Zx6r Under Condnant advice sort after

[Nich]

I have a yellow zx6r i purchased in 2008 brand new. since financial crisis i need to sell it despritly but cant afford the payout. i cant get a loan either.
was wondering if anyone had any kind of ideas? as i am out.
thanks fellas

[dave#3]

You should be able to sell the bike encumbered - basically the buyer pays you the asking cost less the outstanding finance amount and is then responsible for clearing the debt with the financier. Do you owe more than the bike is worth or less?

[Nich]

You should be able to sell the bike encumbered - basically the buyer pays you the asking cost less the outstanding finance amount and is then responsible for clearing the debt with the financier. Do you owe more than the bike is worth or less?

Unfortuneatly more. I brought the bike with amf while i was an apprentice. just being young and stupid didnt read to much into it just wanted my new bike. turns out this little yello beauty cost me double what it was worth. since the by i have managed to get the bike loan down to 15k from 30, (fixed interest is not fun).

[dave#3]

I reckon you're shit out of luck mate - if there's still $15k owing on it you're going to need to give some poor sucker about $5k to take it away, maybe more. I can only suggest that you tough it out and keep making the payments - the bike's worth more to you than to anybody else now.

[Nich]

cheers for the help mate. appreciated.

[ijuschill]

Hmmmmmmmmmm a twin for Bumblebee


Can't really offer any advice except what Dave said keep up with the payments. Good luck Nich

[Dizzi]

Oh dude that totally sucks man, sorry to hear it, if you can keep it though it is an awesome bike to ride.

Otherwise as my hubby just said hmmmmmmmmm a twin for bumble bee!!!!

[MrWasabi]

werent these models prone to spontaneous combustion?

[adge82]

Could take your chances with bankruptcy, have a good long hard think about it though. Its a seven year deal that excludes you from credit.

If the shit is really clogging the fan it is a real option. But make sure all other options are exhausted first.

[philbo]

yeah amf are rorts. 16% loans is a joke refinanced my bike to pretty much half the interest rate

[Reedy]

30k! jesus tap dancing christ.

fuck bankruptcy you dont want that.

You cant sell it encumbered but if someone is dumb enough to buy a vehicle without doings a revs check...no.

See if you can get a loan from a bank to pay off AMF. They are pricks like GE and give loans to people who can't manage them, then bend them over with a massive interest rates with huge penalties, as im sure you know.

If you can't get a bank loan then you can turn around to them and say i cant pay they will repo the bike but they'll still try to rort you. You may possibly be able to come to a mutual agreement basically saying i can't afford to pay anymore take it back lets finish the loan contract with one final payment minus the agreed value of the bike (which will be lower than the market no doubt).

Failing that it might be time to hit up mummy and daddy for a emercency loan. Pay the bastard off and wash dads car for 5 years, in your undies, on the front lawn

good luck mate

[dilligaf]

go and talk to someone who understands finance. eg
http://www.foxsymes.com.au/financial-counselling.htm
but there may be free ones too
http://www.fahcsia.gov.au/sa/families/p ... ctory.aspx

[Nich]

Thank you.
Had a look a fox syms last night on the net, and monday trying to see if the bank will pay it out again and take up the loan with them. should have got the bank to finance it for me anyway. Amf and ge money sure do bend you over backawards, then some more. Amf will take it but they sell it on unreserved auction and then take out all there admin and auction fees first so id imagine you wouldnt be left with much. Might have to hit the oldies up for some money maybe they could help more. never wanted to ask them but i think it might be time.
cheers for all the replies.
Its a shame i have to sell, such a nice bike to ride.

[waynemorgan]

Refinance through a bank or credit union would probably be the best bet.

Bankruptcy would mean the bike will be repossessed, you can only own a motor vehicle to a maximum value of approx $6,400. Bankruptcy will last for 3 years but creditors can appeal to ITSA to have it run longer. It remains in your credit history for 5 years however whenever you apply for credit (cards, home loans etc) the application form always asks if you've been bankrupt. You can get around this most of the time tho. You can actually get credit while bankrupt - small amounts up to $2500 through specific lenders who use a bank note to provide the finance.

Fox Symes - if you can't refinance the loan they will recommend a Part 1X or Part X agreement. Creditors can be legally obligated to accept the agreement however it has the same affect on your credit history as bankruptcy and again is asked for in credit applications. The agreements are still better than bankruptcy tho as they are less restricting.

www.fido.gov.au has more information.

Another option is to use a budgeting company like My Budget (www.mybudget.com.au) to handle your funds - they can make payment agreements with creditors which are more likely to be accepted. All your income goes into a trust account that they handle. They pay all your bills, give you an amount to cover your weekly living costs and negotiate with your creditors.

Good luck with it all.

[tim]

Great advice guys!

DAMN they're a good looking bike!!

I think I might have to buy one and fix her up by working on it once a month (pics soon )