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Old 09-13-2011, 09:21 PM   #1
tigerfan00 [OP] tigerfan00 is offline
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Vehicle Loans

I don't think this is the proper section, but I figure the guys savvy in investments etc will have the answer I'm looking for

I took out a loan and bought a motorcycle

I've realized that I don't really ride as often as I'd like, and find myself thinking that the money I'm spending each month in loan payment/insurance cost could be far better spent

Now then, I don't believe I'd make enough selling the bike private party to pay off the loan

KBB on the bike is $7800 or so and the payoff on the loan currently is $8000

Generally speaking, is it possible to just relinquish the bike back to the financing dealer and will this negatively affect my credit in any way?
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Old 09-13-2011, 09:50 PM   #2
tigerfan00 [OP] tigerfan00 is offline
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After doing some more reading, I think it ends up as showing as a repossession on my credit history...which...would be NOT GOOD...

If anyone can confirm or deny this with some certainty that'd be great



It's not an issue of if I can or cannot afford the bike...it's more of a I'd rather be spending my play money elsewhere at this point and I want to take the smallest hit possible when getting rid of it
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Old 09-13-2011, 09:59 PM   #3
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Yeah what you read is true. Giving back is bad . Your better off selling it and loosing 200.00 and staying with good credit
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Old 09-13-2011, 10:00 PM   #4
tigerfan00 [OP] tigerfan00 is offline
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cool deal

I'm much more ok with losing a couple hundred than anything negative on my pristine credit rating
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Old 09-13-2011, 10:04 PM   #5
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Yeah, $200 isn't bad. Assuming you're able to sell it.....
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Old 09-13-2011, 10:06 PM   #6
tigerfan00 [OP] tigerfan00 is offline
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I may wait till springtime to sell it...seems the market is better then
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Old 09-15-2011, 08:30 PM   #7
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Quote:
Originally Posted by tigerfan00 View Post
I may wait till springtime to sell it...seems the market is better then
Yeah, it is usually a good selling time in the spring/summer, and Christmas.
You can always put it on Craigslist every week, and see if anyone bites.
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