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Voluntary Repossession?! Advice please.

Discussion in 'Motorcycle Talk' started by bluelabel, Jun 10, 2009.

  1. So... I own (financed) a 2006 Yamaha R6 two years ago.

    I am out of options and it looks like I have to repo my bike, within a week.
    My credit is already screwed, so that is not my concern.

    Does anyone have any advice?
    What is the best way to go about this?

    I an sleeping on a friend's couch and not spending any money, except on ramen, have taken on every crappy job I can get, to try to pay for all of my bills, but it looks like my bike has to go. I got settlement offer for $5,000 and would love to sell it to someone, but I have to get the money before I can transfer the title. The blue book value is $6500.

    The bike is in great condition, never dropped or wrecked.

    Thanks in advance.

    I accept full responsibility for my current situation and would love any constructive advice.

    (Also I need a job ;) Anything. Really.
    I want to keep my bike.

  2. Ride it til they come for it, try to sell it in the process, and keep it locked in a garage/yard when it's not being ridden. Could wind up being able to keep it.
  3. Go find an apartment complex and park it there. "It was here last night...."
  4. Returning the bike on your own is actually a decent option, in all honesty. Banks HATE repo's because they end up going to auction and not getting shit for it anyways....I would still try and sell to the last minute though and take their offer while they are giving it. Failing that return it. It does still do a lot of harm to your credit, but there IS in fact a difference when you volunteer to give it up versus them having to pay to repo it.

    Talk to your bank more, and let them know what your thinking on that end. Efforts on your part can go a long ways with some lenders. Trust me I was one of those lenders for 5 years. Shitty place to be man, good luck.
  5. shitty place to be in man but youve gotta set the right priorities.

    Keeping your bike should not be a priority if youre living on your friend's hospitality.

    Give back the bike and work out a repayment deal for whatever you still owe after they sell it.

    Work out a deal with any other debts you have.

    Food stamps are a good option if you need to eat.

    Spend every waking hour you can looking for work and looking for your own place to live.

    Get back on your feet and youll get the bike back eventually. Ive been in similar circumstances living out of my car before so I can empathise.
  6. Hate to say it, but they are right: ride it till they take it. Good friend of mine has been repo'ing vehicles for 20+ years, his advice is if you want to keep it but cant afford it: keep it hidden for at least 60 days (they will 'open' the contract on it so that any repo company can get the contract for it, at that point is when they lower to 'value' of the contract. IE, they drop the price - which means if you come to them at that point, they will settle for far lower than whats owed. For that bike, they would settle for as low as $3k, but you gotta argue it. Without cash though, you are screwed. You have any friends that got some money, I can have my friend repo it then have him buy it off the bank (for price of contract, a bike like yours the contract will be $2500 most likely).

    Umm, I've "heard" of guys that have taken parts and fairings off of bikes being repo'd, making them non running and in effect 'totalled', then buying them back at auction for pennies on the dollar. A bike like yours, minus the fairings with a tire that had a lose air valve causing a flat tire, with the engine in 'not running' shape, would be worth maybe $1,000 or less to the bank.

    Of course, YOU would be held liable for every dime that seperates that $1,000 from the $5,000 + repo expenses you owe. Not sure if its illegal on any specific grounds, but I guarantee the prosecuting would find something. Or just look harder for a job!
  7. in the end, this just fucks people who are responsible censored:
  8. galenernest

    galenernest I bathe with candles, flowers, jazz music, and rub

    Umm... I think this is known as a racketeering scheme, and I believe it is illegal.

    My advice: get some professional advice. Seek credit counseling! Also, if your folks are around, why not live with them until you get a job? And just keep looking for a job!
  9. You should be able to sell that bike for 5 grand and move on. I bet it wouldn't take much more than a week.

    Otherwise, turn it back in, but make sure there is an agreement that they can't come after your for the difference between what is owed and what they recoup when they sell it, otherwise there is no motivation to go that route either.
  10. no kidding. do the right thing. you'll be much better off in the long run.
  11. My advice "and its only advice", is to keep the bike and do whatever nescessary to trudge thru this tough period in your life, its an unfortunate situation but its manageable, I voluntarily repod my truck a couple years ago, and I am still paying on it, I owed 16k at repossession and owed 8k after, I will have paid the msrp for the truck by the time its said and done but with no truck to show for it. you do get some flex time and you do get to negotiate payments but you still owe unless you choose to ignore them, unfortunatley depending on the balance though they wont just wright it off, they can actualy take it to court and garnish wages to recover the balance and by then it could almost be what you owed on it anyway, I was in a bad spot for approx 8 months, after wich I could have easily afforded it and by now I would have had it payed off anyway. park the bike in a safe and secure undisclosed location, drop the insurance to save some money, pay what you can when you can, but get it paid off and youll be glad in the long run when your looking back on the situation.
    Last edited: Jun 10, 2009
  12. Whether voluntary (looks better on record) or involuntary (your fuked), once the bank repos you bike, they will sell it at auction. Unfortunantly if the sale price does not satisfy the balance of the loan (and it will most definitly sell lowball), you will still owe the difference. If you communicate responsibly with your bank/financier, it will look better and reduce how many point they will gouge you on. And you may be able to sell it privately to reduce the amount you will owe in the end, as opposed to them auctioning it at a ridiculously low price.
  13. i would just hide it dont ride it cuz if you do the repo company may be watching you and once yuou get off the bike they take it so just leave it in garage and dont touch it make payments even if only 20 bucks a month
  14. what did you do for work, what kind of jobs are you looking for?
  15. volentary repo is the worst thing you can do it would be better to make them come and take it hide it the best you can and work your ass off to pay the bills what you need to do is write a budget put every single bill on it and every singe cent you get on it first feed yourself second house yourself third transportation (that means bike if thats all you have) fourth every cent left over goes to the smallest bill thats making noise (if they havent bothered you yet move it to the bottem till they do or untill you get to it) write a letter to every other bill thats making noise saying exactly what you are doing and if you keep the lines of comunication open and prove that you are busting your ass they should be willing to work with you because they know it will cost them more if they dont and ALWAYS PUT EVERY CENT ON ONE BILL AT A TIME YOU WILL PAY THEM OF FASTER THAT WAY if you try to split your money between all your bill you will never catch up and each time you get another bill paid off write another letter telling all the others how soon you plan to pay them they will yell and try to make you do it differently dont let them when they call calmly tell them you plans and hang up do not get caught up with emotions they litterly get trained in ways to make people upset if you follow this plan honestly and as tightly as possible you will be out of trouble in no time it has worked for thousands of people
  16. Hide it and pay what u can.
  17. One of my sons did a voluntary a few years ago, a salesman talked him into a lot more payment then he could make.
    READ YOUR CONTRACT, on my sons they came after him for more money, the difference in what they got and what he owed, turned out I found a clause in the contract that said on a vountary repo they could not come after him. I had to copy it and mail it to them, the dropped it, never heard another word.

    I repeat READ YOUR CONTRACT, there are some good stories here but every contract is different. If they come after you for money, and your contract lets them, they will even charge you for the ime the repo guys looks for your bike, the repo fee and the storage bills.
    I totally disagree with the advice about hiding, unless you just feel like a criminal. Try working with your bank, they do not want or like repos.
    The as always, do the right thing.
  18. pretty much all been covered here already, but be aware that a voluntary repo is the SAME on your credit as if you make'em take it back. I went through that with a car, similar situation. Thought I would give it back when I lost job, never even missed a payment. So I give car back still owing 10k...few weeks later I get a bill for 8k...WTF? I told them to get fucked. Told them they couldn't have the money AND the car... well it turns out they can. Unless you file bankruptcy.
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