the only way I would do that Is if you kept the bike AND the title until you got all your money. that's way if he can't make a pmt your not out anything. you could even give him some of his money back if you have a good heart. lol

 

If you want to do promissary notes, then you dont give them anything more than the promissary note, NO TITLE... and absolutely NO BIKE!!

i have a sample promissary note if you want that i used when i sold my car


PROMISSORY NOTE
Principal Item: CBR 600 with VIN ending in 05077
DATE, _____/_____/_____

FOR VALUE RECEIVED, I, __Person A____ (Buyer) promise to pay __________Person B_______ (Seller) the sum of (Amount written out in letters__) Dollars ($__Amount in number__), on the unpaid balance as specified below.
Payment shall be made in __CASH_ in ___ installments, consisting of $__1__ first installment on the _______ (Date) and $_2_ second Installment on ________ (Date) until the principal is paid in full.
When Principal is paid in FULL, then item can be collected in condition as agreed.

Buyer agrees that until the principal owed under this promissory note are paid in full, the both parties will secure this note in two copies.

IN WITNESS WHEREOF, I set my hand under seal this ____th day of _______________, 20___ and I acknowledge receipt of a completed copy of this instrument.
_________________________________
Borrower’s Signature
_________________________________
Address
_________________________________
Seller’s Signature
_________________________________
Address

Installment 1

_____________________________ ___________________________
Paid 1 Received 1
Installment 2

_____________________________ ___________________________
Paid 2 Received 2

 

+1

 

Like everyone said already... Go Cash.

 

But if he has no other takers and needs money this is a good route to go. I had a purpose truck that was meant for the baha in CA. I was able to find someone who wanted it but all he could do for me is trade his benz. I had no other takers cash wise so I said screw it and did it and now selling the benz for 9k. Craigslist is awesome if you play it correctly and be smart about it. Never meet them at your place, always somewhere public like a grocery store parking lot, etc...

 

Just think about the headache youll go throught if the deal goes south ,having to get a lwyer, go to court, miss work for court, stress ,pissed at yourself for not listening to everyone here

but one thing i would do is let him make payments you hold on to the bike and make it clear NO REFUNDS intill you get your cash and make him pay a little interest and put everything into writing

now that i think about it screw that deal theres millions of people out there with cash that would just buy it ,be a little more patient and youll get the money all at once

 

He shouldn't be doing a payment plan through you, have him get a loan from a bank and get cash from him for the entire amount up front.

Like other have said doing it this way leaves you out of luck if he stops making payments and it's going to be hard for you to enforce and would probably end up costing you more then he owes you to go after him should he not make payments....

 

Yea i talked to him today and told him i didnt feel comfortable letting the bike go before being paid in full, so we agreed and he's going to come down and put the deposit on it for me to hold it and then pay the remaining amount before august 20. so i am still doing a payment plan with him but i am keeping the bike/title/deposit. im using the prom note that NYKnick put on here (thank you so much) my only question is should i put something about the deposit being non refundable, or forfeiting the deposit or all money paid if not paid in full. or is that already assumed by whats in that prom note?

 

Always write down stuff like non-refundable.. Never assume on a legal doc. It's worth the extra 10sec to write it on there..

 

Good choice man, i have a good friend literally like a brother to me wanting my 900 and wants to take the bike and make payments, now dont get me wrong i fully trust him and know his family would back me up if something happened but at the end of the day heres a very large guy that can barely walk up stairs with his stubby little legs, never been on a bike before and wants to buy my 900, he said he'd give me the 3k for it but it be like 500 a month, guess what day 2 he totals the bike and kills himself i'm out everything. Told him he gets the money together i'll give him the keys and not touch it until he pays all of it and then he can have the bike and title.