How to sell a financed dirtbike?

[nchsa219]

Im sure im not the only one that wondered about this. I have a 2019 ktm 150sx qnd im wanting to sell it and pay off the loan. How do i go about doing this? 

[Hans Schmid]

Pretty likely you'll sell it for less then what's owed on the loan. So you'll have to have the difference in cash to pay off the remaining balance. The new buyer should go in the bank with and pay the bank, as well as your additional cash to complete the sale. 

[nchsa219]

13 minutes ago, Hans Schmid said:

Pretty likely you'll sell it for less then what's owed on the loan. So you'll have to have the difference in cash to pay off the remaining balance. The new buyer should go in the bank with and pay the bank, as well as your additional cash to complete the sale. 

Thank you. The problem is that the bank i financed it through is not local. 

[Hans Schmid]

3 minutes ago, nchsa219 said:

Thank you. The problem is that the bank i financed it through is not local. 

I would phone the bank then and see what arrangements can be made.. 

[Singletrack_rider]

This can be a real pain for both the buyer and seller. I personally wouldn't buy a bike if the title wasn't available. The only way it works is you pay the loan off and then wait for the title. Once it arrives you sign it off and give it to the buyer. Not a lot of guys are going to want a month or so for the title. If I was going to have to wait on the title I would want a screaming deal on the bike.

 It may be easier to let a dealer sell the bike on consignment. Yes you loose some money but then the paperwork is out of your hands. The dealership is used of doing these transactions. Your buyer will probably feel a lot more comfortable too. 

[nchsa219]

Thank you. I didnt think about the dealer. Ill check with them and see what they can do.

[dyrtmon]

1 hour ago, nchsa219 said:

Im sure im not the only one that wondered about this. I have a 2019 ktm 150sx qnd im wanting to sell it and pay off the loan. How do i go about doing this? 

Super easy as I've done this a few times. Call the finance company and get the pay off amount and for how many days this amount will be valid. Ask the finance company to send the title to the person you're selling the bike to once they've received payment. This should all be done in the presence of the person that's buying the bike from you. Both of you go to your bank, have them draw up a cashiers check in the amount of what's do to the finance company. Both you and the buyer go to a USPS mailbox and mail the check to the finance company.

Done.

 

[kxlubber]

Have the Sellers get a cashiers/certified check made out to the Lender, Lender will then pay you back the difference. This assumes the check is for more than you owe.

[seer]

Some finance companies will only send the title to the loan holder. Then we have to trust the  title to be signed over a few weeks later.  

[Kallendbor]

Im on the opposite end of this question. I’ll be buying a bike that was financed. Current owner just wants it gone. No time to ride. I figured I’d make a CC payment over the phone with the bank and ask them to send me the lien release paperwork (this is what is sent, not the title, owner has a title but it lists a lien holder). I figured that’s what dealers do... I’ll find out when I go to buy it. If I can’t do that then maybe I’ll just go buy a new or leftover bike of my desire instead.