Ok here's the deal guys.. I just recently separated from the military and when I was in I bought a truck 08 tundra to be exact kinda got screwed on it.. I still owe about 28k on it so that's gives you some idea.. Anyway its in perfect shape and I take really good care of it but I'm trying to buy a Harley (street glide) 13 model and they're saying they can only give me 21k for it.. Do you guys have any advice or suggestions? I recently refinanced my truck the bank said it was worth 32k black Book and nada say 28k...so what am I missing and what are my options.. I also have 5k to put down or 2k to throw at my truck loan and 3 down...

 

28-32 retail does not mean 28-32 trade in value.

 

Work the deal on the bike separate of te truck. If its a good deal then have them pay the loan off and add the diff to the back end of the Harley loan.

 

By the way, my advise is pay down the balance on the truck, don't trade right now. You'll be ridiculously upside down, assuming the bank would even allow it. If you MUST do something, use the 5K to pay down the truck and buy a used bike.

 

I don't think your asking the right group of folks for advise on finances. We or at least I wouldn't go there.

 

Sell the truck straight out, then buy the bike. Maybe wont take such a bad loss that way. The truck is the problem, deal with it first. Buying anything new your gonna take a
hit.

 

Dealer isn't gonna give you squat. They have to resell it to make a profit too. Sell it yourself if you want top dollar.

 

Son, your what's called upside down in that truck. Currently your in life lesson. Financing a new anything (espically with a high interest loan) and little or nothing down is a reciepe for a short period of instant gratification, followed by years of remorse.

There's gonna be two ways to handle your mess. 1. Ride it out, and outlive your obligation. 2. Take a slap in the face, or pocketbook I should say, and walk away.

The main thing is learning your lesson. Don't bust your ***** working to make the bankers rich paying off that interest. Buy clean, used transportation, and I'm talking about Harleys too. Best thing to do is pay cash. Next best is come up with a big down payment and a short term note.

Their are thousands of used bikes out there. By dropping back just a few years, you'll save half the cost of a brand new one. Do the math. Be smart. Mess up as a young adult, and you'll be half way to retirement before you dig out from under teenage stupid commitments.

Might not be what you expected to hear.......sorry.

 

Well perhaps as one who worked finance in a Dealership, I might qualify for at least an explanation of why you only got offered $21,000.

When I brought in trades other than Harleys, I had a list of people that I could call ( Toyota Dealerships for example,) that would tell me what they would pay me for a trade sight unseen and based on my truthful description of the condition of the trade.

So if my guy told me that your trade was worth $21,000 to HIM at that moment, that's what I would offer you. I don't need to make money on every trade, but I do want to "flip" it as fast as possible.

That Toyota Dealer then takes it, cleans it and services it and tries to sell it for a profit. That's how your $28,000 truck is only worth $21,000 to a Harley Dealer.

You're way upside down. Pay it down some.

 

Take the 5 grand and buy a used bike might not be a street glide but you will have a bike to ride. Then pay the truck down or try to sell it out right for pay off. Save up some money for the next cpl yrs then start looking for a SG. I found an 04 EGC with 14k on it for $8900. There's good deals out there to be had just gotta look and be patient.