Reno55 Posted June 18, 2016 Report Share Posted June 18, 2016 I find myself in quite the situation both good and bad. Awhile back in 2008 long story short I with the help of my father purchased a 2008 Yamaha Raider. Due to loss of a job I fell behind on payments and never got caught up so I just stopped paying. GE Money who holds the lien never came and repo'd. Neither myself or my father have heard from them at all about wanting it back. Then 2 years ago my folks file bankruptcy and surrender the Raider in the BK. Again GE Money does nothing about it. I check just hoping something happened and the lien isn't there but no luck......I knew it wouldn't just go away but was worth checking. So I call them yesterday and ask them what they will take to release the lien. The retail value is about $4,800. They tell me the balance of $7800. I tell them no way and it's obvious they could care less about it so I asked them to let me trade it in and they will get something for it and not have to lift a finger. Still no budging. In the end they said I can vol reposses it which I said no way you haven't come for it in years and hung up. Obviously they cannot enforce the balance due to it being surrendered but it is also obvious they have no desire for it and probably have already written it off. Meanwhile I have a free bike that I can renew plates each year for, however I am in the process of getting a new bike and need this thing gone. Anyone have any thoughts? 1 Quote Link to comment Share on other sites More sharing options...
Tonik Posted June 18, 2016 Report Share Posted June 18, 2016 You owe them 7800 if your name was on the loan. That wont go away unless you file BK. It will go down if they take and sell the bike but a repo does not make the remaining balance go away. If you can afford the new bike, you can afford to pay them. 3 Quote Link to comment Share on other sites More sharing options...
motocat12 Posted June 18, 2016 Report Share Posted June 18, 2016 You just can't count on the repo man like you used to. 4 Quote Link to comment Share on other sites More sharing options...
Tonik Posted June 18, 2016 Report Share Posted June 18, 2016 6 minutes ago, motocat12 said: You just can't count on the repo man like you used to. Quote Link to comment Share on other sites More sharing options...
2talltim Posted June 18, 2016 Report Share Posted June 18, 2016 I'd say quit bitching and just ride the free bike. 2 Quote Link to comment Share on other sites More sharing options...
JackFlash Posted June 18, 2016 Report Share Posted June 18, 2016 If the loan was in your name, or in yours and another person's name jointly, then you are totally responsible for the amount still owed on the loan. If it was only in a parent's name who surrendered the bike in a bankruptcy, then you are not on the hook for the amount owed and it can not affect your credit report. NADA shows an Average Retail without any farkles for an: XV19CSXL/C Raider S (Blue) = $6345 XV19CSXR/C Raider S (Flames) = $6150 XV19CXB/C Raider = $6340 XV19CXR/C Raider (Red) = $6165 You have a bike that was never titled in your name and won't be unless you can get that title in your hands to get it transferred, but that will not happen if there is a lien on it, so that means you can't sell it in it's put-together form. However, you may be able to sell the parts off of it until it's all gone, or mostly gone. I don't know if a motorcycle engine and/or frame needs to have a title or not if they are sold separately. If you want to kick the hornet's nest and try to force a release of the title, file a lawsuit for storage fees for the amount of time you have stored the bike for them. Ask for an amount equal to what a nasty towing company would charge. That just might work or it might not. Another idea is to claim the bike was wrecked and rebuilt. You might be able to get a salvage title then. I'm not a lawyer and I do not play one on TV. . Quote Link to comment Share on other sites More sharing options...
Reno55 Posted June 18, 2016 Author Report Share Posted June 18, 2016 Thanks for the advice all. It's a crappy situation.....Tonik you sir are incorrect...in the State of Ohio if a lienholder's collateral is recovered and then sold through repossesion or surrender the owner cannot be held to the total balance...I know this because I work in the industry somewhat. I guess I am just gonna wait until I get the new bike then tell them come get it or I will charge storage, I will also be sure to send them letters and show that they ignored them. Quote Link to comment Share on other sites More sharing options...
Tonik Posted June 19, 2016 Report Share Posted June 19, 2016 You got a link to that, because every one I find says you are responsible for the difference. I find that extremely hard to believe. The Ohio Bar is pretty clear on it. https://www.ohiobar.org/ForPublic/Resources/LawYouCanUse/Pages/LawYouCanUse-664.aspx 1 Quote Link to comment Share on other sites More sharing options...
Reno55 Posted June 19, 2016 Author Report Share Posted June 19, 2016 I do not but it doesnt matter anyhow as it was surrendered in a BK. Once it is surrendered they CANNOT enforce the balance and BK law takes over Quote Link to comment Share on other sites More sharing options...
Casper Posted June 19, 2016 Report Share Posted June 19, 2016 5 hours ago, Tonik said: You got a link to that, because every one I find says you are responsible for the difference. I find that extremely hard to believe. The Ohio Bar is pretty clear on it. https://www.ohiobar.org/ForPublic/Resources/LawYouCanUse/Pages/LawYouCanUse-664.aspx As far as I know, this is correct. Lien holder is responsible for the difference. True for houses, cars, etc. No idea why it'd be different for motorcycles. 1 Quote Link to comment Share on other sites More sharing options...
JackFlash Posted June 19, 2016 Report Share Posted June 19, 2016 (edited) If you agree to pay $5000 but only pay $2000 you still owe $3000. If the item is repo'd and sold or auctioned off for $2000 there is still the amount of another $1000 before the loan is satisfied. If the item is surrendered in a bankruptcy that's a whole different matter. All is forgiven as I understand it. They failed to recover their property in a timely fashion and may actually have legally abandoned it. The problem then is how to pry the title from their hands and have the lien released. I would talk to an attorney to see if you can get a title in your name or a salvage title since the bike seems to have no owner due to their willful failure to recover. It also seems that they could be held liable for storage charges for entire time if you wanted to push it which, in that case could cost them more than the amount yet owed for the bike. Call the BMV and explain the situation to see what they tell you before you call a lawyer. . Edited June 19, 2016 by JackFlash Quote Link to comment Share on other sites More sharing options...
Tonik Posted June 19, 2016 Report Share Posted June 19, 2016 7 hours ago, Reno55 said: I do not but it doesnt matter anyhow as it was surrendered in a BK. Once it is surrendered they CANNOT enforce the balance and BK law takes over Like I said in my original post....."unless you file a BK" So as long as the loan wasnt joint you are fine. Quote Link to comment Share on other sites More sharing options...
Reno55 Posted June 19, 2016 Author Report Share Posted June 19, 2016 3 hours ago, JackFlash said: If you agree to pay $5000 but only pay $2000 you still owe $3000. If the item is repo'd and sold or auctioned off for $2000 there is still the amount of another $1000 before the loan is satisfied. If the item is surrendered in a bankruptcy that's a whole different matter. All is forgiven as I understand it. They failed to recover their property in a timely fashion and may actually have legally abandoned it. The problem then is how to pry the title from their hands and have the lien released. I would talk to an attorney to see if you can get a title in your name or a salvage title since the bike seems to have no owner due to their willful failure to recover. It also seems that they could be held liable for storage charges for entire time if you wanted to push it which, in that case could cost them more than the amount yet owed for the bike. Call the BMV and explain the situation to see what they tell you before you call a lawyer. . I am going to try that and call the BMV to see what they say. Quote Link to comment Share on other sites More sharing options...
Popular Post drc32-0 Posted June 19, 2016 Popular Post Report Share Posted June 19, 2016 This thread shows what is wrong with American culture...so many people are looking for some angle instead of just doing what they said/ signed they would do.If you play the storage card I hope they counter with motorcycle rental card since you have been using it. Like Tonik posted...if you can buy another bike you can pay for the one you signed your name on.Just do the right thing,it'll be better in the end.Besides,I wouldn't want to be riding a motorcycle with a boat load of bad karma following me around. 6 Quote Link to comment Share on other sites More sharing options...
Casper Posted June 19, 2016 Report Share Posted June 19, 2016 12 minutes ago, drc32-0 said: This thread shows what is wrong with American culture...so many people are looking for some angle instead of just doing what they said/ signed they would do.If you play the storage card I hope they counter with motorcycle rental card since you have been using it. Like Tonik posted...if you can buy another bike you can pay for the one you signed your name on.Just do the right thing,it'll be better in the end.Besides,I wouldn't want to be riding a motorcycle with a boat load of bad karma following me around. Agreed. 1 Quote Link to comment Share on other sites More sharing options...
durk Posted June 19, 2016 Report Share Posted June 19, 2016 5 hours ago, drc32-0 said: This thread shows what is wrong with American culture...so many people are looking for some angle instead of just doing what they said/ signed they would do.If you play the storage card I hope they counter with motorcycle rental card since you have been using it. Like Tonik posted...if you can buy another bike you can pay for the one you signed your name on.Just do the right thing,it'll be better in the end.Besides,I wouldn't want to be riding a motorcycle with a boat load of bad karma following me around. Thanks for saying exactly what I was thinking. Quote Link to comment Share on other sites More sharing options...
Reno55 Posted June 19, 2016 Author Report Share Posted June 19, 2016 6 hours ago, drc32-0 said: This thread shows what is wrong with American culture...so many people are looking for some angle instead of just doing what they said/ signed they would do.If you play the storage card I hope they counter with motorcycle rental card since you have been using it. Like Tonik posted...if you can buy another bike you can pay for the one you signed your name on.Just do the right thing,it'll be better in the end.Besides,I wouldn't want to be riding a motorcycle with a boat load of bad karma following me around. You're a classless asshat......you speak about things you have no idea about. I NEVER said I am looking for an angle the fact of the matter is the bike was surrendered under a bankruptcy now it is the LIENHOLDER's issue to come get it which for 4+ years they have not. You can say what you want but bankruptcy protection is there for a reason....I have no issue paying for the bike I have if they actually wanted what the bike is worth....they do not nor do they want to come get it period. You mention karma it goes both ways buddy, stop making assumptions about people when you know nothing about them. Douchebag 1 Quote Link to comment Share on other sites More sharing options...
Tonik Posted June 20, 2016 Report Share Posted June 20, 2016 Its not your bike, your dad surrendered it in the BK. Generally speaking a surrender is a cooperative effort on all parties invovled. Just ask them where they want it and drop it off. Its the right thing to do. 2 Quote Link to comment Share on other sites More sharing options...
JustinNck1 Posted June 20, 2016 Report Share Posted June 20, 2016 Wow I knew I shouldn't have opened this thread. The way I've always looked at any kind of finance is, did the bank get their money? If not, then the repossession and sale of the property pays off the loan. If that's not enough, they come back asking for more money. It doesn't magically go away. Not to sound like a dick, but if I lost my job, I'd be selling my financed vehicles to pay off my loans, not sit on them for years. 1 Quote Link to comment Share on other sites More sharing options...
HeavyDuty Posted June 20, 2016 Report Share Posted June 20, 2016 The bike was never actually recovered and they do not give a shit about it now and has probably been written off but you will never get the title for it. The real problem will occur when you try to borrow money to buy something like a new home you will never get the loan from any bank Until the agreed amount at the time of the bankruptcy is paid back and you get a statement from them saying it was witch in most cases could take months to years to get. You could have called and found out where to take it when it was worth something and they could have auctioned it off and reduced the amount you owed but now you will need to pay back every cent you owed or you will never get that letter which means never being able to get a new home. But if you never plan on buying a new home don’t worry about it. Quote Link to comment Share on other sites More sharing options...
zx3vfr Posted June 20, 2016 Report Share Posted June 20, 2016 Just pay your loan asshat Quote Link to comment Share on other sites More sharing options...
mango_sv Posted June 20, 2016 Report Share Posted June 20, 2016 You're a classless asshat......you speak about things you have no idea about. I NEVER said I am looking for an angle the fact of the matter is the bike was surrendered under a bankruptcy now it is the LIENHOLDER's issue to come get it which for 4+ years they have not. You can say what you want but bankruptcy protection is there for a reason....I have no issue paying for the bike I have if they actually wanted what the bike is worth....they do not nor do they want to come get it period. You mention karma it goes both ways buddy, stop making assumptions about people when you know nothing about them. Douchebag You need to take a look in the mirror.... the bank doesn't give jack shit what the bike is worth now, they gave you what it was worth when you bought it and that is what is owed to them. You buy a new car and it depreciates 50% when you drive it off the lot.... does that mean you only have to pay 50% of the loan? No wonder this country is going to shit. 4 Quote Link to comment Share on other sites More sharing options...
snot Posted June 23, 2016 Report Share Posted June 23, 2016 I am guessing the loan was not in your name if your father filed on it. In that case I would contact the lawyer who handled the BK and ask what to do. Depending on the type of BK filed and the verbiage the bank may need to update their paperwork and pick up the bike. It should all be in the paperwork on how it was to be handled. Quote Link to comment Share on other sites More sharing options...
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