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KS in Arizona said: “Well I seem to be in the same situation a lot of people seem to be in. In 2006 I bought a Yamaha Rhino from a dealership in Phoenix by the name of “Ride Now” which after the fact I found out has a nasty reputation, and should be avoided at all costs whether buying or servicing.
This was my first purchase of a new vehicle and I had no previous credit established, I went in to look at prices and the salesman did his job; “oh you want a rhino? Well I can get you into that one for no money down and $195 a month.”
Well that sounds great, I have minimal expenses at the time and $200 a month is no problem; and it seems like a good way to build credit. so I tell him to go get the paperwork. At no time during the transaction did he inform me that this was a credit card situation, (let alone the “trial” APR period) I had assumed I was borrowing from Yamaha themselves, and they were approving left and right in order to move a lot of units.
Two years go by, I am making 200 to 300 dollar payments and it’s going great. I have great credit and I have made all my payments on time, I even bought another Yamaha wr450 at the local Prescott valley dealership for a good price and was making $200 dollar payments on it. This was NOT a credit card ordeal and is working out well through GE money bank.
Looking at the bills I was noticing that the WR450s balance was dropping a lot faster than the Rhinos ( about 2000 in a year), in fact the rhino had barely dropped at all. (less than a thousand in two years) I figured I was paying off interest first but it still bugged me. I figured my credit was good after two years of on time payments, so I attempted to get another loan through my bank to consolidate the two “Yamaha loans”.
Well banks look a lot more into what you make and if they “think” you can afford the loan, I was attempting to get 20k. My credit was great but my debt to income ratio is off even though I could easily make the payment they had come up with; Which was less than the total of the two payments I was already making.
So I was stuck where I was, Then the next statement I get says “there will be a change to my account” so I call to find out what this change was and apparently the loan that I had signed says 7% APR for the first two years, then up to 17%APR figuring out the total costs I will be paying… almost 30 thousand on a rhino!!! It makes me sick, I don’t even know what to say, do, or think so I suck it up, and make the new payment amount which is about $400 per month. Which brings my payments per month to about $600
A couple months go by and the economy goes down, we own our own business and our work stopped. I missed one payment so my next statement was $700. I come up with half of that and call them up, they say I have 20 days to pay the past due amount or my APR goes to 20 something percent. So the past few months I have been scrambling for work just to keep the APR from going higher. I wake up every day wondering how I am going to do it; I haven’t used the rhino in over a year, I don’t have the money to keep up on maintenance or to go on trips.
I have called numerous times and spent countless hours on the phone with all different levels, countries, and people asking for help, to either lower my payment or APR, or stick my past due amount on the back of my loan the avoid any further costs, something, anything….
Nothing. Nobody was any help at all and the farthest I ever got was a rumor of some sort of program for people like me, which led nowhere. I get calls at least eight times a day, every day, even Sundays, from 8AM to 10PM.
I don’t know what to do and I don’t understand why this company wont work with me or anybody in any way. They have even asked where to rhino is so they can repo it if/when I get two months over due. I don’t know what else to do but inform as many people as I can of my situation and hopefully either the company will help, or suffer.
I will have a hard time trusting lenders, making payments or being in debt again (except on a house, or property) after this whole ordeal. I will read every line of every page before I sign my life away, and trust no salesman EVER.
Why do they think they can do this? What can the consumer do to protect themselves in today’s predatory lending, backwards, evil, corporate owned world? Not Consume?”
This article, Yamaha through GE better than Yamaha through HSBC, is just one of our articles from Bank Horror Stories, HSBC Secrets
Bank Horror Stories monitors banking problems and customer complaints and has done so since 1999. Writers hold no stock positions. Some material is used under the fair use copyright act.
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