that can be purchased on the loan but I didnt think it had anything to do with regular insurance.. ?????? Matter of fact when I died (massive heart attack) and they brought me back but didnt even know if i was gonna make it my wife and the oldest step daughter talked about her taking over my truck as Sue couldnt handle everything . I didnt have the insurance on the loan to pay it off if i passed away..

 

Don't you remember, the messiah picks up the tab depending on "If the man had his boot across your neck."

 

That type of insurance is called Credit Life and Disability insurance. It's offered on most all loans but it costs you more per month on your payment. Just another way for the insurance companies to make money. If a person has life insurance you don't need this. Everyone situation is different.

 

Buy a bike,boat,car or whatever knowing that it is going to be repoe'd??
How fing stupid is that!
Sorry guys but I have worked too hard to earn and maintain a good credit score. Remember several times when Ramen noodles were dinner so that the payments could be made.
Tough times we live in.

 

Years ago, had a 1996 FLSTF. 5 year loan. I had some very difficult times over those years. I always made my payment. I lived in fear of getting repo'd. I (somehow) managed to make the payments. 2 months after it was paid off, I sold it. Had to. Really had no choice. The day the new owner rode it away.....sucked. That was 2001. Swore I would never do that again. Things have changed. Took 7 years. Walked in and purchased a "used " 07 Cop Road King with 2000 miles on it. Paid cash. The repo man can look someplace else. I am not going down that road. For those people that find themselves in tough situations beyond their control...I sympathize. Been there, done that. Not wearing the t-shirt. For those that are playing games.....good luck.

 

I started reading this thread and straightaway thought the same thing as Our07Ultra. Why on Gods green earth would you walk into a dealership with the sole thought of defaulting on the loan? I too have worked hard all my life trying to maintain good credit. Heck I was one of those lucky folk that got 48 months no interest on my '09 Dodge Ram. But seriously when the salesman at the Dodge dealership showed me the credit screen, my girlfriend nearly fainted at my credit score. She couldn't believe I was so much higher than her score. My name had the only green arrow pointing up, and showed an A+ for the approval. All the other names had either yellow or red arrows and c, d or f ratings. Not tooting my own own horn, but to default on purpose is not only stupid but costly later when applying for a different loan. It just raises your interest rate up, if you can even get another loan. And for what a few months/days even of riding a Harley. No way. Sorry. Can't see it. Not to mention how embarrassed I'd be if a Repo guy pulled up in front of my house. If I knew I was going to get repo'd I'd of just riden the bike to the dealership and said here ya go.

 

As to the question about how much these bikes bring at auction, the ones I've been to it totally depends on how many guys show up to buy, sometimes they bring close to retail and sometimes they go cheap. It seems that today not as many guys have cash to buy 2 or 3 bikes to try to re-sell, so that said if you have some cash its a great time to go to auctions and buy. I bought a nice 03 Ultra for $6K a few months ago. I'm sure some guy was left with $6K+ left on a loan balance somewhere. Kinda sucks if you are really trying and lose your bike due to this suckie economy that we are living with/in.

 

As to buying a repo'd bike....I'll pass. Growing up, my Dad's business was next door to a large repo company. The total abuse heaped on some of these vehicles was amazing. Maybe you get lucky and get a clean one from someone who fell on hard times, but maybe you get one from some luser expecting to default after riding for a summer. Imagine the 'care' they would give something they know they won't be having to care for at all....I'll pass, and pay cash for things like playtoys. My good credit is hard earned....

 

I know of a couple who have every toy imaginable. Harley, boat, RV, jet skis, Jeep. She is a waitress and he is a maintenance guy for the school district. They have 3 kids. I've known them for years. When they want something, they buy it. She has rolled over car loans to trade up. Then they refi the house to pay off the vehicle loans. Nice people, hard working, but this is in the So. Calif area and living here isn't cheap. They just don't think that far ahead.
I think there are a lot of people like them. But one small downturn, and everything they own could be gone.

 

Harley sent the repo man out for a $10 late fee.... i was late once in the last 2 years.