Ducati Monster Forum

DNA just sent out the bulletin, great finance incentive for 09/10 Monster, Streetfighter and Sport Bip (not S model) 

Created Naked! - New 2.99%* Finance Program just announced from Ducati and Freedom Road!
All 2009 & 2010 Monsters, Streetfighters and Sport Bip's are all include in this new 60mo finance offer.
*2.99% for 60 months – Minimum 10% down O.A.C.

to bad it is not on a 796 dark!

wonder why not on the tards.

How long is this going on? And is i only for 60mo. leases?

Yes

It started on 1/12/09 and ends 3/31/09..  This is the first time we have seen a low rate on the 696 models, we have already had a 696 buyer take advantage of it!   You can request a shorter term contract if you qualify for the low rate but not any longer term than 60 at the promo 2.99% rate.   

the mini Hypers are selling well right out of the gate here in Seattle and I think they have been well received by dealers and customers around the US so far..  no need for a "buy down" low rate by a manufacturer on a model that is new and selling...   This costs the manufacturer money to offer a 2.99 rate that is well below market rates    M1100's, Streetfighters and the last of the Sport bips were hurt by the slow down in 2009 sales.  I think by including 2010's and the 696 model it will just help prime the pump  [thumbsup] 

Sport Bips?  As in Sport Bipostos? As in SBKs?  I'm really confused by that.....

Sport Classic Bipostos.

Ahhh ok thank you!  Sweet deals!

if you dont mind me asking how much is a 696 at MSRP per month on the 2.99 / 60 month?

Dave's a great guy and I hope he can sell a ton of bikes....for the members I am compelled to say my usual and say financing toys is a very bad idea.  (at 2.99 you can have the money doing better elsewhere, and that's my one caveat, but if you're in that position the extra 15K for the bike isn't going to break a different investment anyway).

I usually agree with you but personally hate when people post this. Its a bit elitist to think that joe worker bee can afford toys like joe lawyer can afford toys. Sure bee can save for 5 years and then pay cash but if his (and sometimes my) prerogative is to finance a bike then so be it. I financed my Hyper 9/08 and have paid less then $550 so far in interest. I'll have it paid off by June (because I throw extra money at it) and have been able to enjoy it for the past year and a half by paying the $39 a month money rental fee (interest). I bet you spend more on coffee. I don't drink coffee.  :)

two things:

1) 2.99 doesn't say 'financing' in the same way 8 or even 6 has said financing in the past, so while I would normally say "gotta save up for a toy," this does raise my eyebrows.

2) the vast majority of lawyers make under $100k.

It's a DAMN good thing there isn't a 2.99 on the new multi 1200s.... else I might be going back into debit!

Not around here but you are missing my point. Many "toy" owners don't see 15K at one time much. I actually could save that up in short order but choosing to finance a toy isn't "bad". Certainly not "very bad".

Going in for DUI overtime now. I think I'll ride my very bad idea in.  ;D

finance 9K, 60 months should be around 162.00 and about $700 interest over 5 years.  So less than one extra payment a year to borrow 9K..   [clap] 
In this case if you qualify for the "tier 1" rate but you're still considering "paying cash for your toy" it might be smarter to invest your cash and hopefully earn a bit more than it will cost you to finance the bike..  BUT I am certainly not an investment counselor! Far from it!!   
All I do know it is basic math, this is a very fair straight rate, no variable after so many months etc.

My dilema with it isn't financial in terms of extra money....my dilema is that motorcycles are very easy to turn into expensive paperweights.

Perhaps I should have said I personally recommend making sure if you borrow money for a bike you are insured for as much as you owe on the loan.   If the bike gets totalled.....easy enough to do most folks agree...it is painfull to be paying the bank for something that no longer exists.

Scott is absolutely correct that simply saying if you can't afford to do cash you can't afford the bike was over simplistic and incorrect....and I am guilty of saying it a lot.      

I'll work on being a bit more clear and thanks for the headslap, Scott.  

(oh...and my coffee/lunch budget is $10 per week...so I can get coffee all week, or one sandwhich one day...both our cars are over ten years old and 100K+ miles....but I got your point).

All lenders will require full coverage insurance when financed. 

Our new car is financed (sorta, home equity).  The last two cars were financed.  0% loans.  The bike was financed.  All could be paid if cash if needed.  In other words, we could afford it.  We financed because it saved us money.  If you need to finance the toy in order to buy it, don't do it.  

As far as i know all banks require full coverage on a bike if you have a loan on it.  So being covered for your purchase is not a problem.  And financing really is not evil i payed 18k OTD for my 1098 with 2% on a 3yr loan.  I am paying before 2 years is even up but if i waited till 3yrs i would only be charged somewhere around $450 in interest.  I financed around 12k.  I think if you really want a toy and can swing it without hurting yourself then go for it.  I wanted a Ducati my whole life and i'll be damned if i was going to wait another 2 years just to save and buy one out right.

Tough crowd, Dave R.
You were doing us a favor giving us the heads up on a good deal. Bet you didn't think you'd set off an argument about who's got the most solid finances!

Anyway, thanks for the heads up. That's a great rate indeed. Full stop.

Not really, after 15 years of posting on boards I have developed a bit of a thick skin  [drink]    I don't take it personally by any means!   

<mini rant>
I keep seeing people refer to motorcycles as "toys," as if this designation is a matter of fact. "Motorcycles are toys."

I guess some of you think of bikes as toys, but a lot of us don't.
Maybe it shouldn't bother me when people state that as if it were a universal truth, but it does.
I consider my bike a completely valid form of transportation. I commute to work, I run errands, I go to social activities on my bike.
For a number of years a motorcycle was my only form of transportation.

A toy is something disposable. Something frivolous and unnecessary. A thing or matter of little or no value or importance; a trifle.
http://dictionary.reference.com/browse/toy (http://dictionary.reference.com/browse/toy)
These are not words I'd ever use to describe my bikes.
I've been riding for somewhere around 20 years and have owned around 14 bikes.

The thing that comes to mind when I read someone writing about their bike as a "toy" or calling motorcycles toys is that they are a person who doesn't ride or rides hardly at all.
If your beautiful M900 is just a toy to you, give it to me! It's just a trifle after all....
</mini rant>

Probably better stated as don't finance things with engines in them, since by and large they're all depreciating assets.

You'd be better off buying used a cheap for a couple of rounds and socking away what you'd be spending on a loan for a new one in a money market account and use that as your "bank." The bank of you.  Yeah, 3% is lower than it has been in the past, but your still spending more for something than you could be.

I should probably explain my definition of toy.  If what you are buying is beyond necessity it is a toy, or at least partially a toy  A used Honda Civic will get you to and from work.  If you buy a Ferrari you have gone beyond that.

but if you compare the cost of transportation. a motorcycle is much more economical.
lower entry costs
lower maintenance costs
lower fuel costs

comparing new to new or used to used, it's the same.
that's one of the reasons in Europe it's a sea of 2-wheelers.
not because they are all toy happy here. because it makes economical sense.
 

From what we have heard. More scooters than motorcycles. More economical.  ;)  Oh, and I would never finance a moto.

I don't think any of this was aimed at Dave.   He's a good egg and he's one of the dealers with the best reputation around.   And as I said I hope he sells a ton of bikes and if the financing deal helps with that then fantastic!!!!

Yes, if you look at strictly the economical aspect of financing a vehicle, of course you lose.

The way I sometimes look at it is measuring the quality of life cost / benefit and take into account the economical aspect.

After years of driving crappy four-wheeled vehicles that would sometimes break down at inopportune times, I financed my car because I could afford the payments, and it was worth the financial loss to have reliability and a solid vehicle. I don't regret that choice at all.

If the payments on the bike are affordable and the joy you will get out of it is worth the financial loss, then by all means.

I tend to agree with this assessment: "A used Honda Civic will get you to and from work.  If you buy a Ferrari you have gone beyond that."
To me, spending over $5000 on a bike is excessive.  But that's my comfort zone, and that might change if I were more gainfully employed.
I also remember when I thought that spending $20 at one meal was just crazy talk.
I'm not saying that excess doesn't exist, it most definitely does.
Just be careful how you judge someone else's choice. People in glass houses and all.

there's a reason there are so many banks, well, with a few less at the end of 2009.  By and large the banks don't make substantial margins on anything motor related but they do on big ticket items like houses and this is what they want ultimately.  Many of these loans are a convenience feature in order to forecast revenue and make shareholders happy....exception being Gov owned like Freddie & Fannie.  In the end Dave R made a valid point, hell even 6 months CD's are returning 2.99% at some banks in the area and I hate CD's.  My personal opinion is  you earned it you spend it how you see fit and if you get a smile and a rush out of it GO FOR IT no matter if you pay cash or finance.  Personally I don't finance bikes and haven't in over 10 years but I did the Harley because of the interest and I always pay it off early, always. 

Exactly. People should worry about themselves, and quit preaching to others.

There is nothing wrong with financing a motorcycle, as long as you can afford it. I've financed a few of my bikes...and it hasn't been a problem. I also paid off all of the loans early (as well as my car loan). Financing just let me enjoy them earlier than if I paid cash. The couple hundred bucks I paid in interest made that worthwhile IMO.

Saying you're worried about paying more than you could have is silly on a Ducati board. We all pay more than we could have...it's a friggin' Ducati!

don't worry Slater,  I learned long ago not to take any forum dialogue to heart...especially negative reactions to comments I may have posted.  Don't like it, don't read it.. I really try and just lend positive relevant information that may or may not turn into a business opportunity at some time for us.  As a sponsor we appreciate the opportunity to share with a group of enthusiasts.  

This is my 32nd year in the m/c industry and I have seen every form of BS finance offers you could ever hope for....most were just stupid.  Revolving cards with 23%++ rates used for the down payment and then the rest at a higher variable rate loan for 72 months!  I saw this abused by a few of the Japanese manufacturers using high risk lenders but it all started clamping down a few years back.  I remember someone I worked with talking about getting his first m/c bank loan in the early 80's and he was unemployed!  Dealers were allowed to underwrite or guarantee the deals.  If it went to default it was up to the dealer to go get it!!  It has changed so much with truth in lending laws and full disclosure and privacy laws all for the better IMO. We have always encouraged sensible choices when it comes time to finance a bike..  10-20% down at minimum, reputable lenders or credit unions..  

In the end if you believe you can afford and justify the payments and have factored in all the expenses like insurance and gear that go along with riding and owning a motorcycle regardless if it is for transportation or just because you want the thrill of it in your life then I would agree with those who say go for it!   Go live some life, most everyone here knows what the excitement from buying that first bike is like!!  Encourage others to experience it, teach and share with them what you know and how it has effected your life but let them make their own decision ultimately how to get there.  Right now the motorcycle industry as a whole needs consumer confidence and support!!  Brick and mortar stores will only be around if you continue to support them.  I hate to speak for the industry but we all need your support right now if you want us around.  I am very thankful we represent a brand that takes the plunge and offers straightforward affordable finance offers to help spur on sales.  Not to mention the fact that they are producing some of the most coveted bikes out there right now and into the future by the looks of it..  

I fell for the Yamaha trick of 2.99% in my late teens.  After the one year was up I got hit hard on the first payment so I took off to the bank......got saved and learned a valuable lesson in the process.  But damn did I have fun on that bike.  [evil]

Not when the 07 1098s had more problems then you could shake a stick at!  They had stalling issues that could not be resolved, I'll go with a new 08 thank you very much.  I even found a nice 07 with 800miles and full termis for 13k and i passed on it.

Besides if i never financed any of my bikes i would have missed TOB before the switch  [thumbsup]  I think that my riding would be completely different in the moto world if i didn't take that jump.


I did the math once on my bike vs my SUV and well i only save something like $4 every 6 months, 4valves what can i say  [cheeky]  Guess i should get that KLR650 or ninja 250 for commuting  [laugh]


So am i it is nice not to see the shady deals i have seen with some of the jap manufacturers!

I got my Monster from Dave on one of these same deals many years ago. 2.99% for three years. The best investmant I have ever made! I love that bike, had many happy outings on it, spent many a contented hour looking at it.
What would have happened if I had been "saving" my money for those three years, sticking it in say the stock market? Now that would have been the really costly way to buy a bike.

 [laugh]  I actually made money in the market the last two years.  Investing is investigating.  Not for everyone I know but be patient.  If all these "economists" knew half about which they speak they'd have no need to keep their jobs.  Ever heard the expression Cautiously Optimistic?  Sounds like a weather forecast of 50% chance of rain to me.   I for one would not pass up the 2.99% when you can get at least 4% any day of the week on the open market. 

This offer is for qualified customers only... How do I know if I am qualified or not before I go to the dealership. I have had a bad expereince with a car dealer who lied to me about my score to get higher rate. So how can I be sure that I would get the rate that I deseve and the dealer is not going to put a spin at the end a offer higher rate?

It seems Freedomroad Financial is the company behind this....does anyone have any experience with them?

The dealer will run your credit report to see if you qualify (Dave, please correct me if I'm wrong). But you should also already know, in general, what your score is before taking out a loan like this. You can get one free credit report a year via this site: http://www.ftc.gov/freereports (http://www.ftc.gov/freereports) (follow the link to annualcreditreport.com). Knowing your score can prevent a dealer from screwing you over and is a good financial practice.

Remember to read ALL of the loan paperwork before you sign it. That is your safeguard to ensure that you're getting the rate that was promised.

I've used Freedomroad Financial without any issues.

good link for managing what is on your reports annually, but they will not give you the actual score for free. For that you will need to pay the individual reporting agency a fee for the score (they are only required to show you what is on the report).

Hope that helps! :)

the dealer should give you the straight scoop.   Freedom road is looking for a 720 score or higher.  You can not obtain your credit score from the free reporting agencies.  You could certainly request to see your score when the dealerships gets back the approval.
 

Yeah, thanks, I got them mixed up.  [thumbsup]

Wonder if they will be doing anything on the 1198S??  [wine]

720 is not a problem, I know my credit score. I hate when the dealer say that they have no clue as the finance is provided by a third party i.e. FreedomRoad. And you know you are trying to hit a moving target. If your score is 750 they make 770 as minimum and so forth.

I am yet to hear anything negative about FreedomRoad and therefore I am hoping my motorcycle purchase will be better than the car purchase experience.