Advice/Opinions

Raywood · Jul 5, 2009

I feel for you and looks like they took advatange of your age when you got the original loan. I like Drummins idea above or on the first page the idea of a line of credit on your home if you own one.
Seems if you have good credit you can take a second out on your home for under 10% I believe. Then you can pay off BofA (owned by Bank of Japan isn't it?) and then save some money in the long run.

Good luck,
Ray

:cheers:

Oh, your a brave sole to come on here and admit your mistake. Hopefully othes will learn from it too. Many here paid way more than they should of when the market was hot.
As a side note, when I purchase my 05 in Oct of 04 it was the latest new model with all the changes that year. But I was able to see the build sheet my dealer left on the desk and they paid $16,000 for my bike and I bought it for just under $28,000! Many others here paid $35,000 or more for theirs.

RCAdd1ct · Jul 5, 2009

Look for another insurance company that will cover the GAP.

Roll it onto low interest credit cards if you can't find GAP and start paying for the principle not the interest.

drummin777 · Jul 6, 2009

They are lying on the GAP. I refinanced a 2002 chevy a few month ago to knock off a couple high interest loans. The credit union reqired me to have GAP. And that's on a 7 year old truck.

KnotSo · Jul 6, 2009

You bought it, you need to pay for it.

If you sell the scoot, you may always regret it.

another option is to trade it for a boat of equal value

good luck

Baby Ray · Jul 6, 2009

we all make mistakes, thats the only way to learn i think.

It ought to be laws against that highway robbery interest rates, I feel your pain on that, young and you want and to do it on your own been there and finally gettn out

did you need someone to do a test drive? say in the middle of the night

Raywood · Jul 6, 2009

Bocephus05 said:
Could be worse, we've had 6 layoffs since say..umm..november..and I'm lucky to be working still so thats a good thing I guess.

Hang in there kid!!!! :flag: :cheers:

:flag: :2thumbs:

Marco Polo · Jul 6, 2009

I agree with Ray, it was pretty brave to come on and admit to such a big mistake but you seem to have a good attitude for someone in such a crappy predicament and you're obviously not looking for a handout of some kind or blaming anyone else for the mistake like so many others do these days. Don't stress yourself into an ulcer over it though because medical bills won't help you or the family any. Again, good luck and hopefully you can get some gap insurance somewhere, somehow.

Fibersnake · Jul 6, 2009

I can understand your pain and unfortunately sometimes it comes with young age. 17.5% is very high and at 84 months it is a hard one to swallow, however if I understood this right, you are not only paying for the BD but also had to carry the previous HD on to this loan.

Best to do like others say, is try to pay it off as soon as you can and if the funds are tight now, if they come back to the 140 work it quick and learn from it.

One bit of advise I will pass for what it worth. If you are in jobs where money may come in big at times due to OT or type of buisness being hot at the time (oil when it is high but flucatate constantly), best to always base the lifestyle around the average min. By this, I mean never count of the OT for it can go away, if something is hot, assume it will drop, especially if there was a rapid increase.

Good luck in getting it paid, but if possible try to do it right with out having it resposed, defaulted, etc. That will be a major hit on the credit rating for years to come. Also regardless of how you may think your credit his, best to get your reports (free once a year from all 3 agencies) and pay to get your FICA score.

That will give you advantage for loans to know what the score is and give you a realistic idea of what kind of interest you should get.

The credit reports can be requested onl -line through the following web site

https://www.annualcreditreport.com/cra/index.jsp

Marco Polo · Jul 6, 2009

Good advice on taking a look at your credit because if it was as good as you think (from what you said) then it's very unlikely you would ever get offered anything as high as 17.5% even when first starting out. That website he linked is one I've used myself and when you get your reports not only will you see where you stand but you'll see why. A lot of people aren't aware of some of the other things that affect your scores other then just balance amounts and payment history but they'll show you if you have too much new credit, etc.

Fibersnake · Jul 6, 2009

FYI,

The web site I linked is the only one that the three provide the free under the Government requirements, Be cautious of those many others that offer such, but usually as part of some credit monitoring service that you have to remember to opt out of to not get stuck with some BS monthly charge.

Also on the credit, biggest thing is paying the bills off on time with no lates, also how much credit is available and how much is used. If you have allot of credit cards and even if you pay them the due amount regulary but still keep them up near their limits, you take a hit. Also a catch 22 is if you have revolving credit cards, closeing them will cause you to take a hit.

Making inquiries to some degree will hurt, though if it is for a large loan such as a car, not so much as long as it is within a certain period and does not come off, but applying for credit cards and store do.

Holder credit that is paid off and still active (even if you use it for a small amount and pay it off when the bill comes) will show better than new credit.

It is all about the history and a combo of many things. Do what you can though to not take hits for it will hurt you later and can take a long time to get back up to great credit.

Good luck

skidmark racing · Jul 6, 2009

Call Obama. Tell him that you made a bad decision on the loan a few years ago, that you are sorry, and that you need help paying it off due to a change in your circumstances.
Then go out to the mailbox and wait for your stimulus check.

alhall88 · Jul 6, 2009

I talked to a salesgirl at one of the local harley dealers and she told me that you would be surprised at how many bikes they sold recently at Harley's 24% interest rate.

brandedcalf · Jul 7, 2009

thexaulted · Jul 7, 2009

Torch or plasma cutter!

RCAdd1ct · Jul 7, 2009

Glad you got it figured out.....and insured.

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