How do you sell a bike with a lien?

[redliner25]

Hi,

I was wondering...how do you sell a bike privately to someone when you don't possess the title?
Do I need to get another loan just to pay off the bike loan and get the title until I sell it?

Thanks

[silentrider]

Theres prolly several ways to do it

The buyer could take part of the money your supposed to get and satisfy the loan,or He could take over payments ,by Borrowing the money for the bike and they would hold the title till the loan is paid off!

But I wouldn't take out another Loan For sure IMHO
If the Buyer backs out of the deal You'll Be stuck with Two loans

It's twice as hard i believe to sell something with "negative equity" I believe they call it ::) But Good luck

[HOTRODSRJ]

I just had a great experience buying a M from one of the members here. But, I am a trusting sole. I simply paid him with a band cashiers check and took the bike awaiting the title. He expedited the title and several days later.. voila!.. title in hand. Of course I knew where he lived too... but when you are dealing with honest folks.. no biggie really.

You could make a payoff check to both the owner and the lien holder. That way he/she can send the check to the company to satisfy the lien. Take the bike awaiting the title. This would be a safer way really.

[Vetgasm]

Bill of sale, Motor Vehicle power of attourney (availible online for your state). Pay off his lien with release of title to you.

[shawnpdx]

You can call your lienholder for a payoff amount that is good for X number of days, then take that information with you to a bank/credit union that you and the buyer agree on. Once there, the bank/credit union will take over and make sure the money you receive is good and that the new owner will get his title when it is released. If you owe more than you are selling it for, you will give that amount to the bank while you are there - if you owe less than you are selling it for, the bank will give you the difference. This way there is a trusted financial institution involved which should guarantee that everyone gets what they are supposed to get.

-Shawn

[CBR1000DUDE]

You can call your lienholder for a payoff amount that is good for X number of days, then take that information with you to a bank/credit union that you and the buyer agree on. Once there, the bank/credit union will take over and make sure the money you receive is good and that the new owner will get his title when it is released. If you owe more than you are selling it for, you will give that amount to the bank while you are there - if you owe less than you are selling it for, the bank will give you the difference. This way there is a trusted financial institution involved which should guarantee that everyone gets what they are supposed to get.

-Shawn

Exactly! Sounds like you've done this before. Unless the buyer has the cash in hand, then you both just go to your lender, and let a banker handle it.
I love working with my credit union though, they make everything so easy and pleasant. My bank's good too, just a bit too formal and dressy, if you know what I mean.

[redliner25]

Hey guys, all good remarks. Thanks for pointing me in the right direction.
Another positive going on right now is that the bike i own, i owe much less than what's its worth. So luckily I wouldn't have any negative equity.

Thanks