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Welcome To The World Of “Upside Down” Motorcycle Loans!
By Jay Fran
With the depreciation on motorcycles being so enormous after they are driven off the showroom floor, the potential for a buyer owing more on their loan than the bike is worth it quite high. Owing more on your bike than it is worth is often referred to as the world of “up side down”.
Many people finding themselves in this situation discover that financial lessons are sometimes the hardest and most expensive to learn. Motorcycle loans of more than 48 months (especially without a down payment) put you in the position of owing more than the value of the bike.
Let’s take a look at this phenomenon.
First, the interest calculation your lender uses can make a big difference in your situation, especially in the first 18 months. There are two primary interest calculations, pre-computed (combined with rule of 78) and simple interest.
Pre-computed interest combined with Rule of 78, is typically the worst situation for a buyer because most of the interest is paid in the first 24 months. Therefore, in the first 24 months little of the monthly payment has gone towards paying down principal. If a buyer wishes to sell or trade in the within this timeframe they will likely find themselves owing more
than the bike is worth. Statistics show that the average owner trades in every 18-24 months.
Simple interest on the other hand, is much more favorable for buyers since interest accrues on the balance of the loan. However, buyers that extend their loans for greater than 48 months can still find themselves up side down with simple interest. This is especially true if a down payment is not made. The reason this occurs is that the depreciates faster than the principal is paid; leaving the balance owed to the lender to be more than the bike can be sold for.
A common view that many people have is that they will just surrender their to the lender if they are caught in an “up side down” position. If you are considering this option don’t! Your worries do not just end after your bike is surrendered or repossessed; in fact they are just beginning. The lender will sell your bike at an auction for much less than it is worth. You will still owe the difference between the amount you owed on your loan and the amount the sold for at auction. So if you owe $5000 and the bike sells for $1500, you still are responsible for owing the lender $3500. To make it worse lenders may tack on hefty auction fees which you will owe as well. So the net result is that you are now responsible for making monthly payments on a bike you can no longer ride.
So what steps can you take to prevent from being caught “up side down”?
1. Find a lender that uses simple interest. Avoid lenders that use pre-computed / Rule of 78 interest calculations.
2. Always try to put money down on your purchase.
3. Try to avoid loans that extend past 36 months.
Jay Fran is a author and publisher for a website that specializes in Motorcycle Loans: High Risk OK. A comprehensive resource on simple interest motorcycle financing, poor credit, new, used and bad credit motorcycle loans.
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- Business Expansion announced by CycleSolutions.net. With Thousands of New Products.
CycleSolutions.net Announces Business Expansion With Thousands of New Products.
by Cruiser Customization CycleSolutions.net (http://www.facebook.com/pages/Cruiser-Customization-CycleSolutionsnet/238269187366) on Monday, January 11, 2010 at 1:58pm CycleSolutions.net Announces Business Expansion With Thousands of New Products.
Motorcyclists will spend hundreds of hours and thousands of dollars to customize their motorcycles to suit their personal style. The team at CycleSolutions.net, founded by motorcyclists, has been successful in satisfying motorcyclist customization requests. With this success, the small online retailer has announced the expansion of its product offerings from hundreds of motorcycle parts and motorcycle accessories to Thousands.
Glenwood, MD (PRWEB) January 10, 2010 -- CycleSolutions.net, motorcycle parts and motorcycle accessory retailer, today announced the expansion of its products. The expansion has increased their product catalog from hundreds of motorcycle parts and accessories to be now four thousand products. This expansion is due to the successful customer service and expert advice that CycleSolutions.net has provided for its customers. As fellow motorcyclists, our mission at CycleSolutions.net is to build relationships with our customers and in the end we give that personal shopping experience that is lacking when shopping online. Our customers know us on a first name basis. said Jim Noss, Founder of CycleSolutions.net
CycleSolutions.net Cruiser Customization
CycleSolutions.net Cruiser Customization
As part of this expansion, CycleSolutions.net has gone from being a specific Victory motorcycle parts and accessory retailer to now offering parts for Harley Davidson, Honda VTX, Metric Cruisers, Sportbikes, ATVs and Scooters. Victory motorcycles is still going to be our core focus, what we have noticed is that most Cruiser riders will own more than one bike, so this expansion will add options for our current Victory customers, explains Noss, also a Victory owner.
People are like Motorcycles: each is customized a bit differently.
The ability of the team at CycleSolutions.net to provide customization advice has been paramount in the success and growth of their motorcycle parts and accessory business. If we do not have a part that a customer wants, we will do our best to find it or refer them to someone that will get them what they want. In the end, it is all about treating the customer as a guest and fellow rider. said Noss. The business started out with only a few hundred parts and a few manufacturers. Today CycleSolutions.net offers over 5000 products for all motorcycles from manufacturers such as Show Chrome, Big Bike Parts, MBW, KewlMetal, GenMar, SuperBrace, and Lloyd's supporting Victory, Harley Davidson, Honda VTX and all metric Cruisers to Sport bikes and Spyders.
CycleSolutions.net was founded in 2005 by motorcyclists to provide fellow motorcyclists with a wide choice of custom motorcycle parts and motorcycle accessories. The site offers a range of products, expert advice, articles, research materials cruiser customizing consumer. Cycle Solutions
CycleSolutions.net
- Review of the Honda VTX ELLIPTICAL DRIVING KIT
Review of the Honda VTX ELLIPTICAL DRIVING KIT
Review of the Honda VTX ELLIPTICAL DRIVING KIT 55-332
Click Here for product details...
We just received in these new Elliptical Light Bars for the Honda VTX 1300 and Honda VTX 1800. The packaging of the Elliptical Light Bars was perfect and protected the items from shipping damage. The weight of the Elliptical Light Bars is substantial and tells the owner that these Elliptical Light Bars are made of some high-quality materials. The Chrome finish on these Elliptical Light Bars is blemish free. It is truly a Show Chrome product that will have your friends wanting these lights for their Honda VTX 1800 and Honda VTX 1300.
These Elliptical Light Bars offer all the features and benefits of a low profile light bar.They are designed with cast aluminum housings permanently attached to a formed steel tube without welds.All wiring is routed internally for a clean custom look.A switch is included that can be mounted in a side cover for turning the light bar on and off as desired. Kits come without turn signal adapters.
This light bar uses 55 Watt 3 1/2 Halogen Lights to turn night time into day and makes you seen as well. Safety item.
FITMENT APPLICATIONS: For VTX1800 C/F/N/R/S 2002-2008 VTX1300 C/R/S 2003-2008; Valk 1997-03
- Motorcycle Maintenance How-To and Tips
Motorcycle Maintenance How-To and TipsMotorcycle Maintenance How-To and Tips - Skull Headlight for Motorcycles (Chrome)
Skull Headlight for Motorcycles (Chrome)
(http://www.cyclesolutions.net/index.php?option=com_store&manufacturer=1&item=AP-1-SKULLCA) (http://www.cyclesolutions.net/index.php?option=com_store&manufacturer=1&item=AP-1-SKULLCA) (http://www.cyclesolutions.net/index.php?option=com_store&manufacturer=1&item=AP-1-SKULLCA) (http://www.cyclesolutions.net/index.php?option=com_store&manufacturer=1&item=AP-1-SKULLCA) (http://www.cyclesolutions.net/index.php?option=com_store&manufacturer=1&item=AP-1-SKULLCA)SKULL HEADLIGHT (CHROME)
Part #: 1-SKULLCA (http://www.cyclesolutions.net/index.php?option=com_store&manufacturer=1&item=AP-1-SKULLCA)
Headwinds? legendary polish department makes the chrome
on this skull pop! These are great for Halloween as well, anything
it sits on will out shine any Jack-O-Lantern and mystify all!
? Hi-Beam - 50W lamp (in both eyes)
? Lo-Beam - 55W lamp (in mouth)
? Jaw is adjustable
? Dimensions: 8-1/2 (H) x 5 (W) x 7 (D)
? Weight: 6.25 lbs.
? Manufactured by: Skull Enterprises
? Supplied with steel mount:
- Chrome plated.
- 3/8 vertical mounting hole to the tree.
- 7/16 mounting horizontal hole to Skull.
- 3-1/8 forward offset.
? Metric bikes require different mounting block, see mount section.
? This item does not qualify for free shipping.
? Light in mouth is just for show and not intended to be used as headlight.
Click here for purchase details...
I purchased the chrome skull headlight for my 2009 Harley Rocker, I absolutely love it.
I work in a machine shop and I could tell you guys take a lot of pride in your work.
A+ workmanship, keep up the good work. Thank you.
P.S. Awesome Job.
- Joseph Labrant
Peckville, PA
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