Buying A Financed Bike

T

TorontoBlonde

New member
Buying A Financed Bike
I am about to buy a bike from someone on craigslist. we have settled on a price.. here's the kicker..

it is still financed. what is the proper way to go about getting the title and buying the bike so i dont get screwed. Don't get me wrong, i like to give people benefit of the doubt but all my friends are making me skeptical as to how to go about this. I appreciate all information before i make this transaction.

Thanks
 
First of all, I hope it a local transaction.

Second, are you paying cash or finance through your own bank?

Three, If you are pay cash, go to his bank, and let his bank handle the transaction. You take possession at the same time.

Four, If you are financing it, let you bank handle it. You take possession at the same time.

Lastly, make sure the bike is inspected by a local dealer. It will set you back for about $80. But it's worth the investment. People lie.
 
hmm... i bought an R6 through CL before, from a kid who was still financing it and had negative-amortization...

after checking out the bike, we agreed on the price. i took down his driver license and verified it against his utility bills. Then we signed a "loan agreement" stating that from the day i hand over the check, he has 60 days to obtain the title (or mutually agree on an extension), else i'm going to charge him interest on the refund. (also had a witness sign it too) Since the kid lived with his parents, he seemed pretty reliable. It took something like 75 days for the title situation to be settled once and for all, but it worked out for the best in the end.

goodluck!
 
Well thought out. Good advice for all of us. You have to be sooo careful not to get burned. Perhaps a Notary stamp to top it off.

Many people are upside down on payments versus vehicle value these days. Especially on sport bikes that lose so much value in the first year. Lots of them get your payment then walk away, thinking it's the buyers problem now.

I had a friend of a friend who's daughter co signed for a gixxer 1000 for her boy friend. They broke up and he left town. She called me one night asking if I knew anyone who wanted to buy the bike for $13K. Sad, but I had to tell the girl as it was X time old it was worth about $7K. When he bought the bike he financed custom wheels and a lot of other blingage into the payment. The poor girl is into a $7K bike for almost double what it is worth. Now that's a default waiting to happen.
 
Find a dealer will do the transation for you. Have the seller trade in the bike and you buy it. The financing and title can be done at dealer and you can finance your new bike through the dealer.

Of course you need to know the dealer that is willing to do it for you. Private sales is good, but too much running to the bank and DMV.
 
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