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

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

  • 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

    • Chris whisk

      David I completely feel your pain and where you are coming from. I am an avid Harley enthusiast as well as a Finance Manager so I know quite a bit about this topic. I am in your same position as I am going through a divorce and have to refinance my bike in my own name and remove my ex off as part of our divorce decree. Being that I am upside down on a loan that is only a year and a half old I had the choice of coming up with almost 4K or a “voluntary repo” as a finance manger I can tell you that whether it is voluntary or not it reflects on all 3 of your bureaus the same…. “REPO” David don’t be fooled by what Eaglemark tells you. Brother make all the payments you can and stay in contact with them, trust me they don’t want that bike it is a loss to them. They will work with you. As mentioned by another rider, try and sell the bike on your own and maybe even get a personal loan for the difference of the sale. For instance my situation…. If I wasn’t able to come up with the difference that Eaglemark was willing to finance and my bank does not finance banks I would have had to give them the bike and “REPO” credit goes to Sh*t right?!?!? But I was able to get a personal loan and pay the difference at a low rate and keep my bike. Now in your situation try and sell the bike for as much as possible and take the loan to make up the difference. I can guarantee you that if credit permits paying off the personal loan to get the title from Eaglemark will be a hell of a lot lower and more comfortable payments for you and your wife in your times of struggle. I hope this helps you my friend and one day you are in a better spot financially and back on those two wheels.

  • 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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