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Discussion Starter #1
My 2011 Yamaha Stryker has treated me well for about a year now but I've come to realize that the handling on my '07 GSXR is much more suitable for my taste. I've also owned an '07 R6S for a few months, had to sell for the cash, but loved it! Maybe I just grew out of the cruising fun. And technically, the gixxer is my brother's (he moved out of town) so I decided to get my own brand new sport bike!

Has anyone ever traded in a bike that you still had the loan on, for another one and aquired the balance into the new loan?

How did it go?

I still owe 10K+ and the value is probably about 8K+. I have good credit. The sales guy told me just wait until January which would be a complete year since I bought the cruiser so that it won't hurt my credit for switching too early.

I'm thinking of selling my Jeep which would get me about 3-4K cash to put towards the loan before I switch OR use for down payment. Which is better?

Anyone who have gone through this or have some knowledge in this?
 

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Lickalotapuss
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I don't think waiting a year is necessary, it will ding your credit the same either way...if you find a dealer that will do it.

Have you thought about selling the bike privately to get more money for it?
 

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Most likely you are going to have to eat the difference and you will just owe more on the new bike. If your making payments I would just carry the loan and keep the cash because chances are you wont have the bike for the length of the loan. It sucks I did the same thing and ended upside down on my 09 zx6. The positive is you will have a ride that you enjoy not something sitting around that rarely ever gets ridden. Call it a good or bad thing but when I totaled the zx6 the insurance payed out a crazy amount and I had gap insurance to cover the rest.
 

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Discussion Starter #4
I don't think waiting a year is necessary, it will ding your credit the same either way...if you find a dealer that will do it.

Have you thought about selling the bike privately to get more money for it?
I have, that would be best but how will it work since I don't have the pink..?
 

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Discussion Starter #5
Most likely you are going to have to eat the difference and you will just owe more on the new bike. If your making payments I would just carry the loan and keep the cash because chances are you wont have the bike for the length of the loan. It sucks I did the same thing and ended upside down on my 09 zx6. The positive is you will have a ride that you enjoy not something sitting around that rarely ever gets ridden. Call it a good or bad thing but when I totaled the zx6 the insurance payed out a crazy amount and I had gap insurance to cover the rest.
Not sure what you mean by "carry the loan and keep the cash"?
But man you're so right about having a bike that I enjoy rather than sit around because I stay on the gixxer for the most part now...
How much did the Gap insurance cover? I was hearing that they try to fight you on how much they pay out so it's not all that worth it.... and the insurance only cover the value of the bike, correct?
 

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Not sure what you mean by "carry the loan and keep the cash"?
But man you're so right about having a bike that I enjoy rather than sit around because I stay on the gixxer for the most part now...
How much did the Gap insurance cover? I was hearing that they try to fight you on how much they pay out so it's not all that worth it.... and the insurance only cover the value of the bike, correct?
I meant carry the difference from what you owe to what you get on the trade in plus the cost of the new motorcycle. So your new loan will probably be a good deal more than the purchase price of the new ride. Your payment will be higher but like I said chances are you won't keep it for the life of the loan. So if this bike is a keeper for all time then use that jeep money and knock it down. Your in a crappy situation without any easy way out except to pay up. Next time buy something used and let somene else take the hit when they drive a new bike out the shop door. Maybe someone else has a better solution, I wish I did.
 

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Well, I too had a 2011 Stryker. Instead of going for SS I went for a Z1000 though. I sold my Stryker for $8k back in July. I guess I'm saying I understand your wanting to switch...I loved my Styker but I think I had it for no more than two months and about 1200 miles.

Like someone above said, you aren't in a great spot to be switching bikes since you're upside down on the Stryker loan. Honestly, I don't know if you can even sell it private party unless you can pay the difference between the sale price and the lien. If you goto a dealer and try to trade in the Stryker on a SS you will be RAKED over the coals. When I was trying to make the switch I was typically offered no more than 6.5k for the Stryker (and I tried alot of dealerships) and to add insult to injury they then want you to pay MSRP on a new bike.

I think your best bet is to sell the Jeep and then sell the Stryker (private party) and you'll have the money in hand to pay off the remainder of the loan (above whatever you sell it for) and will be able to hit a dealership with a "fresh slate".
 

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well, i too had a 2011 stryker. Instead of going for ss i went for a z1000 though. I sold my stryker for $8k back in july. I guess i'm saying i understand your wanting to switch...i loved my styker but i think i had it for no more than two months and about 1200 miles.

Like someone above said, you aren't in a great spot to be switching bikes since you're upside down on the stryker loan. Honestly, i don't know if you can even sell it private party unless you can pay the difference between the sale price and the lien. If you goto a dealer and try to trade in the stryker on a ss you will be raked over the coals. When i was trying to make the switch i was typically offered no more than 6.5k for the stryker (and i tried alot of dealerships) and to add insult to injury they then want you to pay msrp on a new bike.

I think your best bet is to sell the jeep and then sell the stryker (private party) and you'll have the money in hand to pay off the remainder of the loan (above whatever you sell it for) and will be able to hit a dealership with a "fresh slate".
+1,000
 

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Mexican Hard Shell Taco
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Buying the Striker new was a mistake, new bikes are only worth it when you're sure you'll have them for a long time, otherwise you end up losing a bunch of money, as you already figured out.

Suck it up and pay it, it's not like you were out of a ride. Once the Striker is paid for, go for the next bike...

Otherwise you'll be the guy with the $18,000 GSX-R 750, and you'll be upside down on that loan for... Most of it.
 

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Habitual line-stepper
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Ending up upside-down on one loan only to turn around and be even MORE upside-down on another loan is just asking for trouble.

That's how you fuck yourself over. Either keep your current bike and learn to enjoy it, or sell it off and get out of debt and then buy a used GSXR when you can afford it.

Financing a new sportbike is silly. You get LITERALLY nothing extra from a new bike that an 06 or newer doesn't offer except the electronics that let you pick how much power you want. Useless, honestly.

There's absolutely NO reason to buy a brand new sportbike unless all you care about is image, you just have gobs of cash, or you are actually racing it competitively. (Unless you are actually getting one of the VERY few bikes on the market where the new one actually comes with significant upgrades over the old version).
 

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Mexican Hard Shell Taco
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You get peace of mind, some people can't put a price tag on that. I have no problem buying used bikes, that I will kind of tear down just to make sure they are fine, but people that can't even change the oil won't be up for that.
 

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Yeah but this peace of mind is going to cost him his financial situation. Being THAT upside down is seriously s mistake in this day and age.


Take care if the Stryker first and then get the GSXR.
 

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Habitual line-stepper
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You get peace of mind, some people can't put a price tag on that. I have no problem buying used bikes, that I will kind of tear down just to make sure they are fine, but people that can't even change the oil won't be up for that.
Sure- you get peace of mind. But with motorcycles it's SO easy to find ones that are SUPER low mileage and a few years old that have barely been ridden.

I mean- I've got a 10 year old bike with 6500 miles on it. It's practically brand new. And since I bought it, I've seen several others that are around the same mileage.

You have to watch out for bikes being stunted or dropped, and might have to replace a couple seals here and there.... but even if you don't want to do that, just buying a 2-3 year old bike will save you 5 grand or more. Goes a LONG way toward a shop checking it out for you.
 

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You get LITERALLY nothing extra from a new bike that an 06 or newer doesn't offer except the electronics that let you pick how much power you want.

  1. Warranty
  2. You don't inherit other's problem's
  3. No broken tabs on the plastics
  4. subsidized financing

Still, I agree that it's better to find a good used one
 

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Discussion Starter #15
You all have great points and I appreciate it.

Just to clarify, I'm not going for a GSXR but the 750 is my 2nd choice after the Daytona 675.

IF I can sell privately for a decent price, I'm going for it.

Some of you make a great point about getting a used bike instead but I don't got the cash. I do save money little by little but what can I say.. I'm an impatient mofo. If I can start fresh on a new bike with a good interest rate, why not. I will be hitting up the track and I will learn to ride pro.

Which brings me to maybe a different option, not sure it's a good one, but I'm new on the track and I heard the best way to start is on a 250. will it be wise for me to turn the Jeep cash into a 250 instead, keep paying the Stryker, and just suffer the power loss for everyday riding? I mean can I even ride on the freeway with those things?
 

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:facepalm.

Yes you can ride on the freeway with them. God where does this pervasive notion that a 250 cannot function above 50 mph come from? Seriously.

It would be far more intelligent to purchase an older smaller bike with cash than taking on more debt.

Debt is bad.
 

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Discussion Starter #18
:facepalm.

Yes you can ride on the freeway with them. God where does this pervasive notion that a 250 cannot function above 50 mph come from? Seriously.

It would be far more intelligent to purchase an older smaller bike with cash than taking on more debt.

Debt is bad.
Idk just asking. lol I've ridden some old 250s at the MSF course and those things hardly move.
 

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Habitual line-stepper
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  1. Warranty
  2. You don't inherit other's problem's
  3. No broken tabs on the plastics
  4. subsidized financing

Still, I agree that it's better to find a good used one

A warranty on a bike is only 1 year. That's a shitty reason to get a warranty, for how much they cost (meaning the cost of a new bike even over a 1 year old one)

Easy enough to find a bike without any problems/broken tabs on the plastic. And with the money you save over buying new, you can practically rebuild the whole bike if you need to and still be ahead.

Financing is pretty much the ONLY reason.

But the idea of going into debt for a toy is something that has never made sense to me.
 

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I have owned a few new bikes, and will never do it again. With the money I have lost selling them after two to four years of ownership I could have bought me a new truck.

Used bikes paid for with cash is the way to go.
 
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