Quote:
Originally Posted by Zaph42
So they take out a high interest loan, pay for financing...
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My insurance agent told me it's worse than that. To get a loan on a new sport bike, the buyer is required to get full coverage insurance. On the high powered bikes, the annual premium for full coverage insurance for a new rider can approach the cost of the bike, because statistically it's very likely to not make it a full year. So instead the kid puts the bike on a credit card and gets only liability insurance. Then he wrecks it, and if he survives, chooses not to keep paying off the card, since he no longer has the bike, and he ends up with bad credit for a long time.