Am I nutz
Road Captain
Joined: Aug 2009
Posts: 526
Likes: 4
From: North Atlanta Georgia
Lots of bad advice on this thread. Especially the ones that say it's not that bad a deal or to double down payments (it's a lease, won't reduce any costs).
It's a horrible deal. If you are judgement proof, you may want to consider turning the bike in to the lease company and walking away. Stash the payments you would have made in the bank, and with the money you've saved up, you can pay cash for ANY used bike you want and still have thousands in the bank.
It's a horrible deal. If you are judgement proof, you may want to consider turning the bike in to the lease company and walking away. Stash the payments you would have made in the bank, and with the money you've saved up, you can pay cash for ANY used bike you want and still have thousands in the bank.
Club Member
Joined: May 2007
Posts: 145,895
Likes: 821
From: 40 miles Northeast of Indy..
Maybe?? even at 12% you'll have paid $8700 in interest.. So you're not paying all that much more if you have a 7yr lease.
My Day always told my two older brothers and I growing up in the 50's-60's to never
*House payment, never go over 1/4th your income,
*Keep your other bills less than 1/4th of your income
*Then food and other things 1/4th
*and lastly SAVE 1/4th
My brothers never followed Dads advice, but I did for 40yrs, now I am the only one of us with money in the bank for retirement...
My oldest brother alway thought he could borrow himself out of debt.. But he found out it doesn't work.
Once you get your bills under control your credit score will get betters, then you'll be able to get better Interest rates and a lot of other thing will cost you less...
Good luck
My Day always told my two older brothers and I growing up in the 50's-60's to never
*House payment, never go over 1/4th your income,
*Keep your other bills less than 1/4th of your income
*Then food and other things 1/4th
*and lastly SAVE 1/4th
My brothers never followed Dads advice, but I did for 40yrs, now I am the only one of us with money in the bank for retirement...
My oldest brother alway thought he could borrow himself out of debt.. But he found out it doesn't work.
Once you get your bills under control your credit score will get betters, then you'll be able to get better Interest rates and a lot of other thing will cost you less...
Good luck
Last edited by oct1949; Aug 14, 2014 at 09:39 AM.
Supporter
Joined: Jun 2012
Posts: 2,912
Likes: 73
From: Pittsburgh, PA
Terrible idea.
The amount of money you're going to fork over for a bike that you have to give back would have bought a nice small starter home not long ago.
Two things I've been telling my kids forever to protect: their driving record and especially their credit rating...
Many companies, both insurers and employers, are now using your credit rating to determine your rates, and whether or not they want to hire you.
They've found a direct correlation between those numbers and your reliability and level of personal responsibility...
ie: if your credit rating is that bad, then you probably shouldn't go anywhere near a bike until you sort yourself out...
The amount of money you're going to fork over for a bike that you have to give back would have bought a nice small starter home not long ago.
Two things I've been telling my kids forever to protect: their driving record and especially their credit rating...
Many companies, both insurers and employers, are now using your credit rating to determine your rates, and whether or not they want to hire you.
They've found a direct correlation between those numbers and your reliability and level of personal responsibility...
ie: if your credit rating is that bad, then you probably shouldn't go anywhere near a bike until you sort yourself out...
Like others have said wait a while, save up for a good chunk of downpayment as this reduces your risk to finance companies. By waiting at least a year your credit score will increase as long as you are responsible. If your itch to ride gets too bad in the mean time go rent one for a day or weekend.
Stellar HDF Member
Joined: Oct 2009
Posts: 2,054
Likes: 26
From: Florida
Well you asked for honesty and you have gotten a few doses of it already so here goes some more!
That is nuts!
It sounds like you are continuing to make more decisions that will keep your credit in the toilet. Trying to reason that if you make the payments on time or what have you will help your situation is like a drug addict telling himself that he can always quit tomorrow.
You're in it now so deal with it the best you can.
Whenever I finance something the first thing I look into is how much it will cost me at the END of the term. In other words, what is the REAL cost. If that's something I can't live with then I negotiate differently or walk away. Salesmen HATE me because the first thing they ask is "What sort of payment are you comfortable with?" or say something like "Don't worry about the price. We can get you into a payment that is comfortable." I usually tell them to **** off when they throw those lines at me right off the bat because they know they are going to withhold what the means in the big picture at the end of it all until you are signing the dotted line.
I also don't agree with trying to justify it by comparing how much it would cost you if you went with "Option B" or how it relates to a mortgage or some such thing. In the end the only thing that matters is the decision you've already made and if your asking the question of whether or not it was a bad call then I think you already know the answer.
Bite the bullet I guess and make the best of it. But yeah; I think it's nuts to be okay with that commitment.
That is nuts!
It sounds like you are continuing to make more decisions that will keep your credit in the toilet. Trying to reason that if you make the payments on time or what have you will help your situation is like a drug addict telling himself that he can always quit tomorrow.
You're in it now so deal with it the best you can.
Whenever I finance something the first thing I look into is how much it will cost me at the END of the term. In other words, what is the REAL cost. If that's something I can't live with then I negotiate differently or walk away. Salesmen HATE me because the first thing they ask is "What sort of payment are you comfortable with?" or say something like "Don't worry about the price. We can get you into a payment that is comfortable." I usually tell them to **** off when they throw those lines at me right off the bat because they know they are going to withhold what the means in the big picture at the end of it all until you are signing the dotted line.
I also don't agree with trying to justify it by comparing how much it would cost you if you went with "Option B" or how it relates to a mortgage or some such thing. In the end the only thing that matters is the decision you've already made and if your asking the question of whether or not it was a bad call then I think you already know the answer.
Bite the bullet I guess and make the best of it. But yeah; I think it's nuts to be okay with that commitment.
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