Coming into financial torubles may need to sell the bike
#11
04-08-2008 | 09:47 AM
Extreme HDF Member
Joined: Jun 2007
Posts: 12,655
Likes: 17
From: Broken Arrow, Oklahoma
RE: Coming into financial torubles may need to sell the bike
May have to find someone who is willing, and can be approved, to take over your payments just to get out from under it. I'm thinking that would be easier than trying to sell it for more than you'd get.
#12
04-08-2008 | 09:49 AM
Elite HDF Member
Joined: Aug 2007
Posts: 4,722
Likes: 7
RE: Coming into financial torubles may need to sell the bike
In most, if not all places, you can't clear the title and transfer it if the lien is not satisfied. If you have to unload the bike and can't get what you need for it, as-is, you have only a few options. Try to sell the accessories to offset the difference and then sell the bike, take out a note using something else as collateral to cover the difference, or bite the bullet and drop the bike off at the lender and notify them that you won't be able to make any further payments and take the bad credit hit.
I have been fortunate to have never HAD to sell anything. But, early on in my adult life, I did make a bad habit of over-financing vehicles and getting "upside down" and then had difficulty trading or selling them. It makes sense that, since the accessories become part of the bike, why not finance them in with the bike. But, as we all know, you never get credit for those things you've added at resale. That's why I bought mine and financed it bone stock and then started buying accessories afterwards for cash. Realizing that what I've spent after the initial purchase, will probably never come back to me. I do save most of my stock takeoff's, though, so I can remove the accessories and sell them separately and try to get something for them if/when I ever get rid of the bike.
Good luck...
I have been fortunate to have never HAD to sell anything. But, early on in my adult life, I did make a bad habit of over-financing vehicles and getting "upside down" and then had difficulty trading or selling them. It makes sense that, since the accessories become part of the bike, why not finance them in with the bike. But, as we all know, you never get credit for those things you've added at resale. That's why I bought mine and financed it bone stock and then started buying accessories afterwards for cash. Realizing that what I've spent after the initial purchase, will probably never come back to me. I do save most of my stock takeoff's, though, so I can remove the accessories and sell them separately and try to get something for them if/when I ever get rid of the bike.
Good luck...
#13
04-08-2008 | 09:50 AM
Thread Starter
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Road Warrior
Joined: Apr 2007
Posts: 1,737
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From:
RE: Coming into financial torubles may need to sell the bike
ORIGINAL: golfblues
Kind of chilly in this room isn't it?
ORIGINAL: Redmondp
Well, maybe you really didn't need all the add on's. If you left it stock you may not be having this problem now.
I guess we often over-extend ourselve's when owning a HD.
Sorry to hear this but, I don't feel your pain.
What the factory give's me, I take.
Nothing more.
My two cents.
Chow.
ORIGINAL: bgismo20
The problem is I owe More than i can get for it because I financed pipes, bags, windshield, SE stage 1 kit all in the loan. How can i sell it if i owe more than i can get? In MI you cant sell a vehicle unless the lien is gone.....
The problem is I owe More than i can get for it because I financed pipes, bags, windshield, SE stage 1 kit all in the loan. How can i sell it if i owe more than i can get? In MI you cant sell a vehicle unless the lien is gone.....
I guess we often over-extend ourselve's when owning a HD.
Sorry to hear this but, I don't feel your pain.
What the factory give's me, I take.
Nothing more.
My two cents.
Chow.
Kind of chilly in this room isn't it?
#14
04-08-2008 | 09:51 AM
Tourer
Joined: Oct 2005
Posts: 340
Likes: 1
From:
RE: Coming into financial torubles may need to sell the bike
tough crowd.. But it does look like you might be piling in some of your own money to make it happen.. Nothin a part time job cant fix. As for the title.. If you financed through a bank you can meet the new ownwer there and get a letter releasing the lien and itll all be good.
rick
rick
#15
04-08-2008 | 09:52 AM
Thread Starter
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Road Warrior
Joined: Apr 2007
Posts: 1,737
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From:
RE: Coming into financial torubles may need to sell the bike
ORIGINAL: 2007fxdc
In most, if not all places, you can't clear the title and transfer it if the lien is not satisfied. If you have to unload the bike and can't get what you need for it, as-is, you have only a few options. Try to sell the accessories to offset the difference and then sell the bike, take out a note using something else as collateral to cover the difference, or bite the bullet and drop the bike off at the lender and notify them that you won't be able to make any further payments and take the bad credit hit.
I have been fortunate to have never HAD to sell anything. But, early on in my adult life, I did make a bad habit of over-financing vehicles and getting "upside down" and then had difficulty trading or selling them. It makes sense that, since the accessories become part of the bike, why not finance them in with the bike. But, as we all know, you never get credit for those things you've added at resale. That's why I bought mine and financed it bone stock and then started buying accessories afterwards for cash. Realizing that what I've spent after the initial purchase, will probably never come back to me. I do save most of my stock takeoff's, though, so I can remove the accessories and sell them separately and try to get something for them if/when I ever get rid of the bike.
Good luck...
In most, if not all places, you can't clear the title and transfer it if the lien is not satisfied. If you have to unload the bike and can't get what you need for it, as-is, you have only a few options. Try to sell the accessories to offset the difference and then sell the bike, take out a note using something else as collateral to cover the difference, or bite the bullet and drop the bike off at the lender and notify them that you won't be able to make any further payments and take the bad credit hit.
I have been fortunate to have never HAD to sell anything. But, early on in my adult life, I did make a bad habit of over-financing vehicles and getting "upside down" and then had difficulty trading or selling them. It makes sense that, since the accessories become part of the bike, why not finance them in with the bike. But, as we all know, you never get credit for those things you've added at resale. That's why I bought mine and financed it bone stock and then started buying accessories afterwards for cash. Realizing that what I've spent after the initial purchase, will probably never come back to me. I do save most of my stock takeoff's, though, so I can remove the accessories and sell them separately and try to get something for them if/when I ever get rid of the bike.
Good luck...
#16
04-08-2008 | 09:53 AM
Road Master
Joined: Feb 2008
Posts: 829
Likes: 1
From: lakeland fl
RE: Coming into financial torubles may need to sell the bike
Again the answer is to put all the original parts that came with the bike and sell the add ons for some cash.
You *did* keep the orignal stuff didn't you ?
I have a friend that's pretty much in the same boat.
But his bike is giving him some trouble also, so he may have payments and nothing to ride.
So his answer ... trade it in let them finance everything and keep riding.
If it's transportation it don't matter, if it's a luxury investment, I guess it wasn't a good one
kickstart
You *did* keep the orignal stuff didn't you ?
I have a friend that's pretty much in the same boat.
But his bike is giving him some trouble also, so he may have payments and nothing to ride.
So his answer ... trade it in let them finance everything and keep riding.
If it's transportation it don't matter, if it's a luxury investment, I guess it wasn't a good one
kickstart
#17
04-08-2008 | 09:54 AM
Thread Starter
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Road Warrior
Joined: Apr 2007
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From:
RE: Coming into financial torubles may need to sell the bike
ORIGINAL: rickshog
tough crowd.. But it does look like you might be piling in some of your own money to make it happen.. Nothin a part time job cant fix. As for the title.. If you financed through a bank you can meet the new ownwer there and get a letter releasing the lien and itll all be good.
rick
tough crowd.. But it does look like you might be piling in some of your own money to make it happen.. Nothin a part time job cant fix. As for the title.. If you financed through a bank you can meet the new ownwer there and get a letter releasing the lien and itll all be good.
rick
#18
04-08-2008 | 10:05 AM
Ultimate HDF Member
Joined: Dec 2007
Posts: 8,642
Likes: 6
From: Forest Lake, Mn
RE: Coming into financial torubles may need to sell the bike
ORIGINAL: golfblues
Kind of chilly in this room isn't it?
ORIGINAL: Redmondp
Well, maybe you really didn't need all the add on's. If you left it stock you may not be having this problem now.
I guess we often over-extend ourselve's when owning a HD.
Sorry to hear this but, I don't feel your pain.
What the factory give's me, I take.
Nothing more.
My two cents.
Chow.
ORIGINAL: bgismo20
The problem is I owe More than i can get for it because I financed pipes, bags, windshield, SE stage 1 kit all in the loan. How can i sell it if i owe more than i can get? In MI you cant sell a vehicle unless the lien is gone.....
The problem is I owe More than i can get for it because I financed pipes, bags, windshield, SE stage 1 kit all in the loan. How can i sell it if i owe more than i can get? In MI you cant sell a vehicle unless the lien is gone.....
I guess we often over-extend ourselve's when owning a HD.
Sorry to hear this but, I don't feel your pain.
What the factory give's me, I take.
Nothing more.
My two cents.
Chow.
Kind of chilly in this room isn't it?
Gismo, sorry to hear 'bout this chit. Not good anyplace right now. Just really grateful, mine are all paid for. They're old, but owned.Looks likeyou are on board with those who say to part it out, first. That makes sense to me, too. And whatever, know there are boatloads of ppl in your situation right now. The Ol' Man used to jaw at the politicians who would say, "Oh, we MAY be close to a recession." He'd say, BS, a recession is when your neighbor loses their job and house, a depression is when YOU lose your job and house. And right now, I know a lot of good ppl just hangin' on the fence. Keep posting, it helps me some days.
#19
04-08-2008 | 10:10 AM
Tourer
Joined: Sep 2007
Posts: 315
Likes: 0
From: East Texas
RE: Coming into financial torubles may need to sell the bike
ORIGINAL: bgismo20
Im looking for one as we speak but unfortunately MICHIGAN BLOWS! lol Our economy is shot & there are like 200 applicants for any job it seems. Thanks for the info.....
ORIGINAL: rickshog
tough crowd.. But it does look like you might be piling in some of your own money to make it happen.. Nothin a part time job cant fix. As for the title.. If you financed through a bank you can meet the new ownwer there and get a letter releasing the lien and itll all be good.
rick
tough crowd.. But it does look like you might be piling in some of your own money to make it happen.. Nothin a part time job cant fix. As for the title.. If you financed through a bank you can meet the new ownwer there and get a letter releasing the lien and itll all be good.
rick
Here is the best bet for you. File Chapter 11, your rating/credit will suck for 7 years but, in the end you will come out smelling like a rose. It's the American way.
Life sucks but, it's not your fault. We all need to get off our asses and tell them that we run the country. Itmay be too late for that though.
I think I am close to a prospect now.
#20
04-08-2008 | 10:24 AM
Cruiser
Joined: Feb 2007
Posts: 233
Likes: 0
From: Swansboro, NC
RE: Coming into financial torubles may need to sell the bike
ORIGINAL: DannyZ71
May have to find someone who is willing, and can be approved, to take over your payments just to get out from under it. I'm thinking that would be easier than trying to sell it for more than you'd get.
May have to find someone who is willing, and can be approved, to take over your payments just to get out from under it. I'm thinking that would be easier than trying to sell it for more than you'd get.
I forgot to add: Kudos for realizing that the bike might have to go... All too often it seems people skip onmore important financial obligations in an effort to keep the "toys"...