Yamaha Financial Services

[DamMechanic]

Has anyone received a letter from Yamaha stating they are changing where your payment is going to? I have received 3 different letters from them. One asking for my bank account information but the wrong account number was on it, another one with the correct loan number but not asking for my bank account info and another stating my payment is passed due and I need to pay right away.

All were sent on the same day. Two of them were on colored stationary and one was black and white.

My payment is automatically paid every month so I checked my bank and it was paid.

Is this a scam?

 

[Sierra1]

I got something the other day from Yamaha Financing. I thought maybe they were trying to entice me to buy another/new bike. Since my bike is payed for, and I'm not interested in another bike....I threw it away. Didn't even open the envelope.

 

[Arkyrider]

Since you verified the payment was made thru your bank I would suspect it’s a scam. You could call Yamaha and ask them about it.

 

[Cycledude]

Yes it’s most likely a scam, contact your bank to verify not Yamaha and don’t trust anything on that paper you received in the mail.

 

[Cycledude]

If you do finance you are most likely better off financing through a bank or credit union, if you take the information from Yamaha or most any car manufacturer to a bank or credit union they are usually very anxious to show you exactly how and why a loan from a bank or credit union is cheaper.
Fortunately i haven’t needed to finance anything since the 70’s .

 

[Clawdog60]

#1 CU now. Didn’t start that way with dealership. Long not enjoyable story I’m trying to forget. Could have paid cash; chose not to.

 

[Clawdog60]

The things one does to get a deal. Ha.

 

[AVGeek]

I remember seeing something about Yamaha finance the other day on the YXZ Facebook group. As I recall, Yamaha sold this persons loan to another financial institution, so there may be something going on there.

 

[socalstrom]

It’s legit. The synchrony bank Yamaha was using folded and Yamaha financial took over the loan. I verified with my dealer who was inundated with phone calls. It was not expected so account numbers, balances etc. have been getting messed up. I have been on hold trying to talk to someone at Yamaha, but have given up after an hour both times. Calling synchrony it just says they are closed.

 

[DamMechanic]

It’s legit. The synchrony bank Yamaha was using folded and Yamaha financial took over the loan. I verified with my dealer who was inundated with phone calls. It was not expected so account numbers, balances etc. have been getting messed up. I have been on hold trying to talk to someone at Yamaha, but have given up after an hour both times. Calling synchrony it just says they are closed.

Yep, just found out the same thing this morning. I called at 6am and only had to wait 25 minutes on hold. I’m cutting a check tonight and just going to pay it off. What a mess they have going on.
I was even more pissed yesterday when I got a letter stating I was past due when I knew I wasn’t and call this morning and they tell me I’m not past due. A new bank scam I guess.

At the time I purchased my bike, Yamaha was offering 1% financing so I went through them instead of my CU. Not again.

 

[Sierra1]

Then it's probably not a scam, just a cluster f**k. Still doesn't explain why I got a letter. I think I've used Synchrony in the past, but not for the bikes.

 

[Clawdog60]

Glad I didn’t go the yamaloan route

 

[Clawdog60]

Synchrony is that a bank started by Sting?

 

[ErraticAKn]

Guess I better update my payment information... eeeergh

 

[ErraticAKn]

Guess I better update my payment information... eeeergh

It was easy enough to take care of. 1st letter said welcome to the new YMCF site of 1st Associates. 2nd letter said they made a mistake on the account number. and welcome to the YMCF site of 1st associates with corrected account number. 3rd letter said I was 1 day late on payment and should get right on fixing it. took 3 minutes to add auto pay.

 

[DamMechanic]

Were you able to just log in to your account or did you have to wait on hold for hours?

 

[ErraticAKn]

Were you able to just log in to your account or did you have to wait on hold for hours?

https://yamaha.1stassociates.com

logged right in with the new account number (they just added 'YM-' at the beginning) on the form and the last 6 of my SSN for the pass. Pretty basic - did NOT give the option to change password despite the letter from Yamaha saying it would be possible. Setup recurring payment - done.

 

[lddave]

Received letter from the new company that took over the yamaha loan servicing stating I was overdue. My credit unit showed payment had been processed. Called several times on hold one time for over an hour , no one ever answered. Received a reply to email stating might takes several days to work thru the backlog . Received second letter giving correct info on online account info.
I went with Yamaha finance because my credit union wanted 8% since they considered motorcycles as recreational . Yamaha had 3.9% for 36 months , could have paid cash but my money is making more then the 3.9 that Yamaha charged me.

 

[KizerYSTY]

I received one too. Called the bank, and they confirmed it was a scam. So, never mind. I'm actually lucky to have a friend who works as a Mortgage Broker Doncaster, but actually, he used to work at a bank, and he's aware of this type of scam. So, as I've said, don't pay attention to it and just call your bank. I guess if you had any changes, your bank would warn you about it. But I think it was wise of you to ask this question here. I actually really love this place for exchanging advice. I find it very useful. Thank y'all, guys. Cheers.

 

[RCinNC]

Unless I'm the one who initiated the transaction (like making an online payment through an insurance company's customer portal. for example), I get instantly suspicious of anyone asking me for my bank account information. If you were making electronic payments to the original loan holder from a bank account, and that original loan holder sold your account to a new institution, then I have to think that the new institution would already have all of your account details, payment history, bank account info, payment methods, etc. If they didn't have your bank account information, why would they be asking about for it, unless you were setting up an online payment account? They don't need that information; all they should care about is that you're making timely payments on your loan. I'm not an expert on financing and I've never financed one through a dealership, but why would the holder of a loan want to know what your bank account number was?