ok here's the situation... i financed a 2004 cbr f4i last june the payoff is 10'500, the dealership is willing to give me a grand above trade in and buy back the warranty and gap if i purchase it for the new bike... but they wanna sell me the bike for 11,300 and with delivery and prep it comes out to 11,800... so add in the extra 4500 and im looking at financing 16,500 before taxes so roughlt 17,500... now i really want this bike and i cant see myself paying for a 04 f4i for another 5 years so wat should i do... this is with a co signer at like a 7.9 interest rate... any feed back is welcomed i am on here very often just dont post alot... thanks for any feed back... from massachusetts

 

The grass is greener on the other side brother, but I would just hold off. Keep the F4I for another year and increase your monthly payment amounts to lower your payoff. Paying $17.5 for a $11K bike is absurd... paying MSRP is absurd. It seems like you really want it but (just interjecting some life experience here) I would really wait until the deal is more reasonable.

 

I'd hold off for sure. At least wait until the off-season you'll definitely get a better deal. Right now bikes are flying out the door in prep for summer, so they're gonna be jacking the prices on all of them. I was desperate for a bike last august but held off until the snow was on the ground and I was able to put it to the dealer. They hadn't sold a bike in over a month (got that info from an inside friend) so I got a sweet deal with a lot of stuff thrown in, WAY under bluebook for my used 03 600rr. Plus 17,500 for an 11k bike is way too much, and NEVER PAY MSRP. Don't let your desires win out over logic. Enjoy the bike you have until a deal comes along that you can't pass up. It's so much more fun to get a great bike that you know you screwed the dealer on completely hehe.

 

i agree that 17.5 is crazy but its only because of my payoff wit the f4i..10.5.. the dealer said they would give me 5995 for the f4i.. so if i forget about the trade in for the f4i the dealer will do 11.8 otd with warranty and gap... im gonna try another dealer 2morrow to see wat they can do... only thing im worried about is the trade in they will give me... i just dont wanna pay for a bike that im not gonna enjoy as much plus i have almost 13 k in miles so its not gonna have a great trade value this winter. i will end up riding around 8k miles

 

i hate to burst your bubble but it really doesn't matter what dealer you go to. the problem is that you owe way too much on your current bike to trade it in. the only way to deal with this is to ride and enjoy it until the payoff is equal to or less than the current value. one tip though. you can sell a bike outright for more money than trade in. that gets you closer to the magic money number. but you still need to pay back around 4 grand or more before getting rid of it.

one note: you can sell your extended warrenty back. they take the warrenty length and subtract the time lost and figure a percentage and apply the percentage of the money you originally payed for the warrenty to your loan. i've done this. of course it was with a suzuki and financed through them.

sorry man but you got yourself in a deep hole and the only way out is time, money, and patience.

 

thanks man i kno wat you mean but i was just hoping to get a better deal on the bike...i'd hate to pay msrp... when seeing guys paying 10.8 otd with warranty

 

sorry man, but i gotta do it.

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10.8 OTD? i'm assuming that you're looking at the 1000rr. if so, this place is selling them for 9.8. and that's everything except the sales tax.

 

how can you owe 10,500 on a bike with an MSRP of 8,300?

 

pay msrp + high dealer fees + sales tax + extended warrenty + incredibly high interest rate - minimum monthly payments = getting bent over the bike.

 

yup he basically nailed it on the head.... after all the extras it was 11k financed with 0 down and 10.99 percent apr and now almost a year later i still owe 10.5k ouch huh... i might just make a dive and just take a 3-4 k hit becuz i cant imagine paying all this money towards the loan when i can be putting it towards the bike i really want