Selling on a payment plan

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You would have to maintain insurance over the course of the transfer because titile is in your name. What happens if the bike is stolen or garage catches on fire or kick stand snaps and the bike is damaged? If buyer expects you to fully reimburse him incase of damage then you need to figure out if you will charge him for insurance or just take the risk and hope nothing will happen.
 
You're selling your bike?? I didn't see anything on Facebook about this... What are you asking for it??
 
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SweetOnion said:
You're selling your bike?? I didn't see anything on Facebook about this... What are you asking for it??
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It's actually not my bike. Just said that for ease of reference. Boyfriend is selling his street bike to buy something newer for the track. He still wants something that can be put on the street though.
 
CrazyKell said:
It's actually not my bike. Just said that for ease of reference. Boyfriend is selling his street bike to buy something newer for the track. He still wants something that can be put on the street though.
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Oh, damn.. :) Well let me know if you start to think about it haha. I'm gonna be shopping in the next few months.
 
If you don't know the buyer, wouldn't do it. Don't see why they buyer couldn't always get a loan/line of credit and have the bank manage the payments.
 
SweetOnion said:
Oh, damn.. :) Well let me know if you start to think about it haha. I'm gonna be shopping in the next few months.
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Will do. I was ready to sell earlier this year but have decided to keep Boo around for a bit.
 
If you hold onto the bike until all the money is paid and cleared through the bank you should be OK financially. It's in essence a lay away plan. However it can mess up your plans.

A buddy runs a garage and took a minivan in lieu of payment, fixed it up and sold it on lay away. The buyer was supposed to get the money in a couple of weeks but it took a couple of months. Storage, liability, nuisance etc plus not having cash in hand to buy new stuff.

The scam can come later if the buyer over pays and wants cash back or access to your banking for direct deposit etc.

I agreed to buy my present bike sight unseen but the deal was I'll pay your price if the bike's what you say it is. I went with money in hand and wasn't disapointed.
 
nobbie48 said:
If you hold onto the bike until all the money is paid and cleared through the bank you should be OK financially. It's in essence a lay away plan. However it can mess up your plans.

A buddy runs a garage and took a minivan in lieu of payment, fixed it up and sold it on lay away. The buyer was supposed to get the money in a couple of weeks but it took a couple of months. Storage, liability, nuisance etc plus not having cash in hand to buy new stuff.

The scam can come later if the buyer over pays and wants cash back or access to your banking for direct deposit etc.

I agreed to buy my present bike sight unseen but the deal was I'll pay your price if the bike's what you say it is. I went with money in hand and wasn't disappointed.
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That's how I purchased my current bike. Worked out beautifully.
 
As long as you're keeping the bike in your possession until which time he's paid for it in full, then I don't see what the problem is.
 
If your boyfriend is getting a good price for the bike and doesn't mind storing it until paid in full then it may not be a bad deal. Just a few things to keep in mind:
- Ensure everyone knows the details of how much needs to be paid weekly/monthly and when the total amount is due. And.. most importantly, what happens if/when they miss a payment. (ie, your boyfriend keeps the bike, keeps the money and then can sell it to anyone else without having to refund $ to this guy)
- Confirm the method of payment (paypal, bank transfer, etc).
- If possible, see if you can get a credit report on the buyer. If he/she has bad credit, stay away from them.

Ultimately I wouldn't do it... Cash is king and paid in full is the only way to go in my book.
 
oldrider said:
Once he has it, good luck getting your money. Have a friend that sold a car like this. Finally got the car back after the guy quit paying, and it was thrashed. Family maybe, stranger.... NO WAY.
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I wouldnt even for family... I've heard of that happening (never experienced it though) and its always the one you were sure you would be ok with.

CrazyKell said:
Like Jenkins said I mean a few large installments until it's paid in full. I will hold bike and ownership, and the bike will not be collected until it's paid in full.

A few red flags in my mind though....why would someone buy a bike site unseen? Why can't they get a loan?
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Hun I have heard of scams where the buyer gives out checks and your able to cash then and then a month or two later you get a call from the bank... something was wrong with the check...

All the guy has to do is get a bank teller somewhere in on the deal to help set that stuff up and your screwed.
Your getting red bells... trust your gut. Even if it turns out to be true it could potentially be a big headache. If he wants to do a payment plan he can go get a loan and give you a check from the bank for the whole cost.
 
CrazyKell said:
Will do. I was ready to sell earlier this year but have decided to keep Boo around for a bit.
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Cool... I've got mad wedding expenses right now, but after Christmas, combined with the sale of my SV I will be able to get something going. Not sure if I will be able to save up that 15-16 grand for the ol' 848 though, so I'll go for the next best thing... used Japanese in cherry condition that I know doesn't have a history of being beaten on! So don't forget about me, don't even post that **** online before you msg me haha! :)
 
The deal, as you described it sounds great to me, so long as you have it documented and signed.
If you have the space to store it, theft/fire insurance should be negligable.

If he pays, you win.
If he doesn't pay, you win.

I'd do it in a heartbeat.
 
I just bought a bike... on 2 large payments.
I gave a deposit, signed a bill of sale stating I had until XXX date to pay the rest in full or my deposit is defaulted to the bike's owner, and he is free to re-sell it.

I arrived before XXX date and paid the remainder....picked up the bike and ownership. SImple.
 
Well I sent him an email just to make sure we're on the same page. I also asked for a copy of his drivers license number and his address information (lives in Thunder Bay) so that i can complete the contract.

I haven't heard back from him, but it's early still.

I just can't help but have a bad feeling about this....like it's a new scam that I don't know about. Maybe it isn't but I'd rather be safe than sorry since the bike can always be sold in the spring.
 
I dont see the issue either as long as you have a contract as stated, and your keeping the bike in your posession.

In terms of payment, Im a landlord and have collected money many different ways, If i were you I would only accept email money transfer. Its fast, quick, and you will know that its right in your account..no worry of fraud certified cheque scams/bounced cheques etc.

Jenn
 
There's no way in hell I'm taking a cheque or even paypal. It'll be email money transfer and that's it. I'm just wondering if that's about as "iron clad" (security wise) as it gets. Obviously we'd still hold the bike so it's not as much liability....but I just want to dot all my i's and cross all my t's before so no one (us or him) is left holding the bag.
 
I don't see what the OP is risking. I can see where the buyer is though (nothing to do with OP). I'd never given someone cash and get nothing in return (except for a piece of paper). Not in today's world. People can sell house twice nowadays, why not a bike ...
 
mxs said:
I don't see what the OP is risking. I can see where the buyer is though (nothing to do with OP). I'd never given someone cash and get nothing in return (except for a piece of paper). Not in today's world. People can sell house twice nowadays, why not a bike ...
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Well, I like to listen to my gut. And my gut is raising red flags at the moment....so I thought I'd get some other opinions to see if there was a side to this I'm not considering.

I'd never do this as a buyer either....but that's his perogative.
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