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Vehicle loan and payment reduction?


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Old 07-15-2013, 04:21 PM   #41
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Tank said it best. If you look at your title you will see that the bank really owns your bike (lien holder). You can't sell your bike without a clear title which won't happen until the bank loan is satisfied. I think you will have a hard time finding a bank that will let you "tack on" a portion of your current loan onto a new loan without adding some extra collateral like maybe a car you have that is paid off. They are using your bike as a guarantee that they will get their money should you stop making payments. You stop making payments, they take the bike and sell it to get their money back (or most of it anyway). If the amount you are trying to finance is more then the bike you are buying is worth Mr. banker will not likely give you the loan in the first place. What you are talking of doing could be a very painful lesson best avoided in the first place.
They really should teach this crap in high school, could save a lot of kids a lot of heart ache.
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Old 07-15-2013, 05:04 PM   #42
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...They really should teach this crap in high school, could save a lot of kids a lot of heart ache.
It's probably a lost cause considering most parents are in debt up to their eyeballs and fail to see any problem.
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Old 07-15-2013, 05:17 PM   #43
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There could be a major meltdown if too many people learn how to manage their money at an early age.

The solution then is not to teach money management in high or middle school, but to teach careless spending through different things, like sports, proms, homecoming pageants, etc...

(Is that the reason there is so much student debt for college?)
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Old 07-15-2013, 08:37 PM   #44
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Originally Posted by TekGreg
Shag, I'm not going to tell you not to ride a bike. I am a speed/power junkie as well, and we should all be able to feed our desires.

What I can tell you is: Debt kills.

When I was younger, every dealership and salesman was soooo helpful! They would give me great rates, tell me what a "deal" I was making - yeah. I was paying off their stuff by running myself into the poor house and possible bankruptcy, at which point you can no longer finance anything, not even a house.

Then I read a book and went on a financial diet. For several months I bought nothing except necessities. I had a 10% automatic deduction taken from my check and deposited to a savings account. I learned to live on the lesser check and ignore the savings. In 10 months I bought my Honda...cash. Two years later I bought a house...20% down in cash. Recently, a motor home on Craigslist caught my eye and I purchased it...cash. All were used, and a great deal.

I own my possessions. They do not own me. It is very un-American to live debt-free. It also morally responsible and the easiest way to live owing nothing but a very affordable mortgage payment. Solve this problem however you like, but consider being happier with what you have and making money instead of owing it.

"Happiness isn't getting what you want, it's wanting what you have."
Yeah I was younger and stupid and bought new and listened to the salesman. I had great enough credit (still do don't worry) to get it without a consigner and thought, hell yeah look at me now. Definitely should have bought used as my biggest regret. And you are right, I do like making money.... Haha
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Old 07-15-2013, 08:40 PM   #45
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Quote:
Originally Posted by thdrduck
They really should teach this crap in high school, could save a lot of kids a lot of heart ache.
But.....but.....how would they get anyone else on welfare??? I agree though. I went in with no knowledge of anything dealing with this crap. I do agree they need to at least make it an elective, if not a requirement on how to manage money
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Old 07-15-2013, 10:25 PM   #46
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Originally Posted by danf_fl View Post
There could be a major meltdown if too many people learn how to manage their money at an early age.

The solution then is not to teach money management in high or middle school, but to teach careless spending through different things, like sports, proms, homecoming pageants, etc...

(Is that the reason there is so much student debt for college?)
I heard about a wedding this weekend that is over 35,000 so far... I'm thinking mine ten years ago was about 2,500, and people had a great time.
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Old 07-15-2013, 10:26 PM   #47
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I do like making money.... Haha
the greatest way to make money, is to not buy on credit. Save the cash to make the purchase, and guaranteed, you'll say to yourself, I'm not buying it!
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Old 07-16-2013, 07:06 AM   #48
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I used to buy a new truck every two years. In 2005, I purchased my last truck. They all pretty much look the same, ride the same. Imagine the money I have saved not switching F ~ 350 dualies every two years!

Purchased a used 91 GoldWing in 93, still have it. Still works. Sure a new wing would be nice, but twenty five grand nice? Pass.

As consumers, we are not always on the ball for what is the best for the long term.
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Old 07-16-2013, 08:01 AM   #49
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I used to buy a new truck every two years. In 2005, I purchased my last truck. They all pretty much look the same, ride the same. Imagine the money I have saved not switching F ~ 350 dualies every two years!

Purchased a used 91 GoldWing in 93, still have it. Still works. Sure a new wing would be nice, but twenty five grand nice? Pass.

As consumers, we are not always on the ball for what is the best for the long term.
Main stream media and advertising agencies feed us a study diet from infancy of images and stories that make us feel inferior if we don't have the newest and best. Is the state of the nation and its people any better for having wasted all that money? Even if you have the money, credit or income to do something doesn't mean you should. Living UNDER, not at, your means gives you more options and a stress-free life that actually improve your health as well as wealth.
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