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  1. #1
    Join Date
    Mar 2007

    Default Help With The Repo Of A Motorcycle

    I recieved a call on my cell phone yesterday from a repo agency that they were at my house and wanted to repo my 2005 Suzuki. I moved out in Dec.(my wife and I separated) I continued to give her the $500 dollars a week to take care of bills and expenses, however I did not find out until yesterday that she has not been paying this loan. I am currently 82 days delinquent on the loan and I contacted HSBC (the lender) and talked to a supervisor and said I would pay them the $689 delinquent amount today. They informed me I had to either give up the bike or pay the entire balance of $9600 and there are no other options. I have never been late on a payment in the 2 years I have had this loan, and there is no way I can come up with the $9600 dollars. I live in Massachusetts. Please help me and thank you

  2. #2
    Join Date
    Sep 2006

    Default Re: PLEASE help me with repo of motorcycle

    If they are unwilling to take payments instead of the accelerated amount, there is little to be done. They are within their rights to demand a full payoff of the loan or take the vehicle. Look in your contract for the word "acceleration". Keep in mind, if they repo the bike, then auction it for less than the loan amount, you are still responsible for the remainder. This means that they may only get half (or less) than the $9600 you owe, and you will be held responsible for the rest of the money.

    Most lendors will weigh the amount they can make off of auctioning your vehicle and then suing you for the rest of the loan vs having you make payments, whatever nets them the most money will be the route they take.

    Edit: Also, repos are a bad hit to your credit score.

  3. #3
    Join Date
    Mar 2007

    Default Re: Help With The Repo Of A Motorcycle

    My credit is pretty much ruined now, as she didn't pay anything else either. I owe $10,250 in credit cards as well as the $9600 on the bike. That is my total debt. Will filing bankruptcy stop the repo? Or possibly private debt consolodation? I am at my wits end. Help

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