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Any financed vehicle must be insured.
The lienholder(bank etc) wants their property protected from theft.
by law, the insurance company must contact the lien holder if insurance coverage is interrupted.
Ever think about a trade? I have an 06 Ducati SS1000DS with some spares track ready. You could transfer the lein and carry on. Banks dont give a crap what bike they lein as long as their money is covered.
http://www.gtamotorcycle.com/vbforum...d.php?t=109781
Never a cheap proposition to build a racebike. Buying is always cheaper.
I could sell your R6 and buy a TLR or 51 racebike which is what I am after.
I called an they said they wont allow to transfer over the payments or what not. But if there's a way around it let me know asap. Its yours if u can pull it off. The finance company is with HSBC financial. I purchased it at Kellys Cycle Center in Hamilton on Wentworth and Mohawk. I owe $9600 on the principle. Monthly payments are $233.
2007 R6
Mods
MJSperformance header, BMC street filter, PCIII, Custom Dyno tuned map(108hp), GYTR slip on, 520 conversion (-1 +2 Vortex Sprockets, RK Gold Chain) Ohlins Steering Damper, Puig black racing screen, DDM Tuning HID kit 6000k, frame sliders, Clear Stomp grip, GYTR seat cowl, gold Pazzo racing levers, gold bar ends, Yamaha Graves replica decal kit, Pivot FX license bracket, Fender eliminator, Integrated tail lights, Flush mounts, Silver mirror block off plates, Gold rim tape
LOL
you were planning to keep paying that bike off for another 40 months?
RACE #36
2011 CRF450R SM
2007 R6
Mods
MJSperformance header, BMC street filter, PCIII, Custom Dyno tuned map(108hp), GYTR slip on, 520 conversion (-1 +2 Vortex Sprockets, RK Gold Chain) Ohlins Steering Damper, Puig black racing screen, DDM Tuning HID kit 6000k, frame sliders, Clear Stomp grip, GYTR seat cowl, gold Pazzo racing levers, gold bar ends, Yamaha Graves replica decal kit, Pivot FX license bracket, Fender eliminator, Integrated tail lights, Flush mounts, Silver mirror block off plates, Gold rim tape
Yea, you are ****ed. Gonna have to keep paying insurance for your "track bike".
As far as the conversion, just buy some track bodywork and be done with it for now.
What "help" exactly do you need?
RACE #36
2011 CRF450R SM
dude.. i have the same bike as you, I'm up for a trade if you're able to give me a cash incentive to pay off your debt.
You can then have my bike, without liens and strip it for the track.
I'm also cool with swapping parts, I see you've done some mods to yours, mine is stock.
2007 R6
Mods
MJSperformance header, BMC street filter, PCIII, Custom Dyno tuned map(108hp), GYTR slip on, 520 conversion (-1 +2 Vortex Sprockets, RK Gold Chain) Ohlins Steering Damper, Puig black racing screen, DDM Tuning HID kit 6000k, frame sliders, Clear Stomp grip, GYTR seat cowl, gold Pazzo racing levers, gold bar ends, Yamaha Graves replica decal kit, Pivot FX license bracket, Fender eliminator, Integrated tail lights, Flush mounts, Silver mirror block off plates, Gold rim tape
Well, since im in a Finance POS deal that i screwed myself on i dont know what help i need. I need insurance because legally the bikes not mine and HSBC wants it insured at all times or some B.S. thing. And if i want to sell it i gotta pay it out first. And i don't have $9600 ... let alone $500. If i cancel m insurance, HSBC can and will find out, and come repo my bike an then i default with an R9 against my credit. Brutal. So... wtf ... im S.O.L. with everything. The insurance company said they can take liability off it IF IM NOT GOING TO RIDE IT....AT ALL.
What are y options? Keep paying insurance, keep making payments (but instead of putting the minimum put more every month) and turn it into a track bike. Sell some OEM parts an use that to pay off some of the principle on the debt. Insurance= $125+$233+$200 extra a month to principle..thats over $550 a month not including the track days or parts. But what else can i do?
I CANNOT sell u anything until the LIEN is payed off IN FULL!! which is $9600 at this time. I dont have ANY extra money laying around. Im a tard and have no savings, no extra cash flow
2007 R6
Mods
MJSperformance header, BMC street filter, PCIII, Custom Dyno tuned map(108hp), GYTR slip on, 520 conversion (-1 +2 Vortex Sprockets, RK Gold Chain) Ohlins Steering Damper, Puig black racing screen, DDM Tuning HID kit 6000k, frame sliders, Clear Stomp grip, GYTR seat cowl, gold Pazzo racing levers, gold bar ends, Yamaha Graves replica decal kit, Pivot FX license bracket, Fender eliminator, Integrated tail lights, Flush mounts, Silver mirror block off plates, Gold rim tape
Its simple really. Sell bike for $XXXX dollars, pay off loan of said bike for $9600 and clean the lien. Then get rid of insurance and clean things up with HSBC. Then you have no bike, no insurance payments, no debt and no cash money $$$$ Your broke without a bike!
Thank me later!
This is why you don't buy things you cant afford financially...
???huh?
Sell bike for say $7500... that leaves me with still $2600 to pay off. I don't have any money to pay that. So how do i pay it off? I thought i needed to BUY IT OUT to sell it? You telling me i can sell it for $xxxx of dollars an still sell it even thou i still owe $xxxx of dollars on it? Isn't that illegal? or something
2007 R6
Mods
MJSperformance header, BMC street filter, PCIII, Custom Dyno tuned map(108hp), GYTR slip on, 520 conversion (-1 +2 Vortex Sprockets, RK Gold Chain) Ohlins Steering Damper, Puig black racing screen, DDM Tuning HID kit 6000k, frame sliders, Clear Stomp grip, GYTR seat cowl, gold Pazzo racing levers, gold bar ends, Yamaha Graves replica decal kit, Pivot FX license bracket, Fender eliminator, Integrated tail lights, Flush mounts, Silver mirror block off plates, Gold rim tape
Sorry, sell it for $9601 and then pay everything off and use the $1 to go buy your self a ice cream cone.
ONE thing you could do in your situation is go to a bank, get a LOC of $10,000 pay off your bike to the creditors (HSBC) cancel your insurance because you are no longer riding it and using it, then sell the bike and pay back your LOC as soon as you can. Then you have no bike, no insurance, no liens but you owe a bank $10,000 and have no motorcycle.
I think your best bet here is to screw the track buddy and keep paying and riding your bike on the street....
Last edited by ScoTTY88; 04-23-2010 at 05:15 PM.
I don't wanna ride street anymore. Its ...how can i say this...boring... and gets me into trouble. Im already going to court for careless driving on Wednesday. I cant get a line of credit... i could try but... im almost %100 sure it will be denied...again. I have over $18,000 in CC debt an others.
2007 R6
Mods
MJSperformance header, BMC street filter, PCIII, Custom Dyno tuned map(108hp), GYTR slip on, 520 conversion (-1 +2 Vortex Sprockets, RK Gold Chain) Ohlins Steering Damper, Puig black racing screen, DDM Tuning HID kit 6000k, frame sliders, Clear Stomp grip, GYTR seat cowl, gold Pazzo racing levers, gold bar ends, Yamaha Graves replica decal kit, Pivot FX license bracket, Fender eliminator, Integrated tail lights, Flush mounts, Silver mirror block off plates, Gold rim tape
Apply for a 10000 loan. LOC's are harder to get. Tell the bank its to pay off your lein so you can sell the bike. They will pay the lein off for you. Problem solved. Trust me I had the same problem. Its ugly.. No ones gonna buy a leined bike. Get rid of it. Try National Bank.
2007 R6
Mods
MJSperformance header, BMC street filter, PCIII, Custom Dyno tuned map(108hp), GYTR slip on, 520 conversion (-1 +2 Vortex Sprockets, RK Gold Chain) Ohlins Steering Damper, Puig black racing screen, DDM Tuning HID kit 6000k, frame sliders, Clear Stomp grip, GYTR seat cowl, gold Pazzo racing levers, gold bar ends, Yamaha Graves replica decal kit, Pivot FX license bracket, Fender eliminator, Integrated tail lights, Flush mounts, Silver mirror block off plates, Gold rim tape
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