I want to sell my motorcycle but I still owe 6 grand on it, and I NEED something bigger and faster. Is there anyway I can sell it outright? I owe more than the nada value of it, which really sucks but I%26#039;m willing to take the $2500 loss if I can upgrade. I don%26#039;t want to do a trade in though because the dealer is only offering me $2500 trade-in value on it. It%26#039;s a 2006! I can%26#039;t justify that. Any ideas would be greatly appreciated.
Can I sell my motorcycle if I still owe on the loan? I won%26#039;t have the title until it%26#039;s paid in full.?
Yes. Say you sell it for $7,000. You and the buyer go to the bank who is financing it for you and you use the buyer%26#039;s $7,000 to pay off the $6,000 loan. Then the bank gives you the title. You sign it over to the buyer on the back of the title and keep the extra $1,000. Obviously, if it%26#039;s financed with a company out of town, you will have to contact them to make arrangements, but the process is the same. If you sell it for less than is owed by you to the bank, you take the sale price and enough of your money to put with it to pay off the loan and the banker gives you the title. At a dealership, all this is handled for you.
Can I sell my motorcycle if I still owe on the loan? I won%26#039;t have the title until it%26#039;s paid in full.?
you can sell the bike, Either the buyer will have to asume the loan, or get his own loan and pay you for it.
Can I sell my motorcycle if I still owe on the loan? I won%26#039;t have the title until it%26#039;s paid in full.?
Find someone willing to pay $4,000 for it. Take them to the finance company with you and you pay the difference of what they are willing to pay and what you owe. That%26#039;s the only way.
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