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Motorcycle Refinance: “Bob Harley” Case Study

Motorcycle Refinance: “Bob Harley” Case Study

How to a Refinance a Motorcycle in a Storm with Good Service

At Innovative Funding Services, we strive to provide excellent service to everyone who reaches out to us, but sometimes there are special circumstances that make customer service even more critical to our work. This is the auto refinance story of one of our long time Finance Advisors, Manager David McIlvain, and a motorcycle owner we will call “Bob Harley.”

Why is this Case Different

  • It’s a motorcycle refinance, which is less common. We work with one lender, and we do the titling.
  • Bob Harley lives in Wisconsin, a community property state.
  • Bob’s brother is a co-owner on the title and lives in a different state.
  • There are some misunderstandings and frustration.
  • And there is a winter storm brewing.

Car in Winter Storm

The Backstory of “Bob Harley”

Bob Harley applies using our online loan application. His goal is to not only refinance his Harley Davidson to get a lower rate, but also to remove his brother from the title – and fast. He has good credit, but a high-interest rate typical of motorcycles funded with a dealership, and a monthly payment coming due. Don’t forget, there’s an epic winter storm in the works.

What Makes this Case Remarkable

Time was important to Bob, and despite a few snags, Dave was able to keep the process moving. For the most part, the loan process from application to funding can be very quick – bam, bam, bam – but some of Bob’s case took extra time and effort.

Read on to see examples of both:

  • Saturday, Feb. 14th: Bob applies online. The process is rolling.
  • Monday, Feb. 16th: We begin collecting information required by the lender to fund the loan, one of which is the brother’s social security card.
  • Monday, Feb. 16th: We get the approval and share the good news with Bob.
  • Tuesday, Feb. 17th: Snag – the Wisconsin DMV website indicates we need the brother’s Social Security card.
  • Wednesday, Feb. 18th: Bob decides to pull his application because he cannot get the brother’s Social Security card. Bob is frustrated.
  • Thursday, Feb. 19th: David McIlvain saves the deal, taking extra time and care to explain the banks’ requirements. It turns out, we can proceed without the brother’s information. Because Bob lives in rural Wisconsin and does not have a printer, he requests we FedEx the loan documents instead of emailing them.
  • Friday, Feb. 20th at 2:30 pm: Bob changes his mind and requests the loan documents be emailed, Friday,
  • Friday, Feb. 20th at 4 pm: David walks Bob through loan documents. Bob sends the documents to his brother for signatures.
  • Wednesday, Feb. 25th: Since Wisconsin is a community property state, we need an additional signature indicating Bob is not married.
  • Thursday, Feb. 26th: The new lender funds Bob’s new loan. As typical, the pay-off is set for 3 days later.
  • Tuesday, March 3rd: The year’s biggest winter storm is in full swing, and Bob’s payoff, traveling via FedEx, gets stuck in Memphis. Bob is concerned because he has a payment due.
  • Monday, March 9th: Harley finally receives the payoff from FedEx in Chicago.
  • Tuesday, March 10th: The transaction is complete, and the deal is done!

The Results of Good Service

We were able to not only beat the clock – and the weather – to refinance Bob’s Harley, but we were also able to remove his brother from the title across state lines and cut his new monthly payment by $110.

Bob had this to say:

Hi David,

Thanks again for all your help with this process, etc.!!  I truly do appreciate it!  You went above and beyond normal expectations in my opinion, and I appreciate it very much!  I’ve logged into my Harley account this morning and see they finally posted the payment late yesterday for the amount of $8,868.16. Thanks again for all your help, it was nice doing business with you!  Have a wonderful day! 

Best Regards,

“Bob Harley”

Whether you need to refinance a car or motorcycle, we look forward to working just as hard and fast for you. Learn more about refinancing your motorcycle or car now.

Jennifer Bonessi

Jennifer is a blogging mom of three who loves her dusty minivan. "Its the closest thing to a spaceship I'll ever drive!" She writes for IFS and a variety of other niche publications.

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