Advice/Opinions

[Bocephus05]

Well, here's the deal.

I bought my bike new in 2005 at the ripe old age of 22.I traded in my 05 deuce on it and they paid off my bike.I financed this bike for 84 months @ 17.5%.I believe I financed 28K..Yea..I know..Never should have signed the papers on it lol, but I was single,no kids, and making 140k a year.No sweat right? Well I've paid 665 a month for 33 months.COmes to $21945. The bike is not even worth that now.Leaves me still owing 33000 if I pay it out monthly.
I think the payoff is around 26k :loony: still.On a bike worth 17k maybe.I have tried everything to get the interest rate lowered but no one wil refinance it because the book value is only around 17 k.I'm prepared to sell the bike and pay the difference I owe, but its really hard to swallow and I hate to know I'm gonna have a 10k loan paying on NOTHING.:down: .I know,I know, I signed the papers.I should suck it up, but my pay has been cut in half (oilfeild)and I have more important things(kids,wife,house) I could use 665 a month for.I have discussed even doing a voluntary repo with BOA,but they dont do it on MC's.THey'll sell it at an auction and I'll still owe 16k.I'm screwed either way.But I wanted the bike,and had to have it.THey gave me the loan.But they will not work with me one bit.Sad to think I'll have paid over 50k for this bike and it only be worth 10k when its paid off..Any options? I'm payin it religiously but I grit my teeth alot about it.Stresses me out lol..:loony: :loony: .Now my wife wants a better boat for us and makes me feel guilty about the bike note lol.Well she dont try to,but I feel guilty.Bash away lol..:flag:

 

[T.Byrd]

If she wants a better boat tell her to get a better job.

 

[Big B]

I used a home equity loan to pay for mine. With times what they are, you probably will not be able to pull this off. Unfortunately this is exactly what has put our economy in the position it is in. You can bet the bank knew the position you would be in.

Good luck with it.

 

[Bocephus05]

If she wants a better boat tell her to get a better job.

She runs a daycare and makes decent money and she likes it.I've told her before she doesnt have to work, but she likes making money and getting to be with our 2 year old all day.She keeps 9 kids @ 80 bucks a week.She pays for her ride and any other nonsense she may want lol..Its really not so much about the boat deal but its something the whole family can have fun with and we are on the water alot..We have just as much fun as anyone else,but I have a 1986 $4k boat and gettin raped on the bike lol..Not so much about her and her wants, but more about the most financially painless way to handle the BD..I love the bike and riding it.Doesnt bother me unless I get to thinking about how much I've paid and what the value of it is..Or what it'll be worth in 5 years.

 

[Marco Polo]

...and gettin raped on the bike lol..

I hate to be the first jerk to state the obvious but you're not being raped if you asked for it. It's not like you couldn't do the math when you bought it and you couldn't see the disclosure portion of the loan telling you how upside down you'd be on that loan from day one. 84 months at 17.5%.... wow. I've made my own mistakes at that age so I feel your pain but I'm not sure that even if there was a magic pill to make that loan go away that I'd give it to you with as many irresponsible people as there are that have ruined our economy by that type of action. Maybe it's best that you suffer through it and use it to show your kids and others how serious personal financial responsibility is. Obviously the money would have been better served sending them to college but sometimes the best life lessons are the most expensive kind. Good luck and I wouldn't feel too bad about your wife, she knew the situation she was marrying into and loves you enough to do it anyway it sounds like.

 

[TX Chop]

At least you make me feel better with my 6 percent loan.

 

[MARV]

leave your keys in it wherever you go.

 

[Bocephus05]

Well how do you really feel about it? LOL..J/K

Thats the reason I posted this.Its my mistake.Not to ask for pity, just to hear what you guys that may be a little older think..I knew that was a bad deal the day I done it, but I was thinking "Oh yea, I can just pay that off real fast" or" I make 12k a month whats 600 bucks".Well, I didnt and now am scared to come off any savings to get the note and interest down the way my line of work has fell off a cliff since around..say..November.Even Paying 10k down to get a lower intrest rate and lower note I am screwed.:bang: .But I think may shave a little off the total amount I pay..They will not modify the loan unless I get 60 days behind and I'm pretty sure when they say "modify" it wont be in my favor.I refuse to just not pay it, but at the same time I'm looking for an alternative to spending 50k for a 10k bike.May have to sell the boat I have already LOL..Anybody wanna buy a Ridgeback?:roll: I offered to pay them nada and just pay it off but they said "why would we do that?" Heck even if I did that TODAY I would pay 37k..:loony: I ish I could go back in time and kick my ass lol..

 

[Bocephus05]

leave your keys in it wherever you go.

They only pay NADA value lol..

 

[Bocephus05]

At least you make me feel better with my 6 percent loan.

Wanna trade ?:roll:

 

[pig pen]

If I can't say anything nice I won't say anything at all

 

[stnick]

Wow! 17.5% is highway robbery! I made a similar mistake on a car when I was 19. I just wanted the damn thing so bad I ignored my common sense and financed the damn thing at like 24%. However, I paid that thing off in less than a year after coming to my senses.

I can only suggest that you pay it off as quickly as possible. Interest is really working in their favor. The more you knock down that principal the less you'll end up paying. You are probably just going to have to suck this one up and chalk it up as a life experience.

I just financed my Dog at 4.9%. I will not finance any car, boat or any recreational vehicle over 7%. Set limits for yourself in the future and shop around for the best rates.

Best of luck.

 

[K9Anniv]

As 'Slick Willy' said..."I feel you pain!" You're gonna have to bite the bullet on this one..no easy way around it, sorry to say. A tough lesson learned. We've all been there, in some fashion or another...:bang:

 

[RCAdd1ct]

Flip all you can to lower rate credit cards if you can.

If that doesn't happen try and get GAP insurance in case something happens.

I know how you feel. I have a boat load tied up in my SG. Fortunately I am at 8.5% but they are telling me I can sell it for book value do to the miles.

Damn it I bought it to ride, now they act like bikes are not supposed to be ridden.... grumble.

 

[Thumper169]

Gap insurance and leave the key in it,

 

[Jasray]

Brother I feel for you, I really do. We have all made bad financial decisions, especially early in life. I agree with other posts to pay it off as fast as possible to limit interest damage and move on with your life. You sound like your in good health and you have a great wife, so just hang tough and walk through it. The good news is when your my age 50+ you will be amazed at all the good financial decisions you made as a result of learning your lessons from the bad ones you made early on.

 

[Chopper Dave]

They only pay NADA value lol..

yeah but if you have that Gap insurance....that will take care of the remainder of your balance...I have that on my scoot...was only an extra $6 a month....so if your bike gets stolen....and lets say you owe 22grand on it....but your bike is only worth 19 g's and thats what they give ya on Nada value... the Gap will take care of your remaining 3000 and you walk away with no payment...
get the GAP insurance as others said...if ya can...

 

[Dawgboy]

Live and learn... Two options come to mind: 1.) Put every spare penny into paying down the principle; 2.) Let the finance company (or some hooligans) have it.

 

[aspen874]

If you have decent credit you can refinance the bike at half what you are paying now. Bikes aren't selling because of the economy. I recomend that you refinance now, that will help a lot. you are going to have to make a lot calls but it will work

 

[drummin777]

If you read his post, that is the problem. HE cant refinance the entire owed amount due to being WAY upsidedown on the loan. Here is my advice.


1) As others have said, if you dont have GAP insurance, GET IT NOW!
2) Start paying as much extra on the priciple every month as you can afford.
3) Shop around, get best rates, and refinance as mush as you can. Then get a personal loan or a loan against something for the remainder. Even those two payments, would probably be less than what you got going on now. If not, it would still be cheaper in the long run.
Dont know if thats possible with the way banks are doing business. They were given money to loan out and stimulate the economy, bu tinstead they are sitting on it like a damn insurance policy.