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My local dealership told me that when you trade in your Harley, you have to pay the negative equity (if there is any) in order for the trade to go through...

Is this true? or does he just not want used bikes...this delearship usually has about 40 new bikes and about 2 or 3 used ones on the floor...

I've never heard of this before, I was just wondering if anyone has ever traded in there bike...I know it is always easiest to sale then buy...

should I try another delearship?
 

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XLIII
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That's always the way it is everywhere. If you are upside down in it, you either write them a check for the difference or finance it.
 

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Yepper. My buddy traded in his Yamaha, he's only had it for a year. The trade in value given to him from the dealer wouldn't pay off his original loan, so they took the difference and placed it in HIS final Harley loan. He's now riding a 06' Road King plus $1500. He didn't care, he wanted a Harley bad.
 

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I would try another dealership just incase anyway. Only because i asked 3 dealers when i traded in my bike. One was 600.00 higher and the other was 1800.00 higher than the first.......
 

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Incredible
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Just a word of advice, but NEVER under any circumstances roll negative equity from a current purchase into another purchase. What happens if you get financially strapped and have to sell whatever you are upside down on? Even if you sell it you have no money to help pay off anything because you owe more the toy than what it is worth.
 

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Not-so-Fatboy
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Fatb0y said:
Just a word of advice, but NEVER under any circumstances roll negative equity from a current purchase into another purchase. What happens if you get financially strapped and have to sell whatever you are upside down on? Even if you sell it you have no money to help pay off anything because you owe more the toy than what it is worth.
That's damned good advice.....:thumbsup:
 

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Fatb0y said:
Just a word of advice, but NEVER under any circumstances roll negative equity from a current purchase into another purchase. What happens if you get financially strapped and have to sell whatever you are upside down on? Even if you sell it you have no money to help pay off anything because you owe more the toy than what it is worth.
so true..i have a neighbour that over the years cudn't wait to trade his cars in for newer model...at point i think he was a 10k over as it accumulated...i do believe he had to use his house as collateral to get aproved on the car loans
 

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01RKRiney said:
My local dealership told me that when you trade in your Harley, you have to pay the negative equity (if there is any) in order for the trade to go through...

Is this true? or does he just not want used bikes...this delearship usually has about 40 new bikes and about 2 or 3 used ones on the floor...

I've never heard of this before, I was just wondering if anyone has ever traded in there bike...I know it is always easiest to sale then buy...

should I try another delearship?
How do you have negative equity in a Harley? Did you purchase the bike without putting a cent down? I’m sorry but it sounds to me like you can’t afford a new bike.
 

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Not-so-Fatboy
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sonoffatboy said:
so true..i have a neighbour that over the years cudn't wait to trade his cars in for newer model...at point i think he was a 10k over as it accumulated...i do believe he had to use his house as collateral to get aproved on the car loans

I had a friend that did that. Financed $25k for a $19k Saturn. I tried to talk her out of it, but no workie.....
 

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TL
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01RKRiney said:
My local dealership told me that when you trade in your Harley, you have to pay the negative equity (if there is any) in order for the trade to go through...

Is this true?
No, not true. Most Harley dealers will forgive the negative equity one time just so you will fill out the "exceeds expectations" box on the customer satisfaction survey. Well, that's how it would work in Utopia anyway.

Here in the real world, if you are upside down on your 2001 RK, you will either have to pony up the difference - either cash or charge. The latter leaving you under water even deeper the moment you drive away.
 

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Forgetter of Things
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01RKRiney said:
My local dealership told me that when you trade in your Harley, you have to pay the negative equity (if there is any) in order for the trade to go through...

Is this true? or does he just not want used bikes...this delearship usually has about 40 new bikes and about 2 or 3 used ones on the floor...

I've never heard of this before, I was just wondering if anyone has ever traded in there bike...I know it is always easiest to sale then buy...

should I try another delearship?
As TXCHOP said...try some other dealers...when i went to trade my '96 std. for an ultra, there was a $2500 difference between all the dealers i went to...
 

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Can it get any better!
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Fatb0y said:
Just a word of advice, but NEVER under any circumstances roll negative equity from a current purchase into another purchase. What happens if you get financially strapped and have to sell whatever you are upside down on? Even if you sell it you have no money to help pay off anything because you owe more the toy than what it is worth.
This is advice, good or not you have to decide. If you come across a really good deal on a dream bike and you have a negative of $1,000 in your old metric beater, you have to deal with the finacial trade off to get the emotional high. You can also save up for 10 years to pay cash for your dream bike. This is all good financial advice, but the person making the deal has to decide if the happiness you may get is worth it.
 

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Jeep said:
This is advice, good or not you have to decide. If you come across a really good deal on a dream bike and you have a negative of $1,000 in your old metric beater, you have to deal with the finacial trade off to get the emotional high. You can also save up for 10 years to pay cash for your dream bike. This is all good financial advice, but the person making the deal has to decide if the happiness you may get is worth it.
%[email protected] You sound like you might be a salesman and not a financial planner.

Lefty
 

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Go see another dealer! The difference in what they might give you for your bike could be alot.
The first dealer I went to (the largest in the area) offered me $11.5K for my bike and the price on the new one was $22K. I told him that was not even close.
The next dealer gave me $14.5K for my bike and charged me $18.5K for my
EG Classic EFI 03.
I had done a lot of business with the first dealer also, the second dealer did'nt even know me.
You guys from this area will know who I'm talking about.
 

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05 Deuce
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I agree with Jeep, it's how much it means to you to have it and is it affordable in your pocket book. With HD, it's usually MSRP or more and that's not smart purchasing to being with. So what's a couple more thousand in the red gonna mean, especially if you're financing over a long term. You're always gonna have people say, twenty large for a bike...yikes! Or, I always wanted a Harley Davidson, it's what I always dreamed of, it makes me happy, etc.
I've riden HD for almost thirty years now, a bit cheaper back then, but when I bought an 05, I saved and made sure it was not even a thought in my mind that I should buy it. Of course it helped when the main squeeze (scared to death of bikes) supported me, and I'll never ever forget that when she asks me for anything. I think its a tougher decision to buy all the goodies for the bike after you buy it. That kinda of brings up the emotion factor up a notch or two.
 

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Don't do it!!!!!!!!! It plain stupid to go upside down over any bike. The hole will only keep getting deeper!
 

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Can it get any better!
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Lefty said:
%[email protected] You sound like you might be a salesman and not a financial planner.

Lefty
I'm neither. I try the best to enjoy my life and still stay financially stable. If I was a financial planner, I probably would never have paid the extra money for a Harley (would have put $$ in a 10 year CD to plan for the future). :whistle:

Oh I also sprung for the 7 year extended warranty, very bad advice per some people. :nope:

Do what makes you happy! (as long as you can afford any of the consequences)
 

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XLIII
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Dirty Jim said:
I think it plain fuking ignorant to finance a toy, if you cant pay cash you don't need it.
Jeez, Jim, you're trying awfully hard to make your predictions come true here...
 

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Dirty Jim said:
I think it plain fuking ignorant to finance a toy, if you cant pay cash you don't need it.

Man, I agree 100%. Buy what you can afford. Pocket the would-be finance charges and depreciation until you can pay cash.

Some people need to lose that "I gotta have it now" mentality.

My -2$en#e- ...

Never borrow money on anything that can't make you money. Strange concept, huh? It is actually rule #1 for a successful businessmen.

Live within your means and you and your family will be far happier. If that means waiting a few years for your dream toy, so be it!
 
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