Hell I just recently bought a 2005 GS500F brand new it its financed only put down $200, well anyways I love the bike to death but I am in college and I cant afford it right now. So does anyone know how I can get rid of the bike (I really dont want too) without hurting my credit any. My friend says I cant sell it because it has a non-negotiable title becuase its financed so I am wondering how can I let go of the bike for now?

Unfortunately, I believe I am in the same situation. I will be looking forward to the replies of those who have experience in this area.

hehe sorry to hear that, lol I need to get rid of it fast

There is only one way that I know that you can sell it and that is find a buyer that can and is willing to pay off your note.

The unfortunate part is, you are probably upside down on it. Meaning that, because of interest, finance charges, and depreciation, you probably owe more on it then market value worth.
In which case the only good way to "get rid of it" would be to find a family member or close friend that would take over payments while the bike is still in your name.

Problems you run into there will be that you still have to keep insurance on it too. If they get hurt on it, or hurt someone else, you are wide open for law suits.. (married to an attourney   )

Best thing you can do is put every extra penny you have into paying it down until you are even or have a little equity in it and try and sell it for full market value..

Good luck guys!  

There is one other thing that can be done.... its easier to do with like a credit union where you know the folks.  If you have a car that has some worth and has no lien.  Then if you are upside down you can take a loan out for the remaining owed on the bike using the car as collateral.  

I am not saying this is a good choice at all.  Its just an option you can investigate.  Also check around if you can lower your interest rate, that will lower you payments.  Then as Faxxxy stated put as much money into the payments that you can.

Being upside down is a pain but there are ways to get around it.

Good luck!

or simply don't buy things u can't afford.  Its on 05, and u already can't afford it?  makes me wonder what you were thinking, or actually why u wasn't?

Quote from: jordanearlor simply don't buy things u can't afford.  Its on 05, and u already can't afford it?  makes me wonder what you were thinking, or actually why u wasn't?

We've all done it..

There is an old saying..

Some people have perfect credit,
The rest of us have college educations  

Heres to ya!  

since it's an 05 you probably haven't had it too long... hopefully you've paid off most of it... anyhow..

let's say you owe 4300.  If you sell the bike for 4200, you take the seller to the bank and he pays it off.  you get the title, sign it over to him, voila.


problem is if you owe like 5k.  You will never sell it for that, so you will need to make up the difference in cash

I've seen things advertised for sale as "take over payments". I don't know the details on how that works but I suspect a loaner would prefer that over defaulting on the loan.

I got a suggestion for you. If you got parents tht are willing to co-sign......go to the bank "Bank one". They give college loans to students who are in school. They just write you out a jack. It can be used for anything like car payments, books, food and n your case..a bike! The interest is like low. The best part is you dont have 2 pay a penny untill you graduate from school. As long as you are i school part time.

Ouch. Unfortunately, due to the immediate depreciation whenever something new becomes used, you're probably upside down. But it's not clear exactly what the problem is.

If the problem is that you need some cash in your pocket, but you've got a job with paychecks rolling in every month, then yeah maybe taking out some kind of other loan, a school loan or one using some other collateral, would work. With more debt you'd have monthly payments to make, but if you can be aggressive in making them then you can eventually pay down the debt. The problem with this is that, over the course of paying down debt, you'll lose a lot of $$ to interest.

On the other hand, if the problem is that the monthly cost of owning the bike is too much for your budget and you can't make ends meet, but you've got a little flexibility in the immediate short term (this sounds more like what the problem is), then you should probably bite the bullet and sell it at a loss. I know it sounds like something no human should ever do, and your gut screams no. But by sacrificing a few hundred dollars now you free up your monthly budget, and you'll make back that much and more as time goes on.

Basically, you're going to lose out no matter what. There's no magic solution. It's the price you pay for what (in restrospect) was an unwise decision. Jordanearl may sound like he was being a d!ck, but it's an important lesson to learn, and if it doesn't get said it doesn't get learned.

In addition to his generally applicable advice, there are some other things to learn from this situation.

1) No matter what, do something. Take the financial hit, but don't pretend it's not happening and let the situation slide out of control. DO NOT default on that loan. Protect your credit, it's really important for your future.

2) Never buy anything with little or no money down. Unless you get some king of ungodly low interest rate (and that only happens with school loans, not loans for consumption) wait to buy until you've saved up a substantial down payment. Never finance more than 80% or so of anything - bike, car, house, etc. That way you have equity in your purchase right from the get go and have some flexibility to handle lean times.

3) Don't buy a new motorcycle. Especially if it's a beginner bike. Especially if it's your first bike.  You can find used Es for ~$1000 that will perform just about as well as your F, and if you take care of them they can look as good too (I'm partial to nakeds, I admit).  Once you get to your second or third bike, and are a really good rider, and have lots of cash to pay for lots of insurance, then buy a new bike.

Anyway, good luck.

Maybe he needs to tell us the whole story, amount owed, shape miles of the bike, where he is, then.... we can figure out how bad the situation is.  Good luck, I paid cash for my gs and bought used for a reason.

I had no intentions of being a duck about it, but i see it happen all the time, lets spend spend spend.....oh, wait a minute.  Do I really have to pay for it now?  There are lots of hidden costs in motorcycles.  Insurance and riding gear are the main killers.  Maybe your coverages are higher than they have to be.  Might check into that an see iof that can save you a few dollars.

well if you have full coverage, and can afford the dectuable, just total it. and have the insurance pay off the note.

while my situation wasnt quite as bad as yours.  Anyway I know from personal expereince that it sucks to be upside down on a vechicle.  My wife bought a ford focus before we were married, and after we were married it caught fire and was totaled by insurance, we were paid off but the payoff was about 4000 less than what we owed, we still had to make the payments on this 4000 until about 1 year later we found out that the insurance went after ford and got the money back so we got the down payment, and everything that was paid before the payoff we won in the long run but there was a period where we were making payments on a car that blew up (granted ford allowed us to cut the payments down but still).

Anyway there is a way for you to take over payments, usually the person will have to qualify through the same place that you got financed.  Your best bet is to take the hit and advertise the bike as take over payments only.  So that way your really only out hte $200 that you put down.  Almost all vehicles lose value so i doubt that you would be able to sell it and clear the title, say you owe 5gs on it and get 4000 for it, youll still have to come up with the 1000 that is left.  I dont think you can transfer a bike with a lien still on it unless the lien holder approves.  

At this point it sounds like your desperate so either come up with the money to pay the payment, make a lump sum payment to get the bike down to even with what its worth or advertise it as a take over payment only and take the small hit.  I would suggest do somethign as someone else said, dont let it go into default.  We have all made those mistakes, just learn from it.

Quote from: davipuwell if you have full coverage, and can afford the dectuable, just total it. and have the insurance pay off the note.

Holy crap!  Thats a bad idea! lol

I think your best solution is to buckle down and find some way of making the payements.  If that doesn't work, some of the suggestions above are good ones, student loans, loan's from parrents.   How high can your payments be? 150 a month?  If absolutly necessary, you can take it off your insurance and not ride it until you've got some equity in it... or till u can afford it.  

Basically, you made a misake in buying the bike - now the trick is not to make taht mistake worse by defaulting or something like that.  You may have to give up some things for a couple of months, but that's the price we pay when we make rash decisions (we've all been there).

see sig line

Quote from: miloOn the other hand, if the problem is that the monthly cost of owning the bike is too much for your budget and you can't make ends meet, but you've got a little flexibility in the immediate short term (this sounds more like what the problem is), then you should probably bite the bullet and sell it at a loss.

I agree.  I am young and a college student also and have been in that situation.  Sell it and cover the cost with borrowed money.

do like what i do . get a job while your in college and pay your bills. its not hard doing a balance of both.

If you find a buyer willing to pay what you owe and the Finance company approves them for the same ammount, they may allow it, But i belive you will keep a mark of incompleted contract.

this is gonna sound rough as i know like anyone how tight cash can get. pay it off some way some how, pay ahead of time. i knew one guy busted but to make side cash and every bit went to the bike. after paying 2K in a short time, he used 3 credit cards to pay off the balence, and kept getting new cards with low rates and transfering while paying, this kept knocking the main cost down while intrest was low, once the intrest was about to kick in, he would transfer to another low rate card. Must admit, it worked.

i would think Long and hard before choosing this route, i know credit Unions have good rates for loans