DeLiRiOu5

I have a couple people interested in buying my bike, but I still owe $3,500 on it. How do I go about having them take over payments? Doing it under the table is out the question. Basically, does the buyer call the current loan company that the bike is financed with, try to get approved for the loan, then take over payments? Or is another option, they can get a loan from elsewhere, such as their bank, the buyer's bank will pay off the balance for me and the title will be sent to the buyer?

typeeg

I would just call your bank to see what the options are.. they would know better than anyone here

DeLiRiOu5

yeah i'm sure if i call the bank they'd tell me the steps
but i hate having to call them. takes forever to connect to a real person and half the time they don't know what they're talking about.

CXHatchback

The guy I bought my car from owed on it, and i Just took a loan out at a credit union and they paid off his loan. They hold the title till I pay off my loan. That's pretty much how it works.

ScubaStevo80

Bring the buyer to the bank and have them pay off the loan balance... this way there's no more interest and they get the title in their name... taking over payments on a $3500 balance is stupid

916LuDeR

^^ What he said... have him pay it off right there and then he won't have to deal with interest and handing that **** over. It's only $3500

Gotcha

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by DeLiRiOu5 &raquo;</TD></TR><TR><TD CLASS="quote">yeah i'm sure if i call the bank they'd tell me the steps
but i hate having to call them. takes forever to connect to a real person and half the time they don't know what they're talking about.</TD></TR></TABLE>

Sounds like you need a new bank. If your friend wants to get his loan from another bank, their bank will buy the bike from yours. Happens all the time.

DeLiRiOu5

i know $3,500 doesn't seem like much when buying a bike, but i think its a good selling point. for example, if a college student only has 2 grand, doesn't want to start on a 10+ year old bike, etc.

Matt Groove

my friend's brother is selling his 03R6, he still owes 6500 on it. I was gona apply for a loan (capital one), do you need insurance before you apply?

DeLiRiOu5

some of them require full coverage, but the one i have doesn't require any. my bike is financed through household

Matt Groove

hmm if i get the loan would it be "used person to person purchase"? or lease buyout loan? argh got a license but no bike lol


btw, what are your rates with that company?


Modified by Matt Groove at 4:58 PM 9/5/2004

DeLiRiOu5

if you just want to take over payments, i believe it'd be a used person to person purchase. otherwise, if you plan on paying in full it'd be a buy out loan. someone correct me if i'm wrong.

my rates are a bit high since i don't have the best credit, it's 16.99% i think. but the rate is also due to it being a used bike purchase, since the loan borrowed is much lower than with a new bike.

i live in irvine too btw

Matt Groove

oh word? do you go to IVC? cause i've seen a blue yzf around school

DeLiRiOu5

yea actually i just started going to ivc this fall. went to uci for first year, occ for 2 years, and now i'm at ivc