| Author | Message | ||
     Xdigitalx |
72months at 21% = 20k I am half way (10k) thru and seriously thinking of walking away due to no job/income and the fact that even in these poor times where most other companies will work with their customers... HD financing will not. Interest rate is fixed, buy-out cannot be lowered, yet I can just file for bankruptcy or just let them pick it up and walk away. I don't get it. Why can't they just change the rate so I can keep paying??? it will be a win/win...wouldn't it? I'm probably not walking away but I am seriously thinking about it. 21.75% intereste rate... wtf. Rant over.....LETS GO spring. | ||
| 86129squids |
YIKES! Geez- who've you been "working" with at HDFS? It's been a couple of years, but I still know some peeps... Given that APR, hate to say, I'd walk- put away the next 2 or 3 payments (where you gettin the $$$?), then go fishing on Craigslist for a cheep 80's jap bike... Cash, titled AS YOURS in about 2 months! That said, given your 1st post, please provide a little more background, buddy... And good luck! | ||
| Wolfridgerider |
at this point in time the only person you would hurt would be you. You've paid for the bike... for the most part you are just paying the interest now and I don't mean to bust your balls... but you are the one that took out the loan 21%.... did they give you some vaseline when you signed the paperwork? | ||
| Hybridmomentspass |
jesus christ, you signed up for 21%? Man thats on YOU. Good luck, but you cant be upset with them if you agreed to this deal/contract | ||
| Xdigitalx |
true, I got the bike pre OBAMA when I was making good money and had a future, its only like 3600 a year. Now, I cannot afford the payment...they won't work with me at all. I want to give them money. I am 3 years in and they wont work with me at all. I think they should... just like the other credit companies do. But, they will come and get the bike... and sell it at action for maybe 3k... and thats all they will get. (plus my 10k paid) Or they can lower my rate or lower my buy out and we both save money. | ||
| Sifo |
You've paid for the bike... for the most part you are just paying the interest now If it works anything like most loans, the interest gets paid for first. It probably leaves him in a situation where half way through the loan the bike is only 20% paid for. It's a bitch when you have to sell at that point. There's much more left to pay on the loan than the value of the bike. Hope something works out for you Mike. | ||
| Strokizator |
Find out what you still owe on it. 21% interest for 6 years sounds like you borrowed about $12K or a little more. Three years later you still owe about $8K. Can you sell it for $8K? How about $7K and you come up with the extra thousand? How about $6K and you pay the $2k balance? Be a man and fulfill your obligations. Nobody twisted your arm to make you take out this loan. The reason they gigged you for 21% is that you were a high credit risk. Looks like they were right. Sorry to be so rough on you but if you walk away you'll be mad at HD the rest of your life when it really yourself you should be kicking. I wouldn't sell my self respect for so little money. | ||
| Hybridmomentspass |
The reason they gigged you for 21% is that you were a high credit risk. Looks like they were right. this line made me literally L O L | ||
| Hybridmomentspass |
ps - if you default on the loan thats going to really hurt you in the future with your credit | ||
| Andymnelson |
Yeah man, the problem is NOT that they gave you a high interest loan and won't work with you- it's not their responsibility to "work with you". It IS your responsibility to pay up on the note you signed. The problem is you bought a toy when you could not afford it, so you signed a loan that was for too long and for too much interest. Learn your lesson from this, and don't ever do that again. But man up and pay for your bike. And my suggestion for anyone in the future- loans on toys make no sense. Buy toys when you can afford to actually buy them. | ||
| Andymnelson |
After saying all of that, I must say this: I am sorry that you lost your job. Money sucks, especially right now. The economy has hit me hard too- I make about 30% of what I did 3-4 years ago, and my wife less than 50% of what she did....it sucks. | ||
| Xdigitalx |
yea my payoff is about 8100, so that would save me about 2k. but ...I'd have to get a 8k loan at 5% for another 4 years to be able to afford it. Credit risk? Not really...if they gave me the loan at a more reasonable rate... it would be 90% payed off by now, affordable even on unemployment. Then again... maybe it costing me so much money is why I don't beat the piss out of it. | ||
| Fahren |
Try not to walk. Try finding a lower percentage loan to pay off HD. As long as there is no pre-payment penalty, you will save some right there, by doing a payoff. Or sell the bike to pay off, try to get some extra from the sale toward another used bike, as was posted above. Or sell something else that will net you some cash to pay off the bike. Walking is an option, of course, but then you will really be walking (literally, with no bike), and if your credit report is otherwise pretty clear, a default will be a big hit for you. Try talking to your bank - even in these crazy credit days, there must be a way for you to do better than 21%. And Sifo is right - most of the first payments is interest payment. Now you have paid the HD credit folks all their profit off the loan, and are starting to pay for the bike. | ||
| Whisperstealth |
Walk into the bank you have your checking account through. If your account has always been in good standing, they are likely to give you a used auto loan. Even a loan at 10%, what you are likely to get, will take the Bat part way out of your kiester. Sorry to hear about your troubles, hope you find away to keep the bike or find a way out without defaulting. | ||
| Not_purple_s2 |
Definitely go to your bank about a signature loan. I would be surprised if they couldn't give you a better rate than 21%. Then you'd have the title in hand and be able to sell if you find a buyer. Hell, at it's worst my credit card topped out at 18% even when I was living on it during my last semester in college and was only making minimum payments (never again) (Message edited by Not_Purple_S2 on February 03, 2011) | ||
| Johnnylunchbox |
Not sure if you are a homeowner but a home equity loan might help? If that is possible, and you have the discipline and the money to pay it off in 3 years or earlier you can at least write off the interest paid on your taxes. This will only work to your advantage if you can pay it off early. This will give you the flexibility to pay it off at your own rate. Some months you might have more to put in, or some months less. | ||
| Ratbuell |
I used to write the loans when I worked at HD/Buell. 21% is a bad credit rate. Period. End of discussion. Your score was poor, you wanted the bike anyway ("toy", "pleasure craft", "not required for daily transportation"), they sold it to you but covered their ass in the process. I understand you just lost your job...but the credit score was pre-existing. Do NOT default. Your already-poor-score will go from being in the toilet...to getting flushed. You do not want to do that to yourself. 21%? You can probably get a CREDIT CARD that has a lower rate. Get a new Visa or MC, with a high enough limit, and pay off the bike. Then CUT UP THE CARD. Don't use it for anything. Ever. Just make the payments. And for the rest of our listening audience...if you ever have a fixed loan, and want to pay ahead (yes, you DO pay interest first, leaving as much principal as possible for as long as possible...so they can keep charging interest on it), send TWO payments a month. First, goes to standard payment. Second, goes DIRECTLY to principal. But it has to be a physically SEPARATE payment - second check, second electronic transfer, whatever. If your payment is $125 and you want to drop $300 that month, do NOT send them $300. Send them $125. THEN, send them $175. It's well worth the stamp. | ||
| Dalton_gang |
What bike did you buy? Another thing that REALLY sucks is that what ever bike you bought is not worth crap now in todays economy. So your $20k investment is probably only worth $5k or less right now. I feel your pain! I'm in a situation now where I'm going to have to sell my R and am figuring out that it isn't worth shit. | ||
| Dalton_gang |
Hell by the time you pay it off it may only be worth $2500. You need to put some serious mileage on that thing to even make it worth while. | ||
| Sifo |
Reality is going to kind of suck right now. Having lost your job, your chances of having someone else give you a new loan is almost zero. Even if they would the likelihood of them giving you a loan for more than the book value of the bike is even less. If you could get a co-signer you might get around the employment problem, but not the book value problem. If you had someone who might be willing to co-sign, they might be willing to help you out though (I'm thinking a parent most likely). I hate to say it, but a soft hearted family member is probably your best bet. | ||
| Xdigitalx |
06 Uly. thanks, it's my only transportation so... I kinda can't let it go so easily. But.. its very discouraging. | ||
| Fahren |
Which all goes to show, if you can deal with someone having already farted on the saddle before you, then a used bike is ALWAYS a better bet than new. | ||
| 86129squids |
Interesting discussion of variables... What Joe said, et al... Making a 21% bike payment with goose eggs coming in, sucks billygoat balls. Do what you can to preserve any credit remaining, then do what's needed... Best of luck. | ||
| Blk_uly |
Is it insured? I know a guy....just saying. | ||
| Brumbear |
Thing to look at is H-D finance already made there money, H-D as a company can now write off the cost of the bike repossess it and auction it off and make more money it is unfortunately a win win for H-D.You get whacked for the repo fees and the gap between the auction price and balance if you ever pay it it would be icing on the cake for them otherwise they do not care at all. | ||
| Crackhead |
Shit, for what you paid for 2 years at 21%, you could have waited and almost paid cash for the bike. Also, why the $%^$ did you finance the bike for 5 years? At that length of time you are raped unless the % is below 2%. | ||
| Not_purple_s2 |
Joe, What is the point of two seperate payments? You emphatically state not to write one check for the payment + additional principle. What do lenders tend to do with checks written over the amount? It's not like they can simple take the money and not apply it to your loan.... can they? I've been paying additional on my truck loan typically an additional $100 or so but I'll probably increase that as soon as I pay off the small loan on my bike. | ||
| Wolfridgerider |
I have always made it a point to tell the teller I want $$$ applied to the principle of the loan... just to make sure. trust no one when it comes to your money | ||
| Fahren |
Yeah, you must specify that any additional funds paid are to draw down the loan principal, not to be applied to future interest payments. I guess the safest, surest way is to do what Joe (Ratbuell) suggests. Some - but not at all - loan repayment coupons have boxes you can check with lines to specify how you want your payment applied. | ||
| Xdigitalx |
This is what pisses me off. Fahren, Rat, you are saying that HD Financing will do this if you ask them?? You are saying HD Financing have done this for you??? I know most other loan companies do this, but when I spoke to them (HD financing) about specifying a second check for principle, they told me that I can write whatever I want on the check, they will just apply as a usual payment. |
