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Vehicle Loans

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

  1. Sep 13, 2011 at 9:21 PM
    #1
    tigerfan00

    tigerfan00 [OP] BECAUSE INTERNETS!! Staff Member

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    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. Sep 13, 2011 at 9:50 PM
    #2
    tigerfan00

    tigerfan00 [OP] BECAUSE INTERNETS!! Staff Member

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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
     
  3. Sep 13, 2011 at 9:59 PM
    #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. Sep 13, 2011 at 10:00 PM
    #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. Sep 13, 2011 at 10:04 PM
    #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. Sep 13, 2011 at 10:06 PM
    #6
    tigerfan00

    tigerfan00 [OP] BECAUSE INTERNETS!! Staff Member

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    I may wait till springtime to sell it...seems the market is better then
     
  7. Sep 15, 2011 at 8:30 PM
    #7
    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, 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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