Sitting down with the Finance Manager
You will probably spend the least amount of time in the Finance Office, but it is the most important time that you spend at the dealership. This is where you actually sign your finance papers, turn over your down payment, and decide on what protection options that you want.
The Finance Manager’s job is to review:
- Your Information as provided to them by the salesperson: Price, Trade, Fees, Taxes, and Down Payment.
- Your Warranty
- Make sure that they go over the terms and the limitations of the factory warranty.
- Tag and Title work
- Ask how long it will take to come back to you? Does it include the tag?
- Required Disclosures (Finance Products)
- Pay close attention here. These products protect you, your bike, and your credit.
- Ask questions if you don’t understand.
- Financing Needs
- Here they will go over your Rate, Term, and down payment options.
- Installment, Revolving, how much your down payment affects your monthly payment, etc.
- Choose the one that fits your budget and monthly payment needs.
After they have reviewed all of this information, they will print out all of the corresponding paperwork and contracts. Congratulations, now is the time that you will sign for your new motorcycle.
Things you will need for the Finance Office:
- Current Driver’s License
- Down Payment
- Insurance (not required for all dealers, but it moves things along)
- 20 to 30 Minutes
Terms you should know before sitting down
Full Disclosure: It has two different meanings for the Finance Manager. The first, they must disclose all the Truth in Lending boxes on the contract. Second, they must offer all of the finance products to every customer every time. If they offer a product to one person, they must offer it to everyone.
Truth in Lending: The Truth in Lending Disclosure Statement is located near the top of any installment contract. It includes the Annual Percentage Rate, Finance Charge, Amount Financed, and Total of Payments. The law states that a Finance Manager only has to show you these, but a good Finance Manager will completely review and explain the Truth in Lending Disclosure.
Annual Percentage Rate: The cost of your credit as a yearly rate.
Finance Charge: The dollar amount the credit will cost you over the full length of the loan.
Amount Financed: The amount of credit provided to you on your behalf. The Loan amount.
Total of Payments: The amount you will have paid after you have made all the scheduled payments.
