OK, So I'm Selling My Motorcycle...

[PTParks]

I have a '08 Victory Vegas Jackpot for sale and have gotten a few inquiries. One inquirer is very interested and is trying hard to meet my price. Here is my problem. The bike is currently financed and has a balance due. The money I get from the sale plus what I put in to make up the difference will go to pay the bike off. Is it common practice for the buyer in this situation to just hand over a check and wait for me to deliver the bike to him after I get the title from the bank? It will take about 10 days max to get the title in the mail. I'm honest, but I don't know if I would be comfortable if the roles were reversed and I was buying the bike. What is the best way to ensure the buyer that his money is going to the bank and he is going to get the bike and title? Do I let him take possession of the bike as collaterial until I can get him the title? Is he then responsible for the bike even though I would still technically own it until the title was transferred? The bike will remain insured in my name until the transaction is completed, but if he goes and wrecks it before we have the title transferred am I responsible for the repairs? I will have a bill of sale for signature and will have a notary certify the signatures. I can't figure out the best way to keep everyone happy and not create some sort of confrontational situation if thing don't go exactly as planned (do they ever?). Anyone with experience in this area please advise. Thanks.

 

[ScottyUSN]

I insured my bike before picking it up. But I've been informed by my insurance comapny, I am covered on new purchases up to 30 days from time of purchase. A situation I did not care to test.

Can you complete the transaction at your bank? That should give all parties a "warm fuzzy"? I did my sale of one bike and purchase for the FJR away from both our hometown. The only sticky point was getting the Notary. The buyer had a hook-up, and took care of it after the fact.

I showed the buyer the payoff amount from the bike on date of sale. He was comfortable enough to pay me, I in turn paid the bank. He had a signed bill of sale.

He showed me the bike was now insured with VIN number at time of sale.

Best thing to do is speak with your bank, and insurance company. Then speak with the buyer with clear cut instructions on what is expected come the time of transaction. Some states rule vary with others (i.e. Oklahoma is a hold your own title state).

 

[frito1]

Bill of sale, Cashiers checks from you and the buyer made out to the lien holder totaling the payoff amount, bill of sale, and limited power of attorney to the buyer for transfer of the title. Both of you go to or jointly mail the package to the lien holder with the mentioned items (minus the POA) plus a letter stating the buyer is the new owner & should receive all paperwork from the lien holder. The buyer takes the bike and in a little while will have the title and can then use your power of attorney to transfer it to him. Pretty simple, I've done it a couple of times. It's the process recommended by my little sis that works at the DMV. Or go see a local used car dealer and ask them to broker the deal for a fee, most will be glad to charge you a few bucks and handle the deal. They do it for a living.