Frequently asked Questions and More
Q) How does Sport Cycle Leasing work?
A) Sport Cycle Leasing leases late model sportbikes to consumers who are looking for the convenience of a lease, the lower expense and the greater options than traditional financing. Our program is all-inclusive, which means you only make one payment and our lease-end options are extraordinary. All of our leases are the preferred “closed-end” type leases.
Q) How much is the down payment? What is the monthly payment?
A) The down payment depends on your credit and the type of bike you choose. As a general rule the down payment (it’s officially called a capital reduction, acquisition fee, first months payment and asset management fee) is $1500 on all new bikes and $1000 on used bikes. The monthly payment varies as well, but for new 600cc bikes they are between $200 to $375 and on a 1000cc bike they are $350 to $400. We will be happy to provide you with an exact quote on any motorcycle, and we are always running specials and incentives for our customers. Our standard lease is 36 months.
Q) How long is the warranty?
A) Every Sport Cycle Lease includes, at no additional cost, a no-cost warranty that extends the manufacturers warranty from 1 year to 3 years, the life of the lease. This is a $900 retail value, included at no additional cost to you. Again, everything is included in ONE payment.
Q) How does the insurance work? What happens if I crash?
A) Officially the program is a replacement policy, not insurance. If you involved in a minor accident, you are responsible for the cosmetic repairs. We have a $1000 deductible, which applies, so if the damage is less than $1000 you have to repair it yourself. However, if your vehicle is deemed a total loss, you only have to pay $1000 for the deductible, and you go get a replacement bike. There is no additional down payment required and you must complete the 36-month lease. The only other cost you are responsible for is your state minimum liability, which we can help arrange for you. The liability only is normally $150-200 per year and is your responsibility.
Q) Do I have to have a motorcycle license?
A) Yes, or a valid learner’s permit
Q) What happens at the end of the lease?
A) You have 4 options at the end of the 36-month lease. 1) You may return the bike to us and assuming it has only normal wear and tear, you walk away. 2) You may continue to make lease payments on the bike for up to 12 additional months. 3) You may purchase the motorcycle for the stated residual value on the contract plus a disposition fee. 4) You may return the 3 year old bike, make no additional down payment and get a new bike. Most people go with option 4, and you must be current on all payments and have no claims to choose this option.
Q) How many miles can I ride it a year?
A) Sport Cycle Leasing does not cap the number of miles you ride in a year, however you are responsible for excess wear and tear at the end of the lease. Normal items, which must be replaced prior to lease-end on high mileage motorcycles: Tires, chains, sprockets, light bulbs, bearings, clutch plates and cables. These can be substantial, so contact us around the 24th month to see if you qualify for a no-fee early-termination and new motorcycle! 75% of our customers can trade into a new bike after only 2 years, and pay no down payment!
Q) I have bad credit; can I still lease a bike?
A) Sport Cycle Leasing is an independent leasing agency; we understand that often what we see on your credit report is not an indication of the situation. We take A+ credit all the way to BAD credit or NO credit. There is a program for everyone!
Q) I found the perfect bike, but it’s used and it’s for sale by an individual, can Sport Cycle Leasing help me?
A) Yes, Sport Cycle Leasing will lease a quality used bike. We require 20% down payment and we will negotiate directly with the seller in acquiring the bike for you.
Q) Can I modify the motorcycle?
A) Modifications are limited to: Slip-on exhaust systems, fuel delivery systems, cosmetic modifications which do not alter the original bodywork, steering dampers, performance chains and sprockets, windscreens, performance tires, lighting. You may not modify in any shape or form: The original OEM bodywork, the tank, the decals on the bodywork, the frame, chassis or any suspension component. A good rule of thumb is if you can change it back to stock at the end of the lease and we can’t tell- it’s okay with us. If you do modify the motorcycle in any way, which damages it, insurance will not cover the loss and you must pay for that out of pocket.
Q) Are there any other costs associated with leasing a bike?
A) You must provide your own motorcycle license; your own liability policy and you are responsible for any state fees or taxes. You must maintain current inspections and emissions testing. Everything else is included in the payment. If you pay cash for the motorcycle at the end of the lease, you must also pay a disposition fee.
Q) What about registration?
A) Sport Cycle Leasing handles registration for you.
Q) Can you provide references?
A) Absolutely, contact our sales staff today to get references.
Q) Can you take trade-ins?
A) Yes. If you owe more than the bike is worth, we can help with that, too.
Q) How do I make my payments, what are my late fees?
A) Payments can be made through credit card, check, money order, paypal or any other certified method. You may also make your payments in person with business check or cash. Late payments are 10% of your monthly payment if received after the 10th day of the month. All payments are due the first day of the month.
