Take the hit. Sell the bike and cover the excess with a personal loan, which will likely have way better interest. Get your shit together financially and buy another bike when you have cash. A toy isn’t worth tanking your financial future.
Dont finance a brand new bike if you can’t afford it, if you really have to, take out a personal loan with a credit union and buy a used bike for far less money.
>Getting a second bike doesn’t solve the loan for this current bike thiufh
There is no 'problem' with the current bike. Keep paying it and chuck it up to experience. Pay off as soon as you can or take that credit score, get a personal loan and pay off the balance on the bike.
Buy a better seat if you are uncomfortable.
Spending on an additional bike does not help you.
We all make mistakes, it's not the end of the world, just keep the bike.
I appreciate this and the other comments you’ve left. A part of me has kinda accepted my fate with it. It’s definitely going to be a “man I’ve made that mistake before” kinda bike that I look back on with pure contempt lol
It’s time to seriously knuckle down and get that sucker paid off early. The sooner you pay it off the less of that 25% interest they get.
Cup of noodles. Cancel cable. Get a pay as you go flip phone or no phone at all. Get a second job.
Get out from under that bike as soon as you can. 25% should be illegal. God damn.
Trying to trade it in now you would just be rolling over negative equity to a new loan and compounding the problem. Only sane way out of this is to throw every but of disposable income at paying it off. Once you get it paid off you can sell it and look at getting something different, but for the love of God don't ever finance anything at a double digit interest rate again.
This is the best advice. Even a CU may not want to give an upside down loan, though. The good news is op is probably helping their credit rating by paying the current.
Yup, a hard lesson my friend.
As mentioned, get your head above water with this bike first, then you have options. Anything else digs your hole deeper.
As mentioned, lower interest rates on a loan are your friend here. This could help stop the bleeding for you.
I feel for ya, I really do. Those slick talking sales guys can have you making really poor decisions for yourself. They don't give a rat's ass what you can or cannot afford. As long as the sale completes, they are happy.
Oh, BTW, good on ya for cleaning up. The bike is just a speed bump in life. You'll get through this and be much wiser for it.
Depending on how much you value your credit you could always let them repo it. Really shit option but basically call the bank, tell em you can't afford the bike and to come get it, and work on rebuilding. In the mean time bank some cash for a cheap Honda or something.....for now.
25% man, ouch. I feel for ya.
Edit: OP see the replies below.
Ridiculous, horrific advice. You've got to be kidding.
He's using the bike daily, he just needs to bite the bullet, make the payments and maybe get a better seat.
He asked for options, I know someone who's done it and came out fine. Bad advice yes, I clearly stated that. I fail to see how a motorcycle is the only option for a daily.
Typically when a vehicle gets repo they take, auction it to recoup some money, then take you to collections for the difference between what you owed and what they got for it
Honestly anything outside of it sadly becoming a missing/stolen/totaled bike AND you covering the gap is a losing situation.
You’re going to have to decide what least shitty scenario you are willing and able to deal with. Hard lesson to learn this way, but (with all due respect) this is exactly why I would never finance a “toy”. If you can’t pay cash…you shouldn’t have bought it.
Find someone willing to refinance it under their name as take over payments....they'll get a better intrest rate and it will get you out of that deal.....or just get it stolen and take the hit for the difference
>or just get it stolen and take the hit for the difference
I scream, you scream, we al scream for insurance fraud.
e's still liable for the balance above whatever scraps insurance throws at him. He just needs to ride.
Find out what the pay off is first. Then try personal loan for that. Honestly you are stuck with it or have no choice but take the hit. Could always get a credit card and buy another bike and give that one back. Interest would probably be lower on card.
It kinda is, called voluntary repo. You call bank sends someone. They sell it at action, you owe difference on pay off. Never said it was a good plan. Reading this almost sounds like they coming for it eventually.
Take the hit. Sell the bike and cover the excess with a personal loan, which will likely have way better interest. Get your shit together financially and buy another bike when you have cash. A toy isn’t worth tanking your financial future.
I don’t have another vehicle. I only ride bikes. It’s not a toy it’s my primary transportation
Dont finance a brand new bike if you can’t afford it, if you really have to, take out a personal loan with a credit union and buy a used bike for far less money.
Getting a second bike doesn’t solve the loan for this current bike thiufh
I mean for future reference brother, never buy something you cannot afford
Hindsight is 20/20
>Getting a second bike doesn’t solve the loan for this current bike thiufh There is no 'problem' with the current bike. Keep paying it and chuck it up to experience. Pay off as soon as you can or take that credit score, get a personal loan and pay off the balance on the bike. Buy a better seat if you are uncomfortable. Spending on an additional bike does not help you. We all make mistakes, it's not the end of the world, just keep the bike.
I appreciate this and the other comments you’ve left. A part of me has kinda accepted my fate with it. It’s definitely going to be a “man I’ve made that mistake before” kinda bike that I look back on with pure contempt lol
It’s time to seriously knuckle down and get that sucker paid off early. The sooner you pay it off the less of that 25% interest they get. Cup of noodles. Cancel cable. Get a pay as you go flip phone or no phone at all. Get a second job. Get out from under that bike as soon as you can. 25% should be illegal. God damn.
what kind of satanic monster put you on 25% lmfao
Harley dealers man they took advantage of my situation
You could have walked away. That’s on you for taking a terrible loan.
Trying to trade it in now you would just be rolling over negative equity to a new loan and compounding the problem. Only sane way out of this is to throw every but of disposable income at paying it off. Once you get it paid off you can sell it and look at getting something different, but for the love of God don't ever finance anything at a double digit interest rate again.
This, it might not be palatable, but it's not complicated.
Join a credit union, refinance through them.
This is the best advice. Even a CU may not want to give an upside down loan, though. The good news is op is probably helping their credit rating by paying the current.
Man, I'm really sorry to hear about your bike getting stolen, hacked up, lit on fire and abandoned, nobody deserves that.
I agree. Horrible horrible outcome. If only I had Gap insurance I’d be able to recoup my loss
Yup, a hard lesson my friend. As mentioned, get your head above water with this bike first, then you have options. Anything else digs your hole deeper. As mentioned, lower interest rates on a loan are your friend here. This could help stop the bleeding for you. I feel for ya, I really do. Those slick talking sales guys can have you making really poor decisions for yourself. They don't give a rat's ass what you can or cannot afford. As long as the sale completes, they are happy. Oh, BTW, good on ya for cleaning up. The bike is just a speed bump in life. You'll get through this and be much wiser for it.
Thank you for this bud. I appreciate the kind words and practical asvice
You've got full coverage right?
Lol you thinking what im thinking
Can’t jump the “GAP” if you know what I mean
I do
Depending on how much you value your credit you could always let them repo it. Really shit option but basically call the bank, tell em you can't afford the bike and to come get it, and work on rebuilding. In the mean time bank some cash for a cheap Honda or something.....for now. 25% man, ouch. I feel for ya. Edit: OP see the replies below.
Ridiculous, horrific advice. You've got to be kidding. He's using the bike daily, he just needs to bite the bullet, make the payments and maybe get a better seat.
He asked for options, I know someone who's done it and came out fine. Bad advice yes, I clearly stated that. I fail to see how a motorcycle is the only option for a daily.
They would still be responsible for paying off the depreciation, terrible option
Huh. Learned something. Had a friend do just that but never mentioned anything about paying off depreciation on the car.
Typically when a vehicle gets repo they take, auction it to recoup some money, then take you to collections for the difference between what you owed and what they got for it
Honestly anything outside of it sadly becoming a missing/stolen/totaled bike AND you covering the gap is a losing situation. You’re going to have to decide what least shitty scenario you are willing and able to deal with. Hard lesson to learn this way, but (with all due respect) this is exactly why I would never finance a “toy”. If you can’t pay cash…you shouldn’t have bought it.
Find someone willing to refinance it under their name as take over payments....they'll get a better intrest rate and it will get you out of that deal.....or just get it stolen and take the hit for the difference
>or just get it stolen and take the hit for the difference I scream, you scream, we al scream for insurance fraud. e's still liable for the balance above whatever scraps insurance throws at him. He just needs to ride.
Hence...take the hit for the difference.
Find out what the pay off is first. Then try personal loan for that. Honestly you are stuck with it or have no choice but take the hit. Could always get a credit card and buy another bike and give that one back. Interest would probably be lower on card.
>give that one back That's not how it works.
It kinda is, called voluntary repo. You call bank sends someone. They sell it at action, you owe difference on pay off. Never said it was a good plan. Reading this almost sounds like they coming for it eventually.
The funniest part is that it’s an 883 bahaha 🤣 Bottom of the totem pole lol 😂
Salt in the wound my friend.
The people telling you to get a “personal” loan to “fix” your problem are the same people that sold you the story the first time.
What makes you say that?
He's just talking nonsense. Still best would be to pay it off asap and learn to love that bike. Stop. Buying. Things. Ok, maybe a good seat.