Coming into financial torubles may need to sell the bike
#41
04-08-2008 | 11:04 AM
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Road Warrior
Joined: Apr 2007
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RE: Coming into financial torubles may need to sell the bike
THanks folks! You guys have talked me off the ledge, im gonna bust my *** & get a PT or 2 if need be & get enough money to pay off my debts, instead of losing my *** on them....You guys were great, thank you, have a good day!
BG
BG
#42
04-08-2008 | 11:04 AM
Road Master
Joined: Nov 2006
Posts: 1,015
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RE: Coming into financial torubles may need to sell the bike
ORIGINAL: carpetride
Do you have a good insurance policy on the bike?
youmight just have to get the thing stolen [sm=confused06.gif]
Do you have a good insurance policy on the bike?
youmight just have to get the thing stolen [sm=confused06.gif]
I thanked him and told him I was not interested. It was nice of him to ask me first!
#43
04-08-2008 | 11:06 AM
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Road Warrior
Joined: Apr 2007
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RE: Coming into financial torubles may need to sell the bike
ORIGINAL: OldFenderGuy
Yeah, but depending on how much is still owed on the bike "taking over, or refinancing the loan" could be a problem.
Because of the current economy many banks are not handing out, or approving loans for luxury items as quickly as they did in the past.
Most financial institutes use the NADA Guideline Prices when considering a used vehicle loan, instead of the Kelly Blue Book prices which many realize are inflated.
I checked the NADA values for a 2005 Springer Classic, with optional windshield, saddlebags, and performance street exhaust, and they show a Low Retail value of $10,120, and an Average Retail value of $13,227. Unless you have a long standing relationship with a bank I doubt if they would want to carry a loan for more than the Average Retail value shown in the NADA Guide.
ORIGINAL: whaap
It's a long shot but a possibility. If you can find someone who will take over your payments it's a matter of taking that person to your lien holder (bank), having him fill out a loan application and if he's approved your problems are over.
It's a long shot but a possibility. If you can find someone who will take over your payments it's a matter of taking that person to your lien holder (bank), having him fill out a loan application and if he's approved your problems are over.
Because of the current economy many banks are not handing out, or approving loans for luxury items as quickly as they did in the past.
Most financial institutes use the NADA Guideline Prices when considering a used vehicle loan, instead of the Kelly Blue Book prices which many realize are inflated.
I checked the NADA values for a 2005 Springer Classic, with optional windshield, saddlebags, and performance street exhaust, and they show a Low Retail value of $10,120, and an Average Retail value of $13,227. Unless you have a long standing relationship with a bank I doubt if they would want to carry a loan for more than the Average Retail value shown in the NADA Guide.
#44
04-08-2008 | 11:07 AM
The Schlong Man
Joined: Mar 2007
Posts: 3,772
Likes: 4
From: Nantucket
RE: Coming into financial torubles may need to sell the bike
IFyour finance company is willing to let someone assume your loan (which I doubt), they will simply add the new person to you as co-borrower. NOT likely you will be removed from liability.
#45
04-08-2008 | 11:11 AM
Elite HDF Member
Joined: Feb 2008
Posts: 3,817
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From: Novi MI
RE: Coming into financial torubles may need to sell the bike
ORIGINAL: bgismo20
Kind of, I was hurting a little bit but my mortgage company mis guessed my property tax payment so we were paying WAY TOO LOW this whole year, they were off by almost $3000 so our mortgage went up from $1000 to about $1350/mo, wasnt prepared at all, we are currently trying to refinance, we'll see hopw that works, i am certainly looking for a PT job & have some interviews this weekend, we shall see how it goes...
ORIGINAL: kato1964
Not sure of the cause of your financial troubles, but sorry to hear about it. Before you go selling your bike at a loss, have you looked in to getting a part time job to help make ends meet, until the crisis passes? Not exactly a fun idea either, but better than selling your bike at a loss. Could also help with the financial crisis. I'm working under the assumption the crisis has been caused by spending more than you make, not by loss of your primary source of income. Not making accusations. I've been there myself. My wife and I bit off WAY more than we could chew when we were younger. Considered filing bankruptcy a couple of times, but I was raised to take responsibility for what I do. I got myself in to the hole, I was going to dig myself out. It sucked, and didn't give me a lot of free time, but I picked up a part time gig on weekends, which helped pad the bank account long enough for things to even out. Once the crisis had passed, and I'd vowed to myself I'd never allow it to happen again, I gave up the part time gig. Just an idea. Whatever you do, I hope it works out for you.
Not sure of the cause of your financial troubles, but sorry to hear about it. Before you go selling your bike at a loss, have you looked in to getting a part time job to help make ends meet, until the crisis passes? Not exactly a fun idea either, but better than selling your bike at a loss. Could also help with the financial crisis. I'm working under the assumption the crisis has been caused by spending more than you make, not by loss of your primary source of income. Not making accusations. I've been there myself. My wife and I bit off WAY more than we could chew when we were younger. Considered filing bankruptcy a couple of times, but I was raised to take responsibility for what I do. I got myself in to the hole, I was going to dig myself out. It sucked, and didn't give me a lot of free time, but I picked up a part time gig on weekends, which helped pad the bank account long enough for things to even out. Once the crisis had passed, and I'd vowed to myself I'd never allow it to happen again, I gave up the part time gig. Just an idea. Whatever you do, I hope it works out for you.
#47
04-08-2008 | 11:07 PM
Road Captain
Joined: Jan 2008
Posts: 502
Likes: 1
RE: Coming into financial torubles may need to sell the bike
Check out www.daveramsey.com. He's the fricking man.
#48
04-09-2008 | 12:31 AM
Road Captain
Joined: Jul 2007
Posts: 608
Likes: 1
From: Scottsdale, AZ
RE: Coming into financial torubles may need to sell the bike
I'd pull some of the good extra's off and replace with CHEAP stuff (hopefully you got the stock stuff yet) and make a few extra bucks...good luck.
#50
04-09-2008 | 03:22 AM
Tourer
Joined: Jul 2007
Posts: 390
Likes: 0
From: Grand Rapids MI
RE: Coming into financial torubles may need to sell the bike
If your behind on the payments sometimes the bank will approve a sale less than what is owed but it would be a hard sell. You can sell it but you will have to come up with the remaining balance to get out from under it. I had a car that was done that way, it wasn't pretty but after it was all said and done I was out from under it and my credit remained intact. I think it was worth around 9K and I owed 15K, it hurt but I washed my hands of that Lemon..................