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Old 04-13-2014, 10:55 AM   #1
JUNASGIXX600
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Exclamation Getting rid of an unpaid motorcycle

I am new to this page. I have a 2011 Gixxer 600 with 12k miles. I still owe about 8700 on it. The bike needs minor work. Left fork seal is leaking and needs front breaks. The only time I dropped it was when I was leaving home to work. I was trying to pass in between the ditch and car, didn't accelerate fast enough, unbalanced my self and dropped it in the ditch twice! Lol. It's not that deep, but scratched some plastic, nothing major got damaged. First services have been done at the dealership. Last 12k mile sevice I only got the rear breaks done at the dealer, and I myself serviced oil change, spark plugs, air filter, and chain.
I can no longer afford to keep it. What would be the best thing to do to get rid of my bike if I still owe that amount of money? Could anyone please give me their honest opinion!? Thank you!
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Old 04-13-2014, 11:01 AM   #2
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Sell it for what you can then pay the difference. If you give it back you won't be financing another bike for a very very long time.
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Old 04-13-2014, 11:02 AM   #3
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What is the monthly cost. ? If all else fails have someone take over the payments for you in your name. And then hope to he'll they pay win win kinda
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Old 04-13-2014, 11:11 AM   #4
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You're going to have to sell it for a lot less than you owe on it. I've seen clean 2011 750's for $7500. Realistically, without pics, but a good ballpark number would be around $5500-$6000 on a good day. So you'd need to come up with roughly 3 grand out of pocket to get the bike sold.
Having someone take over payments with the bike still in your name is nothing less than sheer stupidity.
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Old 04-13-2014, 11:15 AM   #5
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Lol
Put a spare key in it park it at a movie theatre and kiss it goodbye lol
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Old 04-13-2014, 11:24 AM   #6
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Quote:
Originally Posted by The Habernatho View Post
You're going to have to sell it for a lot less than you owe on it. I've seen clean 2011 750's for $7500. Realistically, without pics, but a good ballpark number would be around $5500-$6000 on a good day. So you'd need to come up with roughly 3 grand out of pocket to get the bike sold.
Having someone take over payments with the bike still in your name is nothing less than sheer stupidity.
+1, you are what we call upside down! by at least 3K-4K! I'm assuming that if you can't afford the note on a 2011 GSXR then you probably can't come up with 3K cash and the money to fix the bike today to make up the difference. MY suggestion would be fix the bike as much as you can and try to save up 3K as fast as you can to sell it for as much as you can. It's going to be hard to sell a bike that needs repairs and has been dropped. Guys that have 5K-6K cash to spend on a bike will want flawless and with modifications. What the interest rate did you finance this bike for!
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Old 04-13-2014, 11:47 AM   #7
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Quote:
Originally Posted by The Habernatho View Post
You're going to have to sell it for a lot less than you owe on it. I've seen clean 2011 750's for $7500. Realistically, without pics, but a good ballpark number would be around $5500-$6000 on a good day. So you'd need to come up with roughly 3 grand out of pocket to get the bike sold.
Having someone take over payments with the bike still in your name is nothing less than sheer stupidity.
boy howdy, truth!!
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Old 04-13-2014, 12:11 PM   #8
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Like 40thousan bikes a year stolen..... I'm just sayin lol
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Old 04-13-2014, 12:28 PM   #9
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Like 40thousan bikes a year stolen..... I'm just sayin lol
I'd rather have bad credit then jail for insurance fraud. Just sayin.
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Old 04-13-2014, 01:05 PM   #10
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Meh....I thought it was funny.
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Old 04-13-2014, 01:35 PM   #11
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Ask Bluewave...

he's a big fan of getting nice bikes to learn how to ride. I'm sure he'll know what to do.
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Old 04-13-2014, 03:18 PM   #12
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Quote:
Originally Posted by J.J. McQuade View Post
+1, you are what we call upside down! by at least 3K-4K! I'm assuming that if you can't afford the note on a 2011 GSXR then you probably can't come up with 3K cash and the money to fix the bike today to make up the difference. MY suggestion would be fix the bike as much as you can and try to save up 3K as fast as you can to sell it for as much as you can. It's going to be hard to sell a bike that needs repairs and has been dropped. Guys that have 5K-6K cash to spend on a bike will want flawless and with modifications. What the interest rate did you finance this bike for!
Yea I know I would be upside down. I knew selling the bike wouldn't be the best idea. But I got one of my buddies to keep the bike and take over the payments. I have about 3 more years 0% interest. So that's a good thing.
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Old 04-13-2014, 03:20 PM   #13
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Thanks everyone! I guess the best thing to do is let my friend take over the payments! Let's just hope he doesn't screw up my credit! Lol
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Old 04-13-2014, 03:36 PM   #14
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Best of luck
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Old 04-13-2014, 04:05 PM   #15
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Quote:
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Ask Bluewave...

he's a big fan of getting nice bikes to learn how to ride. I'm sure he'll know what to do.
Just because you can't ride...
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Old 04-13-2014, 06:18 PM   #16
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LOL at owing 8700 on a 2011 gixxer 600 at 0% interest.
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Old 04-13-2014, 06:19 PM   #17
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Quote:
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Thanks everyone! I guess the best thing to do is let my friend take over the payments! Let's just hope he doesn't screw up my credit! Lol
This is only the best thing for the friend. It's the worst option for you. Sounds like your mind is made up, so when you get burned just chalk it up to a lesson learned.
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Old 04-13-2014, 06:33 PM   #18
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LOL at owing 8700 on a 2011 gixxer 600 at 0% interest.
I am calling bullshit on this too! I have never heard of 0% interest on any toy! the best I have heard of is 1.99% and that's on 2 years! This dude made a rookie mistake and financed a bike at a ridiculous high interest rate and now can't make the payments and is so upside down he can't get out from underneath it.
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Old 04-13-2014, 08:08 PM   #19
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That's 2400 a year assuming he paid on the high side of 12000. Maybe he got it in late 2012 as a left over ? 2 full years would only be 7200 owed...If he purchased it in late 2012 then 8700 makes sense....
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Old 04-13-2014, 09:47 PM   #20
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I am calling bullshit on this too! I have never heard of 0% interest on any toy! the best I have heard of is 1.99% and that's on 2 years! This dude made a rookie mistake and financed a bike at a ridiculous high interest rate and now can't make the payments and is so upside down he can't get out from underneath it.
Lol really 0% interest for 5 years! Suzuki had that deal 2 years ago when I got it brand new. But yea never buying a brand new bike ever again.
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