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hey guys heres what I got..

Sept 2008 my dad picked up a Pearl Orange rr( I would be making payments(financed thru honda), it was under his name). I was so stoked, I really didnt care how much it was, just glad to have one. So I later find out on the ride home the monthly payment is 330.00 a month. Not knowing that much about bike financing i figured that was normal. Well yesterday I decicde to look at the paper work for the first time.... The intrest rate on the bike is 17%!!$#%&^ he got rapped. He got the bike for 13 k OMG!! Ive seen people get one for like 9500 out the door. wtfff!!He didnt even talk em down or anything. So Ive been paying on the bike so far on just INTREST (9500). Im upside down on the bike. I owe still 10 k and its value is only 7 k according to kbb. Meaning when the bike is payed off with finacning charges is around 19K. OMFG!!!

Options

1.I was thinking about getting the title put in my name and and get a loan to pay it off with a lower intrest rate around 6% compared to 17%.

2.Letting it go and mess up his credit( which is kinda his fault)

3.Cant sell it more than 7000, still be in the hole 3 k.

Heres what really pisses me off..

If I would have saved the money monthly( on just intrest Ive paid so far) I could have bought a new one cash.

If I were to buy another bike say a 2009 with a 6 % intrest my monthly payments would be cheaper than now wtfff!!( I have credit now)

Anyway.. next time Im buying a bike cash..



what do you guys think
 

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dude that sucks....But i wouldn't go messing up his credit. I would just eat what you owe, yes it does suck but he was nice enough to do it. You should have gone with him and you, or him should have looked at the interest rate before signing any papers. You could always doa loan and pay it of quicker, just with a lower interest on a personal loan.

If you mess up your dads credit it may cause some bad feelings and overall its not a nice thing to do, granted he did help you get it. I would say pay it off, and check around/save for the next one. we all have to start somewhere, i've got some cc debt and ok credit right now but it still sucks having to pay 100 per month on 2 cards, and 75 or so is just interest.
 

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well sounds like you got f'd...I'd say go with option 1
i wouldnt screw your dads credit up, thats kinda messed up
 

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Man, so many issues I have with you situation, but I will not digress and try to help. But in a minute; You didn't look at your principle balance or anything for 16 months? (sept 08 to jan 10). Every time you made a payment you didn't see the total principle left, what it was and how little it was decreasing? And yes your Dad did over pay, a dealer's wet dream.

But we all make mistakes. How you get out of it. Yes, go get a new loan for something lower (6%) and stop paying the 17% interest rate. I would not ruin your dad's credit, you're both to blame here and to stop making payments isn't the right thing to do.

And you've learned a valuable (and expensive) lesson. It pays to shop around, know the going prices of new and used bikes, comparing between different dealers. Knowing that bikes are toys and paying cash is always the best. If not cash, then know the loan terms and interest rate, and calculate how long it would take you to pay off the loan and the final value paid after it's all said and done.

Good luck.
 

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so i gotta ask, why did he end up picking it up for you, but you can go get a loan at 1/3 the rate he got?

why wouldnt you have just gotten the bike your self in the first place?
 

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Just pay it off! Don't ruin your dads credit. He was nice enough to get it. Parents don't know everything.
:+1:

Don't ruin your dad's credit, he was nice enough to get you the bike. Refinance the bike/loan on the bike in your name. Paying the bike off in your name will also raise your credit score, and help you become more qualified for future purchases. Also, for next time buying cash is always a good thing, but not the end of the world if you don't have the money up front. Good Luck.
 

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so i gotta ask, why did he end up picking it up for you, but you can go get a loan at 1/3 the rate he got?

why wouldnt you have just gotten the bike your self in the first place?

That does bring a good question. Assuming your dad has better credit than you he would probably have a better rate than you, unless you are on the loan and he is only a co-signer.
 

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have him sell it to you for the balance. use www.dcu.com to get the loan for yourself. they offer low used motorcycle financing at around 6%

:+1: GO TO www.DCU.com (digital credit union) I got a loan through them last year with an interest rate of 4.7% and I got GAP insurance on it for really cheap so if i crash and am upside down on the loan, they pay off the rest and they also give you and extra $1,000 towards a new bike!!:shakehand

don't mess up your dad's credit!! thats kinda a d*ck thing to do especially after he got the bike for you when you couldn't!
 

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I would get a loan and pay it off. It would reduce your payments and interest.
 

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:+1:

Don't ruin your dad's credit, he was nice enough to get you the bike. Refinance the bike/loan on the bike in your name. Paying the bike off in your name will also raise your credit score, and help you become more qualified for future purchases. Also, for next time buying cash is always a good thing, but not the end of the world if you don't have the money up front. Good Luck.


seriously. You're lucky for having someone who WANTED you to have it. My dad to this day doesnt want me having my bike but I still wouldnt pull an a-hole move like that.


but damn, mine wasnt even that much and I got the warranties and lojack, and my payments arent even that much with little credit (mostly being used up by school loans:banghead:)

so yea, just take it as a lesson learned, pay it off, refinance if you have to, and in a couple years your credit score will be good enough that you wont need anyone to even co-sign for your toys lol
 

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pay it off or refinance. Your dad is a great father whom helped you out, don't ruin his credit because you failed to look over the documents. In fact you should be thanking him every day you have a bike to ride.
 

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so i gotta ask, why did he end up picking it up for you, but you can go get a loan at 1/3 the rate he got?

why wouldnt you have just gotten the bike your self in the first place?
If he's young enough, the insurance would probably be another 330 a month

I assume you are pulling a little insurance fraud here too?
 

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Why would you even think of ruining your dad's credit? Thats terrible. Shame on you.
 

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hey guys heres what I got..

Sept 2008 my dad picked up a Pearl Orange rr( I would be making payments(financed thru honda), it was under his name). I was so stoked, I really didnt care how much it was, just glad to have one. So I later find out on the ride home the monthly payment is 330.00 a month. Not knowing that much about bike financing i figured that was normal. Well yesterday I decicde to look at the paper work for the first time.... The intrest rate on the bike is 17%!!$#%&^ he got rapped. He got the bike for 13 k OMG!! Ive seen people get one for like 9500 out the door. wtfff!!He didnt even talk em down or anything. So Ive been paying on the bike so far on just INTREST (9500). Im upside down on the bike. I owe still 10 k and its value is only 7 k according to kbb. Meaning when the bike is payed off with finacning charges is around 19K. OMFG!!!

Options

1.I was thinking about getting the title put in my name and and get a loan to pay it off with a lower intrest rate around 6% compared to 17%.

2.Letting it go and mess up his credit( which is kinda his fault)

3.Cant sell it more than 7000, still be in the hole 3 k.

Heres what really pisses me off..

If I would have saved the money monthly( on just intrest Ive paid so far) I could have bought a new one cash.

If I were to buy another bike say a 2009 with a 6 % intrest my monthly payments would be cheaper than now wtfff!!( I have credit now)

Anyway.. next time Im buying a bike cash..what do you guys think
You have learned a very hard lesson in personal finances.
That fact that you even thought about ruining your father's credit is appauling :spank:, I'd disown you as a son and kick your arse to the curb and out of the will. Take responsibility for your inaction which was letting your father do everything and you not even taking a moment to care about the $$ aspect of it. $330 a month for a bike? WTF:drunk:were you thinking?

You'll need to do as everyone else says, get yourself a loan to pay off the lien on the bike eleviating your father from the fiscal responsibility of the bike.

Otherwise, you better take great care of that bike becuase you'll be riding it for a while until you are no longer upside down on it.
 

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Get a new loan and get the GAP coverage. Like said above it will cover anything that you are over teh bike value should something happen to it. I got it on my last car cause it was bought new; just driving off the lot made me go upside down on it.
 

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Where did the OP go?? maybe :drunk: and blow off some steam?? lol

One of my good riding friends is in the same hole. Bought an 07Gix600 and got raped (she's a chick so it sounds bad). Owes like 17k for the entire thing.
 
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