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Discussion Starter #1
ok guys... i got my first bike which is an 06' 636 and i got raped on financing charges and all that and I realize I just cannot afford nor really wanna pay the full balance on the bike. I am willing to take a hit off the new value obviously. But here is where I wanna know what you guys think. The balance on the bike is 11g's [V] (kicking myself in the ass) and I am willing to part with the bike for like 7500 or 8 but the banks wont let me transfer the title until the whole loan is fully paid. Is there any tricks around this to where I can sell the bike and just finish paying the 3 grand or whatever would be the remainding balance??? please help me guys cause im in a reeeeal tight and regretful spot right now. any help would be appreciated, any dis's or making jokes about this please dont even post... thanks
 

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Unless your credit is good enough for a signature loan for the remaining balance, or you have some other collateral you can put up to get a loan for that amount, you may be screwed. My wife is a mortgage lender, she used to do personal/auto/motorcycle/etc loans a few years ago. I'll ask her in the morning when she gets up if she has any creative ideas that may help, and let you know what she says then.

It sucks man, but we've all done something stupid before -- you'll probably get a lot of shit about it, but all you can do now is try to solve it, take the bashing you'll get, and know not to do it again. Good luck to you [B)]
 

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Discussion Starter #3
brandon, thanks for the reply... any advice your wife could give would be awesome thanks for a mature response thats helpful... its a rarity for questions like this.
 

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the only thing i could think of is save up and maybe find a friend who would be willing to pay payments... or something dont know how that would work out.
or get some good insurance and hope it gets stolen.. no just joking.
sorry to hear your in such a bind.
 

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Depending on how well you know your bank, your personal bank, you can 'maybe' get an unsecured loan. Usually banks only do this for customers that they know will pay it back, as it is an unsecured loan. Even if you go this route, the interest on those things is typically very, very high. I can't really think of anything else. If you have your car paid off, you can take a loan out against the value of your car. Again, these types of loans have high rates. Same thing if you own your home, or at least have a mortgage with some equity in it, hence the term "home equity loan".

I don't really know what to tell you, as this deals with your entire financial life, and without knowing the details of your financial situation, nobody can really give you good advice. I don't recommend telling us your financial situation either. What I would recommend is going to the bank that you frequent and asking someone there for help, that is what they are there for.

Good luck and sorry to hear that you are in a tight spot.

--David
 

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Originally posted by dwillits
...What I would recommend is going to the bank that you frequent and asking someone there for help, that is what they are there for...

That is very, very good advice. You'd be amazed at how they will treat you if you know you got in over your head and you actually want to SOLVE the problem, not take the shitty way out. My wife has gone way out of her way, even costing herself commission and every once in a while money out of her own pocket to help people get out of trouble. I'll still ask her for some advice to give you, but going to your bank and laying it all out exactly like you did here will work way better. Don't make excuses, just tell them where you are and that you want to fix things, and they'll do everything they can to help you.
 

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Take out a cash advance on a credit card that has a teaser rate. The credit card doesn't care what you spent the money on. The finance company will be paid in full, and you'll get your title. You'll just then owe the difference of like $3K to your credit card after you sell your bike. Once the teaser period ends, jump the balance to another card if you can't pay it off. If you don't get those apps for credit cards in the mail, then just borrow the diffence of $3K from a credit card you already have to pay off the finance co with the money you will also get from the sale. Even at the higher cash advance rate, it will help you obtain title and you can work towards paying off that $3K ASAP.
 

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If your credit rating is still good at your bank, try getting a line of credit, or even just a personal unsecured loan. As others said, if you've been with your bank a while and have a good history with them, they might be able to help you.

I got a line of credit years ago, not to sell the bike or anything, but it is a REALLY convenient thing to have.
 

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You'll probably have a hard time getting $7K for the bike. As others have said, your only real option is to get a loan of some sort to make up the difference between what you can sell it for and what you owe. Good luck with it.
 

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Get a 0% CreditCard, sell your bike and pay the whole thing off,$8000 for the bike +C.C. and the Title is yours, thats the softest way to take the hit.
Live aand Learn young Grasshopper.
 

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Insurance would cover the whole amount if you can find reciepts that cover the $3000, i.e. Full Titanium system,Power Commander etc.... but you would have to call insurance ahead of time and let them know about the "ADDONS"
 

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hey. one possible route is to sell yor bike and put the diff. on your credit card. maybe ask your credit card people if they would send out checks. if your card balance is 3000 or 4, the payments would prpb be the same as the bike was, but not just as long. good luck.
 

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Sell the bike and pay the rest off with a 0% interest credit card and then the transfer the ammount to a new credit card with 0% when they raise the interest on the 1st card.
 

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He better have real real good credit to get a 0% card. if hes having problems paying for the bike I really dont think that a super high credit card payment doesnt sound good either. He started this post to ask us ways to "get rid of the bike"....hint hint. Shit just leave it outside in the parking lot, the way that bikes are getting robbed these days it will eventually vanish from your driveway. Also I hope that you purchased gap insurance!!

How high is your payment? did u put money down?
 

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Discussion Starter #17
ok... i cant get full coverage on the bike... i was quoted at 6 grand a year... my minimum payment is 129 a month with a 6.9 interest rate... [V] damn this sucks lol
 

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Originally posted by 636MATON
ok... i cant get full coverage on the bike... i was quoted at 6 grand a year... my minimum payment is 129 a month with a 6.9 interest rate... [V] damn this sucks lol

The wife had no ideas beyond what has already been mentioned - personal loan, credit card, etc. Somehow you have to get the money to cover the gap, there are only a few ways to do it. She did mention if you have a parent that can co-sign a signature loan, or if they have a CD they'll use to secure a loan, something like that.

Sorry I could help more - I hope it works out for you.
 
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