- Thread starter
- #81
Stay tuned. Things are brewing.
Sent from my Transform Ultra using Tapatalk 2
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The bike may be totaled....
- Thread starter Rabbitman109
- Start date
r0ar
New Member
Dear Chad,
Please take back this bad luck you have given to me....
Sincerely,
Robert aka r0ar aka RP
- Thread starter
- #83
Oh no.....did something else happen?
Depends on the state. In Cali, it'll require an inspection and you have to present any applicable repair receipts. I've been told it helps to take pictures before, during and after repair if you do the work yourself. Inspectors do understand that insurance companies will total things over cosmetic damage that doesn't need to be fully repaired to "like new" condition in order to make the vehicle roadworthy. Essentially, if you can prove you've done everything necessary to make it roadworthy and 100% legal, they'll approve it.
You can't get comprehensive/collision insurance for a salvaged vehicle. Only liability.
- Moderator
- #85
FZ1inNH
Super Moderator
There are times when a 401k loan is the best choice of all. My wife watches ours carefully as well as watching the market. A few years ago before the market went totally south, she said we needed to make a decision. We decided to pull out all available money in loans to minimize our exposure to the declining market. So we did and used the money to pay off a lot of debt sooner than expected. Now, both of us are in programs where our interest paid is actually paid back to us. So, instead of losing a bunch of money in the market, we lowered our exposure, paid off other debt and paid our 401k(s) back at 5.5% interest while others were losing money. By the time we were back to a market that was earning money, our loans were paid back with interest. Some co-workers lost almost 20% of their account in a time were we actually came out on top by 13% plus had less debt in the end. 
My only regret was NOT buying a second motorcycle with it!!!
My only regret was NOT buying a second motorcycle with it!!!
r0ar
New Member
Well I Went from never locking the back brake to having it happen twice on that day I told you about idiot in a car went from a dead stop and came into my lane as I was doing like 45. Locked it up but remember MSF and kept that thing locked
There are times when a 401k loan is the best choice of all. My wife watches ours carefully as well as watching the market. A few years ago before the market went totally south, she said we needed to make a decision. We decided to pull out all available money in loans to minimize our exposure to the declining market. So we did and used the money to pay off a lot of debt sooner than expected. Now, both of us are in programs where our interest paid is actually paid back to us. So, instead of losing a bunch of money in the market, we lowered our exposure, paid off other debt and paid our 401k(s) back at 5.5% interest while others were losing money. By the time we were back to a market that was earning money, our loans were paid back with interest. Some co-workers lost almost 20% of their account in a time were we actually came out on top by 13% plus had less debt in the end.
My only regret was NOT buying a second motorcycle with it!!!
Not sure why you would need to take out a loan just to move your money out of the stock market. I've never seen a 401K that didn't have some bond or money market funds if you've decided things have gotten too "hot" or just want to rebalance things. I rebalance on a regular basis without taking money out of the 401K, IRA and other retirement accounts.
The risk, as I said, is that something happens that makes it impossible for you to repay the loan on schedule. Remember that if you lose your job, you have 60-90 days to pay it back in full, depending on the details of the plan. If you don't meet the terms, you owe taxes on the full amount, plus a 10% penalty. Obviously I don't know your situation, but few people have the kind of job security that should allow them to disregard that risk. Want to take a new job somewhere else? Same deal. You have 60-90 days to repay in full. I've known people who've had to turn down better jobs because they were "stuck" with a 401K loan they couldn't immediately repay.
To me, these are always going to be "last resort" types of loans.
