Vehicle loan and payment reduction?
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Old 07-14-2013, 12:59 PM   #1
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I have a loan out on my motorcycle for the next 4 years that I've been paying on for a year this September. Now I love my bike but I want to upgrade to a larger one (1000cc). What I have is a 2012 Yamaha FZ6r and I'm wanting a Aprilia RSV4. Ive been thinking of just trading it in as pretty much a down payment plus a little bit. The Aprilia is 14k and I have about 10k left on my bike now. Would it be wise to go ahead and sell it or trade it in or wait a until February/March time frame? I was planning on trading it in this winter if its a decent idea

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Old 07-14-2013, 01:14 PM   #2
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Trading in is the most convenient but you'd probably get more for it selling it.

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Old 07-14-2013, 01:42 PM   #3
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you're going to take a huge (percentage wise) financial hit.

Real important question to ask yourself, do you "need" the new bike?

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Old 07-14-2013, 01:44 PM   #4
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Quote:
Originally Posted by emo
Trading in is the most convenient but you'd probably get more for it selling it.
That's what I was thinking. I was just wanting to know if I'd be able to lower my payment. If I sell it private party, would part of my loan still transfer over?
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Old 07-14-2013, 01:50 PM   #5
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Quote:
Originally Posted by partdeux
you're going to take a huge (percentage wise) financial hit.

Real important question to ask yourself, do you "need" the new bike?
Yeah I know I'd be taking a hit on my bike if I did it...say tomorrow. Wouldn't what's left of my loan "transfer" over though? Like say I owe 8000 with 3 years left and the one I want is 10,000. I trade it in and get 4000 for mine. I use that as a down payment. Would the other 4,000 I'd owe on my previous bike just move over to the new one to make it whatever the new price of 6k and just get an extension on the loan or whatever that process would be? Is that possible?
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Old 07-14-2013, 02:25 PM   #6
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Unless thus it's your primary means of transport, don't due it.

Trade in suck, they don't give much, just because you can sell the bike for X doesn't mean they well give you that, secondly, I've seen where they don't actually pay off the first loan they just lower the cost of the new bike and tack on more interest.

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Old 07-14-2013, 02:36 PM   #7
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Quote:
Originally Posted by ShagNasty1001 View Post
I have a loan out on my motorcycle for the next 4 years that I've been paying on for a year this September. Now I love my bike but I want to upgrade to a larger one (1000cc). What I have is a 2012 Yamaha FZ6r and I'm wanting a Aprilia RSV4. Ive been thinking of just trading it in as pretty much a down payment plus a little bit. The Aprilia is 14k and I have about 10k left on my bike now. Would it be wise to go ahead and sell it or trade it in or wait a until February/March time frame? I was planning on trading it in this winter if its a decent idea
Correct me if I'm wrong:
You still owe $10K on a $7600 bike? Am I reading that correctly?
You then wish to go deeper in the hole on a $14K bike (+ tax, license & registration.)
IMHO: If you're upside down on Bike 1 and you don't have the cash to at least get even, then you can't afford bike 2. These are toys. One should not risk creating a deep financial hole over toys.
Best way forward:
Sell Bike one in March private party so you can max out the return. Additionally, get up far enough on the loan so you aren't upside down when you do sell it, or trade it (should it come to that.) Get square before going to the Aprilia dealer. Having a cash down payment would be awesome.
On a side note: Have you checked into maintenance costs? I guarantee that an Aprilia is going to cost noticeably more to get serviced/maintained than a Yamaha. (Italian exotic vs. UJM.) Triumph is bad enough (one dealer in UT), I can't imagine an Aprilia (last I checked, they have 0 UT dealers.) I get it though, I had a thing for Caponords at one point.
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Old 07-14-2013, 02:53 PM   #8
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Check the insurance on the big bike, it may be a deal breaker. You have a nice already and plenty fast enough. Are you going for more cool points with the buddies?

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Old 07-14-2013, 04:06 PM   #9
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You are under water as they say. A dealer has to be willing to pay off your existing loan if he trades for yours. If you do not understand the delima you are considering get some good financial advise.

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Old 07-14-2013, 05:48 PM   #10
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It is a good feeling to be out of debt.

The only reason I have a car payment is to keep something on the credit score.

IMO, (with exception of buying a house) one should not take on debt larger than what is in savings. Unseen circumstances dictate that should one need to liquidate in a hurry, then you could.

Make another payment (the same as what you are currently paying) to your savings account each month. Then when you need a loan, get the loan from your savings account. I would rather pay interest to myself than a bank or credit union.

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