Questions about selling a financed bike
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Cruiser
Joined: Oct 2008
Posts: 133
Likes: 0
Questions about selling a financed bike
My wife bought a '07 Sportster last year and now she's decided that she would rather sit on the back of mine instead. Because of this, she's wanting to sell it, but since it's financed, I'm not sure what will be the best way to do it. I contemplated selling it on consignment, but they're going to take 15% (almost $900 in this case) and I'd rather not have to go that route. Aside from ponying up the cash and paying it off myself so I'll have the title in-hand, what other ways are there to handle this?
Elite HDF Member
Joined: Dec 2007
Posts: 4,271
Likes: 29
From: Green Country,Oklahoma
That's why I always tell new riders to buy a cheap off shore bike first to be sure they like riding first,I get poopawed alot but saves alot of issues down the road.Put it on ebay,the buyer can work it out through the lender.
Extreme HDF Member
Joined: Jun 2007
Posts: 12,653
Likes: 18
From: Broken Arrow, Oklahoma
Two possible options.
Keep it for you to ride around town and save wear and tear on your other bike.
Find someone locally that will take over payments. You'll have to get approval from the finance company for that to happen.
Keep it for you to ride around town and save wear and tear on your other bike.
Find someone locally that will take over payments. You'll have to get approval from the finance company for that to happen.
Extreme HDF Member
Joined: Jun 2007
Posts: 12,653
Likes: 18
From: Broken Arrow, Oklahoma
Would you ride off on a Harley without a signed title in your hand when dealing with a individual? A receipt doesn't mean squat, and isn't even legal evidence of ownership in a lot of States.
Tourer
Joined: Jun 2007
Posts: 340
Likes: 0
From: Ohio
You sell it to someone and then you pay it off and give them the title.
You sell it to someone and they get a loan. Their bank pays off the amount of the loan and you get a check for whatever over it is. Your bank sends the title to the other bank.
Its really hard.
You sell it to someone and they get a loan. Their bank pays off the amount of the loan and you get a check for whatever over it is. Your bank sends the title to the other bank.
Its really hard.
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Tourer
Joined: Aug 2008
Posts: 263
Likes: 0
From: Trinity, FL
Once you have a buyer call the finance company. Inform them you are selling the bike. Make arrangements for the title to be sent to a local bank. Have the buyer meet you at the bank. Buyer puts up his money, if you are selling at a loss you put up the difference and the buyer gets the title. It actually sounds worse than it is, banks do it all the time.
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Road Master
Joined: Apr 2007
Posts: 848
Likes: 0
From: Lake Jackson, TX
If you financed it at a local bank, arrange for the buyer to meet you there for the transaction. The bank will make sure all is well. I bought a boat this summer and that is what we did. Worked out sweet. The buyer doesn't have to worry about the title if you are out of the equation.
If you end up selling it for less than you owe, you will have to come up with the difference right there or else get a personal loan. Otherwise the title won't be clear.
Good luck
If you end up selling it for less than you owe, you will have to come up with the difference right there or else get a personal loan. Otherwise the title won't be clear.
Good luck