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Old 06-27-2012, 12:28 PM   #21
J.J. McQuade
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Originally Posted by Cethridge View Post
Pay the balance off now, trasfer it to your credit card if you have to. Then sell the bike and pay off the card.

If not, then take the bike and the buyer to a Dealer, Car dealer, or Bike dealer, they will do the whole transaction for you and only cost a couple hundred bucks. Done that twice on both sides. It is the only way I will buy a bike from a stranger that does not have the title in hand and owes a balance.
I think it's worth a few hundred books to have my dealer handle all the paperwork! Good info.
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Old 06-27-2012, 12:50 PM   #22
Chubby Racer
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I've sold many vehicles that I still owe on. Banks are prepared for this, its not a problem. However, as has been noted there's 3 possible scenarios encompassed under the term "selling."

1. Selling a bike you owe less than the sale price.

In this scenario, the buyer cuts a check to your bank for the full amount, and the bank cuts you a check for the amount paid over the loan balance. Easy breezy.

2. Selling a bike you owe more than the sale price.

buyer cuts a check to the bank, you cut a check to the bank. Eveyone is happy.

3. taking over payments

immensely bad idea, technically againts your contract with your bank. DO NOT DO THIS.
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Old 06-27-2012, 12:58 PM   #23
jimmy the gent
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I would only do it under these conditions :

1) You are doing a buy off (not taking over payments). Never make payments on something some else owns.

2) Get the notorized bill of sale and photocopy of ID.

3) With help of seller, contact the finance company and get the payoff terms and conditions. You can also arrange to have the title sent to you once funds clear (instead of the seller) though will still need to get the seller to sign it and texas title application so you can transfer. But at least holding the title, bill of sale and a clear bike you will have leverage and recourse. For payoff, use a cashiers check written directly to the finance company. Never give the individual money because there is no promise they may pay off loan. And of course, make sure the finance company is legit. Though I can't see someone going through all that trouble to setup a fake front. Usually a scammer will try to get you to give them the funds directly.

If they finance locally (through a credit union) go with them and get the title immediately upon exchange of funds.

And to add: I have contacted finance companies on vehicles / bikes I was interested in and got much useful information. This is where I learned you can arrange to have the title send to you instead of the seller.
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Old 06-27-2012, 03:03 PM   #24
Mr F.
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Thanks for the helpful advice guys, do appreciate it.
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