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ok soo i bought a motorcycle about 4months ago. and last month i got into an accident. my doctor will not release me to go back to work. all my money is running out and i dont have enough funds to pay for my bills and my motorcycle. if i agree to repo my motorcycle how badly will this effect my credit score. and what should i expect to happen?

2007-07-08 18:35:39 · 3 answers · asked by Rodel E 1 in Business & Finance Personal Finance

thanks everyone, you guys definately gained my confidence. i will definately look into selling my bike to pay it off. i never thought i would still have to owe money after repo-ing my motorcycle. thanks everyone..

2007-07-08 18:59:29 · update #1

3 answers

A couple good answers already. Avoid the repo anyway you can. And stay in touch with the lender on your status. I've worked for several lending companies and I have found that in most cases they are very willing to work with the customer as long as the customer maintains communication with them.

I can't even tell you how many times I heard people in foreclosure tell customers that they could have avoided losing their homes if they would have just explained their situations to the people in collections.

2007-07-08 18:52:54 · answer #1 · answered by SilverKing 4 · 0 0

Your credit score will go down a long way. The lender will sell the bike and then use that money to pay down your loan, the rest of the loan you will still owe. They never work hard at getting a good price and you have the cost to pay too. Since you have only been injured a month you can probably talk to the lender and get them to let you skip a payment.

2007-07-09 01:41:29 · answer #2 · answered by shipwreck 7 · 0 0

Don't let them repossess it! You'll regret it. Call them and see about skipping next payment (you'll have to pay interest only).

If it appears that you won't be able to keep the bike, try to sell it. Even if you take a loss, it is much better than a repossession. You'll owe any difference to the bank. Maybe a relative/friend can help you out???

2007-07-09 01:44:35 · answer #3 · answered by Belle 2 · 0 0

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