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Author Topic: How does one sell a bike that is financed?  (Read 6048 times)

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D-N-D

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Re: How does one sell a bike that is financed?
« Reply #15 on: May 13, 2015, 06:06:07 AM »

3.99 is really not bad for a Bike.
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Haird

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Re: How does one sell a bike that is financed?
« Reply #16 on: May 13, 2015, 07:15:49 AM »

The MoCo is pushing 1.99% for up to 60 months on new leftover 2014 and 2015 models through the end of May.  Credit Unions regularly push anything from 1.29% to 1.99% on new cars,trucks, suvs, and recreational vehicles (dat b modercykles) for up to 72 months.  My home owners rate for a 15 year loan is 2.25% fixed so while 3.99% sounds OK by itself, when compared to all the other options out there, it's actually not that great.
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Jswerve

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Re: How does one sell a bike that is financed?
« Reply #17 on: May 13, 2015, 07:22:51 AM »

Howard those are great rates but I'm sure not for everyone. It's going to depend on the applicant's credit rating. I haven't purchased anything since 2012 but I refinanced my home then and I got a very respectable 3.125% with a 780 credit score. Sounds like rates have dropped since then. Not worth refinancing again for .625% by the time they add those closing fees and such (imo). Maybe I will see what's out there for my bike though. I'm under 14k now.  Might save me some change?

Jesse
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owl893

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Re: How does one sell a bike that is financed?
« Reply #18 on: May 13, 2015, 07:33:37 AM »

Great suggestions, I would only add that you (if you own a home) pay it off with a home equity loan.  Low rates, the interest is deductible, and the payments are variable.

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Jswerve

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Re: How does one sell a bike that is financed?
« Reply #19 on: May 13, 2015, 07:52:30 AM »

Great suggestions, I would only add that you (if you own a home) pay it off with a home equity loan.  Low rates, the interest is deductible, and the payments are variable.

OWL
John good to hear from you. Great suggestion. Hope all is well.

Jesse
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Re: How does one sell a bike that is financed?
« Reply #20 on: May 15, 2015, 09:09:58 PM »

Great suggestions, I would only add that you (if you own a home) pay it off with a home equity loan.  Low rates, the interest is deductible, and the payments are variable.

OWL
I wish I could sell the f-ing house and keep the bike.
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Puma

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Re: How does one sell a bike that is financed?
« Reply #21 on: July 27, 2015, 06:20:40 AM »

Would it be possible to trade it on a much lower priced bike? Lower the amount financed, and in turn the payments.
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Re: How does one sell a bike that is financed?
« Reply #22 on: July 27, 2015, 07:44:26 AM »

Yes, that is an option.  Here's another thought in that same line of reasoning.  In some states you only pay sales tax on the difference if you trade.  If you trade "down" as you say and the difference is a negative number (no trade difference or your bike is more than the new one) you shouldn't have any sales tax IF you state does that...another savings potential.
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Re: How does one sell a bike that is financed?
« Reply #23 on: July 27, 2015, 08:31:46 AM »

Just saw this and feel really bad for you. Trading down would be the LAST thing I would consider. You would never be happy getting off your CVO and jumping on a Softail something or other.........big mistake.
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Puma

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Re: How does one sell a bike that is financed?
« Reply #24 on: July 27, 2015, 10:59:08 AM »

Yes, that is an option.  Here's another thought in that same line of reasoning.  In some states you only pay sales tax on the difference if you trade.  If you trade "down" as you say and the difference is a negative number (no trade difference or your bike is more than the new one) you shouldn't have any sales tax IF you state does that...another savings potential.
NJ does have a sales tax benefit on trades. The trade value is applied before the sales tax is calculated. With a down payment the tax is calculated on the full price, then you pay the down payment. So, based on an equal amount of money, ie $10,000 trade vs. $10,000 down payment, a trade is worth more.
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Re: How does one sell a bike that is financed?
« Reply #25 on: July 27, 2015, 11:00:46 AM »

Just saw this and feel really bad for you. Trading down would be the LAST thing I would consider. You would never be happy getting off your CVO and jumping on a Softail something or other.........big mistake.
I hear you, but I need to be able to ride something. This could mean something used, or even another make.
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Re: How does one sell a bike that is financed?
« Reply #26 on: July 28, 2015, 08:42:52 AM »

Didn't mean to imply I knew what you were feeling.........and you are right anything with 2 wheels that can reach hwy speeds is better than nothing. Don't think it will come to a repo as you are not up-side-down. When times are tuff, hunker down!!! If all else fails PM me.
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Puma

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Re: How does one sell a bike that is financed?
« Reply #27 on: July 28, 2015, 10:59:00 AM »

Didn't mean to imply I knew what you were feeling.........and you are right anything with 2 wheels that can reach hwy speeds is better than nothing. Don't think it will come to a repo as you are not up-side-down. When times are tuff, hunker down!!! If all else fails PM me.
You're right, I think I can avoid a repo. At the very least that would be down the line a ways.
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Re: How does one sell a bike that is financed?
« Reply #28 on: May 23, 2019, 01:48:36 AM »

Howard those are great rates but I'm sure not for everyone. It's going to depend on the applicant's credit rating. I haven't purchased anything since 2012 but I refinanced my home then and I got a very respectable 3.125% with a 780 credit score. Sounds like rates have dropped since then. Not worth refinancing again for .625% by the time they add those closing fees and such (imo). Maybe I will see what's out there for my bike though. I'm under 14k now.  Might save me some change?

Jesse

I know this is years after the OP.

I remember getting 1.05% from Eaglemark for the 105th anniversary in 2008 so they will come down on rates.. and as hot as they are to sell bikes NOW, they probably will again.

I just finished taking care of my '18...

Dealership had a Orange '12 CVO ultra that caught my eye but they wanted about $3k too much for it.
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Re: How does one sell a bike that is financed?
« Reply #29 on: May 23, 2019, 11:40:52 AM »

Try rumbleon.com, they buy bikes, provide a quick cash offer. They handle all paperwork and pick the bike up. Cost you nothing to check out.

Good luck

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