so as far as buying a bike from a local person, and agreeing to do monthly payments, how should this be done? should there be a legal contract? who should physically have the bike and who should hold onto the tittle?

 

If your going to do something like that... 1 you Have to trust the person your doing it with.. 2 you have to agree on everything..

Let's say you make a contract.. That's notarized by the state.. And you agree that if you make monthly payments on the motorcycle.. That he keeps the title till you have it fully paid off ( same way with a loan from a bank, you don't get the title till it's fully paid off)

Now you have to figure out a monthly payment.. Are you going to pay interest on it? Or is it a flat out price! Let's say the price you guys Agree on is 7K.. Now if you wanted to pay that off in a year that would be around 584 dollars..give or take.. It's up to you guys to arrange a.. 2 year 3 years 4 year ETC payment option!

Again.. I would do it if it was someone I really trusted.. And someone that I knew wasn't moving in 2 weeks or in the near future!

Allllllwwwwaaayyyysss make sure you have a contract with anything.. And make it specific.. Not just payments of 530 a month. And have that be it on the contract..

AGAIN TRUST IS THE BIG THING TO WORRY ABOUT!

 

yeah , trust is a must, so how about the bike, should the buyer have the right to physically have it?

 

I recommend that the only payments you make are to the bank for a loan or to your credit card after the purchase. Better yet, use cash.

If you were to make payments to the individual seller...
He is the legal owner of the bike til its completely paid off...not you. Obviously, he holds the title. If there is any dispute during that period, the legal owner can take back possession of the bike for breach of contact, etc, (that is, if he were generous enough to actually let you take it - I wouldn't). More than likely, he'd want to maintain possession until its paid off in full. There are too many liabilities for him to let you take the bike until its paid off.

Not saying that a dispute scenario would happen BUT more problems occur w/ this method of purchase, that can cause further legal entanglements for you to recover the balance already paid, etc. If a dispute, ill-feelings, etc develop during this time & the seller stops the deal, you'll play hell trying to get your money back or getting the bike.

Save yourself the headache of possible problems & get the bank loan, use your credit card, or cash to pay for it.

That's my $.05. Good luck to you.

 

^^ thank you

 

I believe in a one payment plan. Paid in full...pass the keys and papers. Thank-you.

 

Cash or on to the next one.

Bikes can disappear / be stored in places requiring felony to enter / parted out too easily for me as a property owner to trust with my bike. And it'd still be my bike until the final payment was rendered. As a buyer, I'd have to figure what's the owner's threshold amount: how much of the full price is enough for him to run off. For some scam artist, that amount is any amount more than they already had (give him a $100 down payment and buh-bye).

Might consider it if you owned a house and put a lien on the deed until final payment was made

 

If I sell a bike it isnt going anywhere until I am paid. Not risking sum1 crashing n then not paying for it.

 

Nope, I wouldn't do it. Cash/financing from a legit establishment/bank loan or nothing.

And contracts are nearly worthless as far as I'm concerned. All money exchanged has to be tracked/traceable. No cash. Then, both people have to be 100% trustworthy. If something goes wrong you're gonna find yourself in small claims court wasting your time. And even if they find in your favor, it doesn't mean chit. The next step is squeezing blood from a turnip.
And all for what? Because you didn't want to take the next buyer/seller that came along?
I would never do it.