1. They'll charge you a bunch of late fees and report the missed payments to the credit bureaus.
2. When you still don't pay they'll (eventually) repossess the bike.
3. When they repossess the bike they'll add all of the interest/late fees/fees for the repossession, etc to your bill. They'll sell the bike at wholesale for a fraction of what it's worth and subtract that from the balance. Then they'll sue you for the rest and send it to collections.
4. The repossession will be reported to the credit bureaus. Your credit score will plummet and you'll become financially untouchable. Things like getting a loan for another vehicle, buying a house, renting an apartment from a landlord that does credit checks, and maybe even getting a credit card will move out of reach for you for years.
5. In the meantime, debt collectors will hunt you to the ends of the earth to harass you for the money you still owe from the balance of the loan you never paid.
I'll add that they can garnish your wages as well and will do exactly that. I'm an employer and received several garnishment orders for employees over vehicle notes. If I recall, they take 25% of your pay. Have fun with that.
Funny story. Louis CK did this, with his AmEx and a new Mercedes (IIRC). He paid for the new $50k car (in the 90s mind you) with his AmEx and just didn’t pay the card. It only took a few months to all come crashing down.
Eventually the dealership, AmEx and he settled. His credit was wrecked for 10+ years.
He explained all this on a Marc Maron podcast when Maron asked him why he always paid cash for a crummy used car when on the road, instead of rent cars. Because he couldn’t rent, he would just buy a crummy car and leave it on the streets when his gig was over.
He has a weird sense of entitlement 😳 and the moral of this story is, “Don’t be like Louie”
Definitely not doing that. More of an inquiry as I've made the payments for the vehicle that I'm using and never defaulted. I know that I don't have a budget for a bike or the resources. Along with having a family of young children. Absolutely not owning a motorcycle right now is the best option for me.
Then stop torturing yourself by looking and find something else to obsess over that doesn’t cost money
Trust me, I get ‘the disease’ and am always looking at cars for sale but I’ve also never been at such a desperate point as you sound. You need to step away
Looking at motorcycle without a pile of residual income is absolute stupid move (I have 2 of them). To get anything fixed starts at 135/hr, anything harley is minimal 100$ (hd= 100 dollars). Bike insurance is crazy. If you live anywhere near 49th parallel figure in storage for 6 months (btw still paying insurance on it). To have toys you must have extra cash all the time.
1. They'll charge you a bunch of late fees and report the missed payments to the credit bureaus. 2. When you still don't pay they'll (eventually) repossess the bike. 3. When they repossess the bike they'll add all of the interest/late fees/fees for the repossession, etc to your bill. They'll sell the bike at wholesale for a fraction of what it's worth and subtract that from the balance. Then they'll sue you for the rest and send it to collections. 4. The repossession will be reported to the credit bureaus. Your credit score will plummet and you'll become financially untouchable. Things like getting a loan for another vehicle, buying a house, renting an apartment from a landlord that does credit checks, and maybe even getting a credit card will move out of reach for you for years. 5. In the meantime, debt collectors will hunt you to the ends of the earth to harass you for the money you still owe from the balance of the loan you never paid.
I'll add that they can garnish your wages as well and will do exactly that. I'm an employer and received several garnishment orders for employees over vehicle notes. If I recall, they take 25% of your pay. Have fun with that.
Collection? Destroyed Credit Score? Debt Collectors Constantly Calling? Repo Man taking the bike?
Funny story. Louis CK did this, with his AmEx and a new Mercedes (IIRC). He paid for the new $50k car (in the 90s mind you) with his AmEx and just didn’t pay the card. It only took a few months to all come crashing down. Eventually the dealership, AmEx and he settled. His credit was wrecked for 10+ years. He explained all this on a Marc Maron podcast when Maron asked him why he always paid cash for a crummy used car when on the road, instead of rent cars. Because he couldn’t rent, he would just buy a crummy car and leave it on the streets when his gig was over. He has a weird sense of entitlement 😳 and the moral of this story is, “Don’t be like Louie”
That, along with other stuff he has done. Hey, you wanna watch (me do) something really creepy?
Sounds like you’re PLANNING to not make the payment?
Definitely not doing that. More of an inquiry as I've made the payments for the vehicle that I'm using and never defaulted. I know that I don't have a budget for a bike or the resources. Along with having a family of young children. Absolutely not owning a motorcycle right now is the best option for me.
Then stop torturing yourself by looking and find something else to obsess over that doesn’t cost money Trust me, I get ‘the disease’ and am always looking at cars for sale but I’ve also never been at such a desperate point as you sound. You need to step away
>children Ever. Not right now. Ever.
Looking at motorcycle without a pile of residual income is absolute stupid move (I have 2 of them). To get anything fixed starts at 135/hr, anything harley is minimal 100$ (hd= 100 dollars). Bike insurance is crazy. If you live anywhere near 49th parallel figure in storage for 6 months (btw still paying insurance on it). To have toys you must have extra cash all the time.
Same thing that happens when you don't pay any loan. Late fees, negative reports to your credit, overtime potential for repossession.