To payment or not??

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May 9, 2013 | 09:30 PM

#61

3408pete

Ultimate HDF Member

Joined: Aug 2012

Posts: 6,470

Likes: 4

From: on the road

Quote:

Originally Posted by Montana Cowboy

I'll bet you wouldn't touch the deal with a ten foot pole if you were getting jacked for say 18% interest??? My bet is that the OP is getting spanked for that or more with his recent poor history........What would your advice be to him with these figures in mind???? Come on, we ought to try and save this kid.

Like I said they allready did a hard pull taking points.He has a car private financed.He also has bad credit.So is a person actually saving him as he has allready been into the abyss credit wise.

I was a silent investor on a small store in Eastern Co several years ago that financed everything from beds to plumbing repairs at 25% interest.With the time I spent there I realized one thing -------not all the people we catered to were dead beats.The reasons for the bad credit varied but I soon found out one thing.Some of those people would gather aluminum cans in the middle of the nite to make a payment on a 20 inch color tv if they had fallen on hard luck that month.So I decided I wasnt liking the interest and got soft hearted.After reviewing the business I decided that we would do these people a favor by reporting their good payment history to the credit bureau.A couple of years later I was walking down the street and this family came running up to me and in unison the kids all yelled thank you.I was surprised and didnt understand why they did it until they explained .Their score had improved enough after the purchase of a washer and drier that they were able to FINANCE a used mobile home.They had paid it off early with the savings they had over rent.They had baked cookies to take to the store and one of the other owners told them it was all on me ,I was the one that insisted on bureau reporting.

So-------------are we saving him by saying NO???Or are we prolonging his bad credit??? If he was positive he would make the payments and do everything it takes to make them and it improved his credit score and he grew up and matured on his finances he could refinance at lower interest some place else.This would be up to him

May 10, 2013 | 07:04 AM

#62

Montana Cowboy

Road Master

Joined: May 2011

Posts: 774

Likes: 2

From: S.E. Montana

Rationalize all you want....I wouldn't want my son stickin' his head in a noose. The OP's already ridin' on two wheels....which, in my mind takes away the only logical reason he'd have for taking the risk. Being buried upside down under bad financing FOR A TOY is stupid anyway you cut it.

May 10, 2013 | 08:12 AM

#63

goo

Tourer

Joined: Sep 2009

Posts: 435

Likes: 1

From: mattituck new york

do you know what your credit score is?

if your answer is 'no', you're gonna basically have financial problems for a long time.

just sayin', dude

May 10, 2013 | 08:18 AM

#64

NDBadlands4-2

Extreme HDF Member

Joined: Dec 2010

Posts: 14,778

Likes: 69

From: Badlands of ND

If you can not afford it, don't get it. I hate to admit it, but a bike is a luxury item. You just do not dig yourself in debt for luxury. If $50 is a deal breaker for you, then you have no room in your budget for luxury.

May 10, 2013 | 08:22 AM

#65

smitty901

Seasoned HDF Member

Joined: Feb 2008

Posts: 23,003

Likes: 11,441

You ask, forget payments on used stuff fix your credit save buy right . It is a wrong deal in so many ways and will end up putting you even farther behind

May 10, 2013 | 08:59 AM

#66

3408pete

Ultimate HDF Member

Joined: Aug 2012

Posts: 6,470

Likes: 4

From: on the road

Quote:

Originally Posted by Montana Cowboy

Well so one of mine could ride I partnered up with him on a back room titan for about $4000.2000 miles ago it came home and so far a battery, both tires, and some sheet metal work to change up the look .soon it will get paint.To him he is upside down on this one.

If it was my kid he wouldnt of made it where he did in the first place at the dealer.If he was looking and had to borrow money to do so then he would of had it positive in his mind before the hard pull to get credit score-------he wouldnt of ever allowed it to happen just because he didnt want to loose the points for no reason.