lank Posted April 7, 2008 Share Posted April 7, 2008 Hi all, just after a bit of advice really; Got an 08 r6 beginning of march, after putting down a deposit, the amount on 0% credit is £6100. made a payment so now down to £5900. right the reason for my post: it has been announced at work possible redundancy, and if i am laid off, i wont be able to keep up the repayments on the r6, so would have to sell. I dont know where i stand with taking the bike back, if the dealership would "buy back" the bike ( to be honest if i lost the £1500 ive already paid, it would be more peace of mind for me knowing the bike had been paid off) or if another garage would offer me more? The bikes done 100 miles, and ive been out on it twice, its in brand new condition. £7500 new, i cant see it dropping by £1500 in one month, but i could be wrong? Any thoughts from anyone on what i should do? Thanks. Link to comment Share on other sites More sharing options...
Openroad Posted April 8, 2008 Share Posted April 8, 2008 Hi all, just after a bit of advice really; Got an 08 r6 beginning of march, after putting down a deposit, the amount on 0% credit is £6100. made a payment so now down to £5900. right the reason for my post: it has been announced at work possible redundancy, and if i am laid off, i wont be able to keep up the repayments on the r6, so would have to sell. I dont know where i stand with taking the bike back, if the dealership would "buy back" the bike ( to be honest if i lost the £1500 ive already paid, it would be more peace of mind for me knowing the bike had been paid off) or if another garage would offer me more? The bikes done 100 miles, and ive been out on it twice, its in brand new condition. £7500 new, i cant see it dropping by £1500 in one month, but i could be wrong? Any thoughts from anyone on what i should do? Thanks. Sorry to hear you have the threat of redundancy Did you take out insurance on the loan, it should cover redundancy. Also, do you have other bikes you could sell? My guess is you'd lose more than £1500 on a resale of the R6, but you can always ask. Best of luck Link to comment Share on other sites More sharing options...
Mick 517 Posted April 8, 2008 Share Posted April 8, 2008 Hi all, just after a bit of advice really; Got an 08 r6 beginning of march, after putting down a deposit, the amount on 0% credit is £6100. made a payment so now down to £5900. right the reason for my post: it has been announced at work possible redundancy, and if i am laid off, i wont be able to keep up the repayments on the r6, so would have to sell. I dont know where i stand with taking the bike back, if the dealership would "buy back" the bike ( to be honest if i lost the £1500 ive already paid, it would be more peace of mind for me knowing the bike had been paid off) or if another garage would offer me more? The bikes done 100 miles, and ive been out on it twice, its in brand new condition. £7500 new, i cant see it dropping by £1500 in one month, but i could be wrong? Any thoughts from anyone on what i should do? Thanks. Hi ! You said" possible redundancy" .I wouldn't worry untill you actualy do get made redundant...Then , if you aint any insurance for the loan. I would write to the finance company , telling them your predicament ,and offer them a reduced monthley payment ( even if its only a £5 ) Link to comment Share on other sites More sharing options...
willa11 Posted April 8, 2008 Share Posted April 8, 2008 If you sell the bike pay the finance company your not supposed to sell it if on Hire purchase, only use the reduced payments as a last resort you`ll stuff your credit rating im in the motor trade and welcome aint a nice finance company ive just bought an 06 for similar money but had a part ex gutted though god luck with the job Link to comment Share on other sites More sharing options...
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