Best Way To Sell A Motorcycle With A Lien

If the buyer finds this unacceptable walk away from the sale.

Best way to sell a motorcycle with a lien.

When you finance the purchase of a motorcycle the lender places a lien on the title. Each lien holder has its own procedure for debt repayment. This is a safe way of accepting payment provided you select the service from a legitimate bank or attorney. You can sell a motorcycle as a private owner by placing advertisements online or in local news papers.

The easiest way to satisfy the lien is to ask the seller of the motorcycle to pay off the amount owed. Sell your motorcycle or edit your listing. If you are a mechanic for example and you repaired someone s motorcycle but the owner didn t pay for the repair or pick up the motorcycle you can place a lien on it. That seems like the best way to go about it.

In order to sell the motorcycle you have to payoff the lien so that the new owner can take control of the vehicle without any third parties having claims on it. You won t be able to sell your motorcycle until the lien is removed so your first step should be finding out how much you owe on your loan. You may be able to determine your remaining loan balance from a loan statement but calling your lender directly is the best way to be sure you have the right number. The seller will pay the bank your negotiated price you will get a check from the bank of any difference in the price paid and the bank will release the title to the seller.

12 weeks online 50 photos. Escrow account for car sale. Our basic package is free. My understanding is that you are correct that you can t sell the bike until it s paid off since the bank technically owns it.

Sell your motorcycle online with our basic package. 1 video renewable featured on homepage and search and premium placement in results. I think that dealership trade ins work because the dealership pays off the existing loan gets the title and blah blah blah. You get it all.

Payment plans for used cars. Do not agree to a payment plan. This is an automatic red flag. After taking the required legal actions if you possess the motorcycle you may even be entitled to sell it at auction to recoup your costs.

This way he can take out a personal loan or line of credit pay off the lien with that and then make payments on the new loan. You can accompany the seller to pay off the lien and make sure that the title is transferred to you. If the seller tries to make money from selling the car to you without first paying the lien holder it could cause legal trouble for all involved.