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Old 07-02-2008, 11:36 AM   #1
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About Payments

If I were to sell my bike as an owner finance, what all would i need to do to make sure that i receive my payments?
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Old 07-02-2008, 11:39 AM   #2
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GOOD LUCK...NEVER DO PAYMENTS....especially with friends....money and friends don't mix...unless it's short term and you know the person really well or receive some collateral (sp?).
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Old 07-02-2008, 11:39 AM   #3
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what kind of bike are you selling?
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Old 07-02-2008, 11:43 AM   #4
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i was thinking of letting my 250 go for about 3 payments
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Old 07-02-2008, 11:43 AM   #5
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To much of a risk IMO. I would just tell the buyer to go through the bank and get a loan, so he can just make payments to the bank and its their problem.
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Old 07-02-2008, 11:44 AM   #6
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Quote:
Originally Posted by Dreamer!! View Post
If I were to sell my bike as an owner finance, what all would i need to do to make sure that i receive my payments?
collateral Something worth the same in value + a heavy down payment !
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Old 07-02-2008, 11:52 AM   #7
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Quote:
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collateral Something worth the same in value + a heavy down payment !
something like a mustang gt right?
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Old 07-02-2008, 11:53 AM   #8
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I woudn't do that. What if he wrecks the bike in a week then decides not to pay you. If he has collateral, then he should sell whatever it is and pay you in full. I can't believe you can't find a buyer for a Ninja 250. What is your asking price, a golden egg?
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Old 07-02-2008, 11:54 AM   #9
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had a buddy that used to owner finance cars. he said it is fairly safe. he would get a copy of the persons d.l. and bank statement for a month. if the person didnt make payment he would either repo the car himself, or if the person ducked out, he would report the car stolen, and the police would retrieve it.
maybe a lil harder to retrieve a bike though.
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Old 07-02-2008, 11:55 AM   #10
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I woudn't do that. What if he wrecks the bike in a week then decides not to pay you. If he has collateral, then he should sell whatever it is and pay you in full. I can't believe you can't find a buyer for a Ninja 250. What is your asking price, a golden egg?
file it in small claims, you wont even need a lawyer.
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Old 07-02-2008, 11:55 AM   #11
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something like a mustang gt right?

lol... always tryin 2 be like me i got a honda u wanted a honda... now i got a stang u want a stang lol
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Old 07-02-2008, 11:59 AM   #12
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Quote:
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If I were to sell my bike as an owner finance, what all would i need to do to make sure that i receive my payments?
hahahahahhaa, and when they crash it, im sure the payments will still be rolling in......
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Old 07-02-2008, 11:59 AM   #13
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lol... always tryin 2 be like me i got a honda u wanted a honda... now i got a stang u want a stang lol
haha


lol nah im asking $2100
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Old 07-02-2008, 12:05 PM   #14
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file it in small claims, you wont even need a lawyer.
Judge Judy his a$$. "I'm tha boss applesauce!" What if he ducks out to another state? What if he burns the bike and drops it off a cliff? What is the fastest possible turnaround on a small claims court case? How much time/aggravation/ect... goes into such a thing?

Obviously it would be safer and easier to wait for someone with the entire nut in hand. Just be patient and keep putting it in the paper/Cycletrader/CL/Ebay. Or give it to Patrick or someone and sell it consignment. Even that would be better than risking your bike to a stranger.

But do what makes you happy. Far be it from me to school someone on my life experiences.
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Old 07-02-2008, 12:27 PM   #15
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Make sure he gets full coverage during the payment period if you decide to move forward with this. Don't do it.
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Old 07-02-2008, 12:31 PM   #16
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Most people I've talked to have gotten screwed on payments.

I did 3 payments on my Magna when I bought it. 2500 down and 3 other payments of 250. But I'm a honest person. Plus, who could resist me?
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Old 07-02-2008, 12:56 PM   #17
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Ive sold a few things ( bikes and cars) I always get 5-10 refferences, notarised contract ont what you and buyers have talked about, Get FNC

FULL AND COMPLETE information of buyer, where he works and so on and so on...that is pretty much it bro
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Old 07-02-2008, 01:00 PM   #18
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dont do payments with friends, or people you know very well (even if you think you do).

It's not worth it, i learned the hard way by selling my laptop in short payments to my friends dad, and its fu*cking taking forever for him to pay off such a small amount of money. (sold it for $500)

he was suppose to send me the last payment of $150, but sent me 100 instead and said he'd send the next 50 within 30 days...wtf.

never again.
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Old 07-02-2008, 01:15 PM   #19
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payments work this way

you see my bike, you deposit money into your own account untill you get it up to our agreed price, and then when you bring it all to me (if I am still selling it) I will sell you the bike
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Old 07-02-2008, 01:19 PM   #20
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^ lol yeah but some people just cant do it bro...Beleive me, that is how I got my first bike, IM glad that man trusted me to pay him off. wich i did.

Just try to get a feel on the guy, see if he is trust worthy...
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