Accepting payments for bike sale? | GTAMotorcycle.com

Accepting payments for bike sale?

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revrandy

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I have listed my bike for sale as it is time to move onto something else.

Someone has expressed interest in the bike and wants to know if I would accept payments for the bike. Normally I think nah, but he is asking if he can put down a 20% deposit, and then pay 20-30% of the price each month until paid off (so 4 or 5 months). An agreement would be drawn up. If this was all he said, I would goo nah... something is fishy.

Here is the kicker, he is willing to make payments on the bike and I keep the bike until paid off. That's right, it gets parked in my name until such time it is paid off.

Am I missing something? My first thought was scam, but I can't see how this falls into the category. If he took the bike, sure, but with me keeping it - what am I missing?
 
i;ve done this before.

i wrote up a contract and had it notarized when we signed it.
i kept the car ($1000) in my name, he paid me 5 20% payments. i gave him a reciept each time, and kept a copy of it myself. he was late on one payment by a couple days, but the contract stated that if he was 3 weeks late on a payment, all the monies were forfeited and the contract nullified.

worked out fine.

as long as you keep the bike in your name, and give reciepts (for each payment) signed by both parties, i don't see a problem.
 
Agreed ^
I did this with the last bike I owned... the buyer had it payed off faster than he initially planned. If you're gonna keep riding the bike in the meantime, just make sure you treat it with a little more care than usual as it is technically someone else's property - and if you wreck it, you'd be shooting yourself in the foot twice!
 
Seems like the guy is being responsible and not wanting to go into debt getting this bike. So long as the paperwork you come up with is in order, (and you bank his money, in case he backs out or or something) I say go for it. Seems like a decent thing to do for someone.
 
revrandy said:
I have listed my bike for sale as it is time to move onto something else.

Someone has expressed interest in the bike and wants to know if I would accept payments for the bike. Normally I think nah, but he is asking if he can put down a 20% deposit, and then pay 20-30% of the price each month until paid off (so 4 or 5 months). An agreement would be drawn up. If this was all he said, I would goo nah... something is fishy.

Here is the kicker, he is willing to make payments on the bike and I keep the bike until paid off. That's right, it gets parked in my name until such time it is paid off.

Am I missing something? My first thought was scam, but I can't see how this falls into the category. If he took the bike, sure, but with me keeping it - what am I missing?
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It seems to me he is trusting you a lot more than you are trusting him.
 
What i dont get is, why doesnt he just save up the money and then look for a bike? Its not like he'll get the bike sooner by doing what you described.
 
I could use a V as a second bike. Maybe I'll give you a full percentage point more than this guy.
 
Sushii said:
What i dont get is, why doesnt he just save up the money and then look for a bike? Its not like he'll get the bike sooner by doing what you described.
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Its a way of working with poor self control. I'm a lot more likely to make a payment on something I owe, or am somehow on the hook for, than I am to bank money that could be enjoyed today. It's not ideal but it is a realistic option for those without steely financial resolve.
 
O.P I've done this before as well. No problems with the transaction either as buyer or seller. In my case as buyer, it was before I had established any credit rating and would not qualify for a loan. I made a contract with a local music store to purchase a synthesizer and they kept it until I had completed the payments.

I did ask that they be a credit reference for me later that summer when I approached the bank to get my first car loan. Worked out great.

I've also extended the same courtesy when selling cars. Everyone wins, unless the buyer gives you counterfeit cash!!

@sushii, probably because he has been searching for the perfect bike and what the O.P. is selling fits the bill perfectly.
most likely He may not have the discipline to put the money away and not touch it (Jolomatic beat me to it)
 
If you're OK with receiving payments and don't mind storing the bike for a few months as he pays it off then I don't see any problems with this deal. Just make sure you set out all the rules in writing at the beginning and have a third party witness it.
 
When someone made this offer to me I just said to make payments to his bank account and if my bike is unsold when he has enough it's his. I'm not a bank and I want to sell it for cash, not wait for no reason.
 
Sushii said:
What i dont get is, why doesnt he just save up the money and then look for a bike? Its not like he'll get the bike sooner by doing what you described.
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Maybe this person really like this particular bike or it's a smokin deal he just hasn't got the cash at hand. Nothing wrong with what he's trying to do.

Some advice for the seller. Park the bike, you never know what could happen if your still booting it around.
Also in the contract, make sure you state the terms of the agreement and that if the buyer bails for any reason...you keep the cash that has been deposited to date. You don't want to keep the bike around for months when your looking to get rid of it only to have the buyer bail half way through the deal.
 
I did this and wouldn't do it again. Why bother I'm sure in the 5 months that you are keeping the bike it could be sold. Why bother with the payment plan. Plus you have to keep it insured and if you do take it out the thought of anything happening (accidents or mechanically) could happen. Unless you are gaining extra money from the buyer(ie. interest) then I say keep it on sale.

I would only do it for a few weeks. Not months.
 
Isn't this the same concept as a layaway plan you'd see at Kmart? If you do it, you'd probably want to write in the contract what happens if you can't produce the bike. Like he gets money back plus interest - and at what rate?

And keep the bike insured, but don't ride it. If something happened and you'd been spending the payments and can't produce the bike,you'd be on the hook for the money.

Sounds like a big hassle to me.
 
As long as you keep the bike and ownership till ful payment is made, and you are willing to wait for our money, I don't see a problem
 
Thanks for the replies. OpenGambit, after being hit with emails from purchasers "overseas, families of military folks etc." my scam detector moved into high gear.

The guy I am dealing with wants the bike, but doesn't have all the cash right now. As there are not a lot of them around (only 1 other showing for sale in Canada right now), they don't become available all that frequently. We are supposed to meet to work out the details, and we will have a signed agreement. I can park the bike for him and keep insurance on it until he has it paid off. Considering I leave next week for a month's vacation in the south pacific, not a big issue for it to be parked.
 
K
revrandy said:
Thanks for the replies. OpenGambit, after being hit with emails from purchasers "overseas, families of military folks etc." my scam detector moved into high gear.

The guy I am dealing with wants the bike, but doesn't have all the cash right now. As there are not a lot of them around (only 1 other showing for sale in Canada right now), they don't become available all that frequently. We are supposed to meet to work out the details, and we will have a signed agreement. I can park the bike for him and keep insurance on it until he has it paid off. Considering I leave next week for a month's vacation in the south pacific, not a big issue for it to be parked.
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I see you took my advice.
 
revrandy said:
Thanks for the replies. OpenGambit, after being hit with emails from purchasers "overseas, families of military folks etc." my scam detector moved into high gear.

The guy I am dealing with wants the bike, but doesn't have all the cash right now. As there are not a lot of them around (only 1 other showing for sale in Canada right now), they don't become available all that frequently. We are supposed to meet to work out the details, and we will have a signed agreement. I can park the bike for him and keep insurance on it until he has it paid off. Considering I leave next week for a month's vacation in the south pacific, not a big issue for it to be parked.
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provided that you keep possession and ownership until you are paid in full, it does not appear to be an issue.

The only other thing that i should have mentioned is the risk of loss, but if you are going to garage it with your comprehensive, that doesn't appear to be a problem either.

I would only be concerned if you were transferring the bike without full payment. You can still protect yourself by registering a security interest but it wouldn't be worth the hassle in my view.

Your agreement should include:

A discription of the bike.
Price - breakdown of payments (might be best to just get postdated cheques)
provisions for late payment ( recommended - monthly intervals end of the month, late 14 days, contract is terminated and forfeit all previous payments )
title - transfer upon payment in full
risk of loss ( normally i would recommend with the buyer so he would have to put insurance on it, but because of the unique nature of car insurance, it can be left with you, but then you are on the hook if you have no insurance and its stolen)
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