Just curious how many of you are given the current economic conditions. Anyone had their bike repoed or hiding it because you know it's targeted to be repoed?
Hmmm.. after reading most of this thread I decided to check on the status of my Loan.
So i called Eaglemark, spent about 20 minutes on the phone with them.
Apparently all of you guys are behind on my bike payment
well paid cash for my 05 dyna, paid cash for my 06 RG. Traded in the 06 for an 07 Rg. On the 07 after putting a whole bunch of money into it I owed 16,000. I got sick one time and I new I was going to be late with the payment. They differed the payment for two months, which didn't affect my credit at all. Had an accident with the 07 got totaled traded the 05 dyna with 5 grand down, Now Im into egalemark for 12,000 at 4.9% Paid off my 04 ford van which I bought 6 months ago at 9.0%, I got paid a nice ck from progressive inc. for the 07 RG since all the access. were insured, still got a few bucks in my pocket.
I need to hurry and pay mine off Never been late on the payments but they suck to make! Figure I should of mine paid off sometime next year! But the actual payments never have bothered me. I made sure I was in a position where payments wouldn't be a concern.
Obv no one is going to speak up and say they are behind on a public forum. I work for a dealership group and I can tell you a lot of folks are. We just bought 1.5 million in repo inventory. Lots of newer bikes, it was sad to see them in the warehouse and imagine that those bikes represented a dream to someone that eventually became a nightmare.
I remember 10 years ago a banker told me he loved the Harley customers because they were never late on their payments, he said they would lose a house and not eat before they missed a bike payment.
Rates are so low, I financed my last 3 bikes. If you can budget, and run a calculator honestly, then payments are fine. I always pay them off early, cause I usually want the money for something else.
Nothing wrong with paying cash, but I look at the amount I paid in interest, and it was worth it.
I only paid one payment on my bike. Financing a toy is a financial distaster waiting to happen. Unless they are offering 0.00% financing I'm paying cash.
Hardly, I make six-figures. Was just curious as to who might be behind on their bike payments. Seems like lots of posers pay cash because the have lots of disposable income being yuppie professionals and then you have the other type of Harley rider, the one that comes for a lower socio-economic class. They most likely have a menial job, poor credit and live paycheck to paycheck.
Paid cash for my 98, which I still own.
Paid cash for my 04, which I later traded for my 07. Paid the 07 off in six months. Traded my 07 for my 11, which I bought brand new nine months ago. I added a stage one kit, arlen ness air filter, rinehart true duals, and extended the warranty out to four years, unlimited milage.
The balance is down to 8200.
There's nothing wrong with carrying debt. So long as your equity base is larger and growing at a faster rate. Over the last twelve months, my equity portfolio returned 33.2% compared to a 7.99% interest rate on my Harley. Thus, twelve months ago, my stocks were a better buy than my motorcycle. Right now, I'd rather buy more GE stock than pay off my bike. For the simple reason that the stock yields more than 7.99% in earnings power.
With that said, personally, I abhor large forms of debt. If push ever came to shove, I could pay off everything at the drop of a dime, including my house and taxes.
Ten payments to go... The credit was cheap, it makes sense if you can get a low interest rate.. When it creeps much above 7% then cash is the way to go.
What's a bike payment?? Managed to buy my last 5 out the door. Then again, I don't blow money on any other vice, so I have more for my main vice, the bikes
4 more years to go if I don't throw some down on it before then. We've a killer savings plan at work but somehow it seems to get used on the house or other large buys.
Paid cash. If I can't pay cash for something like a motorcycle, I don't get it even though this is my daily driver. I was looking through Craig's list awhile back lots of guys hurting and selling off their bikes. Bikes they could have gotten 15-18K for 2 yrs ago are going for 8-10K.
I feel bad for them but at least they are putting family and commitments first.
Over the last twelve months, my equity portfolio returned 33.2% compared to a 7.99% interest rate on my Harley. Thus, twelve months ago, my stocks were a better buy than my motorcycle.
That would be fine if you could guarantee that rate of return over a four or five year period. But that probably won't happen.
8 percent loan? Not in today's market. MC loans are going at 6.5 by today's rate for the best customers. When the taxes are factored in, getting as twelve percent return on the money used for the purchase is a break even point.
I have two car loans only because the were both zero percent loans.
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