04-18-2014, 10:59 PM
(04-18-2014, 07:29 PM)Tortuga_imp Wrote: Staggering that he's ended up owning a bike he has a big fat zero equity in, so he's lost quite a lot in his short ownership, allowing for the $1700 ticket depreciation plus interest charges set up fees, final settlement charges etc.
I can't believe people would buy something with so little deposit, although over here there are zillions of offers to "pay £99 today and ride away"
I took out finance on half the cost of my bike, but only because I got a promotional rate from Honda UK as part of an initiative to clear demo stock.
I had the money in the bank, where it still it, but as I reasoned with myself "if the roof needs replacing at home, Honda ain't gonna lend me any cheap money for that, are they?"
Exactly right. When I purchased my first car on credit 46 years ago, the lending agency required 25% down which was not easy for me to come up with at the time. I remember thinking it "unfair" at the time but now I think it wise.