Bike advice

Mast3rShak3 · 07-29-2009, 12:17 PM

I have a motorcycle ive been fianancing someone wants to take over the bike. The finance company doesnt refinance so im looking for a way to transfer the bike. Anyone have advice on the best way of getting a loan to transfer bike? thanks

drinkingmymilk · 07-29-2009, 12:21 PM

Have them go get a bike loan. They hand you a check, you pay off the bike and then send the title to the new owner. Let them deal with it from there.

xedes · 07-29-2009, 12:32 PM

Call and get your payoff amount and have the person that wants to buy the bike find his own financing. He might want to try places like Well Fargo, or join a credit union (they are usually pretty easy to get loans from). Also, Capital One (online) has a set up where you apply online for a specific amount. If approved, they will mail him a check for that amount and he just needs to sign it over to whomever he's buying the bike from (you). You cash the check and pay the finance company and give him the title.

Worst case scenario, you can just write a contract up, stating that he's taking over payments and whatever terms you two agree to and you just finance the bike to him yourself. ( I would never do this because too many things can go wrong but it is an option).

Mast3rShak3 · 07-29-2009, 01:33 PM

thanks for advice guys, ive searched and found similar answers. Anyone who of any online places where someone get a loan for the bike? thanks

bck2stkz · 07-29-2009, 02:57 PM

under no circumstances would I and you should not either, just let him take over payments if he were to hurt anyone, you can be held liable as owner of the bike, if he wrecks and stops making the payments the only recourse you have is to go to small claims.

*** i had a friend give someone else his bike for take over payments and he wrecked it about 6 months later, and now he is still going to court because the guy stopped making payments had no insurance and well he is being sued by the person struck by the bike, and now he is in small claims because all he had was a deed of sale, but could not file a release of liability with ca dmv because there was still a lien on the bike so it had to be registered to him.***

Mast3rShak3 · 07-29-2009, 03:27 PM

yeah i wanna get it outta my name as soon as possible. His credit is average and i need to find a place that will provide the loan.

ni$mo350 · 07-29-2009, 03:31 PM

Quote:

Originally Posted by Mast3rShak3

yeah i wanna get it outta my name as soon as possible. His credit is average and i need to find a place that will provide the loan.

What do you consider "average" credit? I have a 687 and it shouldn't be that hard for me to find someone to finance my bike in fall...

xedes · 07-29-2009, 06:07 PM

http://www.capitalone.com/autoloans/

Give them a try.

ni$mo350 · 07-29-2009, 06:18 PM

What's typical interest rates for bike loans through banks/credit unions?

drinkingmymilk · 07-29-2009, 11:26 PM

Depends on credit. Why are you doing the leg work? He wants your bike, let him deal with it.

Alberto · 07-30-2009, 05:10 AM

Letting him take over the payments is illegal, and pretty stupid for liability reasons mentioned above.

Have him finance and pay it off. If his credit sucks and he cant finance something small like a motorcycle let him cointinue taking the bus....

Alberto · 07-30-2009, 05:11 AM

Quote:

Originally Posted by ni$mo350

What's typical interest rates for bike loans through banks/credit unions?

I usualy see 7-9% on bike loans financed through dealer means/banks. Remember the amounts are usually high like cars so they are slightly higher.

At credit unions Ive seen as low as 3.9% for motorcycles.

Mast3rShak3 · 07-30-2009, 08:39 AM

ive read a little about credit unions what exactly are they and how do they work.

ni$mo350 · 07-30-2009, 09:06 AM

Quote:

Originally Posted by Mast3rShak3

ive read a little about credit unions what exactly are they and how do they work.

http://en.wikipedia.org/wiki/Credit_unions