Unpaid Motorcycle

by Regina

I bought a motorcycle a few years ago and stopped paying a year after. I still have the motorcycle. What will happen? What should I do? What are the chances of the motorcycle getting taken away out of nowhere?

Comments for Unpaid Motorcycle

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Jul 30, 2012
Unpaid Motorcycle
by: debtcollectionanswers

Eventually, the lender will repossess the motorcycle. In fact I am surprised that has not already happened. If you try to sell the motorcycle before it's repossessed, you will not be able to transfer title to the buyer and complete the sale without paying the loan balance.

One option to avoid having the motorcycle taken from you, which will badly damage your credit history, is for you to give it back voluntarily. Giving it back is referred to as a voluntary repossession and it will do less damage to your credit than if the lender takes it back.

If you give your motorcycle back or it's repossessed, the lender will sell it and apply the loan proceeds to your outstanding loan balance. You will owe the difference between what the motorcycle sells for and the balance. That amount is called a deficiency. If you do not pay the deficiency, the lender may sue to collect it. Note: If your lender repossesses your motorcycle, you will also be obligated to pay all of the costs the lender incurred to take it back.

Dec 04, 2012
lien sale
by: Anonymous

i heard if you lien sale it that works!!!! may want to check it may b illegall??

Oct 07, 2014
by: Anonymous

What happens if you get a judgement in court for that loan? Can they still pursue repossession of the bike?

Reply from DebtCollectionAnswers.com

It is a possibility. Any proceeds from the sale of the bike would then be applied toward that judgment debt.

Jun 18, 2015
repossessed but not found
by: Anonymous

if a motorcycle is repossessed and hasn't been found 7 years later, what can i do? is there a way to get the title?

Reply from DebtCollectionAnswers.com:

If we understand your question correctly, your motorcycle was "repo'd" but they never actually found it and took it? Is that right? We don't know how you can get clear title with the lien still on the bike unfortunately.

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