Honda is closed today so I thought I'd post up.

I financed my bike thorugh Honda and the bikes title is in my name.

I still owe a couple of grand on the bike...can I sell the bike and pay the balance after or do I have to pay it before to transfer the ownership?

Do I even have to pay the balance right away or can I continue paying my monthly?

Thanks very much for any input

 

You will have to pay off the balance in order to get the title....cause I'm assuming that the person you sell the bike to will want it.

Another option would be to get another loan to pay off the difference. Then you could pay off the bike loan with that money and the money from the buyer, and then have the new loan to pay off.

This should be a lesson for others that want to finance bikes... You bought a bike and now that you're selling it, you can't sell it for what you owe... leaving you to pay off the loan even after the bike is gone. Financing a bike is most often a poor financial decision.

Hope you figure out a way to get out from under it.

A friend of mine traded a 600rr for a 1000rr at the dealer... his payment stayed the same and he now has a bike that will hold value a bit better. This will help him to get out of the hole faster also.

 

Thanks Engloid First welding advice now finacing advice lol

Well actually it is a 600RR I never thought about trading it in for a new model 1000RR
I got a buyer but he's all iffy about it but he really wants it so I guess I'm going to have to pay it off. Unfortunately I end up with pretty much nothing.


I really don't want to sell it Engloid but it's either the RR or the 200DX Somethings gotta go....my lifes totaly off track

 

That really sucks. Have you thought about selling the 200DX and buying a cheaper used welding machine? Unless you have space limitations or do a lot of AC aluminum work, a transformer based machine will still suit you well. In fact, it did fine in the welding world for many years. I'd love to have a 300DX, but I just can't justify the additional money for it. Instead, I bought a used 350 syncrowave for $1500.

Maybe you could sell your 200DX, buy a cheaper used machine, and then be able to keep the bike also. For example, if you sell the 200DX, buy a used one, put the extra money onto the bike loan. This may reduce your payment on the bike if you refinance it and allow you to keep both.

You also may be able to go to your bank and get a lower interest rate than Honda gave you. I don't know what they get these days, or what your credit is like.

I learned a big lesson years ago about finance and loans. Here's my story about lessons learned:

I had about 4 different loans. On month, I was late on a credit card payment, so I figured I'd pay double next month. Well, next month, I was about 2 days late paying it. The terms of the card allowed them to jack my interest rate way up if I MISSED 2 payments. In their eyes, I missed two....in my eyes, I was late on two. So I got pissed off.

I went to my credit union and asked them if they would loan me the money to pay off the card. They approved me on the spot with minimal credit. They also asked if I had other loans that I might want to "consolidate" with this. I did....lowering the interest rate on all my debt by doing this. Why hadn't I done this sooner???!!!

Well, a while after that, I was still paying on the loan, but bought my wife a car. that was a loan for $8900....also through the credit union. The car loan was lower interest than the personal consolidation loan. So, about once a year, as I paid down the balance on the car, I'd refinance the loan, moving some of the debt on the personal loan over to the car loan to reap the benefits of lower interest rate.

Each month, I would take all my bills and rate them according to interest rate. Granted, I quickly learned the rankings of each and didn't have to refigure it. I put the highest rate loan to the side and paid only minimum due on all my other debts. I then took the highest interest loan and paid minimum PLUS whatever else I could.

Slowly, I'd whittle down the highest interest loan I had, and the second one in line would bump up to first.

I did eventually get out of debt, but I found that it really got faster progress when I used my head in doing it.

I now owe for nothing but my house...and I have about $50k equity in it. I did buy a big screen tv about 2 years ago. I got 18 months with no interest on it. I took the overall price, divided it by 18, then rounded UP to the nearest even increment of $10. When month 18 came along, I had only something like $50 due and paid it off. It really felt good to do this and not have to pay "the man" for my having a lack of financial control.

A big difference in the rich people and the poor is that the rich manage their money better. Learning to do it will make things much easier in life.

For example...my bike was bought with cash, no loan. I now can reap the benefits of only paying for liability insurance, rather than having a lender force me into full coverage. Yes, I assume the risk of replacing my bike if I wreck it, but I'm also saving about $75-100 EVERY month. Odds are, that savings will easily pay the cost of any repairs I MIGHT need to make in the future. $100 a month is $1200 in a year, and that's a full set of plastics.

It doesn't sound like you're in a huge financial bind, but enough that you have a great opportunity to learn from the mistake (thankfully not a big one)....and prevent yourself from making the big one in the future. I did the same thing, and although I regret not learning sooner than I did, I'm thankful that I did learn from it when I did.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by Engloid &raquo;</TD></TR><TR><TD CLASS="quote">
It doesn't sound like you're in a huge financial bind, but enough that you have a great opportunity to learn from the mistake (thankfully not a big one)....and prevent yourself from making the big one in the future. I did the same thing, and although I regret not learning sooner than I did, I'm thankful that I did learn from it when I did.</TD></TR></TABLE>

I owe $50 000 to visa and various banks 29yrs old no good job right now and no real incoming money.

I've sold everything I own in the past 3 months ...except the welder and the bike.

Basically the only 2 items I own are those 2 items

The money I get back on the bike Is $3000 the money I get on the DX is maybe around $3000? Yes I'm working on doing al and I don't have space constaraints but power supply constraints and I'm using a extension off the dryer plug which works just fine for the dx.

Monthly on the bike is $240 , $4800 to go.

Selling the bike or welder isn't going to solve anything but I thought it would take a bit off the weight off my shoulders.

Can't get anymore loans or lines of credit.

Ya ya I know I made lots of mistakes.

I got about 3 days to decide on what to do with this bike....or the welder.


Thanks for the advice I apprciate it

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by essex &raquo;</TD></TR><TR><TD CLASS="quote">

I owe $50 000 to visa and various banks 29yrs old no good job right now and no real incoming money.</TD></TR></TABLE>
$50,000????!!! Damn, they'd never loan me that much!!!
<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by essex &raquo;</TD></TR><TR><TD CLASS="quote">
Can't get anymore loans or lines of credit.
</TD></TR></TABLE>
Are you sure that you can't get any loan that would eleminate one of the ones you have? Sometimes, you can't get new loans, but when they know you're borrowing to consolidate or refinance a debt, it's a bit easier to get a loan.
<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by essex &raquo;</TD></TR><TR><TD CLASS="quote">
I got about 3 days to decide on what to do with this bike....or the welder.
</TD></TR></TABLE>
You could always just put them both up for sale and whichever goes first goes first.

 

50k! damn!!!! Goodluck with that, ive been deathly afraid of credit cards since i got one when i was 18. As soon as i use it i go home and pay haha.

... you need it

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by Engloid &raquo;</TD></TR><TR><TD CLASS="quote">$50,000????!!! Damn, they'd never loan me that much!!!

Are you sure that you can't get any loan that would eleminate one of the ones you have? Sometimes, you can't get new loans, but when they know you're borrowing to consolidate or refinance a debt, it's a bit easier to get a loan.

You could always just put them both up for sale and whichever goes first goes first.</TD></TR></TABLE>

Trust me I'm shocked every moring I wake up and realize I owe 50 so I can't believe it either lol.

Yes I tried they won't give a loan to pay off the loans...I have about 5 loans right now....and 4 credit cards (one with a 22 000 limit that has a grand left)

Lucky for me my credit is still good as I pay everything on time but at the end of the month you come out with nothing

I'm going to see what to do today, the guy who's interested in buying the bike should be calling and I might just end up going down with him to Honda and have him pay them and me at the same time.


It's probaly best I sell the DX too but I think this bike will go first if this deal goes through....I wish the DX had handle bars lol

Thanks guys for the help...I feel better talking about this lol....no one knows and it is quite stressful.

 

Credit companys do that **** on purpose. They give people enough credit to really hang themselfs, just so they can destory you on interest rates and keep you poor.

I hope you have learned a very valuable lesson.
1. Credit cards are ******* EVIL. Have 1 for emergencies ONLY.
2. If you dont got the cash, dont buy something.
3. Loans are also evil. As stated in rule 2. dont buy **** you cant pay for.


Get that debt under control.

Good luck to you sir.

 

Credit cards are not evil, people are stupid.

I love having the flexibility of a credit card and use it all the time but haven't paid a single dollar in finance charges in my 10 years of having one.

 

Exactly. Because you dont buy **** you cant pay for. You buy it and pay it off instantly. Building up your credit


When you put 20K + on your card and have absoultly nothing to show for it...... well i see your point. Its not the credit cards fault, its the person who charged 20K.


lol ah well. the above mentioned rules are a good guide line.