I have a 2015 dyna fat bob...my payments are 342 a month with 25 percent interest..I look at my payment receipts and only a little over 100 bucks goes toward principal..I've had it since october 2017...the original amount financed was $12,400 and still owe $11,000 on it...should I voulantarily give up the bike and save cash for another bike in the future or should I stick it out and keep paying on it...the loan is pre loaded with interest

 

you've made over 5,000 in payments but only 1,000 on the bike itself..if you can let it go without screwing up your credit rating..let it go..

 

it will definitely screw up my credit...I'm thinking about letting it go and saving up cash for a softail

 

Kind of a crossroads on what you should do, considering how much you've paid on it.... and if what you're saying is that the majority of the interest is on the front end of the loan.... you should start seeing more of the payment being applied to principal.

Keep it and have a bike to ride...?

Or let it go and save up cash and buy another bike... ?

How bad of a hit on your credit if you let it go?

How long to save up, you will be without a bike while saving up?


Do you like the bike?

If you like the bike, and you can afford it I'd say keep it. Considering how much you've already paid on it.

 

Let it go immediately. What a waste of money. Who is charging that kind of interest??? Name them to warn others to stay away from them That's robbery without the use of a weapon

 

Here is the bike

 

Inhere it is

 

It will take me about to February 2020 to pay cash for a good used softail...I am 6'1 280 pounds..a little too big for the bike

 

I'd have to file a chapter 7 bankruptcy to prevent being taken to court and wage garnishment

 

If you've been paying your bike loan and any other credit related payments on time since Oct 17, your credit score should have improved. I'd try a credit union to refinance the bike at a more favorable rate.