what i going to happen to my motorcycle?

[drowinindebt]

I just had my 341 hearing today. I have a motorcycle that was financed on a ge money bank credit card. Just like a yamaha card or a honda card. There is a lein on the title. I asked them once before what they wanted me to do with it and they acted like they had no idea. I highly doubt the bike is mine free and clear, but how long do I have to keep it. Isn't there a point when it is considered abandoned? thx 60 day club for me!!!

[Jacinta]

I have a similar question...I have a boat in a hi and dry. My atty tells me to stop paying both the boat and the storage. The storage rack is owned by an individual. Bank of America will never find the boat as long as its in there. So how does this all work? Should I call the bank and ask them to come get it so the poor guy can rent his rack out again? Or should I give the rack owner the keys and tell him to have fun? I could take it out and drive it up the intercoastal anchor it and walk away...

I've been trying to sell it for months! It's a 2008 Chaparalle if anyone ....no.

[AngelinaCatHub]

In both cases, it is sucured property and you are libel for it. It does not belong to you now but the estate. Take care of it as if you sell or damage it, the Trustee will not be pleased. As long as there is a lien on the property, it is secured and you may want to force them to take it back in which they will sell it and bill you the deficiancy. That becomes unsecured and will be discharged. The Trustee will not abandon it as it is not your property and it is also not the Trustee's property except to get what he can out of the secure debtors being made whole as possible. 'Hub

[Jacinta]

Thanks Hub! So I will call the bank and tell them where it is. I would like to pay the rack man for one more month since our contract has a 30 days notice clause. I haven't filed yet and not sure how long until I do since I have to raise the lawyer money. I guess I can cencel the insurance soon.

[endisnear]

I just had my 341 hearing today. I have a motorcycle that was financed on a ge money bank credit card. Just like a yamaha card or a honda card. There is a lein on the title. I asked them once before what they wanted me to do with it and they acted like they had no idea. I highly doubt the bike is mine free and clear, but how long do I have to keep it. Isn't there a point when it is considered abandoned? thx 60 day club for me!!!

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

[AngelinaCatHub]

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

[OhioFiler]

I remember reading in the NOLO book about the guy who had an old truck and a new one which was secured. When they came to repo his truck it had an old engine in it and old wheels and tires. The old truck had a nice new engine in it and newer wheels and tires.

[AngelinaCatHub]

I remember reading in the NOLO book about the guy who had an old truck and a new one which was secured. When they came to repo his truck it had an old engine in it and old wheels and tires. The old truck had a nice new engine in it and newer wheels and tires.

LOLOLOLOLOLOL

Oh well, there is always a loophole. 'Hub

[drowinindebt]

The credit card this bike was bought with was included in the BK. The trustee said nothing at all about it. No one from ge came to ask about it or anything. A friend of mine came up withe the prob not so good idea of taking all the parts off and just giving them the frame back in a box. LOL

I haven't made a payment on it since Aug 08. Nobody has called or came to the door asking about it. I did get the amount to bring the account current letter but threw it away also. So the bike would be the secured property from the credit card, but the CC was included in the BK. ?

[drowinindebt]

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

[jb300]

This is interesting I would love to hear what people say on this and how in the long run you turn out on this so keep us posted,

[fireworks]

hrm...from a legal standpoint, do you have the title? Are you able to keep the insurance and registration current? If so, I say ride it and enjoy it. Just don't go anywhere that you can't get home a different way in case the repo man comes by. Keep it in your garage at home.

You haven't said what the bike is worth, but my best guess is that GE doesn't want your bike back because the money they would get for it isn't worth the hassle of coming to get it. A used motorcycle isn't generally worth a whole lot of money.

In the long run you might run into some problems. I don't know if they would be able to put anything into the state registration database, but they might be able to prevent you from renewing your tags. You won't be able to sell it without a title, but perhaps you can declare it abandoned property eventually and get a new title from the state? In any case, enjoy it as long as you can!

[OhioFiler]

Seems to me the bike is his to enjoy!

[drowinindebt]

i'm really thinking about just buying a frame and switching the parts over. Then if the repo man ever show up i'll just hand him the frame. I have had it for over prob 2 years and haven't made a payment in at least a year. The same bike is selling on craigslist for about $6000-7000 so in a auction i would think they would get about $4k and I owe about $11k. Well I really owe nothing now because of the bk. My cousin usedc to be a repo man, he said they would have for sure come to the door by now!

[drowinindebt]

I'm just going to ride it. I can get plates for it, so I'll put plates on it and ride. Anyone know how long till its considered abandoned. If they show up to get it I will give it to them but if I dont put it in the garage it will get stolen.