to repo or not to repo

[600ccdevil]

So I got in a bad way financially a few years back and am now considering bankruptcy. Problem is I got one of those low rate loans that jump up to an insane rate if you miss a payment. They now want 13k for my 06 fz6. A "friend" told me that you are only required to turn in the frame in the case of repo. This sounds a little ...wishful. Has anyone ever heard of this? I can't find anything online and those I've asked have just shrugged. What do you guys think?

 

[PosterFZ6]

So I got in a bad way financially a few years back and am now considering bankruptcy. Problem is I got one of those low rate loans that jump up to an insane rate if you miss a payment. They now want 13k for my 06 fz6. A "friend" told me that you are only required to turn in the frame in the case of repo. This sounds a little ...wishful. Has anyone ever heard of this? I can't find anything online and those I've asked have just shrugged. What do you guys think?

So let me get this straight.

You want to take apart your bike and turn in your frame only?

What is going to be your story as in to what happened to the rest of your bike?

 

[outasight20]

Lolololololol

 

[jspansel]

Sounds like fraud to me...

 

[arsity]

What is going to be your story as in to what happened to the rest of your bike?

Incomplete repairs and mods being performed. lol

 

[PosterFZ6]

So I got in a bad way financially a few years back and am now considering bankruptcy. Problem is I got one of those low rate loans that jump up to an insane rate if you miss a payment. They now want 13k for my 06 fz6. A "friend" told me that you are only required to turn in the frame in the case of repo. This sounds a little ...wishful. Has anyone ever heard of this? I can't find anything online and those I've asked have just shrugged. What do you guys think?

quoted for posterity

Why even bother with the frame?

Just take a picture of the VIN number and hand that in instead. It can't be worse than showing up with just a frame, lol.

 

[ChevyFazer]

well if your bike is financed then you probably have full coverage, find a local hood and park your bike with the key in it and leave it for a week....

 

[Hellgate]

In years gone by, a buddy of mine in Santa Clara had a nice Toyota 4 X 4. It was about 1988 when the last recession was on. He lost his job as an electrician. He drove the truck up either Glendora Ridge, or Angeles Crest and pushed it off the edge. He rode his bicycle home. He called the police and said it was stolen. No truck, no tools...Crazy Mike wasn't too bright...

 

[regder]

well if your bike is financed then you probably have full coverage, find a local hood and park your bike with the key in it and leave it for a week....

If it's suspicious, insurance may refuse to pay out.

Totally unrelated, but funny story. Years ago I worked at a car dealership. Customer had his near new S2000 in the body shop, was dissatisfied with the repairs, and refused to pick it up. He was going back-and-forth between the insurance company and the body shop arguing with them about the repairs, this went on for a couple weeks. Then one morning, magically, the car had a four letter word keyed into the side of the car that was repaired. The insurance company investigated, found it a bit too suspicious, and refused to pay for the repair.

The customer still refused to pick up the car and left it on the lot. Body shops charge a storage fee, in this case $60 or 80 per day. One or two years later, and I think a threat of a lawsuit, customer signed off the ownership to the body shop. Bodyshop owner got a near new S2000 for pretty much free.

The customer was a surgeon if I remember right, I'm sure he could afford

 

[champion221elite]

hate to sound harsh, but it looks like you didn't have any business buying the bike in the first place. It happens too often where people are lured into buying something when the payments are small. Seldom do these people take the time to calculate that $99 a month for 24 or 36 months won't even come close to paying off the item. The result being a huge balloon payment when the loan modifies itself. Then folks realize they cant afford the item.

Please don't strip the bike and just turn in the frame. That's a dirtbag move and you're better than that! Besides, the bank will recoup their money by passing on their loss to the next customer by way of higher rates and fees. Just remember there is no such thing as a free lunch.

 

[zoner]

I helped a friend strip a dirt bike because of similar circumstances a while back. In the end it would have been better to turn it in to the repo men. Lots of work which would be even more intense for the FZ. And some legal risk. "The life of a Repo Man is always intense."

 

[600ccdevil]

Thank You guys. I'm planning on turning it in whole, asap. It was more of a curiosity thing.

 

[jspansel]

Thank You guys. I'm planning on turning it in whole, asap. It was more of a curiosity thing.

Sorry to hear about the whole financial issue btw. Never a fun thing to go through. Hope things start looking up for you.

 

[Nelly]

So I got in a bad way financially a few years back and am now considering bankruptcy. Problem is I got one of those low rate loans that jump up to an insane rate if you miss a payment. They now want 13k for my 06 fz6. A "friend" told me that you are only required to turn in the frame in the case of repo. This sounds a little ...wishful. Has anyone ever heard of this? I can't find anything online and those I've asked have just shrugged. What do you guys think?

Sorry to hear about your debt problems, there are plenty of people who have been there.
However, you knew what you were getting into when you signed on the line.
You got to pay your dues mate. Is there an alternative to bankruptcy? Have you tried to restructure your loans?

Neil

 

[ChevyFazer]

I've herd that a voluntary return is not as bad on your credit as a repo, does anyone know if that is true?

 

[oldfast007]

Dont know if still applies, had to do a "voluntary return of collateral" years ago, it was no different than a full on repo, killed credit same time frame and the finance co came after me for the balance after they whored it at auction...

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