Selling bike, need to store until new owner can pick up? | GTAMotorcycle.com

Selling bike, need to store until new owner can pick up?

TekNinja81

TekNinja81

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Hey folks,

I am looking at selling my bike in the next week or so; if I don't however, my insurance is up for renewal in March.

I have someone coming by who may be purchasing the bike, but who would need me to store it until they can pick it up sometime in the spring.

My understanding is that they would be giving me a cheque at the time we make the deal, so technically they would own the bike as of that day -- my question though, is how would insuring the bike for storage work until they can pick it up?

I'm guessing with our weather that I'd potentially be storing the bike for another 1-2 months. I believe the new owner should be insuring the bike since it'd be in their ownership, but with the bike on my property I'm a little concerned/confused as to how this would all work.

Appreciate any advice/feedback.
 
I would advise not to store it for them unles you're good friends with them and even then I would hesitate. Avoids any future issues such as "it didn't sound like that before/it had different parts/there wasn't a scratch" etc.
 
There is only downside in that for you.
 
Valid points obviously; unfortunately I do not know this person, and he's coming in from out of town for the motorcycle show so only in the GTA for a few days. I don't know if he has a trailer or anything to bring the bike back with him, but at the same time, I would want time to ensure the cheque clears anyway. I'd like to be able to trust people more, but I'm definitely leery of accepting anything other than cash-in-hand before handing over ownership/keys etc.

A friend suggested giving him a photocopy of the ownership signed w/agreement of payment etc, so he has a record until he picks up the bike, at which time I would then deliver the keys/original ownership etc. Is this any safer?

I'm hoping to arrange a better option, but being in two different cities kind of complicates matters...
 
He's got time to get cash out of the bank.
 
I have done this as the buyer, you need to transfer the ownership and he needs to get insurance for fire and theft. It could be a hornets nest if the buyer is a dick.

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a money order/or a draft ... don't know the exact technical term used for this.... but its as good as money in hand ... ps don't trust anyone when it comes to things like this. some people are nice and most are not
 
Not so I have accepted money orders in the past and was shocked that my bank put a hold on the funds. When I asked why they said there are LOTS of fake/fraudulent money orders floating around so they hold the funds as if it were a cheque. I am of the same mind as other poster the buyer has LOTS of time to get CASH from the bank. If he doesn't want to provide cash that raises a question. Not sure unless he is flying in why he can't make arrangements for a trailer etc.

kania said:
a money order/or a draft ... don't know the exact technical term used for this.... but its as good as money in hand ... ps don't trust anyone when it comes to things like this. some people are nice and most are not
Click to expand...
 
Honestly, go with him to the bank for cash if he doesn't want to carry that much. Storage is not your problem, he has a week to get a pickup or u-haul.
 
kania said:
a money order/or a draft ... don't know the exact technical term used for this.... but its as good as money in hand ... ps don't trust anyone when it comes to things like this. some people are nice and most are not
Click to expand...
A piece of paper that isn't money is not as good as money in hand.

Cash only for any sale
 
Thanks again all.

He is coming in from the Thunder Bay area, and hasn't mentioned how he's getting here, but is staying at a hotel downtown. He says he will insure the bike for storage, and mentioned a relative closer to the GTA would be able to store the bike, but would still need me to store it until March when it should be safer to ride.

I'm skeptical of the whole situation, but I would be skeptical regardless when it comes to selling anything like a vehicle online. Even if he agrees to pay in cash, unless he is able to take the bike at that time, I still have the issue of storing & protecting the bike while it's on my property -- as well as the question of who hangs onto the keys/alarm fob etc until he picks it up.

I guess safest bet is tell him it's either cash & carry, or no deal?
 
So, emailed the buyer requesting he bring cash as opposed to cheque/money order etc, even explaining that my bank wants a 10-day hold (which is true) for anything other than cash.

Buyer backed out.

I guess I just saved myself a lot of potential headache...
 
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