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Author Topic: Purchased new bike (or car for that matter)?  (Read 554 times)

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Glenncarp

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Purchased new bike (or car for that matter)?
« on: May 02, 2019, 03:42:16 PM »

Do not forget to ask your dealer for a return of your residual on any extended warrantee and GAP insurance.

MOCO is mailing me a check for trading in a 2016 for my 2019 for $1,800.00! If you do not request it, they will not process it.

Also, coming from an insurance adjuster, for $10 to $12 a month, you'd be nuts not to purchase GAP insurance with a new bike if you are financing more than around 80%. If you buy a $40.000 CVO, your first 2 to 2 1/2 years are only paying the interest depending on interest rate. 
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skratch

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Re: Purchased new bike (or car for that matter)?
« Reply #1 on: May 02, 2019, 04:22:35 PM »



Also, coming from an insurance adjuster, for $10 to $12 a month, you'd be nuts not to purchase GAP insurance with a new bike if you are financing more than around 80%. If you buy a $40.000 CVO, your first 2 to 2 1/2 years are only paying the interest depending on interest rate.

my insurance company gives me new bike replacement for the first 2 years.  so paying for gap then would be money wasted.  unless i would still be upside down after 2 years, which i try not to be.
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CVODON

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Re: Purchased new bike (or car for that matter)?
« Reply #2 on: May 03, 2019, 09:48:51 AM »

Replacement policies have more loopholes than a fishing net and are not FREE. You pay an increased premium for them, and MOST only cover up to the amount of the loan, replacement policies are not to cover a person who purchases something they can't afford (Called upside down). Be careful, read the small print, do not take the word of a 21 year old agent trying to sell you a policy.
I instituted those policies and they are not what they seem.
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Threephase

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Re: Purchased new bike (or car for that matter)?
« Reply #3 on: May 03, 2019, 10:13:45 AM »

"If you buy a $40.000 CVO, your first 2 to 2 1/2 years are only paying the interest depending on interest rate."


Probably paying more in depreciation than interest these days....
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Glenncarp

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Re: Purchased new bike (or car for that matter)?
« Reply #4 on: May 03, 2019, 10:26:08 AM »

"If you buy a $40.000 CVO, your first 2 to 2 1/2 years are only paying the interest depending on interest rate."


Probably paying more in depreciation than interest these days....

LOL, you don't pay depreciation. The only time it comes into play as if you have an insurance loss then they withhold depreciation. In property claims sometimes it's recoverable sometimes not. In vehicle claims it's always non-recoverable
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2018_FLTRXSE

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Re: Purchased new bike (or car for that matter)?
« Reply #5 on: May 23, 2019, 01:56:51 AM »

I traded my 2012 in when I bought my 2018, and put a sizable amount of money down... so no "gap" needed.

I got the title in the mail last week. (yes I accelerated the payments a bit as well)

Now, I'm nowhere near upside down and no payments...

The new car for the wife however..  :soapbox:
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FLSTFI Dave

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Re: Purchased new bike (or car for that matter)?
« Reply #6 on: May 23, 2019, 08:42:24 PM »

"If you buy a $40.000 CVO, your first 2 to 2 1/2 years are only paying the interest depending on interest rate."


Probably paying more in depreciation than interest these days....
Maybe if you finance the whole thing.  I usually leave the dealer with 50% equity in the new bike. 

I do not buy GAP as its zero help on a 40K bike with 50% down. 

I am never upside down on anything I finance. 
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2018_FLTRXSE

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Re: Purchased new bike (or car for that matter)?
« Reply #7 on: May 24, 2019, 01:16:59 AM »

Maybe if you finance the whole thing.  I usually leave the dealer with 50% equity in the new bike. 

I do not buy GAP as its zero help on a 40K bike with 50% down. 

I am never upside down on anything I finance.

I dont think I'm anywhere near upside down but not as happy as I wanted to be... but Ill deal with it at 2.49%
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