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Old 12-30-2007, 06:29 PM   #1
manitzchris
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buying a bike

hi, im thinking about buying a 2005 suzuki gsxr 600. I am going to put some money down and pay it off monthly. We are going to do a contract agreement, but i need some advice about what to look out for.

If he keeps the title under his name will i will be able to get moto insurance?

what if he doesnt keep his end of the bargain and takes the bike back?

any other things i need to watch out for?
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Old 12-30-2007, 07:08 PM   #2
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Quote:
Originally Posted by manitzchris View Post
hi, im thinking about buying a 2005 suzuki gsxr 600. I am going to put some money down and pay it off monthly. We are going to do a contract agreement, but i need some advice about what to look out for.

If he keeps the title under his name will i will be able to get moto insurance?

what if he doesnt keep his end of the bargain and takes the bike back?

any other things i need to watch out for?
You can get insurance for it since it he would kind of be something like a lien holder similar to when you finance a bike (not using credit card type) the bank or CU ask for the title.

If you are going to do something like this I strongly suggest that you get everything in writing and you have a copy with both his and your signature just so that you have something to take to court. P.S make sure it has payment arranges and payment type and pay him/her with checks monthly easy way to keep record that you are paying as agreed.

Check the vin numbers and make sure the bike is not stolen or is not pieced together from a salvaged bike and stolen parts. I think you could ask POPORIDER or another officer on here to run them for you just to be sure other, than that just go over the bike with a fine tooth comb, because I mean in the end you are paying for it.GL with the buy
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Old 12-30-2007, 07:22 PM   #3
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seems shady to me

I tend to avoid these types of "deals"

specially if you found the ad on a classified (i.e. craigslist)
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Old 12-30-2007, 07:42 PM   #4
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You can get insurance for it since it he would kind of be something like a lien holder similar to when you finance a bike (not using credit card type) the bank or CU ask for the title.

If you are going to do something like this I strongly suggest that you get everything in writing and you have a copy with both his and your signature just so that you have something to take to court. P.S make sure it has payment arranges and payment type and pay him/her with checks monthly easy way to keep record that you are paying as agreed.

Check the vin numbers and make sure the bike is not stolen or is not pieced together from a salvaged bike and stolen parts. I think you could ask POPORIDER or another officer on here to run them for you just to be sure other, than that just go over the bike with a fine tooth comb, because I mean in the end you are paying for it.GL with the buy
thanks!

will carfax run motorcycle VIN?
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Old 12-30-2007, 07:43 PM   #5
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Quote:
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seems shady to me

I tend to avoid these types of "deals"

specially if you found the ad on a classified (i.e. craigslist)
he actually came to me
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Old 12-30-2007, 07:45 PM   #6
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thanks!

will carfax run motorcycle VIN?
Yeah but that won't tell you if it is stolen it will only tell you if it was wrecked
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Old 12-30-2007, 08:20 PM   #7
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go to an attorny and have them draw up a contract and have him and you sign it and have it noterized
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Old 12-30-2007, 10:00 PM   #8
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Also get in contract a power of attny. for any work / insc. claims/ showing you are the controling party until paid off.....
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Old 12-30-2007, 10:25 PM   #9
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anyone hook me up with a number to an attorney?
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Old 12-30-2007, 10:30 PM   #10
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You can just type up an agreement and go to any notary and get them sign and get the contract notarized for $10 to $20
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Old 12-30-2007, 10:32 PM   #11
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Quote:
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You can just type up an agreement and go to any notary and get them sign and get the contract notarized for $10 to $20
+1
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Old 12-30-2007, 10:42 PM   #12
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in writting! in writting! in writting! and make copies have witnesses and notarize, im pretty sure if the titles in his name and you owe him money he wont jump the gun on you, make sure the witnesses sign and date and make sure he has a witness as well, sounds like a hassle but shoot if you end up in court it payd to be prepaired if your doing sometype of in house financing(not with a bank and through credit)
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Old 12-30-2007, 11:10 PM   #13
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im willing to do all of this for a bike
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Old 12-30-2007, 11:26 PM   #14
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another thing is have you ever rode before? first bike? msf? because alot of people do things for their first bike then get intimidated by it and then dont like it , just for thought, i was one of um.
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Old 12-30-2007, 11:57 PM   #15
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ima take msf for sure
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Old 12-31-2007, 12:06 AM   #16
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After you take the proper steps to seal your deal make sure you have full coverage insurance. Because you never know what will happen! The smallest amount of repair or body work can cost you big time. Just price some new factory parts online. Especially fairings!
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Old 12-31-2007, 01:46 AM   #17
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Go to the tax office have the title transfer to your name but he is the lien holder on it. Have a payment plan written up and have it notarized. Just like a dealer would do. If not, maybe the above advice will work.
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Old 12-31-2007, 08:14 AM   #18
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the dude's an idiot for letting somebody else take over his notes.

and your an idiot if you buy into the plan.

if you can't get it financed on your own, you can't afford a bike.
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Old 12-31-2007, 09:19 AM   #19
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Quote:
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the dude's an idiot for letting somebody else take over his notes.

and your an idiot if you buy into the plan.

if you can't get it financed on your own, you can't afford a bike.


Absolutely right.

If you can't get financing on your own then you need to save your money and postpone bike ownership.
This "deal" you have told us about is a good way to get screwed BIG TIME.
All this talk about lawyers and notaries is bunk!

I have been down this road, please reconsider. There are NO protections if you enter into a deal like this. If you were to actually ask a lawyer he would say the same thing.
A notary seal means nothing in this type of transaction.


You have been warned.
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Old 12-31-2007, 09:21 AM   #20
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ima take msf for sure
how much u puttin down ?
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