Happy Holidays folks!

My wife and I were recently forced into bankruptcy (along with practically everyone else) and included in our debts is our beloved 2007 Fatboy. We were told by our attorney that as long as we continued making the payments, we could keep the bike. YAY right? well… We recently received a letter from Harley Davidson (called a reaffirmation) which is basically a “new” contact allowing us to re-agree to the terms of the loan essentially putting us back into contractual debt.

We, along with our attorney do not plan on signing the agreement for many reasons but by not signing, Harley can technically come and take our bike regardless if we are current on the payments or not.

My question is, do you or do you know anyone that has/is going through something like this and what was the outcome? I plan on remaining current until the loan is paid in full however, it scares me to think that I can be paying every month and then one day the repo man shows up.

Any advice would be appreciated!

 

im not a lawyer so i dotn know for sure but i would think that as long as you continue to make the payments in accordence with your original financing agreement they cant repo the bike as you havent violated the original terms, now by the sounds of it this new contract might actully screw you over i nthe sense tha tthe ymay have to "re-approve" your eligibability for finacning and with a bankruptcy on file you wouldnt likely be qualified to finance it so th biek could likely end up repo'd and re-sold anyway. id be very cautious on signing the "reaffirmation"

 

Im not a lawyer either but did they change some terms or something?

If you were planning on paying it anyhow it just sounds like a formality?

whts the beef you lawyer has w/ it exactly?

 

That's what I think as well. I have also heard that even if I did sign the new agreement and just so happened to be a day late with my payment, they can still come and get it.

I love my bike - it's my first Harley and I am willing to take the chance. I even pay their stupid $6.00 fee to make the payments directly on their website because I don't want to have to rely on my bank to send out an electronic check.

Thank you for the quick reply!

 

Well, you have three options as I see it:

(1) Sign the contract. You are on the hook for you bike (like everyone else), but you also get to keep it as long as you don't default (again, like everyone else).

(2) Don't sign the contract. You aren't on the hook for your bike because bankruptcy has legally discharged you of your contractual duties. You also have the possibility of loosing the bike even if you continue to pay.

(3) Sell your fancy toys and pay off some of your contractual obligations.


I have to be honest here, it is pretty disturbing that you have just discharged your debts under bankruptcy because you allegedly can't pay them, and you are keeping what is essentially a $17,000 toy.

You really ought to be ecstatic that you have the opportunity to keep the bike at all, but apparently that isn't enough so you post here to determine whether you can work the system and keep a bike which isn't paid off without having a contractual obligation?? None of us have that luxury, including all the ones that have sold off some of their fancy toys to meet their financial obligations rather than discharging them through bankruptcy.

 

@Seascape - If for some reason I am unable to make the payments in the future after signing the agreement, they can come after me legally as if they were never included in the bankruptcy.

If I don't sign it, they can repo it as well. it's really a 50/50 - There are a few manufacturers; Ford and Toyota come to mind that will take back the vehicle without question, current with payments or not - I'm wondering if Harley has the same practices and I haven't been able to find anything online about it.

If you think about it, by the time they repo it, prep it and bring it to auction, is it really going to be a profitable business move on their part? I personally think no.

 

It sounds to me like you are confused. If you want to keep your bike then you have to pay for it! FOR REAL! If you don't want to pay for it then you can't keep it. It really is pretty simple. You no pay you no ride. Also were you forced into bankruptcy by a gun pointed to your head or did you buy more crap than you could afford?

 

Im really bored so i found this....
Although views may differ on the benefit of reaffirmation agreements, most acknowledge that reaffirmations are largely creditor-driven. Creditors, debtors' representatives, trustees, academics and judges reported to the Commission that many creditors request reaffirmation agreements as a routine part of their participation in bankruptcy cases. (296) According to some creditors that have written and testified, such as individual credit unions, a reaffirmation agreement is a collection tool that permits them to continue doing business with debtors and is beneficial to the debtors;(297) if debtors do not reaffirm their credit union debts, many credit unions have policies to eliminate nonreaffirming debtors from their membership. (298)


Its bad enough to be a victim of this *** **** economy. Even worse if you lost your bike. I feel sorry for the guy that shows up to take my bike especially if I am paying as agreed. I dont care if your the messenger or not its gonna suck to be you that day!

 

Well from experience... not mine, but a family member... If you continue to pay for it under the new terms you keep it. If you fail to pay for it.. new contract or not... you loose it. I say if you want the fancy toys... keep paying for it, otherwise turn it over and be done with it.

 

Right,, like my cut n past above says attornies see this letter as a "collection tool". I wouldnt try Harley out if you really dont wanna loose the bike. Personally if in your situation I would just feel greatful there was a way to keep my bike. I would (this is me personally) tell my attorney I need to secure my bike w/o risk if I can. I dont think theyre gonna come pick it up if your a day late on it again.

For everybody that has or is getting ready to blast this guy ,, just let it go. Lotta people (american workers) in this situation right now.