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post #1 of 7 (permalink) Old 08-28-2006, 01:06 PM Thread Starter
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Transfering a loan payment

How do I go about transfering my bike loan payment form my name to my friends name? Any help would be great. He is just going to take over my payments and give me what I have paid so far. Thanks for your time.
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post #2 of 7 (permalink) Old 08-28-2006, 02:08 PM
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call your bank and ask them. why as all the psuedo experts?


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post #3 of 7 (permalink) Old 08-28-2006, 02:18 PM
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It may not be transferrable. Most loans...........especially for materially secured loans, stipulate that the loan must be paid in full if the item is to be transferred (sold).
It'll be on your sales contract
I've heard of "Bill of sales" written leaving the loan holder as the new lien holder (2nd posistion) and the new owner pays until the commitment fulfilled. No problems. Bike stays registered to you though... But, if the unforeseen happens........ crash......stolen....failure to pay....skips town....felony fleeing........

Your best bet is to call the lien holder (bank) and ask them directly. If it can be done then, they'll provide all the details so that it can be done quickly and legally. Generally requires a credit check and paperwork........ BAnks would charge for breathing in the bank if they could so be prepared for additional fees...
If you forego them and something should happen to the bike or buddy. You can be held liable.
Lawyers will tell their clients............. "we're not sueing your friend, we're sueing the insurance company....."
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post #4 of 7 (permalink) Old 08-28-2006, 03:03 PM
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Originally Posted by JZ
It may not be transferrable. Most loans...........especially for materially secured loans, stipulate that the loan must be paid in full if the item is to be transferred (sold).
It'll be on your sales contract
I've heard of "Bill of sales" written leaving the loan holder as the new lien holder (2nd posistion) and the new owner pays until the commitment fulfilled. No problems. Bike stays registered to you though... But, if the unforeseen happens........ crash......stolen....failure to pay....skips town....felony fleeing........

Your best bet is to call the lien holder (bank) and ask them directly. If it can be done then, they'll provide all the details so that it can be done quickly and legally. Generally requires a credit check and paperwork........ BAnks would charge for breathing in the bank if they could so be prepared for additional fees...
If you forego them and something should happen to the bike or buddy. You can be held liable.
Lawyers will tell their clients............. "we're not sueing your friend, we're sueing the insurance company....."

exactly

If your buyer doesn't have the cash to pay for the bike, he'll need to look into financing. To put it in short, they give you the money to pay off your lien. Your lienholder transfers title to you, and then you sign it over to the purchaser.

When banks are concerned, there might be a prepayment penalty if you still within the first year or two of your commitment, but it will be minute, something like $35 or so. Other than that, there are no other fees, at least at my institution.


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Last edited by twinphil; 08-28-2006 at 03:14 PM.
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post #5 of 7 (permalink) Old 08-28-2006, 07:43 PM
 
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Quote:
Originally Posted by supersuby39
How do I go about transfering my bike loan payment form my name to my friends name? Any help would be great. He is just going to take over my payments and give me what I have paid so far. Thanks for your time.
Have your friend send me the monthly payment. I'll take care of everything.

No, really. I will.



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post #6 of 7 (permalink) Old 08-28-2006, 07:56 PM
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Quote:
Originally Posted by JZ
It may not be transferrable. Most loans...........especially for materially secured loans, stipulate that the loan must be paid in full if the item is to be transferred (sold).
Unless the load is joint with a spouse. It's a secure loan and the lein will have to be satisfied before transfer of title is allowed.

If he can assume a loan, he can get one. Either way, a financial background will be done and have to be approved.

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post #7 of 7 (permalink) Old 08-29-2006, 04:27 PM Thread Starter
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Thanks everyone.....I'll let you know how it goes.
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