Refinance with Harley

[PlDe]

Will Harley Davidson finance a motorcycle loan after being burnt in a Chapter 7.   Just recently had Chapter 7 Discharged.  My score went from high 690's to 548.  Within last 2 months its back up to 649 Vantage and 647 FICO 8.   Just curious if I should apply with Harley for a new bike.

[JoeRockhead]

A friend of mine who is a long time Harley dealership GM told me that you shouldn't apply for a minimum of 1 year, they prefer 2 years post discharge, and if you burned them in the BK, it could be much longer before they'll lend to you again.

Applying too soon and you do get an approval, you'd also be looking at a large down payment (30% to 40%) as well as the upper end on an interest rate which he said currently goes up to a tick under the 30% mark for people they deem high risk.

[PlDe]

Thank you.  Appreciate the input.

[IsambardPrince]

---

@PlDe wrote:

Will Harley Davidson finance a motorcycle loan after being burnt in a Chapter 7.   Just recently had Chapter 7 Discharged.  My score went from high 690's to 548.  Within last 2 months its back up to 649 Vantage and 647 FICO 8.   Just curious if I should apply with Harley for a new bike.

---

What was wrong with the old one that you didn't just discharge it and keep making payments?

If you did that they would have no right to take it and they'd have had to give you the title when you paid it off, but couldn't damage your credit or call it a repo if you ever stopped paying. (Just take it back.)

I don't ever advise people to reaffirm a car or motorcycle loan, but to tell the court discharge, keep, and make payments. Unless you really want it to go away.

There's the option to let the bankruptcy strip all your obligations to pay anyone and keep your car or bike even though they can't sue you or damage your credit if something happens later, as long as you didn't reaffirm the loan.

It sounds like that ship sailed, I am just curious if something was actually wrong with the bike.