trading in a finaced bike ?
#1
02-05-2008, 10:40 AM
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trading in a finaced bike ?
Well id like to trade my nightster in for a street bob or wg, can i still do this if im currently financeing my nightster?
#2
02-05-2008, 10:44 AM
Outstanding HDF Member
RE: trading in a finaced bike ?
You can do it, the dealer pays off you current bike and you get a new loan. The thing to consider is that with values being what they are you could end up with negative equity. They'll just tack that onto your new loan which means you're financing more money and then you'll stay in negative equity longer on the new bike.
#3
02-05-2008, 10:46 AM
Elite HDF Member
RE: trading in a finaced bike ?
of course...just like a car loan...they will subtract the amount they give you in trade from the amount you owe and roll that into the new loan...you are prolly gonna be upside down (owe more thanbikes trade in value). so you are gonna be kinda buried on the new bike unless you put quitea bit down
#4
02-05-2008, 10:47 AM
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RE: trading in a finaced bike ?
hmmm i dunno if i want to do this or not, but id really like to upgrade to a bigger bike the payments would probably go up as well am i correct?
#5
02-05-2008, 10:51 AM
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RE: trading in a finaced bike ?
I will probably put 1-2k down on the new bike if i decide to do the trade in
#6
02-05-2008, 10:56 AM
Elite HDF Member
RE: trading in a finaced bike ?
it just all depends on what your current loan balance is on the nightster....call the lender and get a payoff amount, then look up your bike on kelly blue book and get a trade in ball park amount then you'll kinda know where you stand....good luck
#7
02-05-2008, 10:59 AM
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RE: trading in a finaced bike ?
I was gonna do that once, was gonna trad ein my Springer for a toruing bke, needless to say id of lost my *** on the deal & wouldve been paying like $600/mo so I decided to keep the springer & im glad I did lol
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#8
02-05-2008, 11:07 AM
"Seeker of Freedom"
RE: trading in a finaced bike ?
The dealer is likely to only offer you about 6-7K for your Nightster. If you put 2K down on the new bike that gives you about 8-9K in trade+cash.[/align][/align]Loan Payoff -(Tradein+Down Payment) + Cost of New Bike = New Loan amount[/align][/align]example:[/align]You owe 10K on the Nightster[/align]You work a deal for the Street Bob and get $14K[/align]Put Down $2K[/align]Dealer gives you $7000 for your Nighster[/align][/align]10,000-(7000+2000)+14,000= $15,000 [/align]15,000 for 72 months at 7.99% @ $265/month[/align] [/align][/align]and don't forget you'll have to pay sales tax on the difference between trade-in and the cost of the new bike. In the example you would pay sales tax on $7000 which could be around $500 depending on your tax rate.[/align]
#9
02-05-2008, 11:08 AM
RE: trading in a financed bike ?
Don't know your situation with numbers (like what you owe orwhat your bike is worth) but I'd say you're better off selling your bike independently and using whatever cash you have on hand to make up any difference between what you owe and what you sell the bike for. THEN, go and buy a new bike. As you seem to need tofinance the bike, when you do, just finance the bike - don't finance any upgrades (pipes, air cleaners, seats) and/or clothing at the time of purchase. While it won't guarantee not being upside down on the new bike it will sure help if you want to get another bike in a few years.
