/biz/ maybe you guys can give me some sound advice.
I financed a Harley through their finance company, having a budget that could easily accommodate the payments at the time. For the past year, I have not. I've struggled making payments on it and simply am in a bind financially.
My question is: should I try to get someone to take it off my hands, or should I just let them repo it?
>my credit is fucked anyways
The best thing for your credit is to sell the bike, but not pay it off. Keep making the payments. Get caught up then pay every one on time.
This is risky though because you are untrustworthy with money and likely will blow the money.
>The best thing for your credit is to sell the bike, but not pay it off.
And how, exactly, do you expect him to sell the bike when he doesn't have the title?
/biz/ is so retarded sometimes.
>the premise of the idea though is gude
Not really. But you're the guy who bought a motorcycle on finance than you can't afford. I'm guessing you're underwater on the loan too. So forgive me if I don't take your opinion of what financial decisions are "gude".
Look, kid, you seem distraught so I'll help you out. It's a pretty simple decision, though it would be nice if you told us anytime in the first hour whether you're underwater on the loan. I'm going to assume that you are.
1. Sell the bike IF you have enough cash to pay to difference on the loan. You'll need the cash in hand because HD isn't going to release the title without payment in full. Your credit will be unaffected because you never defaulted.
2. Do a voluntary repo if there's no chance you can raise the cash to pay off the loan deficit. It'll count as a default, and unless you find the money quickly, HD will still come after you for the deficit. If that happens, you'll have debt collectors chasing you, and your credit will be wrecked. But doing a voluntary repo might get you a little good grace from HD to pay the balance before they go nuclear.
3. Next time, don't buy a bike on finance. Ever. Car loans are bad enough, but an acceptable necessity sometimes. A bike loan is never a good idea. Never.
If you're only out a payment or two, sell the fucking thing for more than the balance and pay off the remainder of the loan.
And also go here: mrmoneymustache.com - learn about not buying things on credit
Once you pay off the account in full, they will close it. Your missed payments will, after a time, fall off your credit report. Do yourself a favor and pay off that damn loan immediately! Trust me!
Beg your family. Sell the piece of crap. Work some extra hours at McDonalds. Get that shit paid off!