Does anyone know how I can forfiet my bike?

Question

I have an 06 Yamaha r1 that I would like to get ridof fast. I dont ride anymore and cant afford the payments so need to get it out of my garage. Does anyone know if and how I can return it and what other options I have besides auto trade, craigslist, and the newspaper?

Answer 1

call the finance company and tell them you can't afford the bike and you are stopping payments..let them worry about it....just be ready for repo man!!!!!!!!!!!!!!!!!!

Answer 2

The easiest way (not the smartest way) is to do as the first poster described.  This is considered a voluntary re-possession and will affect your credit score like a regular re-possession.  Forget about financing anything for a while.

Best option is to sell it for what you can and put the remaining amount on credit card.

Answer 3

Sell it, plain and simple. Stick it in craigslist (free), newpaper, and put a "for sale" sign on it and see what happens.

Like other posters mentioned, you can't just "return it" and walk away.

If you take the repo route (whether voluntary or not), the bike will be sold at auction, and you will be responsible for the difference between what it brings at auction and what you owe on it. Usually, it's thousands of dollars. If you cannot come up with that cash, the bank can get a judgment against you, and the court can garnish your wages. And, of course, the credit hit you take on top of all of that. Not fun.