Question about selling - Chicagoland Sportbikes
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post #1 of 5 (permalink) Old 06-20-2006, 06:31 PM Thread Starter
 
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Question about selling

So, I have around 1500 bucks left to pay off on my bike. I am interested in selling it as I'm moving back to Chicago and am buying a condo and could use the extra cash. Since, I don't have the title, could I do the following:

List it for sale, get a buyer, get his cash, pay off the bike, get the title sent to me and sign it over?

Since all my extra cash is tied up with this purchase, finding the 1500 extra bucks to pay it off myself, then list it probably isn't going to happen.

Lastly, if a prospective buyer wants to take a test ride..should I say no? Have a waiver of some sort for him to sign? Thoughts?

Thanks for the help
Matt
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post #2 of 5 (permalink) Old 06-20-2006, 06:42 PM
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oh boy...ok...here goes...

if the bike is under a loan through a bank...pay it off as soon as possable BEFORE applying for home loan...reason why is cause the mortgage comp looks at it as debt and even though its a small amount...its still a debt...u r best off going after a house/condo/whatever with almost nothing under your name...

if u can not go that route, then do what you suggested...but do NOT allow a ride without cash in hand...and i mean cash...no cashiers checks or money orders...before u know it, your bike is gone and no way to get in contact with the person other then calling the popo...

dont suggest a test ride unless they have a "M" class lisc. or cash in hand and make up a wavier that states that while test riding it, if ANYTHING goes wrong, they are responsable and they must pay for repairs/damages...

...plus my gf was with me saying "omg slow down, slow down" and I was thinking "Lose annoying squalk box in passenger seat, afford more mods and have less weight in the car and on the back of the bike"...so i dumped her and I'm single again as usual...HERE KITTY KITTY!!!
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post #3 of 5 (permalink) Old 06-20-2006, 07:07 PM
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by selling the bike with a loan still attached, you can have the buyer call your bank for the payoff. do not give them your account # or routing #. with a little info about you and your account info, you are realy leaving your guard down. your bank name and loan # will give a potential buyer enough info to get a payoff amount. with this, they can write a check directly to the bank for payoff and give you the remainder in CASH. Casheers check is ok too, but tell them it must clear your bank prior to releasing the bike or title. I just sold 2 cars and went through the whole process. good luck, be careful. also try and meet buyers somewhere else then where you keep your bike.

you don't know when, you don't know where, but you will know why.

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post #4 of 5 (permalink) Old 06-21-2006, 03:30 PM
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Quote:
Originally Posted by Thunderstruck
if the bike is under a loan through a bank...pay it off as soon as possable BEFORE applying for home loan...reason why is cause the mortgage comp looks at it as debt and even though its a small amount...its still a debt...u r best off going after a house/condo/whatever with almost nothing under your name...
A 1500 loan would hardly affect your chances of getting approved for a mortgage.....unless you were late every month or something. If you have nothing in your name (no credit) that is no good either, and that is not the best way to go....Be prepared for a nice high interest rate if you have no credit.

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post #5 of 5 (permalink) Old 06-21-2006, 04:04 PM
 
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Cash in hand or no test ride first.

Once they want to buy, have them meet you at your bank (call ahead so they can have the title ready.) They give you the cash, you pay the bank off. They get the title and you keep the left over money.

The bad part about having a loan on the bike is that they pretty much have to come back to pick up the bike. No way I would part with my $$ without a title in hand as a buyer.

No way you can float $1500 on a CC for the couple weeks max it would take to sell the bike?
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