how do you go about selling a bike that is not completly paid off? since you don't have the title and all.

 

Sell it, sign the bill of sale(I think that this is what it is called, you can download the form on the DMV website), submit it to the DMV, and send the buyer the title when you get it in the mail. No biggie.

 

There should be a section on the back of the title which will say "Lien" on it. That's the part you want to fill out, as it identifies that the bike is still under payments and who the title holder is (which financial institution).

 

my leinholder has the title. so i can just sell it with a bill of sale?

 

Arrange for the buyer to pay the difference to the lienholder and have the title released to the buyer. You take the difference in sale price and he takes the bike. If you have questions, I would call the bank/lienholder and ask them what the best way is to go about the transaction.

 

Why should the buyer pay the difference? If I buy something, it is the negotiated price period... seller has the obligation to pay the difference. If the original buyer was upsidedown in the loan it is not the new buyers responsibility

 

well if i only owe 3300 on the bike i'm not going to let it go for that much if i can get 4500-5000 for it.

 

i would contact your bank just to make sure, it would suck to get blindsided by some small technicality after the bike is gone

 

you guys are over thinking this. If i am selling my bike for $5800(which i am ), and I still owed the bank $5000 on the bike...You, the buyer, gives me a check or cash for $5800 and we both sign the bill of sale and I give you the keys to your new bike. Once this is filed with the DMV, you the seller can go commit all the crimes you would like on the bike because it is now your property.

Now that I have your money, I pay off the balance of the loan and the bank will take its sweet time sending me the title. once i recieve the title, i will sign it over to you and send it to you.

It really isn't that big of a deal. people do this everyday.

 

Call your bank/credit union and get a pay-off quote. then you'll have an idea on how much paying off the bike will be.. just pay that and get the title in about 4 weeks

 

can you register a bike witha a bill of sale only or would the buyer not be able to ride until the title work is complete?

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by arjusmc &raquo;</TD></TR><TR><TD CLASS="quote">well if i only owe 3300 on the bike i'm not going to let it go for that much if i can get 4500-5000 for it. </TD></TR></TABLE>


Duh!

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by arjusmc &raquo;</TD></TR><TR><TD CLASS="quote">can you register a bike witha a bill of sale only or would the buyer not be able to ride until the title work is complete?</TD></TR></TABLE>

No, you can't register the bike until you get the title.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by JeffS &raquo;</TD></TR><TR><TD CLASS="quote">

No, you can't register the bike until you get the title.</TD></TR></TABLE>
This is true, but you can insure the bike without the title...meaning that you can ride it, providing that you have a valid license.

I'm talking CA here. since you inherit the current plates that come with the bike when you buy it. If registration is current, you don't owe again until the next year anyway. You just have to pay tax on your new bike purchase and transfer the title when you recieve it.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by MSchu &raquo;</TD></TR><TR><TD CLASS="quote">


Duh!</TD></TR></TABLE>
then what were you trying to say?????