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Old 11-10-2008, 08:58 PM   #1
Preachers Sheets
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Need some advice, cant afford bike anymore

Hello,

My problem is I cannot afford my bike anymore, I dont like living check to check. I have a 2007 Suzuki GSX-R 600. I have been able to pay my bills but I am always so close, I am tired of it.

It is financed, let's say for example the pay off is 9,000.00.

I cannot sell the bike because if I want to transfer the loan and I can only sell it for 6,000, I need to come up with the 3,000 when the loan is signed over.

I am thinking of just bringing it to the dealer and letting them have it, my dealer trader in vaule is 4,645. The way I see it is if I keep going at this rate, my quality of life will stink until it is paid off in 4 years. If I trade it in, I am left with a loan of 4,355. I can keep paying the payment, send the saved insurance money towards the loan, add another 200 a month to the loan and use my tax return to speed up paying off the rest of the loan.

I know it's stupid, I know I am giving up thousands of dollars to give the bike back and I'll still owe on it. The way I see it is if I keep it, my quality of life for the next 4 years will be shit, if I just call it quits now and trade it in, I may be able to pay it off in 6 months and be able to use the monthly payment and insurance that I was used to paying for better things at this moment in my life.

If the bike is worth 9,000 and I can trade it in for 4,645, I am left with a loan of 4,355. I can send 2,700 in come tax time and send 331 for five months and it will be paid off.

Has anyone ever done this or known anyone to do it?
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Old 11-10-2008, 09:09 PM   #2
Loren
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Re: Need some advice, cant afford bike anymore

I would pay on it until tax time and sell it and use tax money to pay off. You will save your credit that way and not loose as much. Drop it off at dealer or bank, it will be filed as faulty loan and they will auction it as a repoed and stick you with the balance plus screw your credit.

Please tell us you don't really owe $9k on a 07 600 that had an msrp of $8900
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Old 11-10-2008, 09:12 PM   #3
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Re: Need some advice, cant afford bike anymore

Re-evaluate your bills. Get rid of the stuff you dont need. Keep the necessities.

May be able to restructure your bills to fit your budget.

Your not alone, thousands are losing their jobs in this country.
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Old 11-10-2008, 09:12 PM   #4
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Re: Need some advice, cant afford bike anymore

why dont you just have someone take over the payments?
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Old 11-10-2008, 09:26 PM   #5
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Re: Need some advice, cant afford bike anymore

insurance fraud? if you're not planning on getting another one for a few years then it doesn't matter about your next premium going up.

Dump it and and claim it.

If you don't want to damage your name for premium purposes, pay for a friend who doesn't drive/ride to get their license ($200 say), add them as a nominated driver on your bike and let them stack it.

You pay the standard excess but the claim will go against them not you (check with your provider on this it does vary) and you get a $$ cheque.

What I'd do anyway.
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Old 11-10-2008, 09:29 PM   #6
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Re: Need some advice, cant afford bike anymore

REALLY BAD ADVICE!

What are you 14 years old?


Quote:
Originally Posted by tOad_007 View Post
insurance fraud? if you're not planning on getting another one for a few years then it doesn't matter about your next premium going up.

Dump it and and claim it.

If you don't want to damage your name for premium purposes, pay for a friend who doesn't drive/ride to get their license ($200 say), add them as a nominated driver on your bike and let them stack it.

You pay the standard excess but the claim will go against them not you (check with your provider on this it does vary) and you get a $$ cheque.

What I'd do anyway.
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Old 11-10-2008, 09:34 PM   #7
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Re: Need some advice, cant afford bike anymore

You might be able to find someone to take over payments if you put it on craigslist, they can transfer the loan and you are free. How much are your payments and what is the balance? I might be interested...
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Old 11-10-2008, 09:37 PM   #8
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Re: Need some advice, cant afford bike anymore

Quote:
Originally Posted by Loren View Post
I would pay on it until tax time and sell it and use tax money to pay off. You will save your credit that way and not loose as much. Drop it off at dealer or bank, it will be filed as faulty loan and they will auction it as a repoed and stick you with the balance plus screw your credit.

Please tell us you don't really owe $9k on a 07 600 that had an msrp of $8900
+1

That's a nasty payoff amount. But if you just turn it in, you'll really screw yourself.
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Old 11-10-2008, 10:03 PM   #9
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Re: Need some advice, cant afford bike anymore

Quote:
Originally Posted by tOad_007 View Post
insurance fraud? if you're not planning on getting another one for a few years then it doesn't matter about your next premium going up.

Dump it and and claim it.

If you don't want to damage your name for premium purposes, pay for a friend who doesn't drive/ride to get their license ($200 say), add them as a nominated driver on your bike and let them stack it.

You pay the standard excess but the claim will go against them not you (check with your provider on this it does vary) and you get a $$ cheque.

What I'd do anyway.
You'ra a MORON.....plain and simple.
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Old 11-10-2008, 10:05 PM   #10
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Re: Need some advice, cant afford bike anymore

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Originally Posted by tOad_007 View Post
insurance fraud? What I'd do anyway.
What do you expect from a guy who's ancestors are criminals....

Last edited by Buster Hymen; 11-10-2008 at 10:09 PM.
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Old 11-10-2008, 10:14 PM   #11
brent98rt
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Re: Need some advice, cant afford bike anymore

whats your monthly payments like? lol ship it to me i'll take them over


suck to be where you are. i was there. i just did my best to do what i can do. if you get behind you get behind. just got to work with them nd may payment's it all works out in the end ( 99.99% of the time) My damn house has been for sale for close to a year now

good luck though. i wouldn't trade it in to the dealer or bank. it will kill your credit. and you still will owe the balance left over after they auction it for close to nothing.
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Old 11-10-2008, 10:26 PM   #12
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Re: Need some advice, cant afford bike anymore

This is like divorce, it's cheaper to keep her. Trust me. I've been in your situation and I'd still have a pretty nice 750 had I not been so stupid at the time. It's easy to think about the quick cash you'll have by selling or turning your bike into the dealer. Trust me, it's not worth it.

Keep your bike. Pay the rest of your bills off and eventually pay the bike off. Even if you're paying the note on your bike, at least you'll have something to show for it. If you sell it...all you'll have are memories.

I guess in the end, it's all about how important your bike is to you.
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Old 11-10-2008, 10:30 PM   #13
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Re: Need some advice, cant afford bike anymore

Quote:
Originally Posted by tOad_007 View Post
insurance fraud? if you're not planning on getting another one for a few years then it doesn't matter about your next premium going up.

Dump it and and claim it.

If you don't want to damage your name for premium purposes, pay for a friend who doesn't drive/ride to get their license ($200 say), add them as a nominated driver on your bike and let them stack it.

You pay the standard excess but the claim will go against them not you (check with your provider on this it does vary) and you get a $$ cheque.

What I'd do anyway.
That is assuming he has Gap insurance... If he doesnt he will be in the same boat he is in now.

How much do you owe? Is it 9k - if that is the case you are fucked anyway you look at it. If you paid into somewhat I would sell it for the difference.

Let this be your first lesson in financing a depreciating toy...

You can do what my dad does with his cars - find out how much you want to sell it for and put it in cycle trader or craigslist for that price and wait for a sucker that is willing to pay that price.
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Old 11-10-2008, 10:37 PM   #14
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Re: Need some advice, cant afford bike anymore

Quote:
Originally Posted by tOad_007 View Post
insurance fraud? if you're not planning on getting another one for a few years then it doesn't matter about your next premium going up.

Dump it and and claim it.

If you don't want to damage your name for premium purposes, pay for a friend who doesn't drive/ride to get their license ($200 say), add them as a nominated driver on your bike and let them stack it.

You pay the standard excess but the claim will go against them not you (check with your provider on this it does vary) and you get a $$ cheque.

What I'd do anyway.
people like this don't deserve to ride
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Old 11-10-2008, 10:52 PM   #15
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Re: Need some advice, cant afford bike anymore

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Originally Posted by Carnage View Post
This is like divorce, it's cheaper to keep her. Trust me. I've been in your situation and I'd still have a pretty nice 750 had I not been so stupid at the time. It's easy to think about the quick cash you'll have by selling or turning your bike into the dealer. Trust me, it's not worth it.

Keep your bike. Pay the rest of your bills off and eventually pay the bike off. Even if you're paying the note on your bike, at least you'll have something to show for it. If you sell it...all you'll have are memories.

I guess in the end, it's all about how important your bike is to you.

+10000
This is the best advice so far for sure.....



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Old 11-10-2008, 10:55 PM   #16
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Re: Need some advice, cant afford bike anymore

don't know much about how to fix it...I would try hard to keep the bike, go as low as you can on insurance coverage....I'm only 18 but I know how this feels because I had to pay for my camaro and then my bike. Dont beat yourself up about it...make a decision and dont look back, otherwise, you WILL feel like shit for a loooong time...just make sure you learn something from this mistake. Make sure your money can pay for it and leave space for error incase something happened...like loosing your job, major medical accident, etc...
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Old 11-10-2008, 10:57 PM   #17
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Re: Need some advice, cant afford bike anymore

Get gap insurance... then just leave it in a spot where it is likely to get stolen. No fraud, no bike, no payments.
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Old 11-10-2008, 11:05 PM   #18
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Re: Need some advice, cant afford bike anymore

Quote:
Originally Posted by tOad_007 View Post
insurance fraud? if you're not planning on getting another one for a few years then it doesn't matter about your next premium going up.

Dump it and and claim it.

If you don't want to damage your name for premium purposes, pay for a friend who doesn't drive/ride to get their license ($200 say), add them as a nominated driver on your bike and let them stack it.

You pay the standard excess but the claim will go against them not you (check with your provider on this it does vary) and you get a $$ cheque.

What I'd do anyway.

wow, could you be any dumber?
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Old 11-10-2008, 11:16 PM   #19
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Re: Need some advice, cant afford bike anymore

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Originally Posted by TheGeek View Post
Get gap insurance... then just leave it in a spot where it is likely to get stolen. No fraud, no bike, no payments.
true
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Old 11-10-2008, 11:16 PM   #20
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Re: Need some advice, cant afford bike anymore

You guys have got to be kidding with the "just leave it in a spot and let it get stolen" or "get better insurance and dump it"..

WTF?
Why do you want to commit a crime (insurance fraud) and make the responsible owners/riders/buyers pay the higher premiums for insurance because you were/are too sorry to man up and deal with the debt and responsibility you signed up for??

Grow the fuck up and except the fact that you have a financial issue that needs to be dealt with in a true adult responsible way and stop trying to screw everyone else..

*(Flame suit on)*






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