New bike
  • Rodgers701
    Posts: 37
    Alright guys this is sorta long. I had a 1992 yz250 that I sold this spring because I wanted to get a newer bike. My dad never believed in bikes an hates the sound of a two stroke so he made a deal with me after I sold it. He told me that we could buy something brand new and he would help me pay for it. The only way I would be allowed a dirtbike though was if we could "put a license plate on it" so I won't get in trouble on the road. I didn't plan on riding on the road or anything since I live out here in the boonies (bruin, pa) mapquest it if you want. I've got 50 acres to ride on and my house is in the middle of it. Anyways free looking at dual sports dad said no to all ktm's cause of the $ and the other dual sports all seem really heavy. I did a lot of research on them. We went to another local dealer though and found a 2012 limited edition ltz400. Dad made a deal wih me that he would help pay for it so he signed all the papers and bought it. Everything's in his name but I've had to make all the payments on it myself. I don't want to sound like a spoiled brat or anything cause it's a nice quad I just didn't want it in the first place and after we got it dad forgot about his end of the bargain an I've been making ALL the payments. My question is do you think I'd be able to trade it in on a bike at a dealer if it's not payed off the whole way. I turn 18 soon and dad said he'd transfer everything over to my name when I do so then it'll be my choice. I like the 2012 yz250 on the showroom floor there. I don't know if I'll be allowed to trade it in if it's not payed off the whole way
  • Rodgers701
    Posts: 37
    Really sorry about the length of he post. Fell like I just wrote a small book
  • Kiwi450xKiwi450x
    Posts: 3,635

    Nothing wrong with a long post, you have nothing to apologise for.

    I would say the shop will help you with the change over but I'm only guessing.

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    If you can't fix it with vicegrips and/or a sledge hammer, it ain't worth fixing...
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  • coyotekiller
    Posts: 1,122
    see my thread on 2t oil for guidelines on long post.  if you exceed those you lose a finger. 
  • Mark47mxMark47mx
    Posts: 1,889
    A couple of options to discuss with your local shop:
    Trade just pay the balance at signing. 
    Consignment with the shop let them sell it for you,   You will still have to pay off the balance at closing  after selling the quad purchase the YZ, you typically get more this way than on a trade.
    .
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    Colorado

    2006 RM-250
  • markyrocks
    Posts: 1,283
    My opinion would b sell the quad private party. Pay it off get title transfer it over ect. Then go in dealer with whatever is left (if it possible to get lil more than just breaking even) an get new loan. I hate to break it to you but if ur not even 18 yet I'd assume you have no credit. I'm very doubtful that you'd get approved for anything unless u put like 75% down, unless ur dad cosigns even then its iffy. Either that or maybe if you made like more than 50k a year. I was 22 when I got first financing for a bike with great credit history an they still put me thru hell to get it (8 yrs ago ) and the guidelines are higher now BC of the financial crisis ect. Plus a bike is a toy so makes them even harder to get.
  • coyotekiller
    Posts: 1,122
    i share the same opinion on using credit as my Dad.  he pays cash for everything.  if he doesn't have the cash he don't buy it.house. land, cars everything.  However I am 45 years old and temptation has got the better of me a few times and i tried to borrow money on a bike only to get turned down every time.
  • coyotekiller
    Posts: 1,122
    i thought i should also point out that my Dad has a 70 acre cattle farm that is heaven to him and he drives new cars and stuff too.

    I've got 60 acres with a good house and i drive a 1979 FORD F-150 4x4 that i built myself.
  • Kiwi450xKiwi450x
    Posts: 3,635

    Your dad is on to it CK.

    My rule of thumb is that if I can't afford cash for it, I can't afford it.  The obvious exception is borrowing for a house, and possibly a business if you're that way inclined...

     

    It took me a few years to learn that but its the way to go.  Payments on toys suck.

    ########################################

    If you can't fix it with vicegrips and/or a sledge hammer, it ain't worth fixing...
    image
  • Rodgers701
    Posts: 37
    coyotekiller my dads the exact same way. Im only 17 but I've spent most I my life in a garage with dad. I've got a 66 galaxie with a 390 and a 1950 ford f-1 on a custom frame. (front clip is a 76 Camaro and the bak is an s10) thy don't build them like that anymore. It's got a built 307 in it
  • Rodgers701
    Posts: 37
    Kiwi450x I hear you about the payments. It's worse though when you don't really want it in the first place
  • Kiwi450xKiwi450x
    Posts: 3,635
    Yeah, that's less than ideal.   If you play your cards right though, you can fix the situation up.
    ########################################

    If you can't fix it with vicegrips and/or a sledge hammer, it ain't worth fixing...
    image
  • coyotekiller
    Posts: 1,122
    i used to have an auto trim business.  i borrowed a small amount from my Dad to get it rolling.  it was called the seat shop.
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