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Home > Ask The Get Out of Debt Experts > I Can’t Afford My Harley Davidson Motorcycle Anymore. Harley Davidson Financial Wants to Repossess My Bike. – David

I Can’t Afford My Harley Davidson Motorcycle Anymore. Harley Davidson Financial Wants to Repossess My Bike. – David

I bought motorcycle and can no longer pay for it . I’ve had the bike for over a year and half, the day after I bought the bike home my wife and I attempted to return the bike to Harley Davidson financial company stating that we couldn’t afford the bike, they refused to accept the bike.

We relented kept the bike, made on time payments up until sept., 2011 ( we purchased the bike in march 2010 ) it’s a new bike. In sept., 2011 my situation drastically changed , I’m an electrician (residential) currently I work only 3 to maybe 4 days a week making it impossible for me to make payments on the bike.

Harley Davidson financial is hammering me with calls daily threatening to repossess the bike. I don’t want to go that route because of what it will do to our credit. My question is regarding volunteer repossession , can I give the bike back to H/D financial ( even though they refused to take the bike back last year ) they put the bike up for auction , my wife and I pay the balance after auction.

If such an action is possible and such an agreement can be struck , how would this affect our credit?

David

I Cant Afford My Harley Davidson Motorcycle Anymore. Harley Davidson Financial Wants to Repossess My Bike.   David
I Can't Afford My Harley Davidson Motorcycle Anymore. Harley Davidson Financial Wants to Repossess My Bike. - David by

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  • http://twitter.com/nickelbynickel Andrea

    You could also try selling the bike yourself (ASAP), might take longer but better possibility of getting more to pay on the balance

  • http://GetOutOfDebt.org Steve Rhode

    David, as a fellow motorcycle rider myself I can feel the pain of losing your ride.

    No matter what you do your credit is going to take a hit. Missed payments will have a negative impact but so will a repossession and a judgment.

    You are better off handing the bike back to Harley Davidson Financial in an orderly fashion. When you do turn it over make sure there is documentation of the condition the bike was in so no claim can be made later for damage.

    The bike will most likely be sold at auction and you will probably owe a heck of a lot. You’ll owe the difference between the sales price at the commercial auction, which will be low, and your remaining loan balance.

    Do you have other debt you are struggling with as well? I get the feeling this is but one issue in your current situation but the one that pushed you over the edge.

    Steve

  • http://GetOutOfDebt.org Steve Rhode

    David, as a fellow motorcycle rider myself I can feel the pain of losing your ride.

    No matter what you do your credit is going to take a hit. Missed payments will have a negative impact but so will a repossession and a judgment.

    You are better off handing the bike back to Harley Davidson Financial in an orderly fashion. When you do turn it over make sure there is documentation of the condition the bike was in so no claim can be made later for damage.

    The bike will most likely be sold at auction and you will probably owe a heck of a lot. You’ll owe the difference between the sales price at the commercial auction, which will be low, and your remaining loan balance.

    Do you have other debt you are struggling with as well? I get the feeling this is but one issue in your current situation but the one that pushed you over the edge.

    Steve

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