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NFB: Selling A Vehicle????

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  • #1

    NFB: Selling A Vehicle????

    Im gonna be selling my motorcycle to friend of mine soon for $3K. Now he doesnt have all of the money upfront, but he said he would pay me $300 a month for 10 months, which Im willing to do. Now my question is, how do we go about doing this? Do we go to a Notary to have an official contract signed? Does he get the pink slip to the bike as soon as he signs and gives me the first payment? I've never done this before, so any advice would help....
    1996 Arctic White Z28, A4, K&N CAI, TByrne MAF ends, BBK Twin-52mm TB, TB Bypass, SLP 1 3/4" Shorties, Richmond 3.42's, Dynomax Bullet Muffler W/Turn Down, BMR Adj. Panhard, EIBACH Pro-Kit, AFS ZR1 Wheels W/17x11" out back!
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  • #2
    Payment Plan

    Why doesn't he get a loan from the bank? a 3K loan is pretty easy to get.

    I'm sure you don't want to stress a friendship. What happens if the bike breaks down before its fully paid off to you? He'd probably not want to pay you the rest... Seems dangerous to me
    -Austin
    Austin Schroeger
    Looking to Buy 1994-97 F-Body

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    • #3
      Re: Payment Plan

      Originally posted by aschroeger
      Why doesn't he get a loan from the bank? a 3K loan is pretty easy to get.

      I'm sure you don't want to stress a friendship. What happens if the bike breaks down before its fully paid off to you? He'd probably not want to pay you the rest... Seems dangerous to me
      -Austin
      I agree. I wouldnt do it either. Have him get a loan from a bank, or his family. He could get in an accident with it and wreck it, then decide to stop paying for it.

      there are just a million things that could go wrong and ruin your friendship. I always keep $$ and friendship seperate. No loans to friends.

      I did loan a long time friend $1500 twards the down payment on his house once. I figured on him not paying me back, but was pleasently pleased when he did.

      I guess the bottom line is, if you cannot afford to give away the money with no return and not feel bad about it, dont do it.
      Tracy
      2002 C5 M6 Convertible
      1994 Z28 M6 Convertible
      Current Mods:
      SLP Ultra-Z functional ramair, SS Spoiler, STB, SFCs, Headers, Clutch, Bilstein Shocks, and TB Airfoil. 17x9 SS rims with Goodyear tires, 160F T-Stat, MSD Blaster Coil, Taylor wires, Hurst billet shifter, Borla catback with QTP e-cutout, Tuned PCM, 1LE Swaybars, 1LE driveshaft, ES bushings, White gauges, C5 front brakes, !CAGS, Bose/Soundstream audio, CST leather interior, synthetic fluids

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      • #4
        I agree. Money can crumble a friendship in seconds which takes years to build.
        Hercules



        2008 Sunburst Metallic HHR LT

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        • #5
          Originally posted by DJ Taso
          I agree. Money can crumble a friendship in seconds which takes years to build.
          amen.

          make em pay cash. get a loan.
          what if he crashes and burns? i know thats a terrible thought...but..it can happen.

          The Goldens: Reno and Rocky

          2008 C6, M6, LS3, Corsa Extreme C/B, (it flys) & 2008 Yukon loaded (Titanic), 03 Ford Focus..everydaydriver.

          Wolfdog Rescue Resources, Inc.:http://www.wrr-inc.org
          Home Page: http://www.renokeo.com
          sold: 97 Firehawk, 97 Comp T/A, 2005 GTO, 2008 Solstice GXP turbo.

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          • #6
            I can tell you from experience........ I did someone a favor like that and ended up getting screwed. Just don't do it.

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            • #7
              i agree with all these guys here. it would be a pita to call and collect each month, and if he doesnt pay you will be ticked. dont do it
              Miss My Bird

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              • #8
                Yeah, I can understand what you guys mean. I kinda feel wierd just giving it to him like that. I will ask him to get a loan, or borrow from family, that way I can get my money. Thank for the advice guys!
                1996 Arctic White Z28, A4, K&N CAI, TByrne MAF ends, BBK Twin-52mm TB, TB Bypass, SLP 1 3/4" Shorties, Richmond 3.42's, Dynomax Bullet Muffler W/Turn Down, BMR Adj. Panhard, EIBACH Pro-Kit, AFS ZR1 Wheels W/17x11" out back!

                Comment

                • #9
                  Write a contract that states your case in detail and make sure you include that after one, two or three (it's up to you) missed payments that the cycle becomes repossessed by you. Make sure you never transfer the "title" until payment is in full. You keep a key to the bike AND to where it will be stored. That way if something does happen, an officer can acompany you to retrieve it. GET IT ALL NOTARIZED. (I had a divorce notarized before the legal divorce went thru, notary holds in court!!) If this is a true friend, he will not question your concerns, and if he's an honest friend, he will not feel threatened by it, and a true friend will just bring the bike back to you without you even asking.
                  RAVEN
                  Oroan's woman loves her 67' Firebird

                  Comment

                  • #10
                    Originally posted by Ravven
                    Write a contract that states your case in detail and make sure you include that after one, two or three (it's up to you) missed payments that the cycle becomes repossessed by you. Make sure you never transfer the "title" until payment is in full. You keep a key to the bike AND to where it will be stored. That way if something does happen, an officer can acompany you to retrieve it. GET IT ALL NOTARIZED. (I had a divorce notarized before the legal divorce went thru, notary holds in court!!) If this is a true friend, he will not question your concerns, and if he's an honest friend, he will not feel threatened by it, and a true friend will just bring the bike back to you without you even asking.
                    RAVEN
                    Well Said! Thanks for the advice Ravven!
                    1996 Arctic White Z28, A4, K&N CAI, TByrne MAF ends, BBK Twin-52mm TB, TB Bypass, SLP 1 3/4" Shorties, Richmond 3.42's, Dynomax Bullet Muffler W/Turn Down, BMR Adj. Panhard, EIBACH Pro-Kit, AFS ZR1 Wheels W/17x11" out back!

                    Comment

                    • #11
                      Originally posted by Ravven
                      Write a contract that states your case in detail and make sure you include that after one, two or three (it's up to you) missed payments that the cycle becomes repossessed by you. Make sure you never transfer the "title" until payment is in full. You keep a key to the bike AND to where it will be stored. That way if something does happen, an officer can acompany you to retrieve it. GET IT ALL NOTARIZED. (I had a divorce notarized before the legal divorce went thru, notary holds in court!!) If this is a true friend, he will not question your concerns, and if he's an honest friend, he will not feel threatened by it, and a true friend will just bring the bike back to you without you even asking.
                      RAVEN
                      What if the guy buys it and wrecks it 2 months later?? Somthing to think about...
                      96 WS6 Formula: Ram Air, 383 Stroker, Ported LT4 Heads and Manifold, 1.6 Crane Rollers, 58MM T.B., AS&M Headers, Borla Exhaust, Meziere Elec. H2O Pump, Canton Deep Sump Oil Pan, 100 HP OF TNT N2O!! , T56 Conversion w/ Pro 5.0 shifter, SPEC Stage 3 Clutch, Hotchkiss Subframe Conn., Lakewood Adj. Panhard Bar, Spohn Adj. LCA's, BMR Adj. T.A., Custom 12 bolt w/ 3:73's, Moser Axles, Eaton Posi, Moser Girdle
                      11.6 @ 123mph (1.6 60' - getting there )

                      Comment

                      • #12
                        Re: NFB: Selling A Vehicle????

                        Originally posted by AmericanZ28
                        Im gonna be selling my motorcycle to friend of mine soon for $3K. Now he doesnt have all of the money upfront, but he said he would pay me $300 a month for 10 months, which Im willing to do. Now my question is, how do we go about doing this? Do we go to a Notary to have an official contract signed? Does he get the pink slip to the bike as soon as he signs and gives me the first payment? I've never done this before, so any advice would help....
                        A friend of mine is going through bankruptcy right now, partially because of the EXACT same thing as you describe above. His so-called friend wanted to purchase his $12,000 car. So he has it a month, seizes the engine, and then decides he isn't paying.

                        Long story short, DO NOT DO IT.

                        DO NOT DO IT
                        1995 Chevy Camaro, V6, 5-spd Manual - Looks like it just rolled off the showroom floor :-)

                        Comment

                        • #13
                          Alright, you guys scared me out of it! I asked my friend to come to me with the money in full. He understood my concern, and said he would try to get the money. Thanks again to everyone!
                          1996 Arctic White Z28, A4, K&N CAI, TByrne MAF ends, BBK Twin-52mm TB, TB Bypass, SLP 1 3/4" Shorties, Richmond 3.42's, Dynomax Bullet Muffler W/Turn Down, BMR Adj. Panhard, EIBACH Pro-Kit, AFS ZR1 Wheels W/17x11" out back!

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                          • #14
                            Well, you got something VERY good out of all this, he is a true friend for understanding, and now you really know it for sure. But then again, if it's "in writing" and an accident happens where the buyer doesn't wanna pay, you can sue and make the buyer pay ALL the court costs as well....

                            Raven
                            Attached Files
                            Oroan's woman loves her 67' Firebird

                            Comment

                            • #15
                              Originally posted by Ravven
                              Well, you got something VERY good out of all this, he is a true friend for understanding, and now you really know it for sure. But then again, if it's "in writing" and an accident happens where the buyer doesn't wanna pay, you can sue and make the buyer pay ALL the court costs as well....

                              Raven
                              I figured this was true. I mean, why woulnt the court make him pay if the contract was signed and legit?
                              1996 Arctic White Z28, A4, K&N CAI, TByrne MAF ends, BBK Twin-52mm TB, TB Bypass, SLP 1 3/4" Shorties, Richmond 3.42's, Dynomax Bullet Muffler W/Turn Down, BMR Adj. Panhard, EIBACH Pro-Kit, AFS ZR1 Wheels W/17x11" out back!

                              Comment

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