Last march I bought my 99 zx-9r from a friend I knew for a long time for $2800. I just make him payments each month which he wanted to do. I have made every payment on time etc. I wrecked back in July and have been looking for parts to fix it back up which I have everything except the front wheel now. Well Last Weds. he seen me and told me hte bank came by to repo the bike. I was like WTF!!!! He filed Bankruptcy a month or 2 ago and said he talked to the bank about keeping the bike and not filing on that, he said everything was OK. Well when the guy came he told him that he talked with the bank and everything was OK so the REPO guy calls them up and talks with them for a min. and then leaves. Larry said he's gonna go back to the bank and see what's up but if they do REPO it then he'll make it right and get me a new bike. I owe like $750 left on it. He had a good job when I bought the bike from him and now since summer he just can't keep a job. He has a new one every month. I just don't see how he can go and get me another bike to make things right. He said if they repo it then we'll strip it down to teh frame and throw it on there lot but then I'm stuck with a shitload of parts. I have no clue what to do.. The reason why I make him payments is I don't have good enough credit to get a loan BTW.

I'm thinking that if the bank wants it back then I go to the bank and tell them the problem and tell them it's totalled, it only has the frame and some wires but the motor is blown.

As of now it just needs a new front tire and I just bought a plastic welder to fix the plastics. I'm still fixing things on it cause if I have to give it back then I'm stripping it anyway so I can ebay them if I don't get another ZED. Sorry for the long post but I'm flipping out and can't wait to ride... I wish I would've known all of this before I spent all my $ on my new turbo kit for the civic

 

Sorry man. Glad you're venting here and sharing your experience. Its a good lesson for anyone thinking of buying into a bike through a friend like this. let us know how it works out.

 

Yeah I will I'm gonna stop by his house today and see whats up but everytime I see him I just wanna whoop his ***.. I will be in jail if I get totally fucked on this trust me.

I didn't think I anything to worry about cause his TL1000r and my bike was on one loan then he sold hte TL and my other friend seen how he wasn't working and **** and told me to keep an eye out. Well........................

 

i assume you dont have the title? why not make him give you the title now, and since he almost screwed you over tell him you think that you shouldnt have to pay the remaining balance

 

No I don't have the title. The bank has the title he had a loan on it. The only way I can get the title is if the bank just lets him pay it or I go to the bank and pay them.

 

Did he just use the money you were paying him for other items or soemthing? B/C if so the you should jus pay the remaining 750 you owe him to the bank and let him come up w/ the rest ... if not... then take it out of his ***! Its worked for me before

 

Well that's what I think he did spent the $ on other stuff. I don't know since he filed bankruptcy if he can pay it off, I think the bank just takes the loss on it and gets the bike back to see and get a lil something. I'm going to find out what bank he went to and talk to them and see what I can do. I'll tell them its all Fucked up etc.

 

If the title is still in his name with the bank lien on it then, in all reality, there's no way you can come out on top.

The bank will only honor the conditions that it has agreed to. Those conditions state that your friend pay them the balance of the lien and if he fails to do so that they can repo the motorcycle and any other collateral agreed upon. They will not honor your agreement with your friend. Unless said agreement was in writing and and notarized then I wouldn't even expect it to fly in Civil Court.

This is just something you're going to have to learn from and move on. If you strip the bike and sell the parts then I've a hankering that you'll be in a lot of legal trouble. The bank will want to know exactly what happened to everything, and why.

I hate to say it, but you're just going to have to suck it up and move on. I've got a friend that isn't going near a single dime of mine because he's proven himself too consistently unreliable. Unfortunately that's just the way life can be.

 

Very true for above.

But if they want the bike back and I tell them that I know larry and the whole problem and that I would like to buy the bike from them then I might have a chance of breaking even except stripping the bike down and putting it back together after I "MIGHT" be able to get it. About the whole stripping the bike he said he'd do it and hten give it all to me. And anyway when I bought the bike it was missing a bunch of **** but I had to buy it all, "taken off hte purchase price" so that's all mine anyways for I have reciepts for it all.

 

I know it's a hard lesson to learn, but you're fucked.

1- NEVER take over payments on a vehicle without BANK APPROVAL
2- NEVER make payments on ANYTHING without a SIGNED contract
3- NEVER TRUST your "FREIND" to do the right thing

Sucks to be you, good luck getting any money or the bike back out of it. In fact, you might expect to get sued for the damage done to the bike while it was in your hands.

 

That's a tough situation..........
Good luck

 

In fact, you might expect to get sued for the damage done to the bike while it was in your hands.

^ The bike was wrecked when I bought it so I didn't damage anything more when I wrecked. It didn't have plastics, a shitload of bolts, the clip ons were stripped clean, etc. The bike had a frame, motor, forks and all the wiring which it has more than that now. They don't even know about me they think Larry has it hidden somewhere.

 

You should have gotten him to sign the title, as leinholder or something. Either way, you're at the bank's mercy because you made a big mistake.

If you strip the bike down and leave them the frame, HE will be the one responsible for the difference between the fram value and the amount of the lein. This may wind up being your best bet...as maybe you can sell the parts and get back the money YOU paid him for the bike.

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by hybridvteceg &raquo;</TD></TR><TR><TD CLASS="quote">i assume you dont have the title? why not make him give you the title now, and since he almost screwed you over tell him you think that you shouldnt have to pay the remaining balance</TD></TR></TABLE>
The title isn't any good to him when the bank is listed as a leinholder.

My advice is to take pics of the VIN on the bike, and any damage. Then go to them and ask them what they will take for the bike when they get it back. They may decide to just sell you the title for $750, rather than hassle with repo messes.

You can also call a DIFFERENT bank and ask them for advice. They deal with this stuff all the time, and maybe they can offer advice without using the information against you.

 

just part the bike out. keep everything, and deal with the $750 loss. if you give him **** back youll be stuck with nothing. dont give him or the bank **** back. its gone, stolen, sold.

 

"You can also call a DIFFERENT bank and ask them for advice"

I never thought about that I'll go to my bank tomorrow if I'm off and see what they say. But first I need to find out where the bike is loaned from, incase he did it at my bank. Thanks for that input

If I can't keep the bike for any reason then it's getting stripped and partes out no doubt about that. The problem is he won't have to pay for anything cause he filed bankruptcy on everything i guess. He told me it was everything but the bike but I think he did it on everything and is trying to hide that I just got fucked.


My advice is to take pics of the VIN on the bike, and any damage. Then go to them and ask them what they will take for the bike when they get it back. They may decide to just sell you the title for $750, rather than hassle with repo messes.

Yeah I plan on doing this but he said he's gonna talk to the bank and see what they say about everthing first. I'm just going to act like a friend and that I could use the frame and I'll need the title for it and make it seem like I'm not desperate for the bike.

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by tylercrx &raquo;</TD></TR><TR><TD CLASS="quote">just part the bike out. keep everything, and deal with the $750
loss. if you give him **** back youll be stuck with nothing. dont give him or the bank **** back. its gone, stolen, sold.</TD></TR></TABLE>

If the bank tells him that they want the bike and that I can't buy it from them then yeah it's getting broke down. **** he said that we'll strip it down to teh frame but why not just cut the frame up and say it was stolen???? Instead of dealing with why everything is gone except the frame. I still gotta think about what to do as far as giving htem the frame or not if they want it back.

Thanks and keep the input coming.......I know I fucked up by doing this deal but I have learned alot from it TRUST ME!!!!!!!!!!!!!!!!!

 

BTW heres what the bike looked like and what it looks like now wrecked. The plastics are all ripped off and the only thing left to buy is a front wheel for it.

Sorry I loaded them on the hosting site and forgot to make them appear when the post is loaded.

http://www.we-todd-did-racing....D.jpg

http://www.we-todd-did-racing....D.jpg

http://www.we-todd-did-racing....D.jpg

Sorry the pic of the bike not wrecked is crappy quality