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Vehicle loan and payment reduction?


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Old 07-14-2013, 09:29 PM   #11
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First question, is there an Ape dealer in your area? I would NEVER buy an Italian exotic without a dealer nearby.

I own 2 Ducati motorcycles. I can tell you straight away that Italian bikes cost more to own, period, than any other brand. DO NOT stretch to make a payment if you can't put $2,000 in maintenance every 8 to 12 months. Nobody ever bought a Ferrari for its mechanical reliability. Own an Italian bike and you'll go broke buying carbon fiber or getting service done.

Next, I know a guy that owns the bike you are after. He sold it. Obtaining parts from Italy took forever. Getting good service was difficult.

My suggestions for bikes, if you want to save a few dollars and still get something cool, would be the KTM Super Duke (a twin with good HP and upright riding posture) or a mid generation Tuono. The Tuono is still an Ape and a twin but it costs less and the engine is pretty much the same as the RSV. The Honda RC45 is a good bullet-proof twin as well. Buy used, let someone else take the financial hit. Lastly, maybe trade your FZ6 for the FZ1. Nothing wrong with the FZ1.
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Old 07-14-2013, 10:10 PM   #12
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Quote:
Originally Posted by indy36
First question, is there an Ape dealer in your area? I would NEVER buy an Italian exotic without a dealer nearby.

I own 2 Ducati motorcycles. I can tell you straight away that Italian bikes cost more to own, period, than any other brand. DO NOT stretch to make a payment if you can't put $2,000 in maintenance every 8 to 12 months. Nobody ever bought a Ferrari for its mechanical reliability. Own an Italian bike and you'll go broke buying carbon fiber or getting service done.

Next, I know a guy that owns the bike you are after. He sold it. Obtaining parts from Italy took forever. Getting good service was difficult.

My suggestions for bikes, if you want to save a few dollars and still get something cool, would be the KTM Super Duke (a twin with good HP and upright riding posture) or a mid generation Tuono. The Tuono is still an Ape and a twin but it costs less and the engine is pretty much the same as the RSV. The Honda RC45 is a good bullet-proof twin as well. Buy used, let someone else take the financial hit. Lastly, maybe trade your FZ6 for the FZ1. Nothing wrong with the FZ1.
I'm not a huge fan of the FZ1. I sat on it when I was looking at mine and it just wasn't right. I was also looking at the R1 or new BMW S1000rr. The closest dealer is in Texas about 80 miles away from me. And yeah I know about expensive parts, my Audi is stupid have the time...
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Old 07-14-2013, 10:12 PM   #13
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Quote:
Originally Posted by danf_fl

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.
I never thought of doing that... Once my paychecks bounce back up from tips, I'll have to give that a whirl
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Old 07-14-2013, 10:17 PM   #14
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Quote:
Originally Posted by Overkill0084
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.
Yeah I got kinda hosed to begin with since I didn't have anyone go with me and was 19 at the time trying to be sneaky. And I got the extended warranty and what not so that was tacked on to the price too
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Old 07-14-2013, 10:55 PM   #15
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Quote:
Originally Posted by ShagNasty1001 View Post
Yeah I got kinda hosed to begin with since I didn't have anyone go with me and was 19 at the time trying to be sneaky. And I got the extended warranty and what not so that was tacked on to the price too
I just assumed that you geared up (helmet, jacket, boots, accessories, options & so forth) at the same time. Starting at ground zero with gear can be crazy expensive at the dealer, but they will just pile it on to the loan. A couple hundred here, $400 there, pretty soon your into real money. Nothing like branded gear to run up the price. I forgot about extended warranties.
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Old 07-14-2013, 11:13 PM   #16
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Quote:
Originally Posted by Overkill0084
I just assumed that you geared up (helmet, jacket, boots, accessories, options & so forth) at the same time. Starting at ground zero with gear can be crazy expensive at the dealer, but they will just pile it on to the loan. A couple hundred here, $400 there, pretty soon your into real money. Nothing like branded gear to run up the price. I forgot about extended warranties.
Yeah I got jacket and helmet too and that was tacked on. Can't complain though, one of my rims cracked and my tire wheel warranty replaced both for free, no questions asked instead of going through insurance
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Old 07-14-2013, 11:13 PM   #17
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You should be able to cash out the extended warranty.
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Old 07-14-2013, 11:33 PM   #18
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I think if you have to ask this question, and can't do the math for yourself, the answer you're looking for is *NO*.
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Old 07-14-2013, 11:43 PM   #19
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Quote:
Originally Posted by clr8ter
I think if you have to ask this question, and can't do the math for yourself, the answer you're looking for is *NO*.
I mean, I did the math in an earlier post.... My question was what would happen to my loan.. This was the first vehicle I've bought so I'm not sure what happens to my loan
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Old 07-15-2013, 12:23 AM   #20
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Well, you have to pay it somehow. They're not going to just say "Oh, well, you want another bike? OK, never mind your loan."
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