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Message started by papi_ocho on 07/21/11 at 08:07:41

Title: Bike in repossesion.
Post by papi_ocho on 07/21/11 at 08:07:41

Again asking just to ask.

If its in repossesion. Would it be wrong to strip it and turn over the frame?
::)

Title: Re: Bike in repossesion.
Post by Sunchasers on 07/21/11 at 08:17:53

In my opinion, that is a different scenario! I would say Yes, unless you are just removing personal items that do not affect the original value or function of the bike.

Title: Re: Bike in repossesion.
Post by verslagen1 on 07/21/11 at 08:25:30

yes, wrong and unethical, you didn't finance a frame did you?

now if you bought a sow's ear and you turned it into a silk purse, it would not be wrong to return it to original condition.

Title: Re: Bike in repossesion.
Post by justin_o_guy2 on 07/21/11 at 10:11:14

Bad move to be rippin stuff off of it,, unless its stuff YOU paid for, outta your pocket, after you financed it,, thats your stuff, but the bike, as you financed it, belongs to someone else.

Title: Re: Bike in repossesion.
Post by kimchris1 on 07/21/11 at 10:37:20

#1. If a bike is being reposessed, it is due to payments
not being made.
That is not the fault of the finance comapny. The bike
should go back in the same shape it was when first
financed.
Hopefully they can re-sale it and their would not be
much if any of a deficit for the owner to repay.

So in answer to your question. IMO, yes it would be
wrong to strip it.. :) kim

Title: Re: Bike in repossesion.
Post by Grand Strand on 07/21/11 at 16:46:19

Papi,

I’m glad you ask, it is easy to want to lash out. It’s also easy to want to preserve self interests. However, the advice here is right; you should refuse to “give in” to this. The “man” didn’t create this problem, it just feels that way.

Keep your accessories, but let the bike go back in as good a shape that it can. Ask about a refi, amended payments, or even a repurchase might be an option.

Good luck, I hope that it goes well for you,
Larry

Title: Re: Bike in repossesion.
Post by Routy on 07/21/11 at 16:54:23

Quite simple,.....
Untill its paid for, you don't own it.
You can't take what you don't own
You can take what you do own,.......
unless its like a....... replacement motor/tranny that you paid for, then you can't even take what you paid for :o

Title: Re: Bike in repossesion.
Post by Stimpy - FSO on 07/22/11 at 04:24:06

CASH people, CA$H!

please use cash to buy low value items, like motorcycles, jeez.

Don't have that much cash?
Well that just means one thing:

That you CAN'T AFFORD your toy
so save up or get a bicycle; motorcycles are always
a good investment cause they end up paying fror
themselves may times over in gasoline savings.

...repossesed motorcycles, lolz ::)

Title: Re: Bike in repossesion.
Post by LostArtist on 07/22/11 at 10:43:35

6B4C51554841380 wrote:

thanks for the holier than thou attitude . . . I'm sure that helped

and motorcycles are never a good investment, neither are cars or houses. you'll pay more in maintenance than anything you save in gas on a motorcycle, and cars just depreciate like crazy, and houses cost you in taxes, upkeep, lawn car, repairs, etc. .. so even if it goes up in value you still probably paid more over the years than its increase in value

Title: Re: Bike in repossesion.
Post by photojoe on 07/22/11 at 10:51:30

Back in the 80's (yeah, I'm old) I had a small drywall business. Bought a new truck during the good times then the big housing bust happened. No work for a really long time. Fell behind on truck payments, and they called saying they had the papers to repossess. I said "come on over and I'll hand you the keys."Honestly, it was a relief to be rid of it and the $350 a month payments.

Let it go in the same condition. When times are better, you can find a good used Savage for $1000.00.

I know it sucks, but it is what it is. Good luck, and remember that the bad times won't last forever. Resilience is a quality that we all possess. Just have to find it is all.

Title: Re: Bike in repossesion.
Post by Boofer on 07/22/11 at 11:26:19

I agree with Stimpy FSO. Pay cash any time you can. I live in a small house that's paid for. 2000 Grand Prix, 86 C20 Chevy, Savage, TRX 300 Atv, $1500 camper 30 yrs old. All paid for. The only thing I can see going bankrupt over is hospital bill, and so far, I've managed not to do that. I am not holier than thou or anybody, but If you sign on the line or shake my hand, you better well know I expect my money. We have a whole world of 30 somethings and below who expect what their parents have after 40 years of saving and hard work. If anyone on here is not in that category, please don't give me a lecture about why you're not. This is meant for those who can't control their impulses to buy toys. :)

Title: Re: Bike in repossesion.
Post by LostArtist on 07/22/11 at 12:03:31

I financed my bike, if anything happens and I lose my job or whatever and I can't make the payment and I have to sell it, eh, that's okay, it's a motorcycle, not the end of the world, I'm not going to cry over losing it.

Title: Re: Bike in repossesion.
Post by Stimpy - FSO on 07/22/11 at 12:32:55

Not here to argue.

No attitude, seriously,
it's just the way it is,
and don't take MY word for it

... just look around!

Credit and financing have RUINED the world.

Credit is basically the illusion of owning something now
based on the delusion that in the future you will surely,
somehow, magically, have more money than you have now.

Life, however, usually DOES NOT go according to our plans,
there are waaay too many variables and uncontrolable factors,
and the bankers know it.

Title: Re: Bike in repossesion.
Post by serenity3743 on 07/22/11 at 13:05:54

And our government (all parties included) seems to operate on the borrow-now-pay-later philosophy. It doesn't work for governments, families, or individuals. Government is increasing the "debt ceiling" so they can continue to "rob Peter to pay Paul."

Title: Re: Bike in repossesion.
Post by LostArtist on 07/22/11 at 13:09:34

795E43475A532A0 wrote:

Not here to argue,

.

now what am I going to do to waste time at work. . . 8-)

Title: Re: Bike in repossesion.
Post by photojoe on 07/22/11 at 14:58:15

I think back to when my parents bought big ticket items. To them, a new refridge, AC or TV was a big deal. They probably had one credit card and used to finance one thing at a time. The term they used was "buying it on time." They would never buy anything else until one item was fully paid off. Frugal, and living within their means. Seems like such a long time ago.

Title: Re: Bike in repossesion.
Post by Jerry Eichenberger on 07/23/11 at 13:55:25

I agree with Stimpy, kinda.

Credit is a very valuable business tool, but should never be used for toys, especially small toys.

I'm not holier than thou either, but really, if you can't wait to buy a $1500 toy, like a good used Savage, until you save up that much money, then you are impulsive.

It's impulse buying that gets more people in trouble than about anything else. If you can just sock away $30 per week, you can save that much in a year. If you can't wait that long, then you are the walking definition of impulsive. If you are employed, and say you can't save $30 per week, it's not very important to you to be able to pay cash.

Title: Re: Bike in repossesion.
Post by 2whlthrpy on 07/23/11 at 15:03:24

Papi, I can only assume you are kidding. Doing the right thing allows me to sleep well at night. Would you if you did what you suggest? ::)

Ps I didnt always do the right thing in the past. I have learned from lack of sleep.

Title: Re: Bike in repossesion.
Post by Yonuh Adisi FSO on 07/23/11 at 22:33:04

514750474C4B565B11151611220 wrote:

Government is increasing the "debt ceiling" so they can continue to "rob Peter to pay Paul."

Then where is my darn money? (my real name is Paul) ;) ;)

Title: Re: Bike in repossesion.
Post by justin_o_guy2 on 07/23/11 at 23:04:50

Youll get it next week,,

My real name is Peter

Title: Re: Bike in repossesion.
Post by mpescatori on 07/24/11 at 15:18:38

My 2 cents' worth:

1) How many times have banks repossessed "stuff" worth "so much" because the last two payments were overdue? That is normally called "armed robbery" but if your name is "Bank" then it's legal... ::)

2) Pay Ca$h... that is not a "holier than thou" attitude, that is exactly the kind of advice my grandpa and dad gave me when I left home and got myself a job.
Was it good advice? You Bet ! Did I follow their good advice? I'll simply say that those FEW times I financed, something happened that got in the way and I regularly found myself "in the deep end"; but when I paid cash, everything always seemed to work itself out...

3) "Buy now pay later" actually means "get cheate now and ripped off later", the two most notorius being negative equity on mortgages and financing a computer for the family.
I can understand negative equity, as the T-shirt reads, "shyte happens", but financing $1000 for a $800 item that'll cost only $600 when I'll be done paying? :-X
Even financing a used car ain't that poor business...

So, all I can say is:
Papi, figure out how much you paid and how much you still owe, and strip that much % off the bike, because it corresponds to the amount you already own.

AND

next time

consider a long term lease on a new item, it may be better business than financing a used item.

8-)