How to sell a bike that's not paid off yet?

Discussion in 'OT Driven' started by fart bubble, Apr 19, 2007.

  1. fart bubble

    fart bubble Don't push your politics on me, pal!

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    Unfortunately I need to sell my bike ('05 Kawi 636). The bike and my current car both have to go to make room and help pay for a new car that I would like to have sometime this year.

    But the bike isn't paid off yet, I still owe about $2800 on it. How do I go about selling it if I don't have the title yet?
     
  2. trez157

    trez157 You can't trust freedom when it's not in your hand

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    well, you could inform the person you are selling it to that the title is still under lien. Then, once they give you the money and you have the bill of sale, pay the bank of and get title, then give it to the person who buys it. I'm sure there are more steps involved. Maybe you can contact your finance co and see what they say is the best way.
     
  3. fart bubble

    fart bubble Don't push your politics on me, pal!

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    Thank ya. If anyone has any more input, it is most welcome.

    Fret not, I will be riding again soon.
     
  4. synrgy

    synrgy New Member

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    When i bought my car the dude stll owed cash. I took my bank cheque and went with him to the finance company he owed the money too. He gave them my bank check, they signed off the debt and gave me a letter stating that the debt had been paid off the car and they gave the guy selling the car the rest of the cash. All done, he signed the car over to me.
     
  5. verticalINTENSEions

    verticalINTENSEions New Member

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    when i bought a truck off a friend of mine who owed money on it still, i paid him for the truck, signed a bill of sale, and took the truck home. He mailed in the payoff, got the title, and then he signed the title and gave itto me so i could finish filling it out and register the truck.
     
  6. ChatChai

    ChatChai OT Supporter

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    All the information given seems right but since you are the seller I would take extra precaution. If the buyer is financing it then they can send the check straight from their bank to yours. I would then request from the buyer that until the check arrive, which takes a day or sooner, then you release the car. Meanwhile you can sign the Bill of Sale meanwhile and the Pink Slip will be mailed to their bank.

    Of course if they are paying you out of pocket then I would take them with you to your bank and pay off the bike and you pocket the difference and you fill out all necessary paperwork at the bank.

    I've done it both ways.
     
  7. ChatChai

    ChatChai OT Supporter

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    Oh and post how much you end up selling the bike for when you do sell it. I'm just curious because I have the same bike.
     
  8. fart bubble

    fart bubble Don't push your politics on me, pal!

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    I am thinking around $5500 because there is a crack under the headlights and a scratched fender (never down, just from another footpeg on the same trailer).

    Is that too much? I just hit 5000 miles.
     
  9. fart bubble

    fart bubble Don't push your politics on me, pal!

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  10. ChatChai

    ChatChai OT Supporter

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    I've never checked prices but that seems about right for a two year old bike. Everything looks stock and original on it. I have about 500 miles more then you. My buddy has the same color as you and bought it the same time as me and has bout 13k miles on it already. I'm sure with the low mileage you should get some good value out of it.
     
  11. Morgan06

    Morgan06 New Member

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    I'm in the process of selling my 04 F4i that currently has a lien on it with HSBC / Polaris StarCard. In the past I've sold cars with a lien, and was able to bring the payoff to a satellite office and receive the title the same day.

    HSBC has a 12 day hold on non certified checks, and a 30 day hold on the title according to their cust. svc rep. I'd check with your bank to find the exact payoff/title process before you commit to sell.

    The only way to get the title from this place in a reasonable turnaround time for the buyer and myself was to overnite a bank check, and expedite the title through a newly formed FedEx account.
     

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