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Losing to the man

4K views 38 replies 20 participants last post by  ervin260 
#1 ·
Sad to say that Im pretty sure I need to surrender my bike to the repo man.

My unemployment just ran out and my payments are behind.

I dont think that even if I make a 1/2 past due payment and the rest next month they will wait for that payment.

Im considering selling my tool box and tools to try and make the remaining to settle all the past due, but I dont know how quick I can sell it.
 
#2 ·
It's also very sad to hear. Many of us know the feeling from experience. Stick with your job searching and leave no stone unturned. Things will change for the better when you least expect it. The offer I made in a pm a while back still stands.
 
#3 ·
I don`t have a clue how banks operate these days, but I was in a similar situation back in the early 80s.

Not sure how this bank was chosen for my motorcycle loan because all I did was point at a bike, sign a few papers, and cruise out on my new bike. I think this was the second motorcycle loan from the same small local bank. All was good until I found myself in the same predicament. The people who worked at that bank knew everybody by name and hated to see any of their customers go down in flames. To make a long story short, they were just as happy to see me pay up the delinquent interest payments in one payment, and continue to pay the monthly interest until I got myself back on my feet again. Great bank, even better people. Don`t know if they`re still around.

It won`t hurt to inquire about temporary interest only payments. If you are able to strike a deal, the bank will be happy, you keep your bike, and your all important credit rating won`t take a hit.
 
#4 ·
Go sit down with the banker. They don't want your bike. They may work it out with you if you go to them instead of them coming to you.
 
#8 ·
Get them on the phone........ talk and ask until you get someone that can make those type decisions. As said, the bank does not want anything they loan on. They will usually do what they can to help you keep it and their money coming in.

It must also be noted that if they do take it, they re-sell it and then if it doesn't bring what you owe them, you still have to pay that amount, by law.

I'd make the 400 mile trip if need be to keep your bike and good credit.

Again, they do not want it....... they want $$$$
 
#12 ·
I would definitely contact the bank. I went through the same thing in my young and dumb years. Unfortunately I made the decision to let them take my bike. That was a costly decision in the end. That was in 2006, and I have just now got my credit back to what it was. Like everyone has said, most banks will work with you to resolve a problem. They are not your enemy, so give them a call while there is still time.
 
#13 ·
You mentioned you have tools and tool box. I assume that means you are a mechanic. I know there has to be tons of trucks running in and out Vegas. And many truck repair shops. Hit every one of them and start spinning those wrenches until something better comes along. Out here in Jersey (I'm near Port Elizabeth/Newark) even a green mech/tech can get all the work they can handle. And I do agree with what others have said: The bank don't want your wheel, they want SOME form of payment schedule.
 
#14 ·
Yeah, call them and see if they can work something out... like others said they don't want the bike... if they repo it, it will get sold cheep!!! and then your still on the hook for the rest.... so IF it was me, I would put it into hiding until you can start paying on it again.... if they take it... you end up with no bike, the repo on credit, and you are still stuck paying for a bike you don't have...
 
#16 ·
Well, I tried to talk to the finance co and lost that battle.
They wanted the past due 665.00 plus another 600+ for picking up the bike then the girl came back and said she was wrong and they want the whole balance. 6,800+.

I told here there was no way I could come up with all that.

So they got a fully loaded bike with my fairing, floor boards, saddle bags, led acc lights, led headlight, digital water temp, etc.

Guess I have nothing left here.

Looks like Im selling my vtx mesh jacket.
 
#18 · (Edited)
They just showed up asking for the bike.
I told the guy I was going to pay the past due on the 1st and I told the finance co. Good luck to them finding another sucker to pay 7k for the bike.
Next time I get a bike Im paying cash and 3-4k for it.
Also going to sell my clymers book btw.
I just dont know what bike Im going to get next or when.
I really like the X. Who knows. Im just really depressed now.
 
#21 ·
Im going to do training for medical records specialist. Takes just over 6 mo's.

I know its not the mans fault, but I was trying to work with them on the payments. I realized after putting down 3k and still owe 7k (happend to be the tag price also) and 25% interest I was getting screwed.

I will have to see if I can find another X around here.

I have alwaya heard that hd's always need work and its always expensive.
 
#22 ·
Find and join a credit union. Much lower rates than the A##hole establishments like you were dealing with. Good luck w/ new job choice. Lots of VTX's for less than $4K.
 
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#24 ·
I just did a quick look on craigs. Yep lots of X's for around 4k. Question now is what is a good model and whats good for pulling a trailer? I dont know if I want to get involved with the problems of and 1800.

My credit is so screwed I think the cu would just laugh.
 
#32 ·
I have a bit of a different thought here.

FULL DISCLOSURE - I AM NO LAWYER. YOU NEED TO SEE A LAWYER TO VALIDATE ALL OF THIS.

First, how much debt do you have? If it is a ton then I might consider BK (bankruptcy). With no job right now, you probably qualify easily for chapter 7 (full liquidation).

There are a couple of pros here -

1. Once you file, you stop all collection activity. That means you keep your bike until the case is resolved (90 days to 6 months).

2. You are in a much stronger negotiating position with the banks - you don't owe them squat and they cannot come after you. If you want the bike, you keep it on your terms. If not, they can have it and they literally have no recourse.

3. You will get rid of most of your other debts.

There are some big cons though:

1. You will have this on your record for some time (10 years potentially).

2. Your credit will be hammered for a few years.

3. You will have lawyers telling you how to live your life.


You have options here - even if you want to keep your bike. I suggest you get educated on all the options so you can negotiate from a position of strength.

Good luck.
 
#33 ·
...
First, how much debt do you have? If it is a ton then I might consider BK (bankruptcy). With no job right now, you probably qualify easily for chapter 7 (full liquidation).
There are also some cons but overall, it's situations like this is why bankruptcy exists. From his posts, I think the bank may have already taken his bike so I don't know if bkr would help save that now or not but I agree that in a similar situation I would consider this.
 
#37 ·
He said "I know its not the mans fault, but I was trying to work with them on the payments. I realized after putting down 3k and still owe 7k (happend to be the tag price also) and 25% interest I was getting screwed."

Everyone keep mentioning talk to the bank. But banks are regulated and I don't think they can charge 25% interest.
 
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