MotoHouston.com MotoHouston.com
Register Members List Member Map Media Calendar Garage Forum Home Mark Forums Read

Go Back   MotoHouston.com > Off Topic (everything else) > Off Topic
Forgot info?

Welcome to MotoHouston.com! You are currently viewing our forums as a guest which gives you limited access to the community. By joining our free community you will have access to great discounts from our sponsors, the ability to post topics, communicate privately with other members, respond to polls, upload content, free email, classifieds, and access many other special features. Registration is fast, simple and absolutely free, join our community!

Register Today!

If you have any problems with the registration process or your account login, please contact us.


Like us on Facebook! Regular shirt GIVEAWAYS and more

Advertisement

Reply
Share This Thread: 
Subscribe to this Thread Thread Tools
Old 04-12-2007, 09:20 AM   #1
civicious
Senior Member
 
civicious's Avatar
 
Join Date: Sep 2005
Location: Nawfside
Feedback Rating: (5)
Posts: 1,811

Experience: 1-3 months

Bike(s):
TZR250






financial advice, por favor

Ok, I'm in a bit of a pickle...

I posted about the R1 getting stolen a few weeks back. I'm pretty upside down in the payments, and my insurance company (Progressive) is pretty much giving me the shaft. As it sits right now, I'm going to be stuck with owing about $7k on the bike after my insurance company cuts me a check. I've got a lawyer negotiating with Progressive, but it isn't looking very promising...

Part of my warranty coverage with the bike includes '$5000 theft protection', which isn't too terribly terrific. In order to get the $5k, I have to purchase another bike from the same dealership (ExImport) within 30 days of settling with my insurance company, and the $5k goes directly to ExImport.

What I'm thinking about doing is going ahead and getting a used bike from ExImport after my insurance company settles (I figure around $6k or so for the used bike), using the $5k from the warranty towards that, and tacking the remainder of the cost onto what I'm left owing from the R1 (use the same finance company). That would leave me owing around $8k for everything. Then I could turn around and sell the bike for what I paid for it (around $6k or so), and get a loan from my bank (or another financial institution) for the remaining $2k...that way I'd only end up being out $2k for everything, instead of $7k.

Sound like a good idea? Does anyone have any other ideas? The only other option I can think of right now is to sell the CRX and use the money for that to pay off the difference...and I've got so much time and $$$ in the rex that I'd be taking a huge hit if I sold it, that and I don't want to get rid of my baby.


and FWIW, I don't want this turning into a ', you've got bad luck' or 'Don't park your outside' or ', you paid way too much for your R1' thread. I already know this, it isn't news to me, and I don't need to be told again. I just need advice on what to do financially.



Thanks in advance.
__________________
IDB RACING
10541 FM 1960 W #300 - (281) 477-3038
http://www.idbracing.com

Last edited by civicious; 04-12-2007 at 09:37 AM.
civicious is offline   Reply With Quote
Similar Topics
Thread Thread Starter Forum Replies Last Post
mechanics, help por favor bunxx Off Topic 8 10-12-2009 11:27 AM
Post if you made it home from JAX, 7-22-09, por favor EZSPEED General Discussion (Moto Related) 25 07-23-2009 03:52 PM
Lend a hand por favor! Texas94fs How To's and Q & A's 12 06-03-2009 01:56 PM
I Need Pronto Help Por Favor!!! crazivi3tdude General Discussion (Moto Related) 21 04-08-2009 08:59 AM
financial advice quicksaveme Off Topic 39 10-23-2008 03:24 PM
Advertisement
Old 04-12-2007, 09:22 AM   #2
A303
Senior Member
 
A303's Avatar
 
Join Date: Jun 2006
Location: Stafford, Texas
Feedback Rating: (1)
Posts: 4,197

Experience: 5 years

Bike(s):
00 929rr(sold)/01 929rr









Send a message via AIM to A303
Will,

I like option 1. Keep you CRX, you will need it on rainy days.
__________________
686069c4c860b9a550e843a7a3c102b279336
R.I.P.
Roger "Koskesh"
July 25, 1977 - April 22, 2007
You will be missed.
A303 is offline   Reply With Quote
Old 04-12-2007, 09:25 AM   #3
less_than_coop
SBN BMF
 
less_than_coop's Avatar
 
Join Date: Oct 2006
Location: Kerr County
Feedback Rating: (0)
Posts: 6,261

Experience: 10+ years
Trackdays: 2

Bike(s):
GSXR1000
2005 KTM 250sxf








Be careful with the plan of buying the $6k bike from Eximport and trying to sell it to someone else. The way eximport prices their used bikes you could very well end up losing cash on a resale. Just something to think about.

GL.
__________________
"Faster, Faster! Until the thrill of speed overcomes the fear of death."--Dr. Hunter S. Thompson.
sausagecreature

Khaki shirt.
less_than_coop is offline   Reply With Quote
Old 04-12-2007, 09:28 AM   #4
civicious
Senior Member
 
civicious's Avatar
 
Join Date: Sep 2005
Location: Nawfside
Feedback Rating: (5)
Posts: 1,811

Experience: 1-3 months

Bike(s):
TZR250






Quote:
Originally Posted by less_than_coop
Be careful with the plan of buying the $6k bike from Eximport and trying to sell it to someone else. The way eximport prices their used bikes you could very well end up losing cash on a resale. Just something to think about.

GL.
True, but even if I bought a used bike from them for $6k (where I would actually only pay $1k with the 'warranty'), I would be in debt a total of $8k (adding on what I still owe from the R1). Even if I sold the bike for only $3k, I'd only be taking a hit for $5k, which would be better than the full $7k that I'm going to be left with right now.
__________________
IDB RACING
10541 FM 1960 W #300 - (281) 477-3038
http://www.idbracing.com
civicious is offline   Reply With Quote
Old 04-12-2007, 09:36 AM   #5
civicious
Senior Member
 
civicious's Avatar
 
Join Date: Sep 2005
Location: Nawfside
Feedback Rating: (5)
Posts: 1,811

Experience: 1-3 months

Bike(s):
TZR250






I paid a lot for the R1. That's not the point of this thread. Regardless of whether I got a great deal on the bike (which I didn't) or a horrible deal on the bike (which I did), I'm left with what I'm left with.
__________________
IDB RACING
10541 FM 1960 W #300 - (281) 477-3038
http://www.idbracing.com
civicious is offline   Reply With Quote
Old 04-12-2007, 09:45 AM   #6
Homebrew
AkA Rubbersidedown
 
Homebrew's Avatar
 
Join Date: Mar 2007
Location: land of pears
Feedback Rating: (25)
Posts: 2,680

Experience: 10+ years

Bike(s):
gsxr 600
custom pocket rocket








buy a ton of insurance on the honda and park it on jenson drive

not trying to be a jackass...but either way the outcome will suck
__________________
I'll keep my freedom, my guns, and my money.
You can keep THE CHANGE.
Homebrew is offline   Reply With Quote
Old 04-12-2007, 09:54 AM   #7
civicious
Senior Member
 
civicious's Avatar
 
Join Date: Sep 2005
Location: Nawfside
Feedback Rating: (5)
Posts: 1,811

Experience: 1-3 months

Bike(s):
TZR250






Quote:
Originally Posted by CRZY747
Okay I understand that position, not saying anything that all about deal or great deal. Just was curious on what happened. Either way can you get a good enough deal at eximports to be able to sale it and get a loan from the bank to pay off the difference. Believe me I have had to do the same thing before so I do understand your situation. Just cannot believe that you would be 7K in the hole on a bike like that. That is just crazy, what is the insurance giving you 2K for the bike and you owed 8-9K

J
I owe a lot on the bike for a few reasons. 1. I paid too much for the bike, and 2. I paid extra for an extended warranty/maintenance plan (which they won't reimburse me for, and I can't cash out on the warranty/maintenance plan).

The problem with getting the Honda stolen (other than the obvious risk of going to jail) is that in the last year and a half, I've had three vehicles stolen...one of them being the CRX, and that was 2 months ago. That, and it's dishonest, and my luck is bad enough without me having to go do something like that to **** up my karma even more. And I don't want to go to jail, either.
__________________
IDB RACING
10541 FM 1960 W #300 - (281) 477-3038
http://www.idbracing.com
civicious is offline   Reply With Quote
Old 04-12-2007, 10:05 AM   #8
Greenway Smokey
Super duper member!
 
Greenway Smokey's Avatar
 
Join Date: Jul 2005
Location: Galleria
Feedback Rating: (0)
Posts: 2,382


Bike(s):
'04 1200XL









Send a message via AIM to Greenway Smokey
How is Progressive giving you the shaft? did you have theft and they are not paying? I would wait and see what the lawyer says.

Though because of the 30 days with eximports, you idea of buying a used bike sounds good. though, could you get one that cost closer to 5k than one that cost 6k. That doesn't sound too bad. a lot of work, but probably worth it.
__________________
If dwells inside us, like some people say, I sure hope he likes enchiladas, because that's what he's getting!
www.eat4sport.com
Greenway Smokey is offline   Reply With Quote
Old 04-12-2007, 10:14 AM   #9
civicious
Senior Member
 
civicious's Avatar
 
Join Date: Sep 2005
Location: Nawfside
Feedback Rating: (5)
Posts: 1,811

Experience: 1-3 months

Bike(s):
TZR250






Quote:
Originally Posted by Greenway Smokey
How is Progressive giving you the shaft? did you have theft and they are not paying? I would wait and see what the lawyer says.

Though because of the 30 days with eximports, you idea of buying a used bike sounds good. though, could you get one that cost closer to 5k than one that cost 6k. That doesn't sound too bad. a lot of work, but probably worth it.
They aren't giving me close to what the bike's worth, and nowhere NEAR what I owe. I'm supposed to have gap coverage, but the rep from progressive said something along the lines of since I've had two other vehicles stolen recently,they're denying me gap coverage...I don't really know how any of that stuff works, which is why I got a lawyer involved...

I also don't know if ExImport has a bike that's $6k, I was just using that as a general number...I haven't really looked at their inventory to see what they have. With my luck (and their pricing) the cheapest bike they'll have is probably an 87 GSXR600 for $9,600.
__________________
IDB RACING
10541 FM 1960 W #300 - (281) 477-3038
http://www.idbracing.com
civicious is offline   Reply With Quote
Old 04-12-2007, 10:42 AM   #10
Moody
Holy Smokes!
 
Moody's Avatar
 
Join Date: Apr 2005
Feedback Rating: (4)
Posts: 14,685


Bike(s):
281









You need profesional help. You are digging a deep hole.
__________________

Open your eyes and reclaim the freedom you were born with. - Moody
Moody is offline   Reply With Quote
Old 04-12-2007, 10:48 AM   #11
TWISTED METAL
Banned
 
TWISTED METAL's Avatar
 
Join Date: Mar 2006
Location: socal...miss tx but then again i don't...
Feedback Rating: (0)
Posts: 2,105


Bike(s):
CBR 1000 AND GSXR 750 TRACK BIKE









User is banned

.
TWISTED METAL is offline   Reply With Quote
Old 04-12-2007, 10:48 AM   #12
Romeo36
Mother****ersi'llkillyou
 
Romeo36's Avatar
 
Join Date: Sep 2006
Location: stinkadena
Feedback Rating: (2)
Posts: 5,329

Experience: 10+ years

Bike(s):
sv650,rc51,gsxr750,6oo,sdg107









Send a message via AIM to Romeo36
^^thats why hes asking for advice on here. im sure someone on here knows what their talking about
Romeo36 is offline   Reply With Quote
Old 04-12-2007, 11:19 AM   #13
CaJuNsOuLjA
Resident Glasnost
 
CaJuNsOuLjA's Avatar
 
Join Date: Jan 2006
Location: NW: 249 & Beltway
Feedback Rating: (0)
Posts: 11,106

Experience: 3 years

Bike(s):
*SOLD*...(Pending purchase): 2006 CRF 450






Quote:
Originally Posted by CRZY747
get a good attorney, cause if you pay for it then they have to do cover it, no if, and or butts about it. That is just BS
+1...if you were paying it then I don't see how they can deny the claim. Were you not eligible for it in the first place, then that would indicate negligence on their end-in allowing you to sign up and pay for it.
__________________
indifferent0028"They've created a nation of spenders, speculators, and consumers, and they've destroyed the savers, producers, and the investing class that built this country. We're moving from a market-based economy to essentially a planned economy. We're abandoning capitalism and embracing socialism. That's a recipe for disaster." - Peter Schiff
CaJuNsOuLjA is offline   Reply With Quote
Old 04-12-2007, 11:23 AM   #14
Homebrew
AkA Rubbersidedown
 
Homebrew's Avatar
 
Join Date: Mar 2007
Location: land of pears
Feedback Rating: (25)
Posts: 2,680

Experience: 10+ years

Bike(s):
gsxr 600
custom pocket rocket








Quote:
Originally Posted by civicious
I've had two other vehicles stolen recently,they're denying me gap coverage...
he was unable to buy the gap coverage......
__________________
I'll keep my freedom, my guns, and my money.
You can keep THE CHANGE.
Homebrew is offline   Reply With Quote
Old 04-12-2007, 11:24 AM   #15
Moody
Holy Smokes!
 
Moody's Avatar
 
Join Date: Apr 2005
Feedback Rating: (4)
Posts: 14,685


Bike(s):
281









From what I read there is no gap insurance through Progressive. It is some sham warranty through ExImports. Again, you are digging a deep hole. You need to get your priorities in line and probably get some profesional financial advice.
__________________

Open your eyes and reclaim the freedom you were born with. - Moody
Moody is offline   Reply With Quote
Reply


Thread Tools

Advertisement


All times are GMT -5. The time now is 05:29 PM.


MotoHouston.com is not responsible for the content posted by users.
Privacy Policy