A company named Chrome Capital of Naples, Florida is offering a new concept that Harley-Davidson’s Financial Unit doesn’t propose. If you don’t qualify for a loan on new Harley model, Chrome Capital will write you a lease on a used one. The company works with about 400 Harley dealers (but not with the Harley-Davidson company) eager to move more used bikes.
It works this way. A customer picks out a used Harley from a Harley dealer. Chrome Capital buys the bike from the dealer, and then leases it to the customer. About 75% of the time, at the end of the lease, the customer either extends the lease or purchases the bike. But the rest of the time, Chrome still owns the machine.
Chrome Capital’s CEO Peter Wasmer says that “leases are being written for people who couldn’t afford to buy a Harley and might not otherwise be riding a bike at all. Leases make sense for Harleys because they are quite expensive, retain a good value and because owners who would like to upgrade every 2 or 3 years and who are locked in a Harley Financing 60 to 72 months long can’t do it because they are upside down with a bike value below the loan amount”
Chrome Capital states that they have helped 2,500 riders lease a used Harley since beginning the lease program two years ago.
Will Harley-Davidson through its Financial Unit add soon a lease program to its existing line of financing options and insurance? (photography @ Harley-Davidson)
May work for those riding only a few months because of winter weather. Limited number of miles authorized by lease and possibly lower insurance premium on a used bike.
If you are denied a loan by HD financing, you should not try to buy or lease by other sources of financing. It’s above your means. If you qualify only for a 5 or 6 years long loan, same thing. You should not buy because it’s above your means and you are going to be upside down (ref. real estate)
If you lease, you can’t customize your bike…or you lose all the value of your custom parts at end of the lease.
Lease never make sense, except if you do it via your own corporation and deduct the lease payments from your business income.
Leases are for those living above their means. Make you access to the car or motorcycle you want, but your cost of renting his higher at the end of the lease than if you bought for the same period of time.
People already forgot the 2008/2009 crash? If you can’t buy cash, don’t buy with a loan anything losing value every day.
if you think you can afford a couple hundred dollar a month payment but can’t get financed…try sucking it up for a year or two and save a couple hundred a month. You’ll have a nice down payment and you’ll get a much lower interest rate with your improved credit.
Financing used if a new bike is out of reach makes perfect sense . Leasing a used bike makes zero sense for either the customer or the institution offering the lease .Especially for the institution if the customer is unable to qualify for conventional loans [shades of subprime leasing ? ] ; A bit of financial wisdom when it comes to leasing . Leasing only makes sense when you can afford to purchase the new vehicle [ car truck or M/C ] outright .. are leasing ‘ premium ‘ and have a better use for your money [ investments ] as well as a habit of getting new vehicles every three years or less .
Just a quick clarification: Chrome’s lease program has unlimited mileage and the predominant credit scores are prime. They offer $0.00 due at signing for prime. Also, the lease typically means someone who thought they could only afford a Sporty or Wide Glide, end up on much larger bike. Very straightforward program for anyone who wants to ride. A solid option for frequent traders, new riders, women, too.
You guys should all run for office, very logical responses here
I think that leasing HD’s is a pretty good idea. Chrome Capital is going to be the market test used by HD to decide to offer the same services…with a twist or bonus.
Doesn’t sound like a good idea to me
Cars or Cycles
But there are people who “Just Gotta Have It” !!!
So, i guess this could work for them, maybe ????
Bob S, I agree, but these days people have to have everything now- whatever it takes. They have no patience.
Sad ! ! ! part of the buzz of a new bike is the dealer handing you the keys.
Knowing it is yours and going for that first ride, listening to it cool down and the smell O’ the smell of a new motor. Best smell there is !!! full stop.
I bought my first new HD in 83 and it is a day I cannot think about without grinning.
Buy the life style, hire the bike, get some tats and you think your a tough guy !
Sad Bastards, You really should feel sorry for them…………………………………………..na
The Motor Company does not allow new bike leasing. Chrome Capital is an alternative to Eaglemark, the C & D tier HD finance option. I’ve seen people roll out on 60 months at 27%. They pay for the bike about two and a half times! Nothing like chrome lust to blind someone.
Yes you can get done below 600 beacon score, but it will sting a bit.
There’s also a company in Texas that will lease pre-owned metric bikes.
if you can’t get financed by HARLEY as “creative” as they are you probably should find another “hobby”
Leasing makes sense to many, not just those who can write off the payment as a business expense. And the cost difference of lease vs buy is negligible. Why would anyone want to invest all cash for an outright purchase? Certainly cash invested elsewhere can perform far better than investing it in a depreciating asset. The sound financial rule of thumb is: If it appreciates, buy it. If it depreciates, lease it.
First I think leasing is a good idea for a couple of reasons , I can always turn it in and go into a new bike. 2nd it is not have to have now attitude , its i’m not going to live forever attitude.
And as far as crash of 08& 09 , when it happens again and it will , Your job may not be there , So i would rather have a $200 payment instead of $380 per month. It builds your credit at the same time as
to a point that you can purchase that new bike.