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[Fired00d]

Ummmmmmmm, not sure if that wasn't borderline TMI Gary.  One could misconstrue that statement to be that you appear to be full of........  

   

You understood correctly. Heh, I may as well say it before somebody else does.

 
Ride Safe,
Fired00d
 

[ak]

As I understand it Andy, you don't have a job  

I guess the fact that you don't need a job is lost on Target  

B B

     I do two tolitextomyy,s a month---AK

[twincam]

 
seriously , people I stand to lose almost 30 grand here, because of disgruntle ex, I am sure lot of you have been through something like this. yea I know, it my own dam fault, just thought someone out there could help. You know making $8400 off a investment of $25000 in 4 1/2 years is not bad money.
Randy

[Keithincda]

Randy, I heard about this website while on my bike this last weekend listening to sirius satellite. Out in the middle of no where I got into the talk channels and one guy giving financial advice was talking about ways to get money when you can't get a conventional loan. Anyway, go to the website www.prosper.com. I have not checked it out yet but the guy on sirius was really big on it being very legit.
When I picked my bike up I had to wait for the biz mgr at the dealership to finalize a sale with the guy ahead of me. That guy had bad credit and I overheard him tell the guy that they got the financing from Freedom Financial which was started by some folks previously at Harley financing...Hope this helps good luck...

[Free]

I know a local guy who bought a used lowrider. His credit is in shambles and the local banks would do nothing for him. He applied to HD for credit and they approved him. $11,500 used bike. Monthly payments of $350 for 7 years. That is $29,750. I amortized it out, and I'd guess 22-25% interest. Evidently he added the sales tax, license fees and first 3 months insurance onto the loan.

How do you help someone like this? I'd walk first.

i hear you - but i think the key would be to refinance it as soon as you could so you wouldn't be paying the mid 20's interest for very long, or pay down the principal as fast as you can.

Free

[hard10]

I know a local guy who bought a used lowrider. His credit is in shambles and the local banks would do nothing for him. He applied to HD for credit and they approved him. $11,500 used bike. Monthly payments of $350 for 7 years. That is $29,750. I amortized it out, and I'd guess 22-25% interest. Evidently he added the sales tax, license fees and first 3 months insurance onto the loan.

How do you help someone like this? I'd walk first.

We had this conversation the other day. This is the problem with working middle class America. It also goes back to what Terry Crain was try to explain to everyone on the site: that most people don't understand basic financing and will get screwed when it comes time to sit down with the F&I guy and sign the papers. Most people only care about how much that monthly payment is going to be and how soon they can get their new toy, whether it is a new boat, car, or motorcycle.  They don't look at what it is going to cost them to borrow that money to make the purchase. I know a girl here in town (friend of a friend) who needed a new mode of transportation. She told the salesman that she could only afford $250 per month. Well after the salesman found her a mediocre used car the F&I guy (greaseball from up North) did his job adding everything he could to the car. By the time she was done signing the paperwork she owed $14000 on a car with a Blue Book value of about $6000. *How a legitimate bank can make an unsecured loan like this knowing the high percentage of failure baffles me.* To make matters worse, he then financed the loan over a period of the max 60 months at 12% which brought the car to the "magic" number of $250 per month. Talk about being "upsidedown" in an automobile. The only advice I could give was to keep the car in good condition for the full term of the loan and not miss any payments. Then shop around for a better interest rate at another bank if they would give them credit. TwinCam, what I would do is contact Wells Fargo. They have a auto department that handles "at-risk" borrowers. You could have them assume the loan from the ex's bank for a little more than what the value of the bike is worth. Then give those additional funds to the ex as "compensation" for her hard "troubles". Just remember, as my mother always tells me, in the end, it's all about the money.
AJ

*- edited to add

[SBB]

The only advice I could give was to keep the car in good condition for the full term of the loan and not miss any payments. Then shop around for a better interest rate at another bank if they would give them credit. AJ

AJ

I agree completely.
I still find it terrible and or very damn sad to have to "Finance the negative equity!".
For a normal course of business the recomendation to make payments for something you don't even own is one I could never make!
At least not one I would be proud of!
Suck it up, pay your bills and one day it will be paid for!


 

[iski]

AJ

I agree completely.
I still find it terrible and or very damn sad to have to "Finance the negative equity!".
For a normal course of business the recomendation to make payments for something you don't even own is one I could never make!
At least not one I would be proud of!
Suck it up, pay your bills and one day it will be paid for!


 

Yeah. 

And after that thing is paid for, instead of running out and buying the next thing you think you need at the monthly payment you think you can afford, save as much as you can (or the entire amount if possible) & write a check instead of only signing a loan payoff agreement.

Have never bought something - ever - on that "monthly payment" amount scam. 

Interest rate + total payments = real cost.

[twincam]

Randy, I heard about this website while on my bike this last weekend listening to sirius satellite. Out in the middle of no where I got into the talk channels and one guy giving financial advice was talking about ways to get money when you can't get a conventional loan. Anyway, go to the website www.prosper.com. I have not checked it out yet but the guy on sirius was really big on it being very legit.
When I picked my bike up I had to wait for the biz mgr at the dealership to finalize a sale with the guy ahead of me. That guy had bad credit and I overheard him tell the guy that they got the financing from Freedom Financial which was started by some folks previously at Harley financing...Hope this helps good luck...

thanks for the response!!!

[SPIDERMAN]

thanks for the response!!!

Randy
           My only response to your question is this. Many many years ago, I found myself in a somewhat similar situation. My parents co-signed a loan for my wife and I to buy new cars since we were spending more than the cost of the payments on the vehicles we had and we needed dependable transportation to get to work every day. We got a better rate because of their co-sign. Worked 2nd jobs to make double payments so we'd pay the loans off quickly and get my parents names off the loan documents. Those loans for those two solid used cars were a turning point in our financial life. I wish you the best of luck in this matter

B B

[sadunbar]

We had this conversation the other day. This is the problem with working middle class America. It also goes back to what Terry Crain was try to explain to everyone on the site: that most people don't understand basic financing and will get screwed when it comes time to sit down with the F&I guy and sign the papers. Most people only care about how much that monthly payment is going to be and how soon they can get their new toy, whether it is a new boat, car, or motorcycle.  They don't look at what it is going to cost them to borrow that money to make the purchase. I know a girl here in town (friend of a friend) who needed a new mode of transportation. She told the salesman that she could only afford $250 per month. Well after the salesman found her a mediocre used car the F&I guy (greaseball from up North) did his job adding everything he could to the car. By the time she was done signing the paperwork she owed $14000 on a car with a Blue Book value of about $6000. *How a legitimate bank can make an unsecured loan like this knowing the high percentage of failure baffles me.* To make matters worse, he then financed the loan over a period of the max 60 months at 12% which brought the car to the "magic" number of $250 per month. Talk about being "upsidedown" in an automobile. The only advice I could give was to keep the car in good condition for the full term of the loan and not miss any payments. Then shop around for a better interest rate at another bank if they would give them credit. TwinCam, what I would do is contact Wells Fargo. They have a auto department that handles "at-risk" borrowers. You could have them assume the loan from the ex's bank for a little more than what the value of the bike is worth. Then give those additional funds to the ex as "compensation" for her hard "troubles". Just remember, as my mother always tells me, in the end, it's all about the money.
AJ

*- edited to add

(greaseball from up North)   Northern South Carolina???       

what I would do is contact Wells Fargo  Good advice...   

[Fired00d]

(greaseball from up North)   Northern South Carolina???       

what I would do is contact Wells Fargo  Good advice...   

That is kinda funny coming from an Ex-NY (hard10).

 
Ride Safe,
Fired00d
 

[RedDevil]

That is kinda funny coming from an Ex-NY (hard10).

 
Ride Safe,
Fired00d
 

How soon they forget their roots....

   

[Fired00d]

How soon they forget their roots....

   

In some cases that might not be a bad thing. I'm just saying.......

 
Ride Safe,
Fired00d
 

[twincam]

Randy
           My only response to your question is this. Many many years ago, I found myself in a somewhat similar situation. My parents co-signed a loan for my wife and I to buy new cars since we were spending more than the cost of the payments on the vehicles we had and we needed dependable transportation to get to work every day. We got a better rate because of their co-sign. Worked 2nd jobs to make double payments so we'd pay the loans off quickly and get my parents names off the loan documents. Those loans for those two solid used cars were a turning point in our financial life. I wish you the best of luck in this matter

B B

thanks BB!!!!