what i going to happen to my motorcycle?

[drowinindebt]

update please

I still got it! Haven't been contacted by anyone about it at all. I went and put plates backon it and I'm riding it everyday!

[andy158]

I filed in July 2009 and they came and got the motorcycle in January. Still have the boat though. Still owe $6,800 on it. No word from the bank yet!

[debtinohio]

Haha awesome!!

[pepperoncini]

This is awesome!! LOL

[drowinindebt]

Its been along time but i dont think I have made a payment on the bike since AUG 08! I didnt ride the bike at all for about a year and a half. It was in my garage the whole time. Like I said not any contact at all from anyone about it. I even called GMAC 3times and asked what to do with it and was told everytime that they didnt know! My bankruptcy has been didcharged for almost a year now. I have gotten a credit card with a 12.9 interest rate, I dont ever use it. Thats how long its been. I'm going to drive it till they pick it up or the wheels fall off! GL everyone its not the end of the world!

[rdmccaffrey]

I filed February 19th. I have an atv financed through yamaha or HSBC. I haven't heard anything from them yet. Andy, when they came for your bike in Jan did a repo man just show up? or did they have to coordinate this with you?
Im perfectly willing to surrender as my case states, but dont want a repo man beating on the door at 3 am making me decide whether to turn loose the doberman or the Glock.

[andy158]

The repo company called about a week ahead of time and asked when would be a good time to meet. The whole event was unstressful and mannerly. Mine were financed through HSBC and the outfit was from Columbus, OH. They arrived with a fifth wheel one ton truck and a three space car hauler that was full of motorcycles and atv's. They really had to jockey to get mine on the truck! It was that full! I bs'd with the men who were really polite and they suggested I not buy a new motorcycle again. They depreciate too fast. They commented on the exceptional condition of the bikes (I had them cleaned and covered in a heated basement) and they said at auction they would have a hard time getting 1/2 of their value because of the amount of repo's out there going to auction. It is definately a buyer's market for the people that do have money. I see on ebay and other places where I could get the same bikes brand new for $2,000-$3,000 less than what I financed. Go figure! I'll just have to ride out the rest of my bk13 until I get another (used) one paid for in cash!

I didn't hear anything from them until my bk confirmation. I don't think they can legally repo anything until your bk is confirmed.

[NHC]

I came through the Bk with a motorcycle intact....that's something I wasn't mentioning before because I didn't know how the Trustee was going to look at somebody owning an MC straight out (it's been paid off for years) and using the 'car' value for that but he didn't even bat an eye....

So....for the record....I now call myself the only white woman to ever come through a Divorce AND a Bankruptcy and still retain her Harley!

For inquiring minds...it's not a very big or expensive one. Sportsters don't hold their value very well....but despite it being 10 years old it runs like a charm and looks great!

[rdmccaffrey]

Hey thanks Andy.
That answered questions I've had since the start of all the filing that no one could seem to answer up until now. I appreciate it.

[MaineBkAtty]

Hi Folks, this is Chris L'Hommedieu from Maine.

I'm a bankruptcy attorney and I found this thread really interesting.

In my experience, if the asset (bike, boat etc) has significant re-sale value most banks will repo, sell and recoup. If the asset has minor re-sale value, they may simply forget about the asset. And that is a double edged sword.

On the good side:
You get to keep and use the asset. Keep insurance on it, maintain it, don't purposely trash it. Selling parts worries me because it could run afoul of the purposeful injury exclusion of the bankruptcy code.

On the bad side:
If you have a boat in storage, and you just walk away, the storage company will likely have the right to charge you the storage. If you have a condo and want to walk away, but the bank does not take it back, you may be on the hook for the ongoing maintenance fees.

Also, when the older car dies, you don't have title, you can't sell it, can't scrap it, can't do squat with it. It sits in your yard and grows weeks. I've had to file motions with the court to force the bank to provide the title so the client can get rid of the thing...

Hope this helps.

Chris.

[rdmccaffrey]

Thanks Chris,

I'm still taking good care of both my boat and atv. Still maintaining the insurance and still using both so I'm covered there.

I'm hoping myself that they dont see the 2006 model atv as worth repo'ing. Mine happens to still be in good condition. But on average they may hopefully think an 06 is too old to fool with. It has 2400 owed on it still, most of that is late fees and interest over time than actual principal. They have gotten a very high percentage of their money over the last 5 years even though the balance is high.

Boat is an 05 model and 4700 is still owed. Probably worth that at auction. We'll have to wait and see I guess.

[hbdown]

I'm in a similar situation

I had a Kawasaki good times credit card, 08 ninja 250. Filed BK7. Included bike in BK. BK discharged in May.

The question is, does HSBC have the right to repo? This is credit card transaction but since they hold the title I guess that means they have a secured interest in the property, right?

[fredperkins]

FYI everyone - I am on my way to claiming BK but have not yet and have had my Motorcycle 3 Yrs no paymnts. No knocks on my door,calls or anything. Very interesting to see others having it happen too. My credit it says C.Off on a recreation Vehc. I never changed address in 10 years so they know where it is. Hmmm I don't get it. Is their anyway to check online to see if repo is after it? (prob have to have friend in the industry)