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My Kawasaki was stolen about a month ago. Police still have not found it of course. Not that I expected them to. Anyway the thing is I financed it through Kawasaki so I owe approx. 5 grand on a stolen bike.

Does anyone know anyway to defer just plain keep from having to payoff the financed amount without killing my credit?

Reason I'm posting this here is cuz I got a used 600RR after I lost the Kawa zx6r and everyone here seems smart :roll: so I thought I'd give it a shot. Thanks if you respond.
 

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that stinks....i got minimum liability also and i previously had no clue to what the hell it covered. tomorrow i will be buying a chain and a couple of cinder blocks! :( says it all. i would flip out and go on a rampage if my bike got stolen. :RPG:
 

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um........that sucks! Why would you finance a bike and not put full coverage on it? Im surprised Kawa didnt require you to have full coverage on a bike that you still owed money on. I dont think there is any way to get rid of it except pay it off. I bet you have full coverage on your RR!! If not I would get a.s.a.p.!!!
 

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Discussion Starter #6
full coverage is like 7-8k a year where i live.. not really feasible for me at the moment. :-x
 

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A buddy of mine who works at a kawi dealership told me that if you owe less than a certain amount from kawi then you don't have to get full coverage. But I don't know really. Are you making payments on the RR too? What you should have done is called the insurance company and increased your coverage before you called the cops. I know it's illegal but at least you wouldn't have a $5000 bill with nothing to show for it.
 
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A buddy of mine bought a Kawi without full coverage and he totalled it a montha later...kawi let him go w/o full coverage and now he owes a crap load of money and he has no bike.....
 

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anicca said:
full coverage is like 7-8k a year where i live.. not really feasible for me at the moment. :-x
Holy crap man, where do you live?

I pay less than 400 bucks!

Jason
 

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That's messed up, but usually a dealer will not let you get a vehicle of any kind w/out full coverage if it's being financed. I have liablity and comprehensive. that will cover thief,fire, vandelism. I pay $70.00 a month thru progressive. Your driving record must be messed up pretty bad for it to be that much a year. that's not right. I think they were tring to rip you off. I dont care how bad you record is it't shouldn't be that much. Check around. I do now that most insurance company's stop covering sports bike because of the liability of them. Check around. and check progressive. You can go online and get serveral qoutes w'out talking to anyone just put in your info. Pls. do so for the RR.
 

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Discussion Starter #16
progressive is what quoted me 7-8 grand a year for full coverage... i live in philadelphia, pa and have never had a vehicle insured under my name before.. and the only dirt in my driving record is a speeding ticket almost two years ago..
 

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If you paid for your 600RR in all cash (no financing) then here's an idea for you to avoid any dings on your credit report...
If Kawi has contacted you to pay-up on your bike, let them know that you are willing to give the title of your 600RR (free and clear of lienholders) which is probably of more value than the Kawi. They will likely allow you to keep the current payment level.
I do this kind of stuff (collections, foreclosures, loan workouts) for a commercial bank. Typically, as long as the bank has something else to hold as collateral, they will be happy, especially if it is worth more than the collateral that was lost.
If the 600RR was not paid in cash, you could probably negotiate a payment workout with the Kawi financing co w/o the 600RR as collateral. Of course, they will be less willing to allow you to pay the current terms of the loan and will want to accelerate the payment terms. Ask them for a "forbearance agreement" which you will sign for scheduled payments until pay-off and confirm with them that this occurance will not hurt your credit. Be sure you fully read the forbearance agreement before signing.
Hope this helps. If you have any other questions, PM me and I'll try to help you out in any way I can. Good Luck.
 

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anicca said:
Reason I'm posting this here is cuz I got a used 600RR after I lost the Kawa zx6r and everyone here seems smart :roll: so I thought I'd give it a shot. Thanks if you respond.
A question that I have is why didn't you take care of your obligations to Kawasaki before you purchased the used 600rr. Did you really think that since the bike was stolen you would not be responsible for the remaining loan amount?

Sell the 600rr and pay off your loan with Kawasaki. Save up some money and buy a new bike when you can afford one.

Sorry to hear about the theft. Hopefully everything turns out well.
 

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There's no way to get out of your financial obligation to pay off the bike they gave you a loan for. If there were loopholes no one would be able to borrow money.
 
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