Well, everything went well. If your bike as any well-worn areas that could use a touch-up, now would be an excellent time to apply a new coat of paint. Test the brakes and make sure they work correctly. Do some research on how much some basic repairs will cost. Take a Look at the Title You could lose money, however, depending on how much you owe compared to the sale price of your bike. link to 3 Reasons Why A Motorcycle Backfires Through The Carburetor, link to Why Is My Motorcycle Squeaking? Ask local H-D dealers for a trade-in offer or proposal to buy your bike - any brand. We're Safe! Here's how: Determine the amount of the outstanding loan: The first step is to find out exactly how much you still owe on your motorcycle loan. Most people get a loan from a bank when they go to purchase a vehicle, and that's known as financing the purchase. Checks make me feel a little nervous but if you trust the seller, this can work. You can advertise online, contact dealerships, or reach out to potential buyers in your network. If they couldnt find it, they could declare it lost/stolen, and Id then own a lost or stolen bike. Some sellers may be wary of letting a stranger ride their motorcycle. Agree on a sale price with a buyer and arrange a closing date for the sale transaction. Vehicle trade-in estimated values provided by Trader Interactive have been calculated in collaboration with J.D. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); This site uses Akismet to reduce spam. Then you pay them the full asking price, and have the title assigned to you (in the US, where its signed over on paper). The first is talking with your bank and seeing if you can get a personal loan. You may feel like the trade-in value is a little low but no reputable dealer is looking to completely rip you off. If you have negative equity or upside down loan, hold the motorcycle until you pay the debt and regain some equity. Once you have a buyer and have agreed on a price, you and the buyer will both need to go to your lending bank together and complete the transaction. What to check when buying a used motorcycle the ultimate checklist for motorbikes. Never sell a bike you owe on without informing the buyer and the lender because of the frustration that may follow. Be transparent about the outstanding loan balance when advertising your motorcycle for sale. It is possible to generate a new title if you buy the motorcycle without its original title, but that requires a lot of paperwork and you could become a victim of buying either a stolen motorcycle or a motorcycle that still has the lien on it. Can you take the loan to the potential buyer if they are interested in the motorcycle? The bike is worth 7,000. How to Sell a Motorcycle : 5 Steps Nowadays online platforms are becoming more and more popular as society is revolving more around the internet. You may find that one type of platform may not have any listings of the type of motorcycle you want while another has plenty to choose from. Registering a motorcycle is similar to registering a car. The PPSR system has to clear for you to register it, and that might be that day or a day or two later. If you do sell it, youll have to come up with the cash to cover the negative balance on your loan. Insurance companies will also do a basic VIN check for you through a simple phone call. When you owe more on your loan than the worth of your motorcycle, it is known as being upside down or having negative equity. I might have gotten it back that way. In fact, some people prefer buying motorcycles from people who still have a lien on the motorcycle for this very reason. Review the terms and conditions of your loan agreement. Start your 7-Day Access Latest Articles Requirements to Get a Power of Attorney in New York Remove scuff and boot marks, and polish up any chrome pieces to really make the bike shine. For the title to become clear, the following has to happen: All of those take time Id budget a week. However, some motorcycle loans include pre-payment penalties that involve paying off the entire amount of interest that should accrue over the life of the loan. The buyer takes possession of the vehicle and assumes the responsibility to payoff the debt. No motorcycle is perfect, so its a good sign if the seller is honest and tells you of some problems it does have. When youre advertising your motorcycle for sale, always put in the description that you do not have the title and that you have it financed through a bank. I have bought and sold almost twenty motorcycles in the last few years and have a pretty good idea about how the process works and what to look for. The short answer is yes. When it comes down to it, selling a motorcycle with a lien doesnt have to be considered a complication at all. In this ultimate guide, we will take you through the process of selling your motorcycle with a loan step-by-step and explain everything you need to know. They will also tell you if the payment must be made by you or the new owner (the buyer) of the motorcycle. Or if the details change. Click on your avatar to navigate your account features. If the seller defaulted on the loan, the bank could seize the motorcycle. Selling your motorcycle with a loan can seem daunting, but it doesn't have to be. Set a price for your vehicle that exceeds the amount you need to payoff the loan but that does not far exceed the market value. If you are selling a motorcycle with a lien on it, you and the buyer will need to go to your financial institution together and complete the transaction there. Nevertheless, a stolen motorcycle can be made legal and registered without a title. You can even sell a motorcycle that has negative equity (otherwise known as an upside down motorcycle loan, or when you owe more on your loan than the bike is worth). And most sellers expect it. How To Sell My Motorcycle Successfully For The Most Cash - RumbleOn Just because you still owe money on your motorcycle doesnt mean you cant sell it. The internet is filled with misleading information but we prefer to research, review, and proof-review before publication. Pay off the loan: If you can afford it, paying off the loan will allow you to sell your motorcycle outright. Youll need to bring the motorcycle with you and have it parked in the DMV parking lot. Its important you know what damage has been done from the tip and the severity of it. Get the buyer to pay you for your ride upfront, use the money to pay off the lien, and then hand over the keys and title afterwards. The lienholder's information is always disclosed on the paper or electronic vehicle title. Lastly, never buy a motorcycle unseen. Register a Vehicle. The problem is that this is not always the case, and thats the reason theyre selling off the bike. Prepare to be surprised! In Australia this would mean registering it in your name. Thats why I created this site as an outlet. A few additional tips: give your motorcycle a detailed clean. The ideal way to pay for one is with cash because it makes the transaction a lot less complicated and run much more smooth. For example, in the state of Florida, you can do a title lien search on the Department of Highway Safety and Motor Vehicle website. In Australia, you want to ensure that the bike has no outstanding loans, is not reported stolen or lost, and also is not on the WOVR (Written Off Vehicle register). For more information about how to know whether or not the seller has a stolen motorcycle, see my other article by clicking here. There are just a few more additional tips Id like to offer that could help your experience when buying a used motorcycle from a private seller. Take lots of pictures. Will selling my motorcycle with a loan affect my credit score? Have the title sent to a nearby tag place, and they will sort it out. Unless you've got something to hide, show the seller how the bike runs cold. Selling a Motorcycle You Still Owe On - The Nest Compare quotes to find the best deal on insurance. Set the asking price: Once you know how much you owe on the motorcycle and its current value, you can set an asking price. The lienholder will tell you the amount owed and how it must be paid. Itd have been an annoying process, of course. Many dealerships are prepared to take care of the paperwork associated with a vehicle lien. Ask the lender to sign the release of lien on the title or provide you with a release of lien document, if allowed in your state. Typically, the lender will receive the payment for the remaining loan balance, and any extra amount will go to the seller. Then you need to figure out the current private sale value of your car (a search on Kelley Blue Book is a good way to do that). If you have the funds to pay the loan off in full, do so, because the last thing you want is to still owe money on a motorcycle that you no longer own. See my other article here for more information about buying a motorcycle without a title. Kyle currently works as a mechanical engineer and graduated with a minor in automotive engineering. Pros and Cons of Selling a Motorcycle with a Loan. After that, the tag place will contact you that the title has arrived. Can you return a financed motorcycle? If the law enforcement cant track you for the motorcycle, it is reported stolen. However, if youre looking for something that needs a little work, understanding your abilities to fix those issues is important. You may be able to determine your remaining loan balance from a loan statement, but calling your lender directly is the best way to be sure you have the right number. Power to find the information you need to help you decide whether to buy or sell. Write the best description possible. However, these motorcycles are pretty hard to come by because there were only a few of them made. Take lots of high-quality and detailed photos. It would be a terrible situation if you happen to get into an accident on your way home, let alone cause one, and have to be responsible 100% of all damages caused. However, there are several steps you can take to successfully sell your motorcycle while still having an outstanding loan. Trade My Motorcycle For A Car | Dick Hannah Dealerships They take the sales money for your debt and sign over the title to the buyer. The 4 Main Reasons. Therefore, do not price your vehicle on the basis of the principal owed. The seller will likely counteract your offer somewhere in the middle which leaves you paying the price you were hoping for. What Does a Long Lien on a Vehicle Mean?, If You Have a Home Equity Loan, Do You Have to Pay Off the Loan Before You Sell Your House?, What to Do If You Can't Pay Your Auto Loan.