Harley finance
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Joined: Dec 2008
Posts: 74
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From: Fort Worth, TX
Harley finance
hey all,
My income has taken a dramatic hit and bills are getting tight. I'm almost two years into my note on my Fatboy with four left. The bike is worth about what I owe and is currently at a consignment shop but not having any luck.
Does anyone here have any experience with dealing with Harley Financials in these types of situations? I'm not wanting to get it repoed but that is becoming likely.
My next step is to write a letter to them and seeing what they can or will do. I'm betting that they won't be of much help though hence me posting here.
Thanks
My income has taken a dramatic hit and bills are getting tight. I'm almost two years into my note on my Fatboy with four left. The bike is worth about what I owe and is currently at a consignment shop but not having any luck.
Does anyone here have any experience with dealing with Harley Financials in these types of situations? I'm not wanting to get it repoed but that is becoming likely.
My next step is to write a letter to them and seeing what they can or will do. I'm betting that they won't be of much help though hence me posting here.
Thanks
Elite HDF Member
Joined: Mar 2014
Posts: 4,214
Likes: 661
From: Prior Lake, MN
Despite you not wanting to believe it, if you think you may fall behind in your debt payback, or even letting the bike get repo'd, you have absolutely nothing to lose by contacting the lender. Don't write them, call them, and do it ASAP.
They may be willing to work out something with you- temporarily lower or suspend payments for a bit, (you'd ultimately end up paying more interest) something like that. They will probably be more willing to work a deal if you are upfront and go to them, vs ignoring things till your loan goes delinquent.
You say you think the bike is worth the loan value, yet you are consigning it? If the bike does sell close to your price will you have enough left after they deduct the consignment fees to settle the loan?
Not sure how things go in you're state, but here you can't transfer a title to a new buyer unless the leinholder sends a release that the bike is no longer encumbered.
They may be willing to work out something with you- temporarily lower or suspend payments for a bit, (you'd ultimately end up paying more interest) something like that. They will probably be more willing to work a deal if you are upfront and go to them, vs ignoring things till your loan goes delinquent.
You say you think the bike is worth the loan value, yet you are consigning it? If the bike does sell close to your price will you have enough left after they deduct the consignment fees to settle the loan?
Not sure how things go in you're state, but here you can't transfer a title to a new buyer unless the leinholder sends a release that the bike is no longer encumbered.
Last edited by Brewmany; Feb 8, 2015 at 02:06 PM.
Club Member
Joined: Jul 2014
Posts: 11,469
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From: Idaho
I concur, give them a call and talk to them, human to human.
My guess is that they might be willing to go interest-only payments for an agreed-upon period of time, to give you a chance to get on your feet again. The last thing they want to do is go through a repossession.
A second option is to refinance, but if you owe what the bike is worth and they agreed to spread out the payments on a new loan they would be refinancing at 100% of the value. Maybe, maybe not.
Third option, a new lender such as credit union, probably isn't in the cards due to your income situation.
Good luck talking to HDFS. I think it's your best option. Other than finding a buyer, obviously. Have you listed it for sale here at HDForum?
My guess is that they might be willing to go interest-only payments for an agreed-upon period of time, to give you a chance to get on your feet again. The last thing they want to do is go through a repossession.
A second option is to refinance, but if you owe what the bike is worth and they agreed to spread out the payments on a new loan they would be refinancing at 100% of the value. Maybe, maybe not.
Third option, a new lender such as credit union, probably isn't in the cards due to your income situation.
Good luck talking to HDFS. I think it's your best option. Other than finding a buyer, obviously. Have you listed it for sale here at HDForum?
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Joined: Dec 2008
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From: Fort Worth, TX
Thanks all. I'll call Harley tomorrow. At this point, refi really isn't practice. To much of an income loss. So saving maybe 50.00/month isn't going to really make things better.
And I do have about 1500 in wiggle room between what the asking price is, versus my payoff.
And I do have about 1500 in wiggle room between what the asking price is, versus my payoff.
Tourer
Joined: Apr 2009
Posts: 396
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From: Dubuque, Iowa
I'm a finance manager at a Harley dealership. I don't know what they will do for you, but it's worth a call into them. One thing I can say from my experiences "behind the desk" is that once you have had a repo with Eagle Mark (HD's financial institution) it can be difficult to get them to give you a second chance down the road...feel free to pm me if you have any specific questions that I can try to get answered for you with my reps.
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Joined: Dec 2008
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From: Fort Worth, TX
I'm a finance manager at a Harley dealership. I don't know what they will do for you, but it's worth a call into them. One thing I can say from my experiences "behind the desk" is that once you have had a repo with Eagle Mark (HD's financial institution) it can be difficult to get them to give you a second chance down the road...feel free to pm me if you have any specific questions that I can try to get answered for you with my reps.
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Seasoned HDF Member
Joined: Aug 2013
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From: Post Falls, ID
I see your occupation is "law enforcement". I'm a retired LEO and when money was tight, I worked a lot of overtime to make ends meet. Is that an option for you?
Repos and bad credit will also get you in trouble with wage garnishment and internal affairs (now know as professional standards) at your department..
Repos and bad credit will also get you in trouble with wage garnishment and internal affairs (now know as professional standards) at your department..
Cruiser
Joined: Oct 2007
Posts: 121
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From:
Maybe try talking to a credit union and let them know your situation. An option would be to sell it for what you can get out of it and have credit union give you a loan for the remaining balance. 1500 or 2000 whatever it may be. Small loan, small payment, no repo, credit intact, possibly finance with harley for another one down the road when things get better. Good luck.