Anyone missing an 05 GSXR?

[bulldog]

I'm not saying he's right in the situation, but to put it in perspective. He was young, probably couldn't truly afford the bike/payments, and was under a lot of pressure to buy it. Then, to make him the best deal they could, they offered him this package. It was zero down, no payments for 90 days, and had the lowest interest rate of all the packages. And the salesman was really pushing this package (Probably because he knew it was the only way my friend would qualify).

We were all young and dumb, and it's a lesson learned. But when he's paid quite a bit more than he bough the bike for, and still owes that same amount, it's a screwed up loan package. So I don't blame him one bit.

BMW is doing a very similar thing, trying to get people into bikes they realistically can't afford. I won't be affected by it, but I'm sure there are thousands who the baloon payment snuck up on and now their credit is trashed.

I bought my first house at age 20 man; was raised poor in a single parent household and made what I am myself, so being young is not always the issue as much as your friend just seems to make bad impulse decisions; happens at all ages. You state he choose the deal with the best interest rate, zero down, no payments for 90 days....and all this for a sportbike he could not qualify for the regular way...he should have walked away and saved up because it is clear he could not afford it. Then I am suppose to feel bad for this guy hiding his bike...nope. Now if it were college or something he really needed I could see that, but in this case he bought outside his means and now is stealing by hiding that bike....yes it is stealing if he stopped paying!

Again, what BMW is doing is nothing new! 0% credit cards for 12 months have been offered forever with the same agreement; you pay it all off before 12 months or you get hit with all the interest after. I've seen many and it is clearly stated in the fine print. I've used them for great things....you transfer all your credit and put it on that one card and do not pay a cent in interest....then pay it ALL off before the 12 months is done; great loan if you use it right! That is how these loans should be used and not other people's fault they did not do their research before.

Salesmen pushy....imagine that!

I do think Townie said it right "At some point we have to put our big boy pants on accept the situation WE create." Him hiding the bike and not dealing with it is not going to solve anything and is only getting worse as more time passes. Screwed or not, it does not work like that with banks....



EDIT: Sorry if I went off a bit, but one thing I can't stand is thieves. I guess it just gets me so many hard working people struggle to get what they want and then others come around and steal to get it. I've had houses and cars broke into and so much stuff stolen that I worked so hard for. Anyways meant this reply more as a conversation than to attack....

[Cars-R-Coffins]

We were all young and dumb, and it's a lesson learned. But when he's paid quite a bit more than he bough the bike for, and still owes that same amount, it's a screwed up loan package. So I don't blame him one bit.

The terms of the loan have not changed since he signed the agreement. What has changed is your friend's perspective. It's such a Occupy Wall Street mentality- I'll agree to something as long as it benefits me and as soon as I change my mind I will place blame anywhere besides with myself.

[#1Townie]

Actually its because people like him not paying the bills they said they would makes it hard for others to buy next time.

Basically what I'm saying is he signed the contract. He said okay. And for bike. I'm sorry its a toy. Either pay the price you signed to pay for or give it up. What about the guy just trying to do his job that has to keep going back to his house. I truly hope his bank says fuck it and goes legal.