Motorcycle Loan - I need help!!!
Date: Thu, 07/30/2009 - 09:13
Hi, and thanks ahead of time for anybody who can help me. I have always been on top of my credit and never had any problems paying off CC bills, etc.
March of 2007, my boyfriend and I purchased a motorcycle and the Loan office set up a loan for us. My boyfriend was the one who handled it, and according to the guy helping him he said as long as he paid 200 a month until 4/5/12 he would pay off the bike without interest. He signed off on it.
At the time we were both working and could handle the 200 dollar payment and found it to be a great deal! Since then, everytime I get the bill, I realize it's as if we are not paying off anything. We send in 200 and the next month the balance is hardly affected. The bill has a Suzuki logo on top and the payments go to HSBC Retail Services.
Here is the info on my statement:
Previous Balance $14,519.69
Billed Finance charges is $190.53
New Balance $14,500.22
Purchase date 3/31/07
Promotion Exp Date 4/5/12
Previous Balance $14, 492.07
Ave Daily Balance $14,500.47
Daily Periodic Rate 0.04369%
Corresponding APR 15.95%
APR 15.95%
Finance Charges at Periodic Rate $190.09
Deferred Finance Charges $0.00
New Balance $14,473.16
Minimum Payment Due $210.00
So like I said, I've never had to transfer balances in the past or deal with paying off large debt. At this point I feel like this bike will never be payed off because we can't afford more than maybe $250 a month now that I've been laid off.
I don't know what my options are, and since I co-signed for him, I don't want my Credit Rating to drop because it's 710 right now! I don't have any family I can ask for a loan, so I need to have some other kind of option where the APR is reduced and I can finally pay this bike off. I feel so bogged down everytime I get this bill, it's like my heart breaks in half because I don't know what to do.
Any help is appreciated, I just don't know where to start...
Thanks.
March of 2007, my boyfriend and I purchased a motorcycle and the Loan office set up a loan for us. My boyfriend was the one who handled it, and according to the guy helping him he said as long as he paid 200 a month until 4/5/12 he would pay off the bike without interest. He signed off on it.
At the time we were both working and could handle the 200 dollar payment and found it to be a great deal! Since then, everytime I get the bill, I realize it's as if we are not paying off anything. We send in 200 and the next month the balance is hardly affected. The bill has a Suzuki logo on top and the payments go to HSBC Retail Services.
Here is the info on my statement:
Previous Balance $14,519.69
Billed Finance charges is $190.53
New Balance $14,500.22
Purchase date 3/31/07
Promotion Exp Date 4/5/12
Previous Balance $14, 492.07
Ave Daily Balance $14,500.47
Daily Periodic Rate 0.04369%
Corresponding APR 15.95%
APR 15.95%
Finance Charges at Periodic Rate $190.09
Deferred Finance Charges $0.00
New Balance $14,473.16
Minimum Payment Due $210.00
So like I said, I've never had to transfer balances in the past or deal with paying off large debt. At this point I feel like this bike will never be payed off because we can't afford more than maybe $250 a month now that I've been laid off.
I don't know what my options are, and since I co-signed for him, I don't want my Credit Rating to drop because it's 710 right now! I don't have any family I can ask for a loan, so I need to have some other kind of option where the APR is reduced and I can finally pay this bike off. I feel so bogged down everytime I get this bill, it's like my heart breaks in half because I don't know what to do.
Any help is appreciated, I just don't know where to start...
Thanks.
Well double check your paperwork. It is showing the promotional
Well double check your paperwork. It is showing the promotional dates so I would assume that means no interest. You might wanna call the finance company and have them recalculate the balance without the interest accrual...that is where your payment is all going each month. Then set it up for yourself on a spreadsheet...and DONT miss a payment.By my calculations you have paid approximately $5400 which puts your balance down around $9000. Call them a double check.
