ToRepo or NotToRepo That is the ?
Road Master
Joined: Jan 2015
Posts: 1,057
Likes: 10
From: SF Bay area
See if you can get a personal loan for the difference. Then sell the bike, pay off the original loan, and make much reduced payments on the personal loan.
Not a great solution, but I don't think there is one.
Not a great solution, but I don't think there is one.
Outstanding HDF Member
Joined: Sep 2006
Posts: 2,945
Likes: 85
From: Florida
This is the answer...
Road Master
Joined: Apr 2014
Posts: 1,018
Likes: 197
From: usa
That's what I was about to type in there Bikerscum!
Sounds like another good plan to this.....your paying 450 right now and you can pay off a 3 or 4k loan in a year and be free of the bike.
Plus your bike payed off will boost your score im thinking....
Sounds like another good plan to this.....your paying 450 right now and you can pay off a 3 or 4k loan in a year and be free of the bike.
Plus your bike payed off will boost your score im thinking....
Thread Starter
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Stage III
Joined: Jun 2015
Posts: 3
Likes: 0
From: Texas
3mths ago I took a personal loan of 17k to consolidate my divorce debts.
Ive got that down to 14k now. If I can borrow a little bit to pay off the overages when I sell the bike...
Road Captain
Joined: May 2014
Posts: 682
Likes: 197
From: Raleigh, NC
ToRepo or NotToRepo That is the ?
1. You can afford the payment.
2. Fact Number One means that you don't have to be in a hurry to sell.
3. Fact Number Two means that it's a seller's market on your street.
Wait. The right buyer will eventually show up.
GM
2. Fact Number One means that you don't have to be in a hurry to sell.
3. Fact Number Two means that it's a seller's market on your street.
Wait. The right buyer will eventually show up.
GM
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Road Master
Joined: May 2015
Posts: 1,045
Likes: 188
From: West Chester, Ohio
The highest depreciation is in the first years. As well, on the loan you are paying mostly interest in the early part of the loan. So, there will be a point where your bike is worth more than you owe. It's pretty straight forward for someone with finance capability to figure out. Use something like KBB to project the future value ( to be safe use dealer trade in value) of your bike on a yearly basis. Then model the principal owed on your bike over time. Somewhere the two will cross. Then decide if ruining your credit rating is better than paying on the bike until you can sell it for more than you owe.
OP do not go the repo route unless you plan to file chapter 7, if you let it go and have other assets they can come after those to get their money, if you can afford to keep it until you can sell or make up the negative equity that is the best plan of action for your future credit,insurance rates and heck even employers run credit these day's. Can you put the difference on a credit card? or like someone said, get a small personal loan to pay the difference.
Seasoned HDF Member
Joined: Mar 2008
Posts: 9,384
Likes: 1,776
From: Central Texas
Ok, LOL, yeah I ask for that didn't I It's a pretty day, and
I'm sitting here waiting for some PB Blaster to work on
my bike, so you can tell where my mind is at.
I'm sitting here waiting for some PB Blaster to work on
my bike, so you can tell where my mind is at.