Harley Payoff
Road Warrior
Joined: Nov 2007
Posts: 1,285
Likes: 0
From: Olympia Wa.
RE: Harley Payoff
yea, thats real smart thinking. refinance your house for another 30 years, for 6% intrest, use the cash you get back to buy your bike out right. It would be cheaper to buy your bike and finance it for 5 years at 10% intrest. and your house would be paid off sooner also.
I know alot of friends that did it this way. Now they are parking their bikes under awnings at apartment complexes instead if in their garagesbecause they lost their houses in foreclosurefrom preditory lenders.
Just something to be aware of.
I know alot of friends that did it this way. Now they are parking their bikes under awnings at apartment complexes instead if in their garagesbecause they lost their houses in foreclosurefrom preditory lenders.
Just something to be aware of.
ORIGINAL: RoadKing_Al
That s..cks. Heard about that before. Best way is to borrow on your home, then you can deduct it on your tax returns.
ORIGINAL: eglidetrike1
I had a friend pay his bike off in 3 months and they hit him with a thousand dollar sir charge for paying it off early.
I had a friend pay his bike off in 3 months and they hit him with a thousand dollar sir charge for paying it off early.
Road Warrior
Joined: Oct 2006
Posts: 1,830
Likes: 8
From: Retired and living in the mountains of NE PA
RE: Harley Payoff
ORIGINAL: dt20
hmm i paid mine off from them and they sent me the title all i had to do was bring it to DMV to switch the name.
hmm i paid mine off from them and they sent me the title all i had to do was bring it to DMV to switch the name.
The Schlong Man
Joined: Mar 2007
Posts: 3,772
Likes: 4
From: Nantucket
RE: Harley Payoff
Weird that the finance company's name would be on the title as anything other than lien holder. Must be a state thing. Can't image they'd want the liability. If you ever crash and get hurt just say you borrowed the bike from xyz company and they did not maintain it properly and they owe you money.
Cruiser
Joined: Dec 2007
Posts: 141
Likes: 0
From:
RE: Harley Payoff
In April I will be making my last payment on my bike then in June I will make my last mortgage payment. I hope for the sake of the bank employees I don't have any problems with either one.
In any event I will be having a big mortgage burning party and everyone is invited.
In any event I will be having a big mortgage burning party and everyone is invited.
Thread Starter
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Road Captain
Joined: Sep 2007
Posts: 602
Likes: 0
From: Long Beach,Wa.
RE: Harley Payoff
I paid off my house this year with WaMu and they didn't want to take the money at the bank they kept saying I needed to send it in finally had the bank manager signed for it and take the payment what a pain!!!!!!!!!!!!! They don't want you paying them loans off 20yrs early!!!!!!!!!1 
ORIGINAL: gottahavvitt
In April I will be making my last payment on my bike then in June I will make my last mortgage payment. I hope for the sake of the bank employees I don't have any problems with either one.
In any event I will be having a big mortgage burning party and everyone is invited.
In April I will be making my last payment on my bike then in June I will make my last mortgage payment. I hope for the sake of the bank employees I don't have any problems with either one.
In any event I will be having a big mortgage burning party and everyone is invited.
Stellar HDF Member
Joined: Nov 2007
Posts: 2,121
Likes: 299
From: New Mexico-No, you don't need a passport.
RE: Harley Payoff
ORIGINAL: DZLDR
yea, thats real smart thinking. refinance your house for another 30 years, for 6% intrest, use the cash you get back to buy your bike out right. It would be cheaper to buy your bike and finance it for 5 years at 10% intrest. and your house would be paid off sooner also.
I know alot of friends that did it this way. Now they are parking their bikes under awnings at apartment complexes instead if in their garagesbecause they lost their houses in foreclosurefrom preditory lenders.
Just something to be aware of.
yea, thats real smart thinking. refinance your house for another 30 years, for 6% intrest, use the cash you get back to buy your bike out right. It would be cheaper to buy your bike and finance it for 5 years at 10% intrest. and your house would be paid off sooner also.
I know alot of friends that did it this way. Now they are parking their bikes under awnings at apartment complexes instead if in their garagesbecause they lost their houses in foreclosurefrom preditory lenders.
Just something to be aware of.
So please don't take it personally.This is directed toward those people who fail to think before they act.
They want IT ,whatever IT may be, NOW. And they will do stupid things to get IT.
What is a predatory lender? If they did something criminal, then lock them up.
If you borrow more than you can pay back, then shame on you.
How do you lose your home to a predatory lender?
If the lender offered something in the contract and failed to perform, you have a valid claim.
If you don't read the contract before you sign it, you deserve everything that you get.
You have to read the fine print. Never believe anything a salesman or broker tells you.
If you took out a loan at a very low interest rate and were told that it could go up, where would you expect the rate to go?
Whenever someone gives me an estimate and says it will be between $300 and $500, I always assume that it will be a lot closer to $500 than $300. Most people only hear the $300 figure.
And don't whine when they come to enforce the contract.
I have a friend in the Payday/Title Loan business.
He charges 25% interest per month.
This sounds like a lot, but it is meant to be a short term loan and the customer is not very credit worthy.
All of his customers know exactly how much it will cost to repay the loan.
He had a young lady borrow $400. She came in on time, every month, and made a $100 interest payment.
She did this for 2 years. She paid $2400 interest on a $400 loan.
She never whined about predatory lending.
He told her that she had been a great customer and forgave the $400 that she originally borrowed.
She came in the next month and borrowed $400 again.
Do you still feel sorry for her?
"Stupid is, as Stupid does."
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Road Warrior
Joined: Nov 2007
Posts: 1,285
Likes: 0
From: Olympia Wa.
RE: Harley Payoff
no offense taken
however this is the exact point I was trying to make
you just gave the long version (LOL)
and predatory lenders talk people into taking loans they know they will not be able to pay pack.
intrest only loans, 2 to 4 years fixed intrest then converts to adjustable, high intrest loans with mega buck pre payment penalties. Stuff like that.
You would be surprised at the number of "good hearted" people that have a smooth talking lender steal them blind and make the borrowers feel good while doing it.
Does it make them stupid or dumb for doing it? Well it depends who you ask. I feelknowledge and educationare the best defense aginst getting taken for a ride in any transaction a person wants to get involved with.
I do thank you for your reply though.
however this is the exact point I was trying to make
you just gave the long version (LOL)
and predatory lenders talk people into taking loans they know they will not be able to pay pack.
intrest only loans, 2 to 4 years fixed intrest then converts to adjustable, high intrest loans with mega buck pre payment penalties. Stuff like that.
You would be surprised at the number of "good hearted" people that have a smooth talking lender steal them blind and make the borrowers feel good while doing it.
Does it make them stupid or dumb for doing it? Well it depends who you ask. I feelknowledge and educationare the best defense aginst getting taken for a ride in any transaction a person wants to get involved with.
I do thank you for your reply though.
ORIGINAL: galtjunk
This is not a rant towards you. So please don't take it personally.
This is directed toward those people who fail to think before they act.
They want IT ,whatever IT may be, NOW. And they will do stupid things to get IT.
What is a predatory lender? If they did something criminal, then lock them up.
If you borrow more than you can pay back, then shame on you.
How do you lose your home to a predatory lender?
If the lender offered something in the contract and failed to perform, you have a valid claim.
If you don't read the contract before you sign it, you deserve everything that you get.
You have to read the fine print. Never believe anything a salesman or broker tells you.
If you took out a loan at a very low interest rate and were told that it could go up, where would you expect the rate to go?
Whenever someone gives me an estimate and says it will be between $300 and $500, I always assume that it will be a lot closer to $500 than $300. Most people only hear the $300 figure.
And don't whine when they come to enforce the contract.
I have a friend in the Payday/Title Loan business.
He charges 25% interest per month.
This sounds like a lot, but it is meant to be a short term loan and the customer is not very credit worthy.
All of his customers know exactly how much it will cost to repay the loan.
He had a young lady borrow $400. She came in on time, every month, and made a $100 interest payment.
She did this for 2 years. She paid $2400 interest on a $400 loan.
She never whined about predatory lending.
He told her that she had been a great customer and forgave the $400 that she originally borrowed.
She came in the next month and borrowed $400 again.
Do you still feel sorry for her?
"Stupid is, as Stupid does."
ORIGINAL: DZLDR
yea, thats real smart thinking. refinance your house for another 30 years, for 6% intrest, use the cash you get back to buy your bike out right. It would be cheaper to buy your bike and finance it for 5 years at 10% intrest. and your house would be paid off sooner also.
I know alot of friends that did it this way. Now they are parking their bikes under awnings at apartment complexes instead if in their garagesbecause they lost their houses in foreclosurefrom preditory lenders.
Just something to be aware of.
yea, thats real smart thinking. refinance your house for another 30 years, for 6% intrest, use the cash you get back to buy your bike out right. It would be cheaper to buy your bike and finance it for 5 years at 10% intrest. and your house would be paid off sooner also.
I know alot of friends that did it this way. Now they are parking their bikes under awnings at apartment complexes instead if in their garagesbecause they lost their houses in foreclosurefrom preditory lenders.
Just something to be aware of.
So please don't take it personally.This is directed toward those people who fail to think before they act.
They want IT ,whatever IT may be, NOW. And they will do stupid things to get IT.
What is a predatory lender? If they did something criminal, then lock them up.
If you borrow more than you can pay back, then shame on you.
How do you lose your home to a predatory lender?
If the lender offered something in the contract and failed to perform, you have a valid claim.
If you don't read the contract before you sign it, you deserve everything that you get.
You have to read the fine print. Never believe anything a salesman or broker tells you.
If you took out a loan at a very low interest rate and were told that it could go up, where would you expect the rate to go?
Whenever someone gives me an estimate and says it will be between $300 and $500, I always assume that it will be a lot closer to $500 than $300. Most people only hear the $300 figure.
And don't whine when they come to enforce the contract.
I have a friend in the Payday/Title Loan business.
He charges 25% interest per month.
This sounds like a lot, but it is meant to be a short term loan and the customer is not very credit worthy.
All of his customers know exactly how much it will cost to repay the loan.
He had a young lady borrow $400. She came in on time, every month, and made a $100 interest payment.
She did this for 2 years. She paid $2400 interest on a $400 loan.
She never whined about predatory lending.
He told her that she had been a great customer and forgave the $400 that she originally borrowed.
She came in the next month and borrowed $400 again.
Do you still feel sorry for her?
"Stupid is, as Stupid does."
