Recently got a bike w/BlackHorse. Not using it!

[alexjj]

Hello to you all.

 

I just bought a triumph motorbike (the biggest one they make) as have a scooter, but really enjoy motorcycling.

 

Thing is, I am just not using it. It was bought mid/end March, and I havent even put on half of the 500 miles for the breaking in service..

 

In the end, I paid like £1400 for the deposit and so on for the bike (plus some accessories) which added up to about 12k.

 

An expensive frippery right.. In any case, the finance deal was done over the internet with a London Triumph dealer.

 

Its a "10" plate, and basically unused.

 

I cannot justify something I am just not using. The repayments are not huge (£279 a month) but that coupled with running expenses and insurance etc. adds it all up.

 

I realise my options are limited.

 

1) Should I sell the vehicle?

2) Seeing as it is barely run in (in fact, it hasnt even been run in!) would Black Horse take it back?

 

We are only a couple of months in (nearly) to this - I cant face four years of paying for something I am just not going to use - an expensive door stop. Much as I love it, I just cant use it, its too much!

 

What are the options? Incidentally, I have not modified it, and it has only Triumph dealer fitted items, e.g. alarm mobilizer, heated grips etc.

 

Cheers folks

Alex

[kwaks]

Sell it back to the dealer or sell it privately, but be prepared to take a big hit in the pocket. There will be a shortfall between the finance owed and the money you get back, you need to clear this to allow the finance company to release its claim to the vehicle.

 

Big jump from a scooter to a Rocket III

[alexjj]

Cheers. I understand that they wont be able to charge interest on theoretical time which hasnt actually elapsed. Can someone verify this?

 

Given that capital up front has been sunk into the bike, perhaps it wont be quite as bad.

 

The particular model wont have any problem shifting it, there is a waiting list for the roadster..

 

In any case, I am coming up to my second monthly payment, so thats essentially just over £2k they have made off me in any case!

 

and I had a street triple before that, which was great, but still not even in the same planet as this beast. What I just got is.. bonkers. Faster to a hundred than a Hayabusa, and sounds like the gates of hell exploding. and THAT is as standard.. minor breathing mods and we are into the over 230hp territory.. why people put superchargers or turbos on this thing is completely beyond me..

 

I dearly love it, but I am in London and just not using it at all - like having a Bugatti Veyron and then running it around or outside London. Some things are just TOO much.

 

is this my only option? What sort of a hit am I likely to face?

[kwaks]

You will be looking to lose the VAT amount certainly, however depending on the waiting list someone in a hurry might pay over the odds a bit.

 

At least its the right time of year to sell it.

[Bookworm]

No, Black Horse wouldn't take it back, they're a finance company, not a dealership!

 

In short, you will have to pay the finance and that's that. If you try and sell the bike, you will have problems as it will have a huge amount of finance outstanding on it. If you do do manage to sell it, then you will have to pay off the finance with the proceeds of the sale, and settle the balance too so that the buyer owns it outright.

 

Either way, you will be charged a big lump of interest, with a small rebate for settling early. You can just phone B/H, they have an automated system where you can request a settlement figure and it will generat ea letter with the calculations and the outstanding amount. Dont' be surprised if at this point, whatever you hve paid is barely making a dent in the outstanding total. Like interest mortgages, the main part of the payments goes towards servicing the interest first and the capital last, so the part of the debt which is the actual borrowed money rather than interest hardly diminishes in the early years of an agreement.

 

You should think VERY carefully before embarking on this and get your numbers sorted, as you could end up down by a lot of money.