To have repo or to keep
#1
12-08-2022, 09:19 PM
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…I’m on the fence about this one
Top Answer
12-08-2022, 09:35 PM
Road Warrior
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.
#2
12-08-2022, 09:35 PM
Road Warrior
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.
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#3
12-08-2022, 09:50 PM
#4
12-08-2022, 09:54 PM
No disrespect intended, you need someone more familiar with retail vehicle financing to go with you if you are shopping.
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#5
12-08-2022, 09:55 PM
Seasoned HDF Member
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; 12-08-2022 at 09:59 PM.
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#7
12-08-2022, 10:13 PM
Road Warrior
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#8
12-08-2022, 10:21 PM
Club Member
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#9
12-08-2022, 11:05 PM
Grand HDF Member
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.
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#10
12-08-2022, 11:11 PM
Grand HDF Member