zx-14lvr
Expert Class
Posts: 121
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posted August 05, 2009 11:28 AM
come on
damn credit....just need it to jump up about 100 more points and that '09 monster 14 is mine with that brocks smeg on it...tired of waiting
  
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dubious
Needs a life
Needs more time to ride!
Posts: 8442
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posted August 05, 2009 03:04 PM
your better off paying for it than financing anyway bro.
If you can't save enough for it, you won't have enough money to make payments at a rate that exceeds the resale depreciation, and pays the insurance an maintenance costs anyway.
I thought as long as you had an acceptable debt ratio, the finance companies would get you a bike no matter what your credit score is....
Seems like everyone is living on credit these days, but in the end nobody can survive on it.
....meaning sooner or later ya got to pay the piper.
The govt might keep bailing everyone out, but who will bail the govt?
____________
natural selection.....
destiny will overcome intervention.
Some are not worthy of the effort.
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zx-14lvr
Expert Class
Posts: 121
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posted August 05, 2009 07:25 PM
from what the dealer has told me the rates would stay the same so i would only be paying about 150 a month...
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eklipse636
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ZX-14
Posts: 6046
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posted August 06, 2009 04:29 AM
150.... i think not! i had to finance all of my 08 since i went into such a loss with the 06. i financed 10k at 6 % for 60 months and my payments are $205 a month. your right dubious, it would be greak if i could cough up 10k after totalling 12k worth of bike, but it isnt like that around here...
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Best: 60ft 1.351 1/8 5.68 mph 123.98 1/4
8.89 mph 151.32
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dubious
Needs a life
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Posts: 8442
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posted August 06, 2009 08:28 AM
 Edited By: dubious on 6 Aug 2009 16:40
Your situation may be different eclipse.
He was mentioning getting the credit to obtain the bike, and dependant on the credit.
I was just tryiing to offer some good advice.
All I meant was if you can't cough up double payments, or a sizable downpayment, or someway an ability to pay down the debt faster than the depreciation, its a really really bad purchase.
no matter what the bank was willing to finance, you should make sure you can walk away from deal when you decide to sell it , without carrying additional debt.
I sold cars 20 years ago. I didn't do well at it - I was too honest.
I saw so many people wanting to trade their car in, but it was valued less than the balance owing.
We called this being upside down. They had less than zero equity.
To finance a new car they would have to refinance the old debt and carry it with the new debt.
Pretty bad whan you have to finance 35,000 for a 25,000 car.
Its a vicious circle, a bad habit, which can lead to bankruptcy escpeically if your on the edge of your debt ratio limit, and the economy collapses.
Many people were already swimming in over their heads, then the ecoenomy fell, and the such is the mess we have now.
My perception is the USA should spend some money educating the people, so they do not make the same mistakes, but then people would save their money, and pay off debt, which would stymy the economy even further.
The whole cash fo clunkers deal is really a ploy to save the automakers, meanwhile driving the public into deeper debt.
The government will bail out the big business, yet if you file for bankruptcy personally, they watch you fall on your face.
They should be teaching the people good economics and changing the perception of the people, not telling them to spend more, finance more, and hopefully you will still have a job next week to pay for the car you just bought to keep the business operating.
It all seems backwards.
I work to buy what I need, I don't make purchases to stay employed.
The money the government is pouring in this comes from the taxpayers pockets to begin with, in the end your government services suffer, or your taxes are increased.
Nobody is telling the people how to correct their own individual situation?
Are we going to leave a legacy of debt and fianancial collapse for our children?
If the government runs out of money they can just keep printing more?
I am not finger pointing at any specific individual here, it appers to be the mindset of the society
Debt is OK, and when you cant'; pay off the debt, create more debt to carry it.
What is the US deficit now?
What is the proposed action to pay it off, how long will it take?
The governement never runs things as planned, so double their estimate with the interest incurred.
____________
natural selection.....
destiny will overcome intervention.
Some are not worthy of the effort.
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KawaBonzai
Zone Head
Leader of the Back.
Posts: 537
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posted August 06, 2009 08:39 AM
Words my father lived by ... "In god we trust, all others pay cash."
My house - paid off. (550k)
My 08 Honda - paid off (30k)
My 09 Dodge Ram - Paid off (28k)
My 4 bikes in the garage ... yup - Paid off. (30k)
Wanna know what the trick is? Bite the bullet and kill the debt. I have found that the amount of income it takes to service debt (pay off credit) is the same amount of income it takes to save for future purchases too.
Think about it, if you've got the income to handle the debt then by the same token you have enough income to save for it too.
People don't want to take the time to save for it, they want it now, so they borrow. It's a viscous cycle.
Break the cycle and suddenly find yourself out front.
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PC-III w/USB, Muzzys M14 + Carbon Oval + M10, BMC Race Filter, Flies Out, Buell Pegs, Heli Risers
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dubious
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Needs more time to ride!
Posts: 8442
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posted August 06, 2009 08:41 AM
Edited By: dubious on 6 Aug 2009 16:49
Exactly!
Not too many people are mortgage free, so that is exceptional.
Besides the mortgage, If you have more debt financed than your annual after tax income your in trouble.
The banks generally allow 40% debt ratio, meaning your payment shall noit exceed 40% of your net income.
Even that is pretty bad, considering you can finance stuf for more than 60 mos.
48 mos is the limit if you want o pay down the debt at the same rate it depreciates usually.
I laugh when I see $50,000 fifth wheel and big boats that have 120 month loans backing them....
Its quite sad
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natural selection.....
destiny will overcome intervention.
Some are not worthy of the effort.
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KawaBonzai
Zone Head
Leader of the Back.
Posts: 537
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posted August 06, 2009 09:23 AM
Another point that really helps. Make sure your House, cars and Toys are properly protected ... aka ... insured.
It sucks when you are behind the ball (in debt) with only liability on your bike, then it gets stolen or creamed. Now you have ZERO asset tied to the debt.
It's bad enough when you finance that new 12k bike and when it rolls off the floor it's worth 9k, add a loss to that and you are screwed.
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PC-III w/USB, Muzzys M14 + Carbon Oval + M10, BMC Race Filter, Flies Out, Buell Pegs, Heli Risers
www.TucsonSportRiders.com - Tucson's Premier SportRider Community
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zx-14lvr
Expert Class
Posts: 121
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posted August 10, 2009 02:54 AM
quote:
150.... i think not! i had to finance all of my 08 since i went into such a loss with the 06. i financed 10k at 6 % for 60 months and my payments are $205 a month. your right dubious, it would be greak if i could cough up 10k after totalling 12k worth of bike, but it isnt like that around here...
150 is the range im looking for since the underground construction is pretty slow here in fl right now...i only have a couple other bills so i will deff. be paying more then 150
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SmokinOkie
Parking Attendant
Posts: 28
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posted August 10, 2009 04:07 AM
I'm definetly not a shining example of how to handle credit, but I finally got everything except for the house paid off and I absolutley hate credit.
I don't understand the government's logic I guess.
Q: What got us into this trouble?
A: Iresponsible consumer credit use.
Q: How do we get out of it?
A: Make credit more easily available.
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1badzx12r
Needs a life
Posts: 8321
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posted August 10, 2009 04:52 AM
quote:
Words my father lived by ... "In god we trust, all others pay cash."
My house - paid off. (550k)
My 08 Honda - paid off (30k)
My 09 Dodge Ram - Paid off (28k)
My 4 bikes in the garage ... yup - Paid off. (30k)
Wanna know what the trick is? Bite the bullet and kill the debt. I have found that the amount of income it takes to service debt (pay off credit) is the same amount of income it takes to save for future purchases too.
Think about it, if you've got the income to handle the debt then by the same token you have enough income to save for it too.
People don't want to take the time to save for it, they want it now, so they borrow. It's a viscous cycle.
Break the cycle and suddenly find yourself out front.
650k with most board members probably making 30k net that's 22years of saving the total net before taxes .. yeah be an antique collectors item zx14
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SmokinOkie
Parking Attendant
Posts: 28
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posted August 10, 2009 04:59 AM
The largest item on the list was 550k and I know where I live that would be considered a lot for a house. I would think you could knock quite a bit off of that list and try to live within your means. I know it's not easy to try to totally change the way you view debt, but in the long run you can live a lot better when your not paying all of that interest.
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117 in a 30
Novice Class
Posts: 43
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posted August 10, 2009 08:28 AM
"Credit broke more people than it ever made" My father told me this many times over the years. Usually when i didnt want to hear it but its true.
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KawaBonzai
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posted August 10, 2009 10:02 AM
quote:
650k with most board members probably making 30k net that's 22years of saving the total net before taxes .. yeah be an antique collectors item zx14
I'm 43. I've been working 40 hours/week jobs since I was 14. So I'm a bit slower, took me 29 years. 
Your example even substantiates my statements. Quit thinking about TODAY and think about TOMORROW!
If you always jump on the latest/greatest thing today you'll never be able to plop down cash for the latest/greatest 5+ years from now. You'll always be in this credit/debt cycle and BEHIND the ball.
____________
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animalrooster41
Parking Attendant
Posts: 12
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posted August 10, 2009 10:37 AM
I hate to hear it, and I can't live by it, but it's true. I will be purchasing my next bike on credit too zx-14lvr so join the club! We all do the best we can. Enjoy the new bike when you get it, I am on the way to test drive a 08 zx-14 special edition for $7500 with 3500 mi right now. Time to part with the FJR 1300 I think and move into your club.
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zxrider11
Novice Class
Posts: 81
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posted August 10, 2009 11:03 AM
Why go into debt $12,000 for a 2009? There are many deals out there to be had.
I just bought a brand new 2008 ZX14 for $8,500 OTD from a dealer just north of Milwaukee. Put $7,000 cash down from the sale of my Hayabusa.
They had 2 more 2008's left, an SE and the dark blue. Here is the link to their website:
http://www.cedarcreekmotorsports.com/
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2008 ZX14 Atomic Silver
2012 KTM 690 Enduro R
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zx-14lvr
Expert Class
Posts: 121
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posted August 10, 2009 01:47 PM
quote:
Why go into debt $12,000 for a 2009? There are many deals out there to be had.
I just bought a brand new 2008 ZX14 for $8,500 OTD from a dealer just north of Milwaukee. Put $7,000 cash down from the sale of my Hayabusa.
They had 2 more 2008's left, an SE and the dark blue. Here is the link to their website:
http://www.cedarcreekmotorsports.com/
well im only 21 and dont have the 12,000 to fork outa my pocket or the bank right now.....i have another bike that just got 106,000 miles put on it and i dont think itsgoing to last much longer...my car is 29 years old and has problems. i would rather take the chance on paying for a new bike monthly and having something reliable instead of a peice of equipment between my legs. plus i need something my age and style...that old 98 honda shadow 1100 cruiser is nice, but not enough
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Luuk
Novice Class
Posts: 43
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posted August 10, 2009 02:08 PM
I agree with what most other people said in this thread.
I think if this amount of money is a problem, then you may be better off getting a 750 or something of the like. Get something with decent gas mileage, etc. Especially if you've put a ton of miles on your old bike in the few years you've been driving.
For example... 12k @ 7% over 5 years = $237.61 per month payment. Over the course of 5 years you will have paid a total of $14,256.86 and of that money $2,256.86 would be pure interest. $38/month just in interest.
My payments w/ 3500 trade in for my '08 ZX-14 are $81 minimum per month. I bought the bike in September of last year. I did the promotional thing, I think it was 2 yrs @ 6% with a minimum payment of $81 then it skyrockets to like 15% after 2 yrs.
I'll have it paid off long by then anyway, though.
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14nooby
Zone Head
Posts: 987
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posted August 10, 2009 02:27 PM
Internet Cash Flow.................Kind of like internet muscles (you usually don't have it) Anyone could get on here and say all kinds of lies about what they are and tell you what they have accomplished in life wheter it be true or not. Most people with money generally don't brag about it and have found those that do are complete douche bags! Yes, douche bags...........How do you grow your credit score if you pay cash for everything? zx-14lvr good luck getting financed for the bike and just be responsible with your money and you will be fine. 12k is alot of cash to just fork out at once.
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KawaBonzai
Zone Head
Leader of the Back.
Posts: 537
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posted August 10, 2009 03:04 PM
Edited By: KawaBonzai on 10 Aug 2009 23:43
quote:
Internet Cash Flow.................Kind of like internet muscles (you usually don't have it) Anyone could get on here and say all kinds of lies about what they are and tell you what they have accomplished in life wheter it be true or not. Most people with money generally don't brag about it and have found those that do are complete douche bags! Yes, douche bags...........How do you grow your credit score if you pay cash for everything? zx-14lvr good luck getting financed for the bike and just be responsible with your money and you will be fine. 12k is alot of cash to just fork out at once.
Ignorance is bless it seems. You are the ultimate consumer, the kind the banks have groomed.
To think that there is no way to have good things in life without the debt is ludicrous. But you'll get there one day and look back.and say WTF.
quote:
How do you grow your credit score if you pay cash for everything?
Think about your question there for a minute. The need for a high credit score is only for those who need to create debt, not for those who pay cash. The fact that you have to even ask that question in that manner tells volumes.
Just for giggles, when I purchased my 09 Dodge ram Chrysler GAVE me $1,000.00 to finance it, 0% for 48 months. So to snatch up my 1k I took their offer, and they had to run a credit check. I was unaware that there are 2 types of credit rating, a general score, and one for autos. Needless to say both of my credit scores where 837 and 848. I was told nobody can get a true 900 and the marker considered high was 720 and above. I can't answer your question about how to build high credit rating, but apparently it can be done and yet still pay cash.
For me, it's a fucking HIGH to be able to walk into a dealership and really work a deal knowing that cash still has more power than credit. That's the true way of America, I'm sorry you can't enjoy that.
But don't be disillusioned, it doesn't come easy at without a price. At times there was jealousy on my end seeing friends get new shit every 2 years, but oh well.
And if you consider me being a douche bag for having the willpower and discipline to pay off debt and have free/clear titles on everything I own, then so be it. I'm a douche bag then by your definition.
No skin off my back. My true friends don't think so. Especially when they come to visit and I have spare bikes for them to ride, or an extra track bike for track days, or a swimming pool to beat this 110 degree weather, or a nice trailer to haul their toys in too.
We are all just douche bags I guess.
____________
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14nooby
Zone Head
Posts: 987
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posted August 10, 2009 04:15 PM
Still bragging..............exactly my point. Nobody cares about your finances and nobody else comes on here and brags about it. You have no clue how much anyone on here makes or the type of job they have. I have seen some really nice homes, bikes, garages and other stuff posted by people on here and those folks are'nt bragging about what they have. Hell I would be your friend if you let me come ride your free shit. Then I would go home and call you the next time I wanted to ride which is what your true friends do.
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KawaBonzai
Zone Head
Leader of the Back.
Posts: 537
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posted August 10, 2009 04:25 PM
Edited By: KawaBonzai on 11 Aug 2009 00:29
quote:
Still bragging..............exactly my point. Nobody cares about your finances and nobody else comes on here and brags about it.
Apparently somebody cared, enough so to post they didn't. And excuse me, this whole site is devoted to people who like to brag/boast. It's a form of pride in case you have not noticed.
And since this thread was about finance and credit, it was a perfectly proper place to talk about it, or as you call it, bragging. It's not like I hijacked somebody's thread about shaving off .25 secs or extending their swingarm 6 inches to butt in and say my shits paid off. I didn't cross any lines here amigo.
quote:
You have no clue how much anyone on here makes or the type of job they have.
Nor did i ask or contradict otherwise. Your point?
quote:
I have seen some really nice homes, bikes, garages and other stuff posted by people on here and those folks are'nt bragging about what they have.
Sure they do, most of it is based about the bikes themselves, but god forbid somebody mention their house or truck is paid off and their a douche bag. No wonder nobody does so, you'd call them names.
quote:
Hell I would be your friend if you let me come ride your free shit. Then I would go home and call you the next time I wanted to ride which is what your true friends do.
Friends reciprocate. Yeah, they get luxuries when they come to visit, but I also get free places to stay when skiing, or snowmobiling, or scuba diving in Hawaii. Some folks are raised up that way, some are not.
I mean Jesus, now your knocking the type of friends we can have. I'm quite sure many members here have friends like I described, I bet you do too.
If you are ever in Southern Arizona look me up. We'll have a beer, kick back and have good times. No strings attached, I swear.
____________
PC-III w/USB, Muzzys M14 + Carbon Oval + M10, BMC Race Filter, Flies Out, Buell Pegs, Heli Risers
www.TucsonSportRiders.com - Tucson's Premier SportRider Community
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SmokinOkie
Parking Attendant
Posts: 28
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posted August 10, 2009 05:32 PM
I didn't mean to give the impression that I was worth a lot of money, or that I had accomplished any great things in my life. I was just trying to share some lessons that I learned the hard way.
I don't think anyone is going to ruin their life by financing one motorcycle, but I do know you can set yourself up for some tough times by financing toys.
I wish zx-14lvr all the best and the only advice I have left is:
"Keep your mind in the middle and the forked end down."
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SmokinOkie
Parking Attendant
Posts: 28
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posted August 10, 2009 07:08 PM
By the way I also have a '98 model Honda Shadow VT1100C3. The fenders have been bobbed and the frame and tins painted green with orange and yellow flames. It's almost as ugly as it sounds, but I love that damn bike.
I also have a 2008 ZX-14 SE and the wife rides a 2008 V-Star 650.
I like bikes, the only thing that could come close to the ZX-14 as far as fun factor would have to be a dirt bike.
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KawaBonzai
Zone Head
Leader of the Back.
Posts: 537
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posted August 10, 2009 07:15 PM
quote:
II don't think anyone is going to ruin their life by financing one motorcycle, but I do know you can set yourself up for some tough times by financing toys.
Agreed here. Life can be managed with a sprinkle of debt involved.
quote:
I wish zx-14lvr all the best ...
Ditto here. don't let the name callers ruin it. You'll love the bike and if the financial aspect can be handled then you have years of enjoyment ahead of you.
____________
PC-III w/USB, Muzzys M14 + Carbon Oval + M10, BMC Race Filter, Flies Out, Buell Pegs, Heli Risers
www.TucsonSportRiders.com - Tucson's Premier SportRider Community
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