A Sad Introduction - Also, please, I need help
Thread Starter
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1st Gear
Joined: May 2022
Posts: 5
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From: San Antonio, TX
A Sad Introduction - Also, please, I need help
Hello,
My name is Megan. My father was VERY into Harley Davidson bikes, and on father's day last year, I helped him get a Triglide 2014 by having him as a cosigner. My credit score, his income. My father passed in March this year and it's been a very difficult time. I didn't want to do it, but I can't keep the bike and need to sell it, I can't afford the payments on the loan. They said I could voluntarily surrender it, but that I might still owe 5-10k as they'll have to sell it at auction and the loan still has ~29k left to pay off and they advised they wouldn't get that amount back at auction.
We're trying to save for a home, as rent is skyrocketing here, and mortgage is actually cheaper, but if I have to pay 5k-10k, which I won't have anyway, then we won't be able to do that and will face rent we may not be able to afford in the coming years.
This has been a horrifying ordeal, and I need advice on how to sell this harley. The dealer we got it from advised they'd buy it back from us, but at a loss, so we'd still owe 5-6k to them at time of "sell". The only other option that doesn't leave me with a 5k-10k bill, is to try and find a 3rd party seller.
I honestly have no idea how any of this really works, and am stressed with handling his death, the home loan issues, and now selling his trike that he was so in love with.
Any advice, places I can try selling, words of wisdom for this situation, would be so greatly appreciated. I'm handling this alone and it's getting too much.
Bike details:
Maroon/purplish 2014 Triglide Ultra classic trike, with ~3770 miles on it. A few chips of paint on the right side gas tank. Currently located at my step mom's house in Midland TX.
My name is Megan. My father was VERY into Harley Davidson bikes, and on father's day last year, I helped him get a Triglide 2014 by having him as a cosigner. My credit score, his income. My father passed in March this year and it's been a very difficult time. I didn't want to do it, but I can't keep the bike and need to sell it, I can't afford the payments on the loan. They said I could voluntarily surrender it, but that I might still owe 5-10k as they'll have to sell it at auction and the loan still has ~29k left to pay off and they advised they wouldn't get that amount back at auction.
We're trying to save for a home, as rent is skyrocketing here, and mortgage is actually cheaper, but if I have to pay 5k-10k, which I won't have anyway, then we won't be able to do that and will face rent we may not be able to afford in the coming years.
This has been a horrifying ordeal, and I need advice on how to sell this harley. The dealer we got it from advised they'd buy it back from us, but at a loss, so we'd still owe 5-6k to them at time of "sell". The only other option that doesn't leave me with a 5k-10k bill, is to try and find a 3rd party seller.
I honestly have no idea how any of this really works, and am stressed with handling his death, the home loan issues, and now selling his trike that he was so in love with.
Any advice, places I can try selling, words of wisdom for this situation, would be so greatly appreciated. I'm handling this alone and it's getting too much.
Bike details:
Maroon/purplish 2014 Triglide Ultra classic trike, with ~3770 miles on it. A few chips of paint on the right side gas tank. Currently located at my step mom's house in Midland TX.
Sorry to hear about your situation.
I would list it on Facebook market place and Craigslist and look for a private buyer. That will put the most money in your pocket and more than likely let you pay off the loan and still have some money from the sale. Or at least sell it for what is left on the note. I would advise against surrendering it, as not only like they said youll still likely be on the hook for some amount and it wont look good on your credit since youre looking to buy a house in the future.
EDIT: looking at book values, current listings, and current market conditions (Harley just temporarily halted production for a few weeks) its worth $26-30k. Maybe a touch more if you can harp on the fact that you cant get a new one currently and if you can youll be waiting. I would consider getting what you owe for it a win.
I would list it on Facebook market place and Craigslist and look for a private buyer. That will put the most money in your pocket and more than likely let you pay off the loan and still have some money from the sale. Or at least sell it for what is left on the note. I would advise against surrendering it, as not only like they said youll still likely be on the hook for some amount and it wont look good on your credit since youre looking to buy a house in the future.
EDIT: looking at book values, current listings, and current market conditions (Harley just temporarily halted production for a few weeks) its worth $26-30k. Maybe a touch more if you can harp on the fact that you cant get a new one currently and if you can youll be waiting. I would consider getting what you owe for it a win.
Last edited by 2500hdon37s; May 20, 2022 at 11:06 AM.
Thread Starter
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1st Gear
Joined: May 2022
Posts: 5
Likes: 0
From: San Antonio, TX
Thank you for that advice, I will list in Facebook and Craiglist, and go from there!
I know, we are already approved for a home/land loan, but the downpayment would have to go instead to paying off the remaining balance on the harley if we can't find a 3rd party to buy at the remaining balance.
I'm just very worried we won't have a choice.
I know, we are already approved for a home/land loan, but the downpayment would have to go instead to paying off the remaining balance on the harley if we can't find a 3rd party to buy at the remaining balance.
I'm just very worried we won't have a choice.
Thread Starter
|
1st Gear
Joined: May 2022
Posts: 5
Likes: 0
From: San Antonio, TX
i have to try, I don't have a choice.
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Thread Starter
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1st Gear
Joined: May 2022
Posts: 5
Likes: 0
From: San Antonio, TX
Sorry to hear about your situation.
I would list it on Facebook market place and Craigslist and look for a private buyer. That will put the most money in your pocket and more than likely let you pay off the loan and still have some money from the sale. Or at least sell it for what is left on the note. I would advise against surrendering it, as not only like they said youll still likely be on the hook for some amount and it wont look good on your credit since youre looking to buy a house in the future.
EDIT: looking at book values, current listings, and current market conditions (Harley just temporarily halted production for a few weeks) its worth $26-30k. Maybe a touch more if you can harp on the fact that you cant get a new one currently and if you can youll be waiting. I would consider getting what you owe for it a win.
I would list it on Facebook market place and Craigslist and look for a private buyer. That will put the most money in your pocket and more than likely let you pay off the loan and still have some money from the sale. Or at least sell it for what is left on the note. I would advise against surrendering it, as not only like they said youll still likely be on the hook for some amount and it wont look good on your credit since youre looking to buy a house in the future.
EDIT: looking at book values, current listings, and current market conditions (Harley just temporarily halted production for a few weeks) its worth $26-30k. Maybe a touch more if you can harp on the fact that you cant get a new one currently and if you can youll be waiting. I would consider getting what you owe for it a win.
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Welcome to HD Forums!
This section is:
New Member Welcome Area Only. Be sure to pop in here and introduce yourself & let us know what Harley Davidson you own. Save your bike related questions for the proper area.
You can ask your questions or get advice in the proper sections later.
If you haven't read the rules, please do so now. They are posted at the top of this section.
If you are here to buy/sell/trade items, be advised that you need to have 5 posts and be a member for 5 days before you can use the Classified section. No ads are allowed outside of that area.
IzzoQuazzo
HD Forums Admin
This section is:
New Member Welcome Area Only. Be sure to pop in here and introduce yourself & let us know what Harley Davidson you own. Save your bike related questions for the proper area.
You can ask your questions or get advice in the proper sections later.
If you haven't read the rules, please do so now. They are posted at the top of this section.
If you are here to buy/sell/trade items, be advised that you need to have 5 posts and be a member for 5 days before you can use the Classified section. No ads are allowed outside of that area.
IzzoQuazzo
HD Forums Admin