Opinions needed...Letting a bud make payments on bike?
#22
04-10-2008, 10:42 AM
RE: Opinions needed...Letting a bud make payments on bike?
i see this on peoples court all the time. the bike gets wrecked then they stop paying and yourouteverything including the friend. if he wants to make payments,you keep the bike in hand until paid in full otherwise no way never do not do it. enough said.
#23
04-10-2008, 11:04 AM
Ultimate HDF Member
RE: Opinions needed...Letting a bud make payments on bike?
Sure with $14K down. I'd even give him a low 3.9% financing on the rest of the loan.
#24
04-10-2008, 11:10 AM
Ultimate HDF Member
RE: Opinions needed...Letting a bud make payments on bike?
Bad idea for all the reasons that have been given...a friend wouldn't ask you to do it...and if you tell him NO, you'll probably find out real quick what kind of friend he is...
#25
04-10-2008, 11:18 AM
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RE: Opinions needed...Letting a bud make payments on bike?
Friendship is friendshp and business is business, Are you a bank? If he can make payments to you he can make payments to a Secured lender. This is a very bad idea. The only way I would even consider it would be to retain posession of the bike until it is completely paid for. Too many things that can happen. Just my .02
Tim
Tim
#26
04-10-2008, 11:22 AM
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RE: Opinions needed...Letting a bud make payments on bike?
Thanks for the comments folks. I agree. Tough situation to be in but I told him I would consider it. Hell, I still dont know if I am going to get a new ride or not yet.
#27
04-10-2008, 11:29 AM
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RE: Opinions needed...Letting a bud make payments on bike?
ORIGINAL: JBaker421
You've got to be kidding? Are you set up to be the loss-payee on his full coverage ins? Are you prepared to instantly repo the bike the first time you get a notice that his insurance is cancelled for non-payment or any other reason?
Are you covered in the meantime in case he wrecks it with no insurance, before you get the notice?
Are you prepared to take the bike back with a blown engine and fix it if by some fluke it goes?
This guy has used up everyone else and now he wants to use you. You ain't a bank, and if you were, you already said you wouldn't loan to him.
He needs to get his life together before he thinks Harley.
WTF??
You've got to be kidding? Are you set up to be the loss-payee on his full coverage ins? Are you prepared to instantly repo the bike the first time you get a notice that his insurance is cancelled for non-payment or any other reason?
Are you covered in the meantime in case he wrecks it with no insurance, before you get the notice?
Are you prepared to take the bike back with a blown engine and fix it if by some fluke it goes?
This guy has used up everyone else and now he wants to use you. You ain't a bank, and if you were, you already said you wouldn't loan to him.
He needs to get his life together before he thinks Harley.
WTF??
PLUS, if you think you can fudge it and just say he was "borrowing" it your insurance will drop you like a rock if you tried to claim a loss and they found out you were taking payments on a pending sale.
If he's that good of a friend have him get a loan and offer to co-sign for him.
#28
04-10-2008, 11:39 AM
RE: Opinions needed...Letting a bud make payments on bike?
I would tell him that it would be nice if you could BUT you could find yourself in alot of trouble if he had a bad accident and your name was on the title as owner. Too many loopholes. I wouldn't do it.
#30
04-10-2008, 11:44 AM
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RE: Opinions needed...Letting a bud make payments on bike?
I do it this way once you made the last payment you can come over and get the title and the bike at the same time. not any takers for some reason.