Question About Selling My Bike

[LadyT]

Well I had some guy come up to me at my condo and asked if I wanted to sell my bike and he offered $5000.00 for it which of course was a good deal.

The only thing is that he wants to make payments to me for the bike and give me a $1000.00 down. He already knows that he would not be allowed to take the bike until all payments have been made.

So my question is does anyone have some kind of contract that they have used before in selling a bike for a situation like this? Or any other suggestions of things that should be included in a contract?

[Devaclis]

Move the bike to another location he dies not know about and then write up a contract and have it notarized.

[salsashark]

Cash n' carry would be the only way I would sell a bike...

If he wants it bad enough tell him to make payments to himself into a savings account that he has, then when he has enough, bring the full amount in cash.

Done, bike sold, you have your money, he has his bike... no worries about dragging out problems.

[LadyT]

I thought about it, the only reason I am actually considering this is because Im not going to buy a new bike until spring more than likely and he wants this paid off in just a couple of months so it seems like a good idea.

[LadyT]

Move the bike to another location he dies not know about and then write up a contract and have it notarized.

Ya the bike stays at my friends house always it was just at my condo for the day. But I mean is there anything specific I should have in the contract besides the total price, what we decide on payments, and how long until it should be paid off.

[Scribbler]

In my experience, private sales where the purchaser wants to make payments usually results in headaches. But if you do do it, I'd also recommend moving the bike somewhere he doesn't have access to it, and stick the money into a savings account. If he backs out of the deal you'll at least get a little interest out of it (not much but what the heck).

[LadyT]

In my experience, private sales where the purchaser wants to make payments usually results in headaches. But if you do do it, I'd also recommend moving the bike somewhere he doesn't have access to it, and stick the money into a savings account. If he backs out of the deal you'll at least get a little interest out of it (not much but what the heck).

Ya I was thinking the same thing...just save all the money just in case.

[DeeStylez]

Went through a similiar situation not gonna mention any names..... but be careful I was almost taken. Bad check

[LadyT]

What do you guys think I should charge for interest?

[Scribbler]

What do you guys think I should charge for interest?

Dunno that you can. You're not loaning the guy any money or giving up the product while he pays it off. In effect you're just allowing him to let you hold onto the money until you've got it all.

[TFOGGuys]

1. Payment in full before delivery

2. No test rides

3. Agree on some amount as "earnest money" that is yours to keep if the deal falls through

4. When he picks it up, he must show proof of insurance (liability in his name)

5 At delivery, he signs a copy of the bill of sale, releasing you from all claims

[LadyT]

Went through a similiar situation not gonna mention any names..... but be careful I was almost taken. Bad check

ok so definately cashiers checks....i would prefer those so I can keep a paper trail as well.

[LadyT]

Dunno that you can. You're not loaning the guy any money or giving up the product while he pays it off. In effect you're just allowing him to let you hold onto the money until you've got it all.

You have a good point...thank you for reminding me

[rforsythe]

The contract needs to spell out what the down payment is, and what the subsequent payments are, in addition to the total amount to be paid. It should also spell out any interest, or show that none is expected. Also have something in there about what happens if he pays late, doesn't pay, etc. just so he doesn't come back and say "hey I'm not gonna give you the rest, give me all my money back". Also spell out payment terms (cash only, etc). And of course once you sign it, you're bound to deliver as well; this means you can't sell it out from under him, and if you crash it you owe him a full refund, and so on. There's probably more but that's all off the top of my head.

[LadyT]

1. Payment in full before delivery

2. No test rides

3. Agree on some amount as "earnest money" that is yours to keep if the deal falls through

4. When he picks it up, he must show proof of insurance (liability in his name)

5 At delivery, he signs a copy of the bill of sale, releasing you from all claims

oooooooo I like the earnest money idea.....good one....keep them coming

[McVaaahhh]

How about riding it?

[LadyT]

How about riding it?

ha ha ha....cute

[Slacker]

Sample Contracts:

Automobile Buy and Sale Agreement
VEHICLE CONSIGNMENT AND SALES AGREEMENT

[rybo]

I can probably write this up for you if you want. I'm not a lawyer or anything, but I've bought and sold a number of vehicles over the years and have sold stuff on terms like this before.

PM me if you want me to write something up for you.

Scott

[derekm]

cash & carry ONLY!

[lovinCO]

Be careful, sounds like a somewhat risky agreement. Do you know the buyer? That would help.

As others have mentioned, you need to call out what happens if he defaults. As in pays late or stops paying. I would suggest you write it up stating you keep ALL of the money he's paid up to that point, it would motivate him to complete the contract, as well as compensate you for the insurance payments you're making on a bike you're not using.

If he's savvy he should ask to have it in writing what happens if you default as well. What if the bike is stolen or damaged prior to him taking possession, can you add mileage to it, etc. Good luck with the sale!

[ihavealegohead]

A GSXR-750 should sell pretty quick if it's in good shape. I'd rather lose $200 and get cash in hand, no headache.

[BigE]

I've done this a couple of times. Big #1) CASH ONLY and any and all money is YOURS if he flakes. #2) Set a date that it WILL be paid off by, if not see #1. (I usually add a couple of weeks to what they say as a buffer, seems to show good faith on my part and have not had anyone take longer) #3)Agree to park the bike so it's in the same condition as it is now. and finally #4) keep signed copies of everything you write up with both of your sigs.

[TurboGizzmo]

Cash n' carry would be the only way I would sell a bike...

If he wants it bad enough tell him to make payments to himself into a savings account that he has, then when he has enough, bring the full amount in cash.

Done, bike sold, you have your money, he has his bike... no worries about dragging out problems.

I like this idea.....of course he might want to pay you in hopes that you keep the bike parked and safe.

I did let the girl that bought my bike make payments. It was one holding payment for a month and then the rest the next month. Of course i was the paranoid one and didnt even touch the bike in fear of damaging it till she took delivery. When she had the the final amount she wanted her uninsured friend to pick it up, i declined and included "free delivery" and then had her sign off on a bill of sale and liability. (because she had never ridden before) I even gave her a spare jacket and gloves that I had...I told my gf to drive away quick because I didnt want to see them spill the bike in front of me because all her friends were leaning all over it.

I miss that bike, I've watched craigslist for it but fear its long gone to the junk yard