The proper way to handle things on a voluntary return of a motorcycle
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- Опубликовано: 5 июл 2024
- this channel is about my motorcycle lifestyle and what I do and how I use my motorcycles. I would ride a bike over being in a cage any day of the week, limited only by snow on the road I will ride all year around here in northern Utah.
here is the equipment I am using to make my videos.
www.youtube.com/@ChipHappens-...
#motorcycle #KLR 650 #motorcyclelifestyle #motovlog #motovlogging #goldwing #honda #hondagoldwind #goldwing1800 #motovloggingmotorcycle #bestmotovlog
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Развлечения
you need to watch the previous video to know what I mean by volunteer return. of course I will take a hit on my credit and I will have to pay the difference when they auction the bike off I know all that already, you don't need to tell me. I know what I am doing and this is the best thing I could do at the moment...
Sorry to see you take the hit man. I've owned Goldwings and Indians for years now but the most fun I've had on a bike was a Royal Enfield 350 classic which cost very little to buy and keep healthy. Being responsible enough to realize you ain't gonna make it and handing it back is making the best of a bad situation. Hope your luck gets better going forward.
if I could have sold it I would have, but couldn't so the next best thing was to call the finance company and arrange for someone to pick it up. I know I will still owe a balance after they sell it, and they explained all that too me and offered me time to sell it, by deferring a payment, but I just felt like it was the best thing for them to come and get it. It wasn't an easy decision and believe me I had to think about it. I could have kept it and kept making the payments and kept just making minimum payments on the credit cards for the next five years while paying for the bike, but I would really rather put that money toward the cards and be debt free in five years. To me that is more important.
Why not get a less expensive goldwing or maybe a cruiser for now?
right now I can keep using the KLR for a while till I get things back on track, then I will just buy a good Used Gold wing like I always did in the past.
Wow, pretty harsh comments. What a sad thing having to give that bike up. The bank will be fine. The buyer has to eat the credit rating hit. It's not easy for the average person to keep a high credit rating these days. Life is complicated. Just my 10 cents worth..
Yup I will take a hit for sure, and I knew that before ever calling them and sending it back, the thing is I don't have any friends that could have bought it from me and none of the shops around here would have sold it for me, they say that gets into more than they want to deal with, so my only option was to make sure I was current on the payments so that will still show that I was good on that on my credit but I will take a hit for sure.
You could purchase an older goldwing with low miles that is still very nice to ride for a lot less money. Just saying!
you are right and that is what I have done most of my life. And will most likely be doing that again.
I noticed a few toys in that driveway, I truly hope he didn’t have active bank liens on those as well. Then come credit cards, and vehicles…….ouch! It’s no wonder many Americans are living paycheck to paycheck. So sad.
All the other things you see belong to my brother except the KLR 650 that one is mine.
Was the bike in pristine condition?
there wasn't a thing wrong with the bike, when they sell it at auction, I will most likely owe very little or nothing at all on the remainder.
@@mymotorcyclelifestyle I just took apart a DR650, that looked "pristine".............2nd and 3rd gear sets were just about ready to come apart......anything can be going on...............this video of yours doesnt prove a thing... and shit...and fuck...and shit...and fuck.
@@mymotorcyclelifestyleyour gonna owe owe a shit ton of money. They dont let you walk away.. you will owe auction fees as well as repo fees & the bike will sell for penny on the dollar because some dealer will buy it to resell it....
the gold wing was a 2019 only had 15K on it, Ran the high octane fuel and had the oil changed in the spring, so yea it was pristine.
Well I will wait and see what happens, in the mean time I am not going to freak about it, what ever happens I will work that out with them one way or another.
Dude there is no context in this video. There is no such thing as a voluntary return. Your bike got repossessed. Next time save up the money for stuff that you want and pay cash.
there is a thing called a voluntary return. sure you take a hit on your credit and they do mark it a repo, but they also make notes on their system, so if another creditor calls them they can tell them, you didn't try to hide the bike, you didn't destroy it, you called and asked them to pick it up because you can't afford it for one reason or another. Returning the bike is the best thing I could do for my situation.
@@mymotorcyclelifestyle uh huh.....yeah sure....I mean yes sir.
How is that Africa twin treating you???
@@mymotorcyclelifestyle It's for sale
Absolutely a voluntary return. Your credit is affected just like a default, but is labeled as such.
The bank still has to sell the collateral. You should pay the difference.
Yes they will have to sell it then if anything is left owing I will work that out as well
what a sad day!
it is a sad day, but it's going to be alright because I will be able to get out of this debt much quicker.
Just say "repossessed" because you didn't make your payments.
Actually I did I made every single payment on the bike, I even made the last payment a week before I called them and asked them to come and get it. This was not about not being able to make the payments it was about freeing up some money to pay down my credit card debt. Watch the previous video and you will have a better understanding of what's going on instead of jumping to conclusions.
I had trouble figuring out what a voluntary return of a motorcycle was before I read the comments. I'm assuming it was ''repossessed' by the finance company, something you fail to mention in your video. Times are financially tough for many of us; nothing to be ashamed about. Hopefully you'll get back financially on your feet again soon. Good luck.
it was not repoed, I worked it out with the finance company to come and get it, because I could no longer pay for it, I called them and asked them to send someone to pick it up. that is a voluntary return, they make notes on my account that I called and asked them to come and get it, that way I didn't miss any payments and they didn't have to go looking for it. And they also make notes that I was in contact with them the entire time. Yes it will show on my credit as a repo, but if I ever want to finance something again then the finance company can call them and they will let them know that I didn't try to hide the bike, I wasn't behind on my payments, and the bike was in perfect condition when they came to get it. Those notes on my account will make a big difference if I ever want to finance something else.
I still worry about the finance agency lying to the record about the bike's resale price. If lower than the resale price, they'll charge you the difference.
I know that they will charge me the difference and I am alright with that. it won't be much what ever it is.
@@mymotorcyclelifestyleit will be sold at an auction for cheap & you'll owe the difference from sale price minus all the auction fees etc etc & you will be paying alot of money... should have tried to sell it cheap then come up with the difference from payoff. Good luck
Well whatever happens I will deal with it, I didn't know any one that could buy the bike and none of the shops would sell it for me because they said that get's into more than they want to do at this point, so I was only left with this option. I had to make a decision that will benefit me in the future even though I will take a hit right now.
@@mymotorcyclelifestyleyou will take a hit but you’ll live. I’d have taken it to a dealership, taken the hit, pay the difference and saved what credit you have. That could actual be a plus if enough payments were made before.
@freebehindbars8654
none of the dealerships here would sell it for me, I tried that believe me, and I didn't know how to sell it and have someone pay it off, because around here when you sell something they want the title, unless you can go to the bank together and pay it off and bank does the paper work for you. This finance company was not local, and it would have been a huge headache.
I dunno. A Gold Wing like this is a very pricey thing.
Im not sure what the idea is with this video. What happens to one's credit rating after doing this will last a long, long time. The bike cant be in better shape than when you bought it, it doesnt work that way.
Bank's arent people. Bikes can have interior problems and look absolutely great.
The bike was perfect when it left here. and I already know it's going to give me a credit hit, of about 50 points, everyone thinks it's going to completely kill your credit and ruin you, that is not true unless you already have low credit, I have a 100 percent payment history on every credit card, my other bike and the one I just gave back, so yes I will take a slight hit but it won't be that bad, there were no missed payments I made a payment just before returning it. So my payment history for it will still be 100 percent even though it will show as a repo.