Motorcycle deal gone bad?

[MagicTurd]

So today I bought a used 2005 Suzuki SV650 from a guy off Craigslist. Now the bike is fine and I got a good deal but he flat out lied to me about the mileage on the bike and I didn't realize until I got it home that there were almost double the miles on it than he had said. He had the bike's display set to a "trip" odometer reading which is at 7700 miles whereas it has almost 14k miles on the overall odometer.

Now the big issue is that I got a loan through my bank for this and they are under the impression that there are 7700 miles on it. Would this be considered fraud? Can I call them and have them change the mileage within the loan information without a problem?

Also, the guy has already deposited the check from my bank into his account...I'm pissed.

[Ghost]

Does whatever you used for a Bill of Sale have the mileage indicated on it? Or do you have a copy of the CL ad listing the 7700 miles?

In other words, what proof do you have that he stated there was significantly less mileage on it than there really is?

[MagicTurd]

Yes I saved a PDF of the craigslist ad. Am I going to have to go to court to prove this?

[MagicTurd]

Oh, and the bank is the only one who has the "official" mileage. I haven't signed the title yet or written the miles on the title. The guy was going to wait for the check to clear, then fill out the title.

[Ghost]

Yes I saved a PDF of the craigslist ad. Am I going to have to go to court to prove this?

Depends on what you're trying to do--are you just concerned that you won't get your loan, or do you want your money back and the bike gone?

If it's just the loan, and you told them that it had 7700 miles on it, then I'd contact them first and tell them the story. Most likely they'll just amend the paperwork--they don't want to lose that deal since it's money for them. And, while the LTV of the vehicle is slightly less than they thought it'd be due to the mileage, unlike a car it's typically not truly a per-mile factor--if you look on NADA or KBB there's no place (typically) to input mileage on a bike for its appraisal, just its condition.

If you want your money back then this is something you'll probably have to go to court with unless the seller returns your money when you show him the ad.

[MagicTurd]

OK my bank should be understanding. I'd like to keep the bike I just want to make sure when I go to get it registered a red flag will be raised and I will go to jail for fraud..

Also another little problem I realized is my bank loans what they feel the value is worth of the bike and when I gave her the VIN, the bike came up as a 2006 instead of a 2005. It is a 2005 though as I have entered the VIN in multiple VIN decoders and they all come back as an 05. The value between the 06 and 05 are about $200. Is this something I should have caught when I signed the papers or is this a mistake on their part?

[FZRguy]

Tenth digit of the VIN is the model year.

[McVaaahhh]

Did you contact the guy that sold you the bike?

I'd threaten to take him to court. Mileage fraud is a crime.

[Bueller]

As soon as he signs the title with the incorrect mileage on it he has committed perjury in the second degree. If you fill out the odo statement with the incorrect milage I would assume you become an accessory. I do not know how your bank will view this.

[Jmetz]

If you are content with the bike and the deal leave it be and sign the title as the 7700 miles. It's not a big deal and no one is going to check as long as the previously recorded miles are not more.

[MagicTurd]

Bank said they don't see the mileage nor do they really care so they told me not to worry about it...

Thanks guys.

[httc84]

I'd worry about it.

The difference between 7700 and 14K is $$$. At 14K the bike is ready for a valve check (14500 miles) and most likely needs new front / rear sprockets and chain. May seem to be not much but I'd take the difference out of the price unless he gave you a smoking deal and / or has proof these items were done prior to sale (professional valve check). This doesn't even account for the hit in resale value you took with the extra mileage.

[RajunCajun]

I'd contact him and tell him about the issue,, on the small chance that he is a stand up guy and maybe was just too stupid to know better (HIGHLY doubt it). If he gives you shit, I'd threaten to take to court unless he gives you back the difference in maint. costs and blue book.

[asp_125]

If it's in good shape and maintained and it was just an error recording the mileage, then no big deal. UNTIL you try to sell it and then the problem becomes yours. +1 on the perjury and becoming an accessory if you let it slide. Make sure it is correct on the title.

[#1Townie]

I'd worry about it.

The difference between 7700 and 14K is $$$. At 14K the bike is ready for a valve check (14500 miles) and most likely needs new front / rear sprockets and chain. May seem to be not much but I'd take the difference out of the price unless he gave you a smoking deal and / or has proof these items were done prior to sale (professional valve check). This doesn't even account for the hit in resale value you took with the extra mileage.

actualy as stated before milage is not really a factor for bikes. cars yes its damn near more important then the actual condition. bikes no. and just so you all know if you want top doller for your bikes sell them to cali.

[Radek]

how much is brand new display at dealer ? For example if you crash bike and need replace speedo , whats next ?

[spideyrdr]

how much is brand new display at dealer ? For example if you crash bike and need replace speedo , whats next ?

If you're referring to the 2005 SV650, Bikebandit is listing it at $568.42. No idea what it would be from the stealership.

[~Barn~]

As soon as he signs the title with the incorrect mileage on it he [can be accused of] perjury in the second degree.

Fixt. =)

If you are content with the bike and the deal leave it be and sign the title as the 7700 miles. It's not a big deal and no one is going to check as long as the previously recorded miles are not more.

^ [/Thread]

[Ezzzzy1]

As soon as he signs the title with the incorrect mileage on it he has committed perjury in the second degree. If you fill out the odo statement with the incorrect milage I would assume you become an accessory. I do not know how your bank will view this.

Well fuck me running... I for once agree 100% with what Bueller said!

I knew 2012 was going to be a good year!

[Ghosty]

What a scam. There's probably no way it was unintentional, the guy's full of it and probably rips off people in general. I'd call him out on it, AND post up all his contact information, name, phone#, address, etc. here, so that your fellow riders & members here know to avoid any business transactions with this guy in the future. That's what we do over on the CRN board anyway.

[MetaLord 9]

If the dude wasn't the first owner, there's some chance that he's just an idiot and didn't realize he's been putting miles on the trip odo and not the actual odo.

[Ghosty]

Dang, didn't think of that. I guess there is a chance (with the overabundance of really stupid people out there), that the guy doesn't know how to switch between Odo and TripA/TripB, etc. In that case someone that dumb shouldn't even own a bike, lol.

[Radek]

If the dude wasn't the first owner, there's some chance that he's just an idiot and didn't realize he's been putting miles on the trip odo and not the actual odo.

SOLD !