spend.

Also, secondary lenders will have a very high interest rate, because they usually go deeper into loans, but make up for it in the interest. You need to seriously look over it all and make sure everything is the same over the entire 5 years.

 

What insurance company do you use D2M? Is your honda card one of those balloon interest rates where at any moment your rate could sky-rocket any second? At the dealership where i bought my bike the sales manager even said that the Honda Card would come back to get me in terms on the roller coaster interest rate. Not to mention the OP has some "scars" on his credit history. Honda wont approve that and they never will.