Yamaha R6 Forum: YZF-R6 Forums banner

1 - 20 of 35 Posts

·
R6 RESPECTED EVERYWHERE
Joined
·
110 Posts
Discussion Starter #1
well times are tough and money is tight, i have recently came to a crossroad and have to let a toy go back my polaris rzr or my r6. Well good news is the r6 is stayin and the rzr is getting kicked to the curb. my question is what happens to most people that let there shit go back on a voluntary repo, i know bad credit is one but i would like some advice on what to expect from some people that have let something go back
 

·
Around.
Joined
·
21,382 Posts
I dont know about toys, but I know with autos it goes to auction, and then they sell it for what they can and you have to still pay for the difference. again this is just what I think Im not sure if its correct
 

·
I'd Flip it :popcorn:
Joined
·
16,747 Posts
Sanjo matt is right, They may only sell it for 300 bucks, Then you have to come up with the rest on the spot to pay off the loan....but if you get lucky and it goes for what you Owe then that would be good
 

·
vroom vroom...
Joined
·
589 Posts
I dont know about toys, but I know with autos it goes to auction, and then they sell it for what they can and you have to still pay for the difference. again this is just what I think Im not sure if its correct
I believe Matts comment is pretty accurate! And to add to it, a motorcycle, and or any other vehicle with an ownership, and vin# is treated as an automobile, toys and daily drvr's alike! You will likly still owe a difference, depending on your debts with the bank.
 

·
vroom vroom...
Joined
·
589 Posts
Stupid question but have you been trying to sell either? Maybe you should just incase times get tougher.
I dunno how it works in the US forsure, but here in Canada you cant sell if their is an outstanding lien, which is probably why bank is choosing to repo the bike, or Polaris.
 

·
Yes
Joined
·
5,487 Posts
Not sure either. Just thought to myself I'd have been trying to sell both for a while to avoid the situation. Rather have no toys and good credit. No offense OP.
 

·
Registered
Joined
·
5 Posts
Hey landon, my dad an I have a small repo business an so I have so I've had to deal with this kinda think quite a bit an if you have no choice but to give it up your best bet is to call the bank an just ask them what they want with it an being that your doing it that way they won't charge a repo fee tow fee an other misc fees and it shouldn't affect your credit as bad. Also they would be more likely to give you another loan again, an alot of times they will work with you like I tell people they don't want your car their in the money business so if your peaceful they will be more likely to work with an do all they can to help you keep it an be a razor is hard to sell in this economy they may give you a smaller payoff just so they don't have to deal with being they have to pay some one to sell it any way so either way they would lose money.Hope this help feel free to email me if you have an questions. ps. glad to hear your keepin the 6!
 

·
vroom vroom...
Joined
·
589 Posts
Hey landon, my dad an I have a small repo business an so I have so I've had to deal with this kinda think quite a bit an if you have no choice but to give it up your best bet is to call the bank an just ask them what they want with it an being that your doing it that way they won't charge a repo fee tow fee an other misc fees and it shouldn't affect your credit as bad. Also they would be more likely to give you another loan again, an alot of times they will work with you like I tell people they don't want your car their in the money business so if your peaceful they will be more likely to work with an do all they can to help you keep it an be a razor is hard to sell in this economy they may give you a smaller payoff just so they don't have to deal with being they have to pay some one to sell it any way so either way they would lose money.Hope this help feel free to email me if you have an questions. ps. glad to hear your keepin the 6!
This is a really great point! "alot of times they will work with you like I tell people they don't want your car their in the money business so if your peaceful they will be more likely to work with an do all they can to help you keep it an be a razor is hard to sell in this economy they may give you a smaller payoff just so they don't have to deal with being they have to pay some one to sell it any way so either way they would lose money." from corylsn
 

·
R6 RESPECTED EVERYWHERE
Joined
·
110 Posts
Discussion Starter #10
thanks guys on the input if yall have anymore comments keep them coming i need all the help i can get my main concern is the difference in the rig bc i owe alot on it and i can't sell bc of how much i owe no one is willin to pay that much for it
 

·
Yes
Joined
·
5,487 Posts
thanks guys on the input if yall have anymore comments keep them coming i need all the help i can get my main concern is the difference in the rig bc i owe alot on it and i can't sell bc of how much i owe no one is willin to pay that much for it
Damn man sorry to hear you're in this situation.
 

·
R6 RESPECTED EVERYWHERE
Joined
·
110 Posts
Discussion Starter #12
well i could keep payin on it but i don't like the final pay off when its done it would be around 30k for something that i paid 13k for i got screwed into a high interest rate polaris card.... if the interest rate was around 7.9 like the bike it would be half way paid off. i am better off takin a hit on the credit and build it back up as to pay off that thing in my opinion
 

·
R6 RESPECTED EVERYWHERE
Joined
·
110 Posts
Discussion Starter #14
no one will refinance bc of what the balance is compared to what i owe
 

·
Banned
Joined
·
7,347 Posts
I know a few repo guys that work for a company called ARS (auto recovery service)
I'll ask again, but from my understanding, you'll still owe some money to the bank. they will auction it off. and you have to still pay the difference.
just because they repo it doesn't mean you are scott free of paying anything.

I think your only option is to keep making the payments. or sell something else that is payed off to keep making your payments.

maybe call one of those dept solution places you hear on tv and radio. they might be able to help. I think the most important thing for you to do is not let it get repoed.
 

·
Team: Teletubby racing
Joined
·
21,003 Posts
Don't take this the wrong way bro but......You guys are the reason why CL has motorcycles for cheap :D
One man's misfortune is another thread saying "this is a great buy"
 

·
R6 RESPECTED EVERYWHERE
Joined
·
110 Posts
Discussion Starter #17
none takin but like i said at the begining times are tough, i lost a job at the dealership i was workin at when the changed ownership. i was doin fine on the payments but they cut my income down to half of what i normally make and its about a bill every week, and far as selling something else i will not sell my bike to pay the pos rzr off lol but anyways i still got a couple weeks
 

·
Registered
Joined
·
1,797 Posts
Have you approached the bank about a debt consolidation loan? Refinancing the bike might not be an option, but they may be willing to work with you...just a thought.
 

·
Banned
Joined
·
7,347 Posts
yeah they are not a bike dealer. they are a bank. they'd rather have your money not the rzr.

I'm sure they might consider helping you. after all it's in their best interest.
 
1 - 20 of 35 Posts
Top