In June I purchased a quad runner which was financed through Retail Services. My original monthly payment was $67.00 at a APR of 6.95%. (pretty affordable for a single 19 year old with a full time job). It's now July and I still owe almost $5000 on this 3 year old quad and my APR has jumped to 21.90%!! A suggestion to all those out there, GET YOUR OWN FINANCING.
Do not finance through Retail Services! It's like having a credit card you'll NEVER get paid off. It's a total ripoff from the get go. I've learned that the hard way. If you pay too early, it's not recognized and they impose late fees. That's happened to me twice in the past 4 months. You won't win any arguments with them, you'll just get your blood boiling.
I had also purchased a Suzuki street bike later and financed it the same way (prior to the realization that I was getting ripped off). When I called my insurance company to get coverage, the first thing they asked me was if it was financed through a bank or Retail Services.
Fortunately, I had just done some refinancing and went through my credit union on the street bike. Had I not, the insurance company said they would not have covered me. The reason was what I stated above "it never gets paid down". Now that Retail Services has made my payment rediculously high, it's been tougher to make the payments on time and it has affected my credit score which is keeping me from being able to get the quad financed differently. If I can help one person out there from getting ripped off, my story was worth telling.
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