[RyGuy]

So yesterday I had my '03 Yellow 600RR stolen from the parking lot of the apartment complex where I live. I don't have a garage. Now, I bought it in June and still haven't gotten the regristration paperwork, the temp is about 11 days expired and now it's gone.... I still owe $$ on it, and I no longer have the bike. Now here's my POV on the situation, I don't wanna continue making payments on something that someone else has (illegally) but I also don't want to jack up my credit. What are my options? I'm trying to be positive through this ordeal, but I have this suspicion that I won't ever see her again. If that's the case is there a loophole since the bike isn't officially "in my name" yet? I imagine all I can do is be patient and maybe the cops will find it maybe they won't. I'm at a loss and I wish I had gotten a GPS tracker or LoJack on it so that I wouldn't be in this aweful position. Oh and the worst part about it is, I'm leaving for the Army soon, so even if it is recovered but it's after I ship out for basic, there's a good chance I won't find out about it or be able to do anything about it (as I'll be on the other side of the country) for a while. Help!

 

[steve2z]

Dude, that sucks. Sounds like you need to call some people, insurance, and stuff. I would imagine you filed a police report. Depending on your coverage, you may need to make 1 more payment, then the insurance will kick in and take care of the balance, or something, but you need to find out- and if you didn't have insurance- the bank or Honda or whoever doesn't care that the bike got stolen- they want their money period.

 

[ol808lo]

Do you have insurance?

 

[Moeman]

Few questions
1.Do you have insurance on the bike being that it was financed ?
2. Did u file a police report ?
3. Did you call the financing company telling them the bike was stolen ?
BTW
even though the bike was stolen you are still financially responsible
if you have theft coverage the ins co will issue a check in your name
and the finance company's name you will sign that check and hand it over
to the finance company ( they own this bike not you )
if that check does not pay off the loan you will be responsible to come
up with the difference and pay off the loan
Iam sure other members will add a few more feasable points that i
might have missed best of luck man

 

[risky_analyst]

deleted response.. misread post. sorry

 

[RyGuy]

Well theres my problem in a big way... I have the polaris card that I'm financing thru, but I have Liability only (I don't make enough to afford $2,000/month insurance- poor choice huh?). Ins won't cover it and it looks like I'm stuck paying for someone else to enjoy the fruits of my labor- I hope the bastard rots in hell!!!! But a friend of mine did make a good point: Since it's not registered to me yet would that mean I'm still obligated to pay even though technically I don't have full ownership entities?

 

[madbrown75]

Yes you still have to pay. Loans are personal loans secured by the collateral, in this case your bike. The fact that you have no bike anymore, does not negate the fact that you borrowed X number of dollars to purchase the bike. Now, technically, you could quit paying them because there is no more bike for them to repossess, but that will screw up your credit.

 

[ol808lo]

RyGuy, sorry, but you're stuck with it. Paying off the loan while someone else enjoys your bike will be less painful than trying to repair your credit later in life.