what i going to happen to my motorcycle?

[bigtim6656]

I would say ask your lawyer. But if it is discharged and you still have it you i would say ride it till it falls apart then drop it off at the bank

I STILL HAVE THIS BIKE. My BK has been discharged and still nobody has come to get it! What should I do with it?

[andy158]

Similar situation here. Filed on July 17 and have received many statements from credit card companies that acknowledged the bk. Surrendering two motorcycles on factory cards - Suzuki and Kawasaki - financed through HSBC. No respponse from anyone yet. I am continuing the insurance as long as they are in my possesion and continuing to use them until I hear otherwise. If you still have them, you are responsible for it. I don't know if there is a statute of limitaions on something like this (someone please chime in). For what is owed on them they may not be interested in recovering them. If I don't get a title, I will just part them out when the time comes to get rid of them. Otherwise I condsider it a freebee! With the large increases in bk filings, the credit card companies are probably working overtime and are short staffed trying to recover assets. I'm sure they will go after the big fish first. Might fall through the cracks.

[greengirl]

Wondering when they will come for my motorcycle

I had my 341 meeting on March 31st of this year. Was discharged and am still waiting for them to come take the bike. I live in NY so the snow is going to be falling real soon and I do not want the bike to get ruined if they are not going to come for it. I was told to wait at least 4 months and its been about that since I received the discharge papers. So does anyone have any suggestions on what I should do?

[andy158]

Here we are Oct 15 and still no repo man. Filed July 17 had my 341 Sept 22 and claimed both bikes I owned (making payments on) and have not heard one word. Boat is in the same catagory. Bikes and boat are more than half paid off. All are still fully insured and I am still using the bikes. Will put in storage soon though. Boat is winterized and covered. Seems like the banks are going after the more expensive later model assets people are filing on and may or may not get to my 2002 boat and motorcycles. There is no shortage of repo'd late model vehicles in my town.

[logansdad]

still got it?

[drowinindebt]

still got it?

Yes sir, I am just going to ride it till they come and get it. It has been sitting in my garage for a year, BK discharged and all. I just dont think thhe return justifies the cost for them.

[eqt]

..

It seems to me that this (and other bikes like it) are in a weird kind of limbo.

I have been reading up on this and here are some of the thing/rumors I have come across:

You cannot simply swap out the frame, you will need to swap out the engine block as well because there is a number stamped on the block that must match the frame.

I have also heard that if the new buyer is aware of the shady nature of the transaction he could become liable.

I have also heard that the banks are so f*cked right now that the last thing they want is to have to deal with buying and selling a bunch of used motorcycles.

I have also also hear that when you file bankruptcy and it is discharged, and if the bike was purchased with an adjustable rate credit card (which are normally signature loans) and if the bank has discharged the debt then if they get the bike and sell it and come up with a few thousand dollars they must apply that money to your assets. Essentially people are saying that the banks view this type of thing as credit card debt.

That being said, they ain't going to take the lien off the title.

I have been looking to buy a sportbike, the deals are great right now. I've been saving up for a few years and won't be taking out a loan, but I think after reading up on the issue... I will buy used from a dealership. It's not worth saving 2k to deal with all this crap and wind up riding a Frankenstein bike.

Check this out what do you guys think?:

http://cgi.ebay.com/ebaymotors/ws/eBayISAPI.dll?ViewItem&item=120482702107

peace!

PS: May I ask what your intrest rate was on the bike, I've heard some people are paying nearly 20%

[andy158]

Mine had an introductory offer of 9% for the first two years and 18% the remainder of the loan. Suzuki and Kawasaki are now offering 1.99% for the life of the loan. Go figure! They are hurting for buisness! The bikes I have can be bought new for only a few hundred dollars more than I paid in 2002!

[eqt]

Damn Andy, 18%? That is (or should be in my opinion) a usury (criminal) rate of interest.

On a $10,000 bike over 60 months you are going to pay something like $3000 in interest. That's the kind of rate a mob bookie would give! ;)

On the other hand, 1.99 for 60 months is basically free money. That is basically half to one percent under the average rate of inflation. So in real money terms it's like -.5% interest!

Thanks for the info, I did not know about that special. It would make a lot more sense to finance $5000 at 1.9% for 5 years than to come up with it out of pocket, even if you have the money!

looks like it's gixxxers and ninjas only though, I had my heart set on a cbr. But a deal's a deal...

[scsurfer]

We also have a dirtbike on a Honda Card with GE. We are 6+ mos behind on it. First they sent us an offer to settle. Ignored it. Then we got a letter saying that if we paid all the past due amount, they'd make the acct current. Ignored that.

I know they don't want the bike, but neither do we! Unless they want to just abandon it, and it's ours for free

Any chance on an update on what ended up happening in your situation. I am about to stop paying on my ATV that is on a Honda Card with GE and I am wondering what to expect. Thanks

[OweTooMuch]

I have my husband's bike financed with my credit union as an installment loan. The bike is titled in my name and I will be the only one filing for bankruptcy in California as all the debt is in my name. Can he take a new loan and buy the bike from me since I will be filing against my credit union and will fall under cross collaterization? If so will I have to delay my bankruptcy for this transfer? Any ideas would be appreciated as this was his father's day present a few years back and I only owe 1/2 of what it is worth.

[debtinohio]

This thread makes me wish I would have had a honda card a suzuki card and a yamaha card and hell even a boat before filing.

lol.

[drowinindebt]

Still got it!

[logansdad]

wow I have a pontoon that I hope ends this way as well!!!

[seth]

Yes sir, I am just going to ride it till they come and get it. It has been sitting in my garage for a year, BK discharged and all. I just dont think thhe return justifies the cost for them.

update please