I need motorcycle repo help!

[Calizefx]

Florida
I have a motorcycle that I purchased in 2007. Financed Through GE money. About 15 months ago, I was involved in an accident ( I was not at fault for) and the motorcycle sustained a large amount of damage. I had taken all the parts off that needed to be replaced, and was In the process of rebuilding it myself, but soon after I encountered some VERY tough circumstances, and made the decision that I can no longer afford the monthly bills. Therefore the bike is still in its wrecked condition. Now here's where it gets interesting, I actually had called GE money bank and TOLD them my decision. They then proceeded to try and settle with me for a lesser amount. (Keep in mind that after 3 years of paying on the bike, I still supposedly owe what I purchased the bike for 3 years ago. Does this sound "right" if you will?) After a few months of not paying on it, the repo man finally came. I immediately opened up the garage for him to take the bike and went to had him the key. He took one look at it seeing that it was obviously a damaged bike (I'd already done some restoration to it), and got on his cell phone and called GE. They then told the repo man NOT TO TAKE IT! And that they wanted to speak with me first. 2 weeks went by and I'd still heard nothing. So I called again, and they tried to make a settlement offer with me again! I proceeded to once again reiterate that I have NO money at all for it, otherwise I wouldn't be getting it repod. I told them I wanted them to come and get it so its no longer siting in my garage. They told me they would be back out within 15 days to get the bike. Long story short, its now been almost 2 MONTHS, and I still have the motorcycle sitting in my garage. Will GE try and sue me because there are parts missing? I'm just very curious as to what I can do in this situation. I live in Florida by the way, and I do have a cosigner on the bike, but they too have been informed of my decision. Not sure if it makes a difference. Any help is greatly appreciated!

 

[Kiawah]

You took out a loan, promising to repay the amount, on a given monthly schedule. You used that money to buy your bike. The fact that you wrecked the bike, has no real bearing on this situation. You owe the company for repayment of the loan.

Even if the bike were pristine and you just didn't want it anymore and gave it back, you would also owe additional money. The value of the used bike would depreciate faster than your payment schedule, so whatever it was sold for to partially pay off your loan wouldn't be enough, and you'd owe the difference additional.

Since you also damaged the bike, it's value as piece parts is even less, so you'll owe even more.

Expect to be sued. What are they telling you the loan payoff amount is? Have your monthly payments been artificially low because you are only paying the interest of the loan, and none of the original principle? If you stopped making payments, you could also be hit with additional penalties and interest as specified in the terms of your contract, and that might be why the payoff amount is getting larger each month.

 

[Antigone*]

Florida
I have a motorcycle that I purchased in 2007. Financed Through GE money. About 15 months ago, I was involved in an accident ( I was not at fault for) and the motorcycle sustained a large amount of damage. I had taken all the parts off that needed to be replaced, and was In the process of rebuilding it myself, but soon after I encountered some VERY tough circumstances, and made the decision that I can no longer afford the monthly bills. Therefore the bike is still in its wrecked condition. Now here's where it gets interesting, I actually had called GE money bank and TOLD them my decision. They then proceeded to try and settle with me for a lesser amount. (Keep in mind that after 3 years of paying on the bike, I still supposedly owe what I purchased the bike for 3 years ago. Does this sound "right" if you will?) After a few months of not paying on it, the repo man finally came. I immediately opened up the garage for him to take the bike and went to had him the key. He took one look at it seeing that it was obviously a damaged bike (I'd already done some restoration to it), and got on his cell phone and called GE. They then told the repo man NOT TO TAKE IT! And that they wanted to speak with me first. 2 weeks went by and I'd still heard nothing. So I called again, and they tried to make a settlement offer with me again! I proceeded to once again reiterate that I have NO money at all for it, otherwise I wouldn't be getting it repod. I told them I wanted them to come and get it so its no longer siting in my garage. They told me they would be back out within 15 days to get the bike. Long story short, its now been almost 2 MONTHS, and I still have the motorcycle sitting in my garage. Will GE try and sue me because there are parts missing? I'm just very curious as to what I can do in this situation. I live in Florida by the way, and I do have a cosigner on the bike, but they too have been informed of my decision. Not sure if it makes a difference. Any help is greatly appreciated!

GE can and probably will sue you and the cosigner for the amount of your contract. The fact that the bike is wrecked doe not matter.

This is not going to go away without you paying. AND ~ offers to settle are probably off the table now, they have no incentive to settle.

 

[Calizefx]

GE can and probably will sue you and the cosigner for the amount of your contract. The fact that the bike is wrecked doe not matter.

This is not going to go away without you paying. AND ~ offers to settle are probably off the table now, they have no incentive to settle.

I didn't mean to imply I don't intend to pay. I just have no funds to do so right now in life. I mean, I'm VERY lucky there is a roof over my head as it is.
Once I'm able I'd be more than willing to pay what is owed. I'm just asking, Its been about 6 months now, why is it still sitting here? Its not like I haven't been honest and open with them.

So essentially what I understand is they don't care what it looks like, they just take off whatever they auction it for from my owed amount on the loan? Or am I misinterpreting that?

I mean, its obviously not a good situation to face, but it is just a repo right? Basically is it the same process as getting a car repossessed?

 

[Zigner]

Why didn't your insurance pay for the damages back in 2007?





ETA: Folks, this question is for the OP only...*I* know why and *YOU* know why, but I'd like the OP to acknowledge it before we proceed

 

[Calizefx]

You took out a loan, promising to repay the amount, on a given monthly schedule. You used that money to buy your bike. The fact that you wrecked the bike, has no real bearing on this situation. You owe the company for repayment of the loan.

Even if the bike were pristine and you just didn't want it anymore and gave it back, you would also owe additional money. The value of the used bike would depreciate faster than your payment schedule, so whatever it was sold for to partially pay off your loan wouldn't be enough, and you'd owe the difference additional.

Since you also damaged the bike, it's value as piece parts is even less, so you'll owe even more.

Expect to be sued. What are they telling you the loan payoff amount is? Have your monthly payments been artificially low because you are only paying the interest of the loan, and none of the original principle? If you stopped making payments, you could also be hit with additional penalties and interest as specified in the terms of your contract, and that might be why the payoff amount is getting larger each month.

I cant log on to see the exact numbers but I'll try and be as accurate as I can. I'll try to find out more once I return home and can go through my files.(Bumming internet off of Panera currently)

When I had been faced with the fact I couldn't pay, the loan amount was roughly $7400. I bought it for about $7200. I was late for 3 months in the winter of 07 because I was laid off. They charged me all sorts of fees and popped up my interest rate. Though I paid every cent that I fell behind on. My payments went from $160 a month when I first had it gradually up to $240 the last month I paid. So somehow over the course of 3 1/2 years since I've had it, the monthly payment is almost up $100 bucks and I owe more than I bought it for? Just sounds fishy to me.

 

[Calizefx]

Why didn't your insurance pay for the damages back in 2007?





ETA: Folks, this question is for the OP only...*I* know why and *YOU* know why, but I'd like the OP to acknowledge it before we proceed

Well the accident that actually put the bike out of commission was in 2010. In FL you don't have to have insurance if you are over 21 on a motorcycle. I didn't believe this fact at first but was told by several state troopers in the area that I was not required to carry insurance. So, though I look back and kick myself now, it was one of those measures taken to try and cut down on monthly expenses.

 

[Zigner]

Well the accident that actually put the bike out of commission was in 2010. In FL you don't have to have insurance if you are over 21 on a motorcycle. I didn't believe this fact at first but was told by several state troopers in the area that I was not required to carry insurance. So, though I look back and kick myself now, it was one of those measures taken to try and cut down on monthly expenses.

Too bad for you that you were CONTRACTUALLY REQUIRED to carry insurance on the bike. They don't loan money against vehicles without their interest being covered.

 

[Calizefx]

Too bad for you that you were CONTRACTUALLY REQUIRED to carry insurance on the bike. They don't loan money against vehicles without their interest being covered.

.... Zinger I do believe what you are saying, but then why was I able to with no problems? I mean, at the scene of the accident they even told me I didn't need it. Along with other officers at different times, I have two friends right now that are riding with an endorsement, no insurance, and financing. So If what you say is what the law is here, then I'll need to tell them asap.

At any rate, my main question here is why is it taking so long for them to come get the bike? If I knew of anywhere to bring it to just give it to them I would, but I've never heard of such a thing. My main concern (and the reason I'm here) was because I was fearing that because it was wrecked that there was something I was missing when it comes to motorcycle repo.

Everyone's been VERY helpful. I am very thankful for all of your advice ad expertise.

 

[TinkerBelleLuvr]

Is motorcycle insurance required in the state of Florida?

Motorcycle insurance requirements for the state of Florida can be confusing. Motorcycle insurance is not required to register a motorcycle in FL. However, if a motorcycle operator is charged in a crash with injuries, then the owner or owner/operator is financially responsible for bodily injuries and property damage to others.

If no liability coverage was in effect for the motorcycle at the time of the accident, then bodily injury/property damage liability insurance must be purchased and kept for 3 years to avoid license and tag/registration suspension or to reinstate license and tag/registration after suspension.

So liability insurance for motorcycle is voluntary and not mandatory unless you have caused an accident but it is highly recommended to be purchased for your protection. If you plan to carry passengers it is also a good idea to see if you need extra insurance coverage for them.

Another confusing law is the Florida helmet law and how it relates to insurance. Since 2000, the state requires helmet use by riders under age 21 and anyone that does not carry a minimum of $10,000 medical insurance coverage. Ride safe, make a CHOICE and ride free...

http://www.carinsurance.com/kb/content14180.aspx

Now, I'm not required to have insurance, but I sure would be crying a river if I didn't have it for my bike and something happened to it.

Now, you said that you were not at fault. Was there another vehicle involved?

 

[TinkerBelleLuvr]

Now, you are correct in that FLORIDA doesn't require insurance. But, was that in the contract that you signed that you would have it insured?

 

[Kiawah]

At any rate, my main question here is why is it taking so long for them to come get the bike? If I knew of anywhere to bring it to just give it to them I would, but I've never heard of such a thing.

I suspect only GE can answer that question, but if I were you I'd be very concerned about just turning it over in pieces. If they come back and tell you that because it's in pieces, at auction it was only worth $300, and therefore you owe the difference......you'll probably go ballistic, rationalizing that it was certainly worth more than that if you pieced it out.

You have a very unmarketable low value bike right now, and IMO, are at more risk

 

[Zigner]

Now, you are correct in that FLORIDA doesn't require insurance. But, was that in the contract that you signed that you would have it insured?

GE did the lending...it was an automotive (motorcycle) loan. They are the lien holder. It's in there

 

[Calizefx]

http://www.carinsurance.com/kb/content14180.aspx

Now, I'm not required to have insurance, but I sure would be crying a river if I didn't have it for my bike and something happened to it.

Now, you said that you were not at fault. Was there another vehicle involved?

Ok, this is going to sound like the most out there story you've heard in a while.

There were no other vehicles involved. I was hit, by a pedestrian. Yes I said that right. A 15 year old girl none the less. Long story short, I was stopped at a bus stop, bus went away and I was about to pass some kids walking at about 15-20 mph when one of them tapped the outside girl on her shoulder to tell her to move over because I was coming. Well she was wearing an ipod and thought he was just messing with her and she ran out across the road with the precise timing to actually hit my body and part of the motorcycle with hers. I was practically off the road I went so far right to avoid her. Well the impact of her running into me while traveling straight sent me clipping a mailbox, sliding across a driveway and down a culvert into a concrete pipe.

After it all happened, I find out I personally know the young girl, (neighbors daughter). So no, there was not another vehicle involved. It was a freak accident.

 

[Antigone*]

Ok, this is going to sound like the most out there story you've heard in a while.

There were no other vehicles involved. I was hit, by a pedestrian. Yes I said that right. A 15 year old girl none the less. Long story short, I was stopped at a bus stop, bus went away and I was about to pass some kids walking at about 15-20 mph when one of them tapped the outside girl on her shoulder to tell her to move over because I was coming. Well she was wearing an ipod and thought he was just messing with her and she ran out across the road with the precise timing to actually hit my body and part of the motorcycle with hers. I was practically off the road I went so far right to avoid her. Well the impact of her running into me while traveling straight sent me clipping a mailbox, sliding across a driveway and down a culvert into a concrete pipe.

After it all happened, I find out I personally know the young girl, (neighbors daughter). So no, there was not another vehicle involved. It was a freak accident.

Superkids, huh