Yesterday, Pam and I decided that we wanted to buy a new motorcycle that had been the 2008 dealer demo and only had a few hundred miles on it. We decided to buy a 2008 Honda Goldwing, a big touring bike but an awesome ride. We have some trips coming up that we are going to love riding it on.
In the near future we are going to ride from Raleigh to Disney in Orlando, then to Key West, and back through Tampa and Atlanta. Atlanta is just so we can finally go to the Varsity Grill. When you love to ride a motorcycle, there is no problem going 2,000 miles for a good hot dog.
We both decided that the dealer financing of 3.99% was just too good to pass up and we were already purchasing the bike at invoice. What was interesting was that the credit application asked me that question that people who have been bankrupt dread, “Have you ever been declared bankrupt?” And again I had to check the yes box and write down 1990.
But what was most interesting was that I didn’t care anymore. I’ve gotten over the years of feeling like I was less for being in a bad situation at one time in my life. I knew that my credit was in great shape because I proactively monitor my consolidated credit report and credit score. And that simply because I had been bankrupt in the past didn’t mean that credit, and really good credit, wasn’t available to me now.
It is completely understandable that people who go bankrupt are afraid that for the rest of their lives their credit will be shot. But the reality is that it won’t be. And if people put some energy into rebuilding their credit after bankruptcy it will be better than new in just a couple of years. But fear and assumptions make people believe that their lives will end. They won’t.
Don’t get me wrong, I’m in no way saying that bankruptcy is an easy out. What I am saying is that for those that find bankruptcy is the best solution for your situation it is not the end of your emotional or financial lives. Great dealer financing for the best credit applicants awaits you also.
What I also learned through the process was that if you are buying a motorcycle that you should talk to the dealership about knocking 30% or so off any accessories or gear that you buy at the same time. The profit margins on accessories is about 50% but on most motorcycle the sales price these days does not give the dealers a load of profit when you get down to or near invoice. Dealers are moving bike as a loss leader to bring people in to sell them accessories and extended warranties.
I hope to see you on the road one of these days. I’ll be the guy with the big grin on his face, loving the ride.
You know, we need to start our own get out of debt motorcycle group. I can see the bad ass jacket patch now.