(TL;DR at bottom)
So, I (25m) made a stupid decision and purchased a brand new sport bike for $10k. Put $3k and financed the rest. That was my first mistake.
I didn’t get insurance on it because I was waiting for my check to come in on the following week. This was my second mistake. My bike was stolen the FIRST week without even having the chance to ride it. I filed a police report and told the bank who I had financed it with. I was still going to make payments on it, but I went to the website to make my second payment and my account was “locked”. It said to call customer service to figure out why. Once I called, she explained that my loan was written off as a total loss since my bike was stolen. So I’m confused now.
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Do I continue to make payments on the loan?
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Does this go against my credit?
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What the heck does this mean and what should I do. I’m so confused.
Thanks!
TL;DR financed a motorcycle without insurance and bike was stolen. Can’t make payments bc loan was written off as “total loss”. What does this mean? Does this affect my credit? Do I still need to make payments?
Submitted August 28, 2022 at 05:10AM by throwawayschmoawhey https://ift.tt/Vrewo7s
