Yamaha Motor Finance

[SCSX190]

I paid off my Jet Boat on May 5th and Yamaha Finance has no idea when my Title paper work will be processed. Every time I call they have no update and tell me to call back. I have escalated 3 times in 2 weeks with no response from the Title department.

Edit: I got a call from Yamaha and they will be processing my Title next week.

 

[Beachbummer]

Complain to CFPB and your state agencies. Won't resolve it right away, but it will be painful for them eventually.

Also it helps to document your concerns in writing so there is no discrepancy later on when they knew what.

 

[SCSX190]

Edit: I got a call from Yamaha and they will be processing my Title so I will be shutting down the Facebook page.

 

[Robconn]

I paid off my Jet Boat on May 5th and Yamaha Finance has no idea when my Title paper work will be processed. Every time I call they have no update and tell me to call back. I have escalated 3 times in 2 weeks with no response from the Title department. The new owner can't get the boat registered/titled without the paper work from Yamaha so we now need to get an attorney to go after Yamaha. Make sure you factor in attorney fees when purchasing a Yamaha because Yamaha will just tell you to call back later and hang up on you after they get paid.

I have started to record my phone conversations with Yamaha and will post them on my new Facebook page dedicated to Yamaha Motor Finance.

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The transition from synchrony bank to Yamaha finance was not a smooth transition either. Signed up for automatic withdrawals and was simultaneously being billed via mail. In order to avoid late payment went ahead and paid by phone, next day the automatic payment kicked in. Caught it just in time but took 1 hr plus on phone to resolve. I feel your pain. Didn’t like that they went back on their promotion of trading in boats either. To me, it’s nothing short of a bait and switch scam in order to increase sales. Shameful!

 

[David D]

I paid mine off 60 days ago and STILL waiting after repeated promises that it was "in process", "will be done in 48 hours", "has been escalated to management", etc. Beware -- do not finance your boat through these guys. I have two service reps on hold now for over an hour each waiting to be connected to a supervisor who "is expecting your call". Worst service experience in my life -- and I'm old.

FURTHER, if you look at your payment invoice (also confirmed by customer service), if you pay more than your payment due, it does NOT go to principal. Instead, it goes toward the next of your 6 scheduled payments. Only then does it go to principle "unless you request otherwise".

These guys are incompetent at best and crooks at the worst.

Apparently the back story is that they didn't like Synchrony because they didn't have online service. So they took it on internally and weren't prepared. No excuse. Most of this isn't rocket science. It's 2020 -- not 1986.

 

[David D]

BTW, how can these thread be more visible so that more than a few of us are aware of the issues? I'd hate for another Jetboater to fall into this trap when there are other lending options, albeit at a market, rather than promotional, interest rate.

 

[David D]

Edit: I got a call from Yamaha and they will be processing my Title so I will be shutting down the Facebook page.

Did they really do it? I've been told countless times that they're working on it and I should have a certified letter in 48 hours. All I need is for them to go online with our state and release the lien. I can get a title myself. I don't use the word "hate" much, but my hate for YMF is very high right now. Fortunately, I have a (so far) patient buyer for my boat.

 

[David D]

... About that Facebook page ... ... any interest in reopening it?

BTW ... sorry for the blast of posts ... been on hold for an hour and 15 minutes

 

[John_D]

Who is the problem here, Synchrony Bank or Yamaha Finance. I'm getting ready to purchase and finance through Yamaha.

 

[David D]

Who is the problem here, Synchrony Bank or Yamaha Finance. I'm getting ready to purchase and finance through Yamaha.

Seriously, don’t go through Yamaha. Synchrony says that Yamaha moved from them. The new provider works on behalf of Yamaha (and other companies). Their (supposedly confidential) claim is that Synchrony didn’t help at all during the transition, just “dumping boxes of paperwork”. So it’s hard to tell who is at fault. But one thing is clear: No one has fixed it after months of issues. Until it’s fixed, I would finance elsewhere, even at a higher rate.

 

[John_D]

Seriously, don’t go through Yamaha. Synchrony says that Yamaha moved from them. The new provider works on behalf of Yamaha (and other companies). Their (supposedly confidential) claim is that Synchrony didn’t help at all during the transition, just “dumping boxes of paperwork”. So it’s hard to tell who is at fault. But one thing is clear: No one has fixed it after months of issues. Until it’s fixed, I would finance elsewhere, even at a higher rate.

Thank you

 

[SCSX190]

Did they really do it? I've been told countless times that they're working on it and I should have a certified letter in 48 hours. All I need is for them to go online with our state and release the lien. I can get a title myself. I don't use the word "hate" much, but my hate for YMF is very high right now. Fortunately, I have a (so far) patient buyer for my boat.

Yes, I got a call form the Head of Yamaha fraud on a Saturday morning because I went thermonuclear and I am a real pain in the ass when I get pissed off. I got my paperwork the next business day via FedEx overnight.

I once pissed of a group of Russian or Asian hackers so bad that I would get gifts sent to my house that were purchased with stolen credit cards for 3 years after I created an email clone army and abused those losers.

The financial arm at Yamaha does not have access to the title paper so you are talking to the wrong people, When you call the number you are talking to billing not the title/collateral department. I started emailing different departments and eventually got a call from the Head of Fraud. I will see if I can find the email addresses I used and update this thread.

Here are some emails to try but be nice and explain your situation. In my case I needed to get the title paperwork because I sold the boat and the new owner needed it to register the boat.

ymfus_title_department@yamaha-motor.com
ymfus_collateral_department@yamaha-motor.com
watercraftemail@yamaha-motor.com
yamahafinancialservices@yamaha-motor.com

 

[g2griz]

We bought our boat in May and financed through Yamaha. i went online and set up autopay. This month two bills arrived in the mail for the July payment, about a week apart. Neither indicated that autopay was active although the web site confirmed it was. After the second letter I called and customer service confirmed autopay was in effect. Sure enough the payment occurred on time (about a week ago). Today I got yet another paper bill for the July payment. And now when I go to look at my account on their website I get an inactive page for a Yahama credit card account.

We plan to pay the loan off early next year. It won’t be too soon as I definitely don’t trust these jokers.

 

[David D]

... got two more levels up in the organization ... was supposed to hear back from them Monday ... nothing. Still waiting ... calling back tomorrow. Saying these guys suck is an understatement. Spoke with our State Attorney General's office today -- they'll be working that complaint; consulting my attorney now. Ridiculous.

 

[John_D]

I just financed our new boat with Yamaha Finance and couldn't have gone smoother. I did some research after reading some of the posts and learned that when Yamaha terminated their contract with Synchrony Bank, Synchrony Bank instead of transferring all the files electronically, they dumped all the paper documents into boxes and delivered them that way. This would explain why paperwork and titles are difficult to locate. I know this doesn't make it any easier for you guys that are in limbo right now and I'm not taking sides here just trying to shed some light on why there is all this confusion. For those of you who are thinking about litigation, I would for sure include Synchrony Bank. Just my two cents for whatever its worth.........

 

[David D]

Hopefully the new servicing company will do better with new loans than they are with transitioned loans. They still haven’t processed my lien release, although they claim they found the title on 7/17.

 

[John_D]

Not really understanding a new servicing company. Yamaha is doing their own financing and caring the paper.

 

[Maccam26]

They could easily apply for duplicate titles if they are having such a hard time locating them.

 

[ShesCrafty]

T

Not really understanding a new servicing company. Yamaha is doing their own financing and caring the paper.

This is incorrect. A third party, First Associates, is handling all the administration/account management for Yamaha - billing, receivables, lien releases, etc.

It’s been more than six months since the transition. And it has been a nightmare.

I see other comments about how Synchrony handled their side of the transition... and that matters not. If they sent all account information in boxes, then they weren’t contractually bound to transfer data in a more efficient way.

It’s a bad dream.

 

[John_D]

T

This is incorrect. A third party, First Associates, is handling all the administration/account management for Yamaha - billing, receivables, lien releases, etc.

It’s been more than six months since the transition. And it has been a nightmare.

I see other comments about how Synchrony handled their side of the transition... and that matters not. If they sent all account information in boxes, then they weren’t contractually bound to transfer data in a more efficient way.

It’s a bad dream.

I agree