Severley upside-down motorcycle loan! NEED HELP!!!

[slick1628]

I recently purchased a brand new 2008 motorcycle without knowing what I was getting into. It was a foolish mistake and one that I fully regret. The MSRP on the bike is 9,799. Unfortunately with warranty and protection the bike is costing me about 16500 dollars.

After driving it off the showroom floor I am now so upside down on this bike its ridiculous. I put nothing down at the time of closing and have about a 9% interest rate. I think I just need to sell it as soon as possible as to not accrue as much interest but I will still be paying off a bike that I wont have because of the severe depreciation.

Does anyone have any other ideas? I really don’t want to be in debt to this thing till I’m 30! Any financial advice will be appreciated.

[Tree0164]

Do you have another mode of transportation or is this the one that you will drive?

You can sell it and then get a loan for the difference. Or can you transfer the protection/warranty costs to another party?

[Like2Plan]

I recently purchased a brand new 2008 motorcycle without knowing what I was getting into. It was a foolish mistake and one that I fully regret. The MSRP on the bike is 9,799. Unfortunately with warranty and protection the bike is costing me about 16500 dollars.

Was the cost of warranty and protection on the bike $6701?!

Read your contract, depending on your state law it may be possible to get these items refunded if you meet the time requirements. There may be a $50.00 cancellation fee, but it sounds like it would be well worth it.
What kind of price could you get for your motorcycle if you liquidated it?

[simpleyme]

MSRP is not always the value of the bike most Harleys cannot be bought at MSRP anywhere you tell the dealer you want to pay that they laugh at you

if all else fails pay every extra dime you can and get it paid down quick

[maat55]

All you can do is minimize your loss. Cancel the warranty if possible. Find the bluebook price and sell it. You will have to get a separate note for the difference. Add that up as stupid tax and live & learn. Good luck. Do you have an opt out time period? Some states give you a few days.