I Still Owe $ On My Bike. How do I sell It?

[shimmyz]

I may have to sell my bike. Work has been very slow and I may be forced to do so. I hope it doesn't come to this but I figured I would ask you folks how to go about doing it.

My Busa is currently financed through Yamaha Credit. It is a actual loan. I did not use one of those Yamaha credit cards.

My question is how do I sell the bike so that the buyer can take the bike the same day with his name on it? Will the notary take the money for the bike and then send it to my lender? Like a power of attorney type deal?

Thanks, Josh

 

[markiee43]

pay it off and get title and then sell it

 

[shimmyz]

What exact rule am I breaking? I'm asking how to go about selling it. This is not a forsale ad. If I had the money to pay it off I wouldn't be selling it.

 

[Laylas_Mom]

depends on the state you are selling in I believe...and if you get the money from the sale to pay the bike off in full

 

[NickSully]

I believe how it works will be like this.

1. A buyer will give you the money.
2. You will give the buyer a bill of sale. This should allow them to register the bike in their name.
3. You send the buyers money and any extra money to make up the difference in the loan pay off amount to Yamaha.(not saying you're upside down)
4. Yamaha sends you the title.
5. You sign the title over to new buyer.

That's how it worked when I bought a car off a uncle in a similar situation. That was over 10 years ago though so things may have changed.

 

[shimmyz]

depends on the state you are selling in I believe...and if you get the money from the sale to pay the bike off in full

I live in PA. The selling price of the bike would bring more cash than what I owe on the bike. I called the local (redneck) notary and it was like talking to a tree. Any Ideas on who I could call for info?

 

[djsin]

I believe how it works will be like this.

1. A buyer will give you the money.
2. You will give the buyer a bill of sale. This should allow them to register the bike in their name.
3. You send the buyers money and any extra money to make up the difference in the loan pay off amount to Yamaha.(not saying you're upside down)
4. Yamaha sends you the title.
5. You sign the title over to new buyer.

That's how it worked when I bought a car off a uncle in a similar situation. That was over 10 years ago though so things may have changed.

still works this way, you have to pay off the bank or you wont get the title, bank will not allow the title to transfer to another person...so you pay off bike, bank gives you title, you sign title, new owner goes to dmv with title and gets his own new title with his name on it and if he has a lender then his new title will go to his lender to hold till he pays off his lender

 

[shimmyz]

I believe how it works will be like this.

1. A buyer will give you the money.
2. You will give the buyer a bill of sale. This should allow them to register the bike in their name.
3. You send the buyers money and any extra money to make up the difference in the loan pay off amount to Yamaha.(not saying you're upside down)
4. Yamaha sends you the title.
5. You sign the title over to new buyer.

That's how it worked when I bought a car off a uncle in a similar situation. That was over 10 years ago though so things may have changed.

Thanks for the info. Luckily I'm not upside down. I hope it is as simple as you stated.

 

[shimmyz]

still works this way, you have to pay off the bank or you wont get the title, bank will not allow the title to transfer to another person...so you pay off bike, bank gives you title, you sign title, new owner goes to dmv with title and gets his own new title with his name on it and if he has a lender then his new title will go to his lender to hold till he pays off his lender

What if the buyer is a out of town person? Would I mail them the title after I sign it? Once we go to the notary is my name completly off the bike? Will they be able to insure and ride the bike even though I still have the title in my name until I pay my bank and send them the title?

 

[NickSully]

What if the buyer is a out of town person? Would I mail them the title after I sign it? Once we go to the notary is my name completly off the bike? Will they be able to insure and ride the bike even though I still have the title in my name until I pay my bank and send them the title?

Yes, you would just sign it and then mail it to the new buyer. The title and registration/insurance has nothing to do with each other for the most part. For instance if you where a bank and gave the new buyer a loan the title would be in your name but the new buyer would register and get insurance in their name.

Another example, and this is what I do, is I keep the title of my stuff in my mom's name but I have the items registered in my name and I keep my own insurance on them. I don't know of any state that requires a title to register a vehicle.

Hope that helps.

 

[NickSully]

Selling a Car in Pennsylvania

Here's a link that answers a lot of your questions for PA.

 

[tbonebusa]

I sold a Busa to a member here a few years back. To make everyone feel good, here is what we did. We wrote up a bill of sale for the bike. We called and got the payoff amount from Suzuki credit. We then went to my bank, where he wrote me a check for the sale price of the bike, which was more than the payoff amount. While we were both there at the bank, I drew a cashier's check to Suzuki finance for the payoff amount, and he watched me put it in an envelope and mail it off.

I received the title a few weeks later, signed it over to him, and mailed it to him.

Easy, stress free for him, because he knew that I sent the payoff to the lender.