taking over payment and getting a 2004 R1

[shredex]

I have a friend that will allow me to take over his payments on his bike, all he asks is $250, and the bike is $150 a month.
Its a beautiful 2008 Yamaha R6 (yellow/trible)
he is going to trade it in for a 2004 R1 for me which Ill still be paying 150/m on it. and after a year, it will jump to 250/m.
then he is going to finance on an 2008 R1.
Everyones happy!

[mike94fzr600]

how much does he still oew on it?

[rellikmok]

I love the new r6's.... They're gorgeous. But I'm of the opinion that toys should not be purchased on credit.

[PIMPMYFZR]

well you must also weigh the fact that insurance is a killer on brand new streetbikes ,and when your a young student , unless your rich or work 2 jobs you wont end up with enough money to fill a tank of gas .. also , is he gonna leave the bike in his name or will you have to get the bike put over into your name which will also need to be approved by the finance company ,unless you have perfect credit and previous bank records to show you can afford it .. $150 a month doesnt sound bad at all , but like Mike said how much is owed on it and how long is that payment for, the next 5-6 yrs? If the guy will leave it in his name and the insurance also and basicaly give it to you for the down payment and the monthly payment id say GO FOR IT because technically you have nothing to lose . Now on to him , He'd be stupid as hell to do what i just stated but hey there are some very nice and naive people out there that get takin for More .. Or he is just a verrrrryyyyy GOOD friend .. either way Goodluck and i DO hope u get it because a brand new R6 would be the shiTT!!!

[95FZR600]

It will never work out and he wont be your friend in the end. Unless you can buy it from him out right dont do it.

[cpudoc6]

No good can come of this!!!!!!

[megaloxana]

Diggin yourself a hole. $150 a month and you'll be payin that shit for a while.

[shredex]

well you must also weigh the fact that insurance is a killer on brand new streetbikes ,and when your a young student , unless your rich or work 2 jobs you wont end up with enough money to fill a tank of gas .. also , is he gonna leave the bike in his name or will you have to get the bike put over into your name which will also need to be approved by the finance company ,unless you have perfect credit and previous bank records to show you can afford it .. $150 a month doesnt sound bad at all , but like Mike said how much is owed on it and how long is that payment for, the next 5-6 yrs? If the guy will leave it in his name and the insurance also and basicaly give it to you for the down payment and the monthly payment id say GO FOR IT because technically you have nothing to lose . Now on to him , He'd be stupid as hell to do what i just stated but hey there are some very nice and naive people out there that get takin for More .. Or he is just a verrrrryyyyy GOOD friend .. either way Goodluck and i DO hope u get it because a brand new R6 would be the shiTT!!!

He doesnt have insurance on the bike, and you dont have to have insurance. I dont have insurance on mine either.
I have to give the guy a call to see exactly what he wants to do, and how much is left in payments.
they guy isnt even really a friend, I met him last night when I went riding with that guy with the FZR1000 for sale.
He is a very nice guy though, young too, his tag says "under 21" his probably only 19. but I guess he has good ass credit and I also believe that he comes from alot of money.

[PIMPMYFZR]

Shit I'm moving to Florida man ! No insurance needed! Well 1st off I don't No any finance company the will give the loan without insurance coverage . In my state they don't give you tags without showing insurance 1st . A brand new R6 is roughly 10 thousand brand new I don't understand how someone could ride it without insurances. But on the real tip if he give it to ya without changing over in your name BUY IT!

[shredex]

just look at how beautiful it is, and it could be mine.

[cad600]

Don't do it. 9 times out of 10, taking over payments is not a good idea. You also said that the payments are like $150. Well, everyone's payments for the first two years are around that much. You need to find out how much the paymenst will be or the balloon payment is after the "low payment period" is over.

I also don't know why you wounld not have insurance on anything that you are making payments on.

If you really want to get the thing, get your own financing set up.

[shredex]

Don't do it. 9 times out of 10, taking over payments is not a good idea. You also said that the payments are like $150. Well, everyone's payments for the first two years are around that much. You need to find out how much the paymenst will be or the balloon payment is after the "low payment period" is over.

I also don't know why you wounld not have insurance on anything that you are making payments on.

If you really want to get the thing, get your own financing set up.

I need a co-signer because I have no credit at all. if i can find a co-signer, then ill be getting the R1 instead. I just checked all the new bikes out just about 10 minutes ago. ill either get the 08 R1 or the 04 R1

[95FZR600]

Whats wrong with the bike you have now? Save your money and build your credit and maybe in another year you can get financed on your own. Do not take over payments like this! DONT DO IT!

[shredex]

Whats wrong with the bike you have now? Save your money and build your credit and maybe in another year you can get financed on your own. Do not take over payments like this! DONT DO IT!

im going to get the guy to just trade his bike over to an r1, then Ill see if he will co-sign for my R1.

theres nothing wrong with my bike, I just want a newer more powerful bike.

[Fartblood]

Beautiful? It's fugly, like most modern road razors are.

Still, if an '08 R6 floats your boat, just go and buy a new one on a loan, or HP, or finance, or whatever you colonial chaps call it Why muck about with someones sloppy seconds at that level?