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Old 08-18-2010, 08:10 AM   #1
BcFrancis
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Issues with payments

Okay, I have seen a lot on the site about people being strictly against taking payments for a bike. I have never done this and do not know the true issues I need to think about. Is there not a way to cover yourself and help a person out trying to get a bike also?
Can you all list some of the issues that may arise if I were to take payments on a bike? Go ahead and list either pros or cons.
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Old 08-18-2010, 08:11 AM   #2
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you don't get paid
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Old 08-18-2010, 08:15 AM   #3
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you don't get paid, they still have the bike, you can't get it back..
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Old 08-18-2010, 08:17 AM   #4
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Either person can get royally in the end.

Scenario 1: Person pays half down on the bike and has the bike in his hand. He ends up stopping payment in the end and the seller then has to track down the buyer and retrieve his bike. This happens especially with friends and friendships end up being ruined.

Scenario 2: Guy makes legitimate payments on the bike but the seller still owes on the bike. Buyer is making payments but then the seller decides to off the money and doesnt make the payments to the bank therefore gets stuck in a bind.

I would never do payments again to anybody. It's just too much of a hassle.
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Old 08-18-2010, 08:17 AM   #5
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you don't get paid, you dont have the bike, you don't get to ride the bike, you don't get to spend the money you are supposed to have, they get to ride the bike, they get to buy accessories with the money they should be paying you.
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Old 08-18-2010, 08:18 AM   #6
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Quote:
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you don't get paid, they still have the bike, you can't get it back..
That sums it up pretty well. All the notarized papers in the world won't help, not even a little.
Tell them to go to the bank and get a loan, like everybody else.
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Old 08-18-2010, 08:21 AM   #7
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I worked out a deal with the guy, He kept the title, followed me to my house, got pictures of my house, drivers license, and insurance, as i did the same with him. We wrote a contract and went to the bank and got it notarized. He kept the title, I got a bill of sale, once i paid the full amount I got the title. Everything worked out fine, but maybe I was lucky that it was ACTUALLY two honest people making a deal...
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Old 08-18-2010, 08:24 AM   #8
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Quote:
Originally Posted by FJRmgm View Post
you don't get paid, they still have the bike, you can't get it back..
THATS bullshit.

I got mine back. The assclown never made a payment and hid from me (or tried to) for 6 months.


I got the bike back.

He called the police thinking someone stole it from his job (he changed jobs without telling me)

He called me later that night crying about how someone stole the bike and he needed the title to give to his insurance company. I told him it had been repo'd. He was like WAAAAAAA? WHHHYYYY?




Would I do it again? MAYBE, as long as I had every peice of info I could get on the guy and a substantial down payment.
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Old 08-18-2010, 08:26 AM   #9
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for the record, Ive aldo bought a bike from a guy on payments. 2 bikes to be exact.
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Old 08-18-2010, 08:30 AM   #10
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Well, the only interest in my bike right now is from people that want to make payments. I have said no, up until I talked to this guy. He is in a bind and needs some sort of transportation. I need to rid myself of bike payments for a while. He can make more than double my payment with a small down payment. I figure, if I keep the money he pays me in a separate account and have the payments drafted out of that or whatever, It could work. I will pay everything he gives me towards the bike and once it is paid off, I will keep the remaining balance. He is okay with not having a title till paid off, so.............

Is there an issue with renewing registration and such being he has the bike?

btw, we are not friends, so no feelings would be brought into this!
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Old 08-18-2010, 08:36 AM   #11
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Yea, youd probably have to renew the registration for him. Id take copies of EVERYTHING, I mean so many copies that youd be able to tell this guys life story in copies and pictures alone. and also, maybe if theres a way (IMO) id make him get full coverage insurace (guy did with me) just bc if he has and accident and the worst happens (heaven forbid) he wouldnt be able to pay ya anymore.
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Old 08-18-2010, 08:46 AM   #12
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Old 08-18-2010, 08:56 AM   #13
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Quote:
Is there an issue with renewing registration and such being he has the bike?
No not really I bought my DUC on payments and just had to take the old reg with me and I think the bill of sale and it was easy no problems with it
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Old 08-18-2010, 09:00 AM   #14
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If you really want to help him you should give him tips on how to improve his credit score and explain to him that it is irresponsible to spend money on things you can't afford.
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Old 08-18-2010, 09:03 AM   #15
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lets go Dusty! Atleast I can find your house and repo that ! lol

Seriously though, what is my legal right if the person doesn't pay. Do you get police involved or do you go get it yourself or what?
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Old 08-18-2010, 09:04 AM   #16
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If you really want to help him you should give him tips on how to improve his credit score and explain to him that it is irresponsible to spend money on things you can't afford.
touche!
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Old 08-18-2010, 09:17 AM   #17
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for the record, Ive aldo bought a bike from a guy on payments. 2 bikes to be exact.
i bought a car from solracer on payments and a bike from cajunsoulja on payments paid both off.
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Old 08-18-2010, 09:18 AM   #18
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Quote:
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lets go Dusty! Atleast I can find your house and repo that ! lol

Seriously though, what is my legal right if the person doesn't pay. Do you get police involved or do you go get it yourself or what?
Im not giving out any advice, but you may want to ask our lawyer (sponsor)
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Old 08-18-2010, 09:19 AM   #19
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i bought a car from solracer on payments and a bike from cajunsoulja on payments paid both off.
oh yeah, I forgot about that...
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Old 08-18-2010, 09:25 AM   #20
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Quote:
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Well, the only interest in my bike right now is from people that want to make payments. I have said no, up until I talked to this guy. He is in a bind and needs some sort of transportation. I need to rid myself of bike payments for a while. He can make more than double my payment with a small down payment. I figure, if I keep the money he pays me in a separate account and have the payments drafted out of that or whatever, It could work. I will pay everything he gives me towards the bike and once it is paid off, I will keep the remaining balance. He is okay with not having a title till paid off, so.............

Is there an issue with renewing registration and such being he has the bike?

btw, we are not friends, so no feelings would be brought into this!
Im sorry, but thats bullshit.. You buy a civic for transport, an R6 is for fun.. Who in thier right mind would buy a bike for their only mode of transport? This guy just wants a bike and sounds irresponsible.
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