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?

 

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.

 

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.

 

you can sell it have the person pay for it give him a receipt and provide the title in a few days Thats what car dealers do

 

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.

 

Whatever you do, directly involve your finance agent to make sure you end up good with them.

 

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.

 

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.

 

have the buyer show up when your bank is open. Pay off the bike with both of you present, get title from the banker, sign away your part of the title, give the new owner the title. Done deal.

 

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