If you enjoy driving a new motorcycle every two to five years, want lower monthly payments, be protected under warranty, drive an average number of kilometres, and can properly maintain your motorcycle, then you should consider lease as an option. As a lease customer, you pay only a portion of a motorcycle's cost, which is the part that you "use up" during the time you're driving it and you pay taxes only your monthly payments vs.
the full motorcycle price. Signing a leasing contract means that you agree to make regular monthly payments, keep appropriate insurance, pay any motorcycle taxes and licensing fees, and take good care of the motorcycle for the duration of your contract. Your Lease End Options Option 1: Return your motorcycle and lease a new one. This option is convenient, easy, and best of all, you get to drive off in a brand new Honda! Through our loyalty program, we may be able to offer you special rates and terms when you enter into a new lease.
Remember, you will still need to schedule a free motorcycle inspection during the last two months of your lease. You will also be responsible for any outstanding payments, excess wear and use, excessive mileage, and any other end of term obligations specified in your lease agreement. Option 2: Purchase your leased motorcycle. Buying your leased Honda is a great way to continue benefiting from its reliability, performance, and high resale value.
If you decide to buy your motorcycle, there is no need to have it inspected, since there are no excess wear and use or excess mileage charges to worry about. To find out your purchase amount, you can get a payoff quote from Honda Financial Services. Be sure to ask your dealer for a Honda Financial Services loan to help purchase the motorcycle . Option 3: Return your leased motorcycle to the dealer.
If you select this option, your lease concludes when you turn in the motorcycle to your Honda dealer. You will need to schedule a free motorcycle inspection during the last two months of your lease. You will also be responsible for any outstanding payments, excess wear and use, excessive miles, and any other end-of-term obligations specified in your lease agreement. For more information about your options at the end of your lease contract, please contact our Customer motorcycle Group at 416-754-2323 or toll free at 1-800-387-5399.
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Alternatively, connect your IRC client to irc.snoonet.org and /join #motorcycles CLICK FOR MORE INFO Do some dealers lease motorcycles for 24 months like cars? I tried doing some preliminary investigation but it doesn't seem very popular. Why not? Because how easy is it to drop a car onto its side? Hahahaha Back on the farm we'd call it car tipping. I work at a dealership and can tell you we're usually very leery of even doing demo rides most of the time.
We will do them, because sales, but the risk is huge vs just test driving a car. Watched a guy wreck a ZX10r no more than two blocks from our lot.. (an employee always accompanies supersport and superbike rides). Part of the other issue is the fact that most lenders see motorcycles (and ATVs/UTVs/Snowmobiles/Jetskis) as luxury items verses a car being a "necessity".. What happened when he wrecked it? He have to buy it? dealerships files a claim with their own insurance company.
The rider will almost never be liable under normal conditions It was covered under insurance, but still isn't something we particularly like to see. Honestly it's probably easy to screw up and crash when you're not used to the throttle response, or the riding position. I guess test rides are a bit too risky. When you want to buy a 14.000+ dollar bike, you'll demand a test ride. I wish I could get a bike for 14.
000 dollars. Amen Here you sign a waiver before you go out, they write it off on insurance, but you pay the excess which is normally around $1K-$2K. BMW has the 3asy program. Aside from that, I think there are a few select bikes out there that have a leasing program or something similar to the 3asy program. If you lease a bike, you're gonna have a bad time. 3asy isn't a real lease, you have to pay a large balloon payment as the final payment.
You own the bike and you can't give it back to the dealer at the end of the loan. If your intention is to own a bike for several years, or you have on hand the funds to cover the balloon payment it isn't a bad deal. If you go into 3asy thinking you can walk away from the bike at the end is when you will have a hard time. The trade in value is almost never the same as that final balloon payment. Wonder what the benefits of doing it like that are compared to a traditional loan or financing other than the monthly payments being lower? The lower monthly payments are I believe the draw.
It is like a reverse down payment. If you put that money down you get the same low payment. Seems incredibly scary with the balloon payment, unless you're 100% sure that you're gonna have the money(which you can never really be) Yea, I bet they sucker guys into it claiming the dealer will buy the bike back at that price. However the dealer is in no way obligated to do so. Seems kinda dangerous to me, but I guess it appeals to people who would rather ride now and save later, instead of save up for a while to put a big down payment on it.
If you could be damn sure you were going to save money towards the balloon payment on top of the monthly payments, it might be okay. But I question if most people actually do that, and what happens when it comes time to make the balloon payment... You can refinance the balloon payment and begin making normal-sized payments. You'll end up paying more in interest, but it's not like you'll get repo'd I've seen dealers offer financing on bikes but never a lease program.
I don't know for sure why they don't, but I expect it's because bikes get dropped or crashed a lot easier than cars. Not generally. It takes a lot more to damage and/or total a car so the risk is lower. Also cars don't tip over as much. Never take a loan for a toy (or lease). A toy is never worth debt. Not everyone's motorcycle is a toy. like it or not, yes it is. "but it's my transport!" if you can't afford it, than take public transportation.
I don't have a car. There is no public transportation that will take me from home to work. So please explain to me why you think the vehicle I take everyday to work is a toy. In the US, if your commute is an hour and starts outside of the city, in most places you can't take public transportation because it doesn't go that far out. Here in Indonesia, here are professions for which it is necessary for a person to own a motorcycle.
Unless you're going to argue that gainful employment is also unnecessary...but then you're just being unreasonable. There is not everywhere public transport, or people work weird shifts... But for that you could use a cheapass scooter as well I disagree, I financed my first toy and then my second because I had little to no credit history. A small loan with a small payment is a great way to build credit.
Paid them off and my subsequent kid hauler and home were obtained at great interest rates. That especially makes it NOT a sound financial decision. You have little to no credit history, you're now in debt due to a toy. Say you lose your job/income source, you can't get a real loan, and you can't sell the toy for anywhere near what you owe on it. You're now stuck with payments you can't afford no matter which way you look at it.
All because of a toy. It may have worked fine for you, but that doesn't make it smart. The intent was to gain credit history, was working a very stable job and didn't need to buy a car or a house at the time. I disagreed because everyone's financial situation is different and in my case it worked great. Never say never. I'd argue that you should never get a loan on a car either because they can be bought used for a couple hundred bucks and it does the same job as a more expensive one.
Also live in tents, home loans aren't worth the debt. I wouldn't say never take a loan. I'd say never take a loan you can't afford to pay back. If you've got the $15k on hand, why not get a low-rate loan, invest the money, and get paid to ride a motorcycle? Because if you lose your job, and all you have is that 15K, you'll need it to live on, not to pay payments you can't afford. If you have WELL enough money to survive without your job for 6 months and pay the payments, than just buy the bike outright Again, I'm not saying use your rainy day fund as your nest egg for the bike.
But if I've got $15k allocated towards the purchase of a bike sitting in the bank, why pass up a low-rate loan and literally free money? The S&P 500 is up 78% in the last three years. With good credit, a loan rate of under 3% is not hard to find, and 0% is not unthinkable. Using debt to your advantage is one of the basic tenants of true wealth-building. No, it doesn't make sense to do this with a $300 microwave.
But a $15k bike? A $40k car? Absolutely it does. I see what you mean, and I suppose that's done. Personally I know rather wealthy people that put bikes/cars on a credit card for that exact reason, super low rate, better to have the money doing something useful. Fair enough, never isn't a good term. However, if the case is you need a loan because you couldn't afford it outright if you wanted to, than yeah, in that case, never.