To have repo or to keep
Thread Starter
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Banned
Joined: Dec 2022
Posts: 22
Likes: 4
From: Lake erie
To have repo or to keep
I have a 2020 Electra glide standard..rode 4500 miles this summer and problem free
I pay $450 a month on it
if I choose to let it go can I still get financed thru a different lender other than Harley for a cheaper bike with a big down payment or am I better off just keeping and paying on it
Im on the fence about this one
Popular Reply
Dec 8, 2022, 09:35 PM
Road Warrior
Joined: Apr 2022
Posts: 1,514
Likes: 1,823
From: Omaha
For them to repo it you will have to miss several payments, that will go against your credit rating, also just because they repo it doesn't leave you debt free on it, the bank will auction the bike off and put the amount they get towards your loan, you will still owe the difference plus the fees for repoing it, more than likely it will we a sizable amount since most bank auctions are to wholesalers (car/motorcycle dealers) and not to the public. You must be one of those student loan borrowers that want everyone else to pay for your crap. I doubt you will get another loan for quite awhile if you do that. You bought at one of the worst times. Pay your debt.
Road Warrior
Joined: Apr 2022
Posts: 1,514
Likes: 1,823
From: Omaha
For them to repo it you will have to miss several payments, that will go against your credit rating, also just because they repo it doesn't leave you debt free on it, the bank will auction the bike off and put the amount they get towards your loan, you will still owe the difference plus the fees for repoing it, more than likely it will we a sizable amount since most bank auctions are to wholesalers (car/motorcycle dealers) and not to the public. You must be one of those student loan borrowers that want everyone else to pay for your crap. I doubt you will get another loan for quite awhile if you do that. You bought at one of the worst times. Pay your debt.
Seasoned HDF Member
Joined: Jul 2012
Posts: 81,309
Likes: 36,894
From: Oklahoma City
No disrespect intended, you need someone more familiar with retail vehicle financing to go with you if you are shopping.
Seasoned HDF Member
Joined: May 2012
Posts: 32,934
Likes: 36,028
From: Carlsbad, CA
The difference between the trade in value and what you own is your equity. Most dealers will work with you to pay off the existing loan, apply your equity as a down payment on the the bike, and finance the difference. Of course, less costs.
Last edited by TriGeezer; Dec 8, 2022 at 09:59 PM.
Thread Starter
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Banned
Joined: Dec 2022
Posts: 22
Likes: 4
From: Lake erie
i owe more than what its worth
Road Warrior
Joined: Mar 2016
Posts: 1,859
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From: georgia
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Club Member
Joined: Mar 2009
Posts: 66,106
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From: Niles Canyon Ca.
That was the deal when you signed the papers. Find a local credit union and see about refinancing at a better rate.
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Grand HDF Member
Joined: Jul 2015
Posts: 4,353
Likes: 1,966
From: PA
Do not under any circumstances let them repossess it. Your credit will get crushed. This will impact your insurance rates, ability to get future loans, rent an apartment, even get a job.
Sounds like you already made a mistake purchasing a bike you couldn't afford. Don't make an even bigger mistake now. I'll give you credit for posting here and asking. Now learn from the responses.
Sounds like you already made a mistake purchasing a bike you couldn't afford. Don't make an even bigger mistake now. I'll give you credit for posting here and asking. Now learn from the responses.
