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Hey everyone, I've got a '98 ST2 that I'm selling, and have a ton of questions. I have never sold a vehicle privately before. So could those of you who have give me a little guidance???

- First, I don't have the title for it, Fifth Third bank does. Part of the money from the sale will pay off the remaining balance of the installment loan. So, do I take the check, give the guy my memorandum of title, and the let him take the bike? Then just mail the title to him when it comes in the mail? How does this work?

- He wants to pay with a "certified check". He is a local guy, and not someone emailing me fron Nigeria, so I'm thinking it's okay, but do I need to wait and let it clear before letting him take the bike?

- Is there anything I need to do to protect myself in this transaction? Like to prevent him from taking it out the first day, crashing it, and then trying to bring it back?

- Should I let him take it for a test drive?

- How do I sign over the title?

Okay, sorry for all the newbie questions, but I've never done this before, and could use some un-biased, experienced opinions. I don't want to get taken...
Thanks,
George
 
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Re: Need Help on Bike Selling Procedures (georgeb)

This may help

First thing is to write a bill of sale.
Location of the motorcycle
VIN number,make,year,body type, color, miles, and any other description concerning the bike.
Purchaser/seller name and address and LIC # and make a photocopy for your records
Price the bike is being sold and how the bike is being paid for and make a copy of the check for your records.
And make sure you write AS-IS right above where you will have the person sign the document.

I will also make sure the certified check is from a bank close to you so you can go and cash it right away even better if you do the transaction at your back and have the notary public witness the bill of sale. Your bank has the service.

Paid the note off get the title, and mail it to him certified.
 
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Discussion Starter #3
Thanks !

Does the bill of sale have to be in any special form? Or can I just make it in MS Word?
 
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Re: (georgeb)

you could hand write it if you had to.....its going to be legal documentation no matter how its done.
 
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Discussion Starter #5
Thanks for the Help...

Any advise on test rides? Should I let him? I was thinking that I would, only if he had his motorcycle endorsement, and he left some sort of deposit. Anyone got any tips on this?
 
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Re: (georgeb)

No test rides. Cash the check before he takes delivery. Thee are too many scams going on with cashiers checks these days. Better yet just meet him at your or his bank. Bring a fedex and a letter showing the payoff to your bank. Have him get a cashiers check for the payoff and the remainder in cash for you. Then fedex his check n to payoff the loan. That way he knows you are paying it off.
 
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Re: (georgeb)

When I sold my Sport a few weeks agao, the buyers financial institution contacted my financial institution and they did the details themselves. I signed a payoff letter stating what my payoff was and a power of attorney for the receiving credit union so they could do the title work. No real problems, except that the guy dropped off the paperwork at a branch and not the main office. That delayed things a bit.

If the guy is giving you a cashier's check call the institution that it's drawn on and verify it's good.

-Bob
 
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Re: (georgeb)

Test rides are a subjective thing. If you meet the guy and you talk to him for a while and your gut tells you he's an OK guy, then maybe. If two young stunters show up and say they always wanted to ride a Ducati, well......I think you already know. Since he is local, I would do as the others have stated and get the banks involved, especially his that the check is from.
 
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Re: (georgeb)

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by georgeb »</TD></TR><TR><TD CLASS="quote">

Any advise on test rides</TD></TR></TABLE>

Not a chance, it's not worth the risk.
 
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Re: Need Help on Bike Selling Procedures (georgeb)

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by georgeb »</TD></TR><TR><TD CLASS="quote">Hey everyone, I've got a '98 ST2 that I'm selling, and have a ton of questions. I have never sold a vehicle privately before. So could those of you who have give me a little guidance???

- First, I don't have the title for it, Fifth Third bank does. Part of the money from the sale will pay off the remaining balance of the installment loan. So, do I take the check, give the guy my memorandum of title, and the let him take the bike? Then just mail the title to him when it comes in the mail? How does this work?

- He wants to pay with a "certified check". He is a local guy, and not someone emailing me fron Nigeria, so I'm thinking it's okay, but do I need to wait and let it clear before letting him take the bike?

- Is there anything I need to do to protect myself in this transaction? Like to prevent him from taking it out the first day, crashing it, and then trying to bring it back?

- Should I let him take it for a test drive?

- How do I sign over the title?

Okay, sorry for all the newbie questions, but I've never done this before, and could use some un-biased, experienced opinions. I don't want to get taken...
Thanks,
George</TD></TR></TABLE>

I work for Fifth Third operations... I could probably stroll down the the IL file room and pull your title for ya
 
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Discussion Starter #11
Thanks everyone for the advise. It is very much apriciated. I've heard a lot of horror stories about selling privately, and I think in all of this I would like to error on the side of caution. So, if he wants a ride, mayble I'll take him for a ride myself, with him as the passenger! I already told him that a certified check would be fine, as long as it's from a bank I know. I guess while he's oggling the bike, I can make a call to the bank!
 
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Re: (georgeb)

Take the check and him to the bank and get it cashed and deposited. Not just deposited. Too many bogus bank check scams going on.
 
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Discussion Starter #13
Just as an FYI to everyone. I called my insurance agency this morning, and they said that if I give someone permission to ride the bike, it would be covered by my insurance. However, if the dude goes out and wrecks it, it's still gonna make my rates skyrocket, so I am still leaning on the side of "no test rides".
 
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Re: (georgeb)

One other option for the test ride is this: He pays you the money for the bike, and you give him a "money back guarantee" of sorts, if he returns the bike to you within a certain time frame (15-30 minutes), with a limit on the number of miles as well. The bike must be in the exact condition it left in, other than the mileage...etc.

When I sold my VFR, I felt comfortable enough in letting the guy take it for a spin in his work parking lot, even though we didn't sign any paperwork. His old bike was there, and one of his co-workers was present as well. After he road it, he couldn't give me the check fast enough. As always, YMMV.
 
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Re: (georgeb)

I sold a 2003 CBR600RR last year to a private buyer. I informed the buyer in advance that if she needed a test ride then I would need the full purchase amount in cash in my hand beforehand.
She was cool with that, and brought her boyfriend to ride it. When he came back we signed the bill of sale and then off to the bank to have the title notarized. Everything went smoothly. Admittedly, I knew it was going to work right from the start - she brought her mum with her.

Cash in hand - a safe bet!

Test Rides: I'd certainly never buy without one.
 
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Discussion Starter #16
That's a good point. Thanks. I'd feel safe as well if the person's mother was looming over the whole thing.

Just as an FYI, I used Microsoft Word's online template search, and sure enough, I found three or four Bill of Sale templates that should work perfectly.

Also, I found a new '04 749s for about $11k, and a used '03 999 Mono with Fila graphics (18k miles) for about $11k.

So which is a better choice? I'm torn. I'm thinking the 749s as I'm just now getting really confortable on the track.

If I get this leftover 749s, will any dealership honor the warranty?
 
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