? about selling a bike & title loans - Chicagoland Sportbikes
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post #1 of 27 (permalink) Old 07-25-2007, 11:13 AM Thread Starter
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? about selling a bike & title loans

So I have a couple who wants to buy my 250 and they asked me about 3 months ago to "hold" the bike for them because they couldn't get the money then but expected to get it within a few weeks. I told them I wouldn't hold it but I wasn't really actively selling it so they can take their chances... They told me about a month ago they were almost ready to buy and just wanted to make sure I still had the bike... yep, still got it. Well the other day I got a few messages from them asking for the VIN because they are getting a title loan and the company needs the VIN before they can approve them. I have sold a few bikes before and no one has ever asked for that. They said they have bad credit and the only way they can get a loan is through a title loan from their bank. Does anyone know anything about title loans? I thought you need to actually have the title in hand in order to get the $. They wouldn't get the title until I get the $. Even then it will only be a signed over title still not in their name.

Does this sound legite and should I provide them the VIN before they even look at the bike? Is there anything they can do with the VIN that would fuk me over? I just have this weird feeling because they have been acting kinda weird and they keep assuming I am holding the bike for them even tho I'm not and they are really pushy. Plus, not to be a bitch, but it's only $1k, so I find it odd that its taking them months to figure out a way to get $1k and now they have to do a title loan to get it.

Does anyone else think this is fishy??

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post #2 of 27 (permalink) Old 07-25-2007, 11:16 AM
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not fishy. i always get the vin before I buy, I do it for insurance.

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post #3 of 27 (permalink) Old 07-25-2007, 11:16 AM
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Doesn't sound right as far as money part goes. But for the VIN anyone can just grab a VIN off any vehicle so I don't see what they can do with it or how much they can do with it.

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post #4 of 27 (permalink) Old 07-25-2007, 11:16 AM
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meh, they post vins on ebay now so people can do their back ground reseasrch, and does make sense that the bank wants to verify the bike is real before giving some random crack heads 1K.

there might be something I dont know but I would give them the vin if it was me.

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post #5 of 27 (permalink) Old 07-25-2007, 11:17 AM
 
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It sound fishy to me. About the Vin you usually take it to check if its not stolen, been in accident or somebody has a loan agaist the bike already. That all I know.

Last edited by TrishCBR; 07-25-2007 at 11:51 AM.
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post #6 of 27 (permalink) Old 07-25-2007, 11:18 AM Thread Starter
Mmmmmm....
 
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Okay cool... I just have never been asked with any other bike I sold so I just wanted to make sure it didn't seem odd. Maybe it's just that they seemes so fishy with everything else that I am worrying over this... Thanks guys!

I guess this is good to know when I buy my next bike... I have always bought my bikes from people I knew so I never had to worry about checking the bike's history.

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post #7 of 27 (permalink) Old 07-25-2007, 11:19 AM
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What kind of 250 is it?

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post #8 of 27 (permalink) Old 07-25-2007, 11:20 AM Thread Starter
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Quote:
Originally Posted by Eugene View Post
What kind of 250 is it?
Kawi Ninja 250ex

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post #9 of 27 (permalink) Old 07-25-2007, 11:21 AM
 
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Anyone can walk up to your car or bike on the street and see the vin number clearly. So you can give your vin to the world...does nothing but identify which vehicle you have.
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post #10 of 27 (permalink) Old 07-25-2007, 11:29 AM
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Actually at least some banks will ask for a copy of the title before they will issue a loan. They might also ask for a signed bill of sale (that states that, say $100 was paid and the sale will be committed after the reminder of the amount is received). This is absolutely normal.

After that the bank will issue a certified check in your name. It is a good idea to find the bank's phone number (do not use number on the check) and call them to verify the check before you release the bike.

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post #11 of 27 (permalink) Old 07-25-2007, 11:31 AM
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If someone asks you to hold a bike for them, ask for a $100 or more deposit. Give them a week to come up with the money or they forfeit the cash. Easy money.

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post #12 of 27 (permalink) Old 07-25-2007, 11:31 AM
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Some banks are picky about info especially when it comes to used bikes. you should see the shit I went through when I bought my Ducati from Rich. and I have excellent credit.




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post #13 of 27 (permalink) Old 07-25-2007, 11:33 AM
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Wow, a title loan on a 1k bike. Sounds like they've got bigger problems than buying a bike. If you have a bad feeling its prob for a good reason. I would hold off until someone has cash in hand. Or at least someone i knew.


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post #14 of 27 (permalink) Old 07-25-2007, 11:34 AM
 
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The bank uses the vin # to establish loan value. They input it to there system and then determine what they will loan you for said bike. That way they can protect their investment.
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post #15 of 27 (permalink) Old 07-25-2007, 11:37 AM Thread Starter
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BTW- I am not actively selling this bike and if this couple doesn't end up taking it I won't sell to anyone else... The bike is not running and not even at my house... one of these days I will actually get the bike back to my house and get it working (new battery and carb cleaning I think)... I was only going to sell it to this couple because the wife wants to learn but her husband is trying to teach her on a 750 and she is getting freaked out... lol. So yeah I just wanted to get that out of the way so I don't get flooded with PM's... lol.

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post #16 of 27 (permalink) Old 07-25-2007, 11:38 AM
 
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How much do you want for the 250? I have a project in mind.
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post #17 of 27 (permalink) Old 07-25-2007, 11:40 AM
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post #18 of 27 (permalink) Old 07-25-2007, 11:43 AM Thread Starter
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Quote:
Originally Posted by achapman View Post
How much do you want for the 250? I have a project in mind.

Hey bonehead read the above post... lol... you are gonna help me fix it up BTW...

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post #19 of 27 (permalink) Old 07-25-2007, 11:46 AM
 
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I'll fix it if you sell it to me. woot!
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post #20 of 27 (permalink) Old 07-25-2007, 11:55 AM Thread Starter
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Quote:
Originally Posted by achapman View Post
I'll fix it if you sell it to me. woot!

I'm not selling you the bike dickmunch... what the hell would you do with a 250?? Plus, you already offered to help me fix the bike a while ago so I'm holding you to it...

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post #21 of 27 (permalink) Old 07-25-2007, 01:26 PM
 
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I would ride it as my daily driver and turn it into an all electric bike with solar panels.
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post #22 of 27 (permalink) Old 07-25-2007, 01:29 PM Thread Starter
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Quote:
Originally Posted by achapman View Post
I would ride it as my daily driver and turn it into an all electric bike with solar panels.
Mmmmmkay then....

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post #23 of 27 (permalink) Old 07-25-2007, 01:33 PM
 
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Yeaaaaa saving the environment and decreasing our dependency on foreign oil is something to laugh at?
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post #24 of 27 (permalink) Old 07-25-2007, 01:37 PM Thread Starter
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Quote:
Originally Posted by achapman View Post
Yeaaaaa saving the environment and decreasing our dependency on foreign oil is something to laugh at?
No that's not what I am laughing at... Instead of wasting your money buying yet another toy, why don't ya save it for when you gotta buy a new car or just save it so you don't have to continuously work two jobs?

And if you are so worried about decreasing our dependency on foreign oil, then maybe you should stop wasting gas all weekend by riding around for entertainment... find another hobby.

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post #25 of 27 (permalink) Old 07-25-2007, 01:49 PM
 
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O.0?
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post #26 of 27 (permalink) Old 07-25-2007, 02:07 PM
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What is the year and mileage of the bike? How much? I have a friend looking to buy a Ninja 250.

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In motorcycle terms, that's like taking your Ducati to a dealer for service, and they hand you back a 1979 backfiring Honda 400 Hawk.. because after all, a bike is a bike.
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post #27 of 27 (permalink) Old 07-25-2007, 02:29 PM
 
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Quote:
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BTW- I am not actively selling this bike and if this couple doesn't end up taking it I won't sell to anyone else... So yeah I just wanted to get that out of the way so I don't get flooded with PM's... lol.
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