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All of the auto makers are jumping on the “lose your job, bring the car back” bandwagon and it has certainly helped Hyundai who is one of the few companies that hasn’t lost massive numbers in their sales. It is no secret that the motorcycle manufacturers are hurting in a bad way with Harley leading the pack. It is also no secret that Harley’s problem is that they would finance pretty much anyone with a pulse over the last few years and now all those sub-prime loans are killing their finance arm and thus profits. So, how do you get people back in your showroom? Do what the auto companies are doing and guarantee to make your payments and/or buy the bike back if you get laid off. So far this is just one dealer, but I think you see the trend… Really, these programs are just another form of insurance that manufacturers are buying to stimulate sales. I think it is pretty safe to say that you still need to have gold plated credit to qualify. The sub-prime buyers will not be able to qualify for this program. So it should make a positive difference, but not a huge difference.
Enter Starved Rock Harley-Davidson/Buell in Illinois, the first motorcycle dealership to offer such an incentive plan that we’re aware of. The program, provided by WALKAWAY USA, lasts for the first 12 months for free, and after that additional coverage can be purchased that will allow the rider to “walk away” from the loan. Of course, there is plenty of fine print to go over…
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