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Vehicle Loans

Discussion in 'Stocks & Investments' started by tigerfan00, Sep 13, 2011.

  1. tigerfan00

    tigerfan00 [OP] BECAUSE INTERNETS!! Staff Member

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    Jeff
    Dunkin Donuts
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    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?
     
  2. tigerfan00

    tigerfan00 [OP] BECAUSE INTERNETS!! Staff Member

    Joined:
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    Dunkin Donuts
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    02 TRD 4x4
    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
     
  3. Sigi

    Sigi Well-Known Member

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    Sfv ca
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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
     
  4. tigerfan00

    tigerfan00 [OP] BECAUSE INTERNETS!! Staff Member

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    cool deal

    I'm much more ok with losing a couple hundred than anything negative on my pristine credit rating
     
  5. BakoTruck

    BakoTruck Well-Known Member

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    Herbie Hancock
    Bakersfield, CA
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    05 PreRunner TRD
    Mostly stock for now, I have added a cb radio, various cheap mods and I plan on adding aftermarket wheels and other items in the future.
    Yeah, $200 isn't bad. Assuming you're able to sell it.....
     
  6. tigerfan00

    tigerfan00 [OP] BECAUSE INTERNETS!! Staff Member

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    Dunkin Donuts
    Vehicle:
    02 TRD 4x4
    I may wait till springtime to sell it...seems the market is better then
     
  7. BakoTruck

    BakoTruck Well-Known Member

    Joined:
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    Herbie Hancock
    Bakersfield, CA
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    05 PreRunner TRD
    Mostly stock for now, I have added a cb radio, various cheap mods and I plan on adding aftermarket wheels and other items in the future.
    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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