I am moving back to dallas in about a month and need to get my bike sold. I have a person I work with that wants to buy it. He is joining the military in Feburary and will receive his bonus and can afford it then.

I can leave the bike safely in the garage of my current roomates.
I owe 200 per month on the bank loan to pay for the bike.

The agreement is that he will pay the 200 per month until he receives his bonus and at that time will take delivery of the bike while paying a lump cash sum.

Now I do not know this guy all that well, and considering we will be 700 miles apart after I move i'm worried about keeping myself from getting screwed over.
I considered writing up a contract with a full payment schedule and having both parties sign at the office of a notary.

Any thoughts??
He can not get his own loan due to credit issues and the loan cannot change hands.

 

here is my thoughts.. and HEED THEM.


if a BANK with BILLIONS of dollars wont loan him money due to credit..

YOU SHOULDN'T

Walk away this will not end good.. dont' ever. ever ever ever ever.... let someone "buy" your bike on payments.

It's never worked out in the history of mankind.

he will walk with your bike and you will end up making the payments on your credit for a bike you do not have.

TRUST me it's happened to plenty of people i know

 

I basiclly agree with the above postings. If for some reason you really still want to do this though, you continue making the payments. Do not trust someone else with your credit. Continue making payments, then when he gets his bonus sell him the bike.

 

No way I would do that. If this guy has credit issues, it means he has already screwed over loan companies or defaulted on things already. If he has done this, why would he treat you any different? He wont. He will stiff you and join the military. Even if you have a contract, good luck.. the dude is in the military for how long? If hedoesnt care about his own credit, he wont care about yours. Plain and simple.

I agree 100 percent with TK, if you do decide to do this, make the payments yourself and have him send you the money.DO NOT let the bike into his hands until the bike is paid in full. Write the contract so that he must make payments on time every month to you. Make the payments due a week before you owe it to the bank. Also, make the payments asnon refundable deposits. If he doenst want to sign that, then that should tell you his intentions right there. He should have no problem signing it if he intends to live up to his end of the bargain.

If nothing else, take the bike with you to dallas. Im sure you can sell it there.

 

Take the bike to Dallas and join us for rides.

 

X, i would love to. Rent will slit my throat, they dont know about my baby.

As just a squid said, I would have contract written where they payments would go non-refundable directly toME and I would pay the note for the next 2 months. I still have enough cash avaliable to handle the payments so that is not an issue.

Delivery of the bike would only be after a lump sum was paid to cover the remaining cost.


I'm only considering this cause I like the guy and he is willing to pay the price i'm asking. The market around here sucks.