Ceiling Bike Lift - Wrecked a bike and cant pay loan, what to do?

Wrecked a bike and cant pay loan, what to do?

I financed a motorcycle and wrecked it. The bike sat in storage too long and was taken by shop to pay for fees. Still owe financing company some change and they don't even know i don't have the bike anymore. I don't have the money to pay. What should I do? What's the worst they can do?

Public Comments

What finance company let you keep it without having comprehensive insurance on it? Sounds like you are up shit creek with no paddle. Cant imagine why you wouldnt insure it, mine is about $175 a YEAR for full coverage.
Made your self quite a mess I hope you impressed all your friends the finance company will get their money one way or the other. you will not be buying another for a long time they will see to it.
They want their money regardless of what you've done with the bike. Not paying them back is not an option. You can either pay them back voluntarily or they can really jack up what little credit you had, even garnish wages in some cases. And credit talks as loud as money. Keep the attitude of "What's the worst they can do?" and you'll never own that flashy car you think will impress the ladies, much less a home, business, etc.
the worse they can do is they can completely screw up ur life for good. we're talking about them forcefully taking away ur money even if u dont want to, ur credit score will drop to the point u won't be able to buy $h!t. and from there on.....u can imagine. no house, no car, and even finding an apartment will be hard.
Why were you allowed to buy the bike and finance said bike without proof of full coverage insurance? Or did you drop the insurance after you bought the machine? The finance company want the money that YOU agreed to pay when YOU signed the dotted line. Why did the motorcycle sit in storage so long? Where my motorcycle was towed to the charge was $25 a day. That adds up fast. YOU have made a mess of this situation. YOU have to come up with the money to pay YOUR financial obligation. Why did you by a motorcycle you could not afford? As to the motorcycle you crashed, I will bet it was a sport bike. You are about to learn a very expensive lesson on finances. Start looking for a second job and by all means call the finance company and tell them the whole, painful truth. Trying to just walk away will be the worse decision you can make. Aside from buying a machine you could not afford. This is why we have such a credit and foreclosure crisis in this country.
If you don't have a job get one. I don't care if it's at Mc D's just get employed. Then go to a financial institute that helps people in debt straighten out their financial situation. There are even a few that provide their services for free. Get help from them and learn to pay your bills so you don't lose your credit. I don't know how the shop can keep your bike without a title. You should get that straightened out also. Apparently you didn't pay that bill either. Get your proverbial poop together man. Good Luck
The shop kept your bike with what is known as a labor lien. The finance company had you sign a form that stated you would repay the loan even in the event the collateral was seized (taken on a labor lien) by doing anything illegal. Not paying the towing and storage is illegal because it is more or less a theft by deception. The people would rather have just gotten their money by you paying cash because now they have to go through a bunch of legal red tape to physically take possession of your bike (title and ownership). The advice of getting help managing your credit is very good but remember this will go on your credit record and will show as a repossession collection by them. It will affect your score as long as the company deems fit. They have to keep it in collection for a long time and that costs money to them so most likely they'll drop it after the first 6 or 7 years. Many companies out there buy bad debts to collect and they may file a new collection for another 7 years. Just pay the money and get out of the crisis.
You should have insurance on the bike. What finance company would buy you a bike without insurance? Here's another tip, stay away from the 2 above posts.