Ok, first off i havent been on for a long time but im selling the bike. i had back surgery last year and it just wears my back out to ride it and its just collecting dust right now.

i listed it a couple weeks ago and someone wants to buy it. they told me originally they wanted to put $2500 down for me to hold it and work out a pymt plan for the rest, so i agreed. I was kind of afraid it was a rip off or it was going to be someone coming to case it for a theft or something bc i thought who would give someone they dont know $2500 and then just pay on it until they pay the agreed price and come get it.

well he contacted me today and said he had talked to the leader of his bike club who is also a lawyer and they adviced him not to do that. he said what they told him to do is put the $2500 down, write out a document agreeing on the price of the bike, how long he has to pay it off, the year, make model, vin etc on the document and have it notarized @ the bank. then i keep the title, he takes the bike and then when he pays it off he gets the title. which also sounds like a more legit way to do it to me as well, i just want to make sure that if we do it this way it is legally binding and that im not risking getting my bike stolen.

is this a legitimate way to do it?
the guy is legit and really wants the bike, i can tell by talking to him that hes not trying to rip me off or anything so i was just wondering if anyone else has made a sale like this.

 

For me man its cash or nothing. My thinking is that your not a bank so your not making interest not have the connections to ruin his credit. Just get cash, sell the bike and hope your back heels up.

 

The process itself is legit, the problem is enforcing it if something goes wrong. The only way to do that if he flakes is legal action and for the kind of small money that is going to be at stake here, that's pretty much a lose-lose situation.

Be careful is my advice. The guy may be perfectly legit and want your bike but if he loses his job tomorrow all the legitimacy in the world won't get you your money. I've had that happen to me a couple times. It sucks because there's so little you can do.

 

If the guy is legit, theres not reason he can't just get all of the money from the bank. Honestly, I would have a hard time doing that for a friend, let alone for a stanger.

The real issue you have is if this guy doesn't put full coverage on the bike, totals it, and doesn't pay for the bike. You now have to take him to court, take time out of your life to try and get your money back.

My other concern would be if doesn't have the title, how can he get plates and insurance for it?

People are full of good intentions, but if something happens to the bike, is this guy, who you don't know, going to follow through and pay off a bike he no longer can use? I doubt it.and honestly, if the guy doesn't have the credit or the means to come up with all of the money, he has probably had good intentions turned bad in the past. There are a lot of bikes out there, and if someone is that dead set on "your" bike, it doesn't look too good. I've seen those people before and they are not as upstanding as they like to present themselves.

Walk away unless the guy comes up with all of themoney. Heck, if the leader of his bike club is lawyer, Im sure he can afford to front this fine upstanding man a loan for the whole amount.

 

my bike is listed on craigslist and here, a few other right now

there is no way my bike will leave my possession until i recieve payment in full
no exceptions
even for family

i am selling my s10 very similarly to that though, he's making payments but not taking possession of it or the title until he's got it all together

 

for some reason this seems to me like it'd go down like that movie biker boyz

he'd get busted for street racing and his lawyer buddy would get him off but your bike would be impounded

 

If the guy is legit, theres not reason he can't just get all of the money from the bank. Honestly, I would have a hard time doing that for a friend, let alone for a stanger.

The real issue you have is if this guy doesn't put full coverage on the bike, totals it, and doesn't pay for the bike. You now have to take him to court, take time out of your life to try and get your money back.

+1000. Well put, man.
There's no way I would do it. Just the PITA factor would be enough for me to say no, not even mentioning all the reasons above.

 

Just get another buyer, I'm sure someone out there will pay you what you want. He probably has another frame and title waiting to be used. Your not a finance company and I hate to deal with idiots that can't afford what they want. If you can't afford to buy it or can't finance it with a bank you have no bussinness wasting peoples time being a begger. Johnny

 

No way would I take payments, even after a large down payment. For all the reasons already mentioned. I couldn't buy my bike outright... so I went to the bank and got a loan. Just like anybody could that is known to pay off there debt.

 

All or nothing bud. You'll be much happier that way. Safer too.