Refinance with upside down loan
Seasoned HDF Member
Joined: Aug 2013
Posts: 35,822
Likes: 38,675
From: Post Falls, ID
I have a feeling port royal has departed.
Stellar HDF Member
Joined: Feb 2008
Posts: 2,336
Likes: 415
From: Southern Maryland
Congress too
Our senators and representatives need to take this class too, and then apply it.
Banned
Joined: Jul 2009
Posts: 7,406
Likes: 834
From: Straight Jacket Memories and Sedative Highs
Obviously this guy has made lots of mistakes.
I do enjoy listening when people like him call in, up to nuts in debt, and just can't figure out what they should do. Ya I know its wrong of me.
Over the life of the loan, if you work to try and pay it off, what is the real difference between what you have now and what rate you would like? You don't need to take 90 months to pay it off.
Sure add more risk to losing your house.
Also do you think this guy has it? If he did he would have used it to go on the vacation he deserved.
Last edited by ChickinOnaChain; Jun 1, 2018 at 08:26 PM.
Outstanding HDF Member
Joined: Jan 2014
Posts: 2,181
Likes: 488
From: Central California
Option 3): Find an extra $300/mo in your budget right now, and make extra payments on your current loan. In four months, your principle balance will be below the $12,500 value on the bike. Once you are there, then do the re-finance at 3%. Grind all that out, and you'll pay a total of $15,702.
Bottom line: The best way forward from here is to accelerate payments for a few months now, get to where you have adequate equity to do a straight refi, and then get a new loan.
Seasoned HDF Member
Joined: Mar 2008
Posts: 9,384
Likes: 1,776
From: Central Texas
There was no easy out for me either, I broke over like a shotgun and took it up the butt for 7 stinking years. When I got done I was a sore, but well educated Harley Davidson Motorcycle owner. My butt has healed up but I still have the education and the best Harley that I could ever want.. So hang tough and in the end you will have the happiness you deserve.
Last edited by 6 gun; Jun 1, 2018 at 06:41 PM.
Tourer
Joined: Feb 2014
Posts: 340
Likes: 194
From: Orlando
Maybe now that your credit is better you could ask Harley to look at adjusting your APR down. Ive had a bank do this for me when I was active duty. Would save you from resetting your number of payments.
Doesnt hurt to ask while your looking at other options.
Doesnt hurt to ask while your looking at other options.
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Outstanding HDF Member
Joined: Sep 2017
Posts: 2,008
Likes: 788
From: Great State of Texas
It's sucks being upside down on anything. I would do as a few others have stated and "Grind it out". $2500 isn't too terribly upside down. It's $208 for 12 months or $104 for two years. It takes discipline to make make extra payments every month though.
Look around your house/garage and sell some "Stuff" that you never use anymore that's just sitting there taking up space. You would be surprised how much some clutter is worth. Make a plan and stick to it. Taking on more debt to clear debt rarely works over the long haul.
I have a neighbor who built his house the same year we did. This guy has always had all the toys. Fast cars, boat, bike, travel trailer, wave runners. We both built our house in 1991. He did a 30 year mortgage, we did a 15. We paid our place off in twelve years. He has refinanced his house three times to consolidate bills. He just recently refinanced again on a 15 year mortgage. Yes, 27 years later he is starting all over again. The way I see it he is still paying now what he calls "good money" on toys he sold years ago. He's excited, sais he will be totally debt free except for his house.
I figure by August he will have a new truck and boat.
Look around your house/garage and sell some "Stuff" that you never use anymore that's just sitting there taking up space. You would be surprised how much some clutter is worth. Make a plan and stick to it. Taking on more debt to clear debt rarely works over the long haul.
I have a neighbor who built his house the same year we did. This guy has always had all the toys. Fast cars, boat, bike, travel trailer, wave runners. We both built our house in 1991. He did a 30 year mortgage, we did a 15. We paid our place off in twelve years. He has refinanced his house three times to consolidate bills. He just recently refinanced again on a 15 year mortgage. Yes, 27 years later he is starting all over again. The way I see it he is still paying now what he calls "good money" on toys he sold years ago. He's excited, sais he will be totally debt free except for his house.
I figure by August he will have a new truck and boat.
Grand HDF Member
Joined: Nov 2009
Posts: 4,315
Likes: 1,663
From: Tampa
Im gonna come off sounding like a smart *** but there's no other way to say it. I've never understood money problems. you have X coming in, do everything you can to make sure less than X leaves at the end of every month. Extra X means savings.
oh, and don't finance an emotional decision.
oh, and don't finance an emotional decision.