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What happens when a bike gets repoed? Do they just auction it off and subtract what it goes for from what you owe?

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From what I understand, yes. Not to mention what it'll do to your credit.

If anything, contact the lender and let them know that you (or whomever) is having trouble making the payments. They might work something out for you. Avoid a repo if it's at all possible...

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What happens when a bike gets repoed? Do they just auction it off and subtract what it goes for from what you owe?
And i think you still owe the rest of what is left
From what I understand, yes. Not to mention what it'll do to your credit.

If anything, contact the lender and let them know that you (or whomever) is having trouble making the payments. They might work something out for you. Avoid a repo if it's at all possible...

Thats what i'd try:thumbsup: I agree Avoid a repo!!

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Do not be surprised when they add the cost of the repo - the tow, the repo "fee", storage yard fees until sold or paid off - often times this far exceeds the cost or value of the bike and is the legal responsibility of the person that defaulted on the loan that resulted in the repo.

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I'm thinking he meant what physically happens to the bike. I personally never see them in a bank parking lot..is there an auction house that deals with them?

(I hope that's what he meant, surely you're not having your 08 repoed..........?.........)

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When they come to take it(if they let you know in advance) take it apart into at least 100 pieces. They will just tell you to make sure you make your payments and leave:thumbsup:

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They sell the bike and send you a bill for the balance. Don't let them take the bike if your in the repo stage. Either way your credit is screwed, don't let them take it. Just keep paying untill you catch up. if you cant then sell the bike to a friend that knows and is ok with owning a repo wanted bike and take the cash and pay off your loan enough to get to the regular payments. It will be years until you get that off your credit report if you let them file a repo. They can't enter your property they can only take things that are in plan sight. They have no power to go into your garage it's against the law.

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I don't know about entering your garage, but they will enter your property, such as your driveway or backyard. At least the guys do on the repo documentary show on Discovery channel, whatever that is called.

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I'm thinking he meant what physically happens to the bike. I personally never see them in a bank parking lot..is there an auction house that deals with them?

(I hope that's what he meant, surely you're not having your 08 repoed..........?.........)

Ya unforntantly I am, I got laid off and just got back to work, good jobs are getting hard to come by around here so I had to settle for something part time so Ive been having some trouble making payments. I was at work when they came and picked it up so they already have it in their possesion. My dad said them and a police officer came and got it. I tried to get it back but the lady on the phone said the only way I could get it back would be to pay the remaining balance in whole which is about $5,900 it was 6,300 after I got the bike financed, all my gear, and some other little things like a jet kit, gold chain and other little things I got added into the loan. It sucks too I had a PC Ti-4 full system on the bike if I knew they were going to be coming to get it I would have put the stock one back on. They didnt give me any warning they didnt call and say they were going to come and get it or I would have borrowed the money from my folks and paid them back. They just showed up at my door with a police officer and took it. I did get 2 letters though but neither one said they were going to come and physically take the bike. If I knew that it was that far behind I would have borrowed the money or even sold my TV or something to help me get back on track financially, I think its bull crap they didnt give me a warning call or anything. Riding is my life, its the reason I get out of bed every morning and now they just took my bike away from me THIS SUCK!

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wow..that sucks. They shouldn't be able to take the aftermarket parts. It's not like your making payments on your PC system.

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Borrow the money from your folks and pay them back if at all possible....

Sorry dude, but that does really suck. 👍:worthy:

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there are auction houses that buy repo'd bikes, then pay the lender whatever they sell for (minus the houses per cent)

the original owner has to pay the amount of the original loan, MINUS what the bank was able to collect after all the other stuff is paid

i.e. you owe them $5000, it costs $600 for repo/paperwork/storage... auction house sells it for $3000, and they take a $300 cut...

the original owner still owes the bank $2700, AND it is accruing interest.

I had a suv repo'd one time, due to ONE payment getting lost in the mail... they called me, and said I owe the payment... I said OK; I'll pay it Monday...

Friday night (at 2 a.m.) I get a knock on the door... "I'm here to repo the suv... if you have any valuables in there, you can take them out now" (It was already hooked up...

Driver is just caught in the middle... so, although I muttered a few choice words, I appreciated him let me get some stuff out (I took the radio too)

I call my loan officer first thing Saturday... he says "Oh crap... I FORGOT to call them off!)

ONE PAYMENT... check your loan docs... them probably say the same thing...

Sucks about the bike though... work your ass off, and buy another one!

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there are auction houses that buy repo'd bikes, then pay the lender whatever they sell for (minus the houses per cent)

the original owner has to pay the amount of the original loan, MINUS what the bank was able to collect after all the other stuff is paid

i.e. you owe them $5000, it costs $600 for repo/paperwork/storage... auction house sells it for $3000, and they take a $300 cut...

the original owner still owes the bank $2700, AND it is accruing interest.

I had a suv repo'd one time, due to ONE payment getting lost in the mail... they called me, and said I owe the payment... I said OK; I'll pay it Monday...

Friday night (at 2 a.m.) I get a knock on the door... "I'm here to repo the suv... if you have any valuables in there, you can take them out now" (It was already hooked up...

Driver is just caught in the middle... so, although I muttered a few choice words, I appreciated him let me get some stuff out (I took the radio too)

I call my loan officer first thing Saturday... he says "Oh crap... I FORGOT to call them off!)

ONE PAYMENT... check your loan docs... them probably say the same thing...

Sucks about the bike though... work your ass off, and buy another one!

Im hoping it doesnt have to come to me buying another one Ive been on the phone with them eversince I got off work trying like hell to get it back, but it doesnt look like I can really find out anything til tommorow when I found out most of the people I needed to talk to had went home.

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Borrow the money from your folks and pay them back if at all possible....

Sorry dude, but that does really suck. 👍:worthy:

My mother said she would help me out so Im trying like hell to get it but it seems like once they get it in their possesion they dont wanna give you a second chance

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Tell them you'll come in and pay it off 100% fully that day...that should give you something to work with and them some incentive... 👍

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Tell them you'll come in and pay it off 100% fully that day...that should give you something to work with and them some incentive... 👍

Lol if I could pay it off fully I wouldnt be in this position cause I wouldve been able to make the payments and if I had that kinda cash in the bank I would have done payed it off

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Yeah, they will repop a new bike in a hurry cause they figure they can recover most of the upfront cost of the loan from the auction house on something that is fairly new and the rest of the cost they will pick up on the back end from the person that had the loan. If it was an 05 or an 06 they would be begging you to work with them rather than you doing the pleading.

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