Take over payments buying??? - Chicagoland Sportbikes
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post #1 of 18 (permalink) Old 09-23-2004, 10:20 PM
Slowass
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Take over payments buying???

I remember seeing this, but haven't seen it lately...

I have seen vehicles advertized in the papers with a "take over the payments" option before. It would say "$X or take over the payments."

What is this? Is this a current practice? If so, how does it work?
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post #2 of 18 (permalink) Old 09-23-2004, 10:24 PM
 
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Typically they roll over the existing balance on your current loan onto the new vehicle. This dramatically reduces your ability ot negotiate in most cases. They also might charge you full reatail or more on the new bike and give you more than your used biek is worth.

I did this on my lease or my Honda Accord. I had to roll the balance of my previous vehicle onto the lease.
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post #3 of 18 (permalink) Old 09-23-2004, 10:41 PM
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No, I'm talking from a seller's perspective. Is it possible for me to sell my bike on a "take over the payments" basis? If so, how does that work?
post #4 of 18 (permalink) Old 09-23-2004, 10:49 PM
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basically the person you sell the bike to takes over the rest of your loan payments. and their name is on the loan. they only owe what is left on your loan. basically you get no money. you just don't have a bike debt anymore

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post #5 of 18 (permalink) Old 09-23-2004, 11:22 PM
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So they'd contact my bank and get the same loan turned over to them?

Honestly, I'm asking this because I want to get rid of the R6, but (just leveling with you guys) the damage puts it below what I owe on it.
post #6 of 18 (permalink) Old 09-23-2004, 11:36 PM
 
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How much is your monthly payment?

-Jeff-
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post #7 of 18 (permalink) Old 09-24-2004, 12:10 AM
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$188 per month.
post #8 of 18 (permalink) Old 09-24-2004, 01:07 AM
 
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how many payments you got left?
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post #9 of 18 (permalink) Old 09-24-2004, 03:33 AM
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How payments left? The girlfriend needs a bike...
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post #10 of 18 (permalink) Old 09-24-2004, 07:44 AM
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i'm just sick of being in debt, and am thinking that maybe this is not the right time in my life to be riding. It's just not time. I have responsibilities to take care of, and maybe riding is not something I should be doing right now.

The damage on my R6 brings it below what I owe on it, so I'm stuck with it.

Maybe I should look into that whole gold-digging thing! I mean, I see guys buying chicks bikes all the time. Maybe I'm doing something wrong!

j/k
post #11 of 18 (permalink) Old 09-24-2004, 07:55 AM
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Quote:
Originally posted by Pirate
What's the difference between that and saying, I owe $3000 left on this bike, and I go to my bank and get a loan for $3000 and pay off your loan with that?? Why do they have to "take over" your payments?? What's the advantage? I might be able to get a better rate at MY bank.
That's exactly why I'm asking this question! I've seen those "$X, or take over the payments" ads before, and honestly, the answer I was looking for was something like, "Oh yeah Slowass...Don't you know that there's a much easier credit-check for people who want to do this -- this 'take over the payments' option is for those with shoddy credit." I mean, the advantage outright is that they don't have to come up with a down payment... I don't know!!!! I've seen these ads! That's all I gotta say!

I ask questions like these because I keep realizing that there's so little I know about these things, and I keep getting suprised byt peoples' answers...
post #12 of 18 (permalink) Old 09-24-2004, 08:12 AM
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Quote:
Originally posted by DucatiDestroyer
Rachel, This is similar to what we did with the corolla. When you hear of dealers doing it, THEY do all of the leg work and paperwork on switching over the loan. If its from Yahama to Yahama, usually the credit / loan company is the same and its easier for them to do. Otherwise, (if you were buying a Honda) the Honda loan / credit company would buy the loan from the Yahama creditor, and then your are strictly paying Honda.

(In our case, you took out a loan with your bank, to pay off my Toyota loan, and now you're paying your bank instead of Toyota).
OK, this is the kind of answer I was looking for. So it's not implausible that someone would buy my bike, seeing as that they won't be in fact paying my payoff amount...it will be a lower principal.

Which is why I'm paying less per month on your Corolla than you were?
post #13 of 18 (permalink) Old 09-24-2004, 08:32 AM
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Keep in mind that the buyer must go through the loan application process with the leinholder. If their credit rating isn't up to snuff... they won't be approved. Whatever you do, DON'T COSIGN!

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post #14 of 18 (permalink) Old 09-24-2004, 08:39 AM
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you have to be careful with this. Call your bank and make sure that you can do this. I don't know how bike loans work, but I do know how car loans work and alot of times you can't do what you are trying to do. Your best bet is to find out how much you owe on the bike and just offer to sell it for that amount. The other option is if you can sell it to somebody you trust and also somebody that trusts you. They can make the payments and when the bike is payed off you give them the title.

<-- Chris

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post #15 of 18 (permalink) Old 09-24-2004, 08:55 AM
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What's the difference between that and saying, I owe $3000 left on this bike, and I go to my bank and get a loan for $3000 and pay off your loan with that?? Why do they have to "take over" your payments?? What's the advantage? I might be able to get a better rate at MY bank.

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post #16 of 18 (permalink) Old 09-24-2004, 09:03 AM
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Rachel, This is similar to what we did with the corolla. When you hear of dealers doing it, THEY do all of the leg work and paperwork on switching over the loan. If its from Yahama to Yahama, usually the credit / loan company is the same and its easier for them to do. Otherwise, (if you were buying a Honda) the Honda loan / credit company would buy the loan from the Yahama creditor, and then your are strictly paying Honda.

(In our case, you took out a loan with your bank, to pay off my Toyota loan, and now you're paying your bank instead of Toyota).

Ride Safe.
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post #17 of 18 (permalink) Old 09-24-2004, 09:44 AM
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post #18 of 18 (permalink) Old 09-24-2004, 10:57 AM
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Quote:
Originally posted by Slowass
OK, this is the kind of answer I was looking for. So it's not implausible that someone would buy my bike, seeing as that they won't be in fact paying my payoff amount...it will be a lower principal.

Which is why I'm paying less per month on your Corolla than you were?
Correct. That's why you're paying less. (Given your credit rating, and lenght of the loan)

I'm guessing that it will be harder to do this with bikes than cars (cause its less money for the bank to make on a smaller loan). Granted I'm pretty sure Harris Bank will do loans on used bikes.

Ride Safe.
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