TallTom
Registered
Here is my situation. And first of all I am protected and will sustain no loss here. I agreed to sell a bike to a private individual and finance it. Wrote up a contract and he got full insurance per required contract. 4 months go buy, perfect payments, and he calls and tells me he had a go down on a rain slick road and called his insurance. Progressive is wanting to to total the bike. After looking at the estimate I can't say I disagree at the repair cost so we agree it will be totaled. I will receive all of the remaining balance of the loan and he will get the rest. They sent us both the pay-out numbers. I was like wait..whoa hold on here, you didn't include any of the add-ons. What add-ons. They listed them and revised the pay-out numbers. So far so good.
The bike didn't get hurt too bad, but all the little things added up. Further my guy wants to buy another bike just like that one. To do that would mean to find all those add-ons again.
I asked about buying the bike back. When that was suggested the pay-out number drastically reduced due to no licensing and taxes etc. So much so that after they paid me off, he would get nothing but the bike that was wrecked. Before hand he would have gotten enough to re-coup all he had paid out and had money left over to buy the next bike and/or buy some of the same upgrades. I installed every one of them. I feel I can easily take the add-ons off the old bike and re-install onto the new one.
He essentially gets everything paid out past my pay off I have coming as a lien-holder.
So my question(s) are. The bike isn't hurt all that bad. After transferring all the add-ons, I can sell a ton of stuff off the bike that were untouched in the wreck. Hoe negotiable are they on the buy back process? They want $950 as a buy back, plus they take back the taxes and licensing.
As I spell out the add-ons and the pay-out prices is adjusted up correctly, I don't get anything more so I am in a sense getting him more money. He has no clue what to do with the bike, but heck he will end up getting like $2000 back after this is all said and done. Can I discuss making him buying the bike back? Why do they tweak the licensing and tax numbers so high when its a buyback? Heck the $950 is the cheapest part of the buy back formula. If I buy it back, I have to take it out of my loan payback and then bet on the come that I can make up for it selling off the parts.
So I'm asking if anyone know how to navigate me through this where I can possibly get the bike back and not be out any of my money. Can I demand that they take the buyback proceeds out of his payouts. He would still have money left in his pocket even if he did buy the bike back. Of course all the parts he wanted to keep would be his, but after that he would have no clue what to do with a wrecked bike. Whereas if I had it I could part it out.
Any help here would be much appreciated.
The bike didn't get hurt too bad, but all the little things added up. Further my guy wants to buy another bike just like that one. To do that would mean to find all those add-ons again.
I asked about buying the bike back. When that was suggested the pay-out number drastically reduced due to no licensing and taxes etc. So much so that after they paid me off, he would get nothing but the bike that was wrecked. Before hand he would have gotten enough to re-coup all he had paid out and had money left over to buy the next bike and/or buy some of the same upgrades. I installed every one of them. I feel I can easily take the add-ons off the old bike and re-install onto the new one.
He essentially gets everything paid out past my pay off I have coming as a lien-holder.
So my question(s) are. The bike isn't hurt all that bad. After transferring all the add-ons, I can sell a ton of stuff off the bike that were untouched in the wreck. Hoe negotiable are they on the buy back process? They want $950 as a buy back, plus they take back the taxes and licensing.
As I spell out the add-ons and the pay-out prices is adjusted up correctly, I don't get anything more so I am in a sense getting him more money. He has no clue what to do with the bike, but heck he will end up getting like $2000 back after this is all said and done. Can I discuss making him buying the bike back? Why do they tweak the licensing and tax numbers so high when its a buyback? Heck the $950 is the cheapest part of the buy back formula. If I buy it back, I have to take it out of my loan payback and then bet on the come that I can make up for it selling off the parts.
So I'm asking if anyone know how to navigate me through this where I can possibly get the bike back and not be out any of my money. Can I demand that they take the buyback proceeds out of his payouts. He would still have money left in his pocket even if he did buy the bike back. Of course all the parts he wanted to keep would be his, but after that he would have no clue what to do with a wrecked bike. Whereas if I had it I could part it out.
Any help here would be much appreciated.
