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barbar

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Hello fellow riders
I co-signed a 2017 yamaha fz07 for a friend couple years ago, and he defaulted his payments.... It went on collection and destroy my credit...
I have paid off the bike loan and transfer the ownership under my name. So now I'm a motorcycle owner and I don't know how to ride and have never ride before lol.
This gave me the urge to learn how to ride this year, so i have got my m1, and doing my m2 at RTI in June.
I'm looking for some consultation from the experienced riders here.

How much is this bike worth? Where should I sell it? Kijiji, autotrader?

According to my friend, its about 22000km, never drop. But its been sitting in a garage for more than a year. Battery is dead, so I cant even start the bike to verify the km.
www.autotrader.ca

New & Used Yamaha FZ for sale in Whitby | AutoTrader.ca

Looking to buy a Yamaha FZ in Whitby? Visit AutoTrader.ca, Canada's largest selection for new & used Yamaha FZ.
www.autotrader.ca www.autotrader.ca

I do see something on auto trader for similar bike. But given the situation of this bike and the 22000 kms, I wouldn't be able to sell at that price lol.
Any tips on selling this bike, so i can minimized my loss....

Appreciate any comments and tips!

Barry
 

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barbar said:
Hello fellow riders
I co-signed a 2017 yamaha fz07 for a friend couple years ago, and he defaulted his payments.... It went on collection and destroy my credit...
I have paid off the bike loan and transfer the ownership under my name. So now I'm a motorcycle owner and I don't know how to ride and have never ride before lol.
This gave me the urge to learn how to ride this year, so i have got my m1, and doing my m2 at RTI in June.
I'm looking for some consultation from the experienced riders here.

How much is this bike worth? Where should I sell it? Kijiji, autotrader?

According to my friend, its about 22000km, never drop. But its been sitting in a garage for more than a year. Battery is dead, so I cant even start the bike to verify the km.
www.autotrader.ca

New & Used Yamaha FZ for sale in Whitby | AutoTrader.ca

Looking to buy a Yamaha FZ in Whitby? Visit AutoTrader.ca, Canada's largest selection for new & used Yamaha FZ.
www.autotrader.ca www.autotrader.ca

I do see something on auto trader for similar bike. But given the situation of this bike and the 22000 kms, I wouldn't be able to sell at that price lol.
Any tips on selling this bike, so i can minimized my loss....

Appreciate any comments and tips!

Barry
Click to expand...


the price of the battery will be worth it(financially) just to prove to the buyers it starts and runs ok, there arent any electrical problems, as well as to verify mileage
 
barbar said:
I have paid off the bike loan and transfer the ownership under my name. So now I'm a motorcycle owner and I don't know how to ride and have never ride before lol.
This gave me the urge to learn how to ride this year, so i have got my m1, and doing my m2 at RTI in June.
Click to expand...
If you are going to learn how to ride, an FZ-07 (now called MT-07) is one of the better choices. It's simplicity is its greatest asset, plenty of power, neutral appearance. Why sell it? Most riders would agree that the MT-07 is plenty enough bike for Ontario streets and highways.

Another way to look at it is that the model isn't that expensive when used(your ad is a dealer ad which is hugely different from private sale), so if you sell it used after you've ridden it for the year, not much difference from selling it today and selling it tomorrow.

This is of course not counting any damage between now and then, but again, with the MT-07's simplicity, its very easy to fix.
 
^this
The mt07 is an amazing bike, light weight, plenty torquey, loads of fun

if you intend to get into riding, you can do a lot worse as far as bikes are concerned
 
Or another way to look at it is this. Try and sell it at your RTI course. If someone had an MT-07 at the riding weekend for sale and one of the instructors were willing to give it a shakedown, I'd have bought it on the spot if the price was in the ball park.
 
Lessons learned, but silver lining you could very well uncover a new life long hobby. Great bike and doable for beginners, especially an ABS model like yours. I've got that exact same year, ABS model, and a Haynes manual if you ever need photos of pages/info just message me. I know nothing about prices though as I bought mine new with no plans of selling.
 
it weighs 400 lbs wet and wheelies for days, could legit be a forever bike
 
bigpoppa said:
the price of the battery will be worth it(financially) just to prove to the buyers it starts and runs ok, there arent any electrical problems, as well as to verify mileage
Click to expand...
I love how some goofs in the past have tried to sell me a bike in their garage and the battery is dead or missing. Do they really expect it to sell it? I tell them thanks for wasting my time and move on.

OP, keep the bike, you don't know what you're missing. It's almost like having a street-legal go-kart, it's fun!
 
Pegassus said:
I love how some goofs in the past have tried to sell me a bike in their garage and the battery is dead or missing. Do they really expect it to sell it? I tell them thanks for wasting my time and move on.

OP, keep the bike, you don't know what you're missing. It's almost like having a street-legal go-kart, it's fun!
Click to expand...
If I can't start the motor I assume the engine is blown and possibly everything the motor powers is shot as well.

As jc100 pointed out, your friend doesn't have your back so assume nothing. Did he stop making payments because he blew the motor?

Where has the bike been stored? Hopefully in your mouse free, dry, secure garage.

Is it in your name and registered as fit, unplated?

I'm guessing not registered as fit so you will need a safety which means they have to test the lights and horn so again, a battery is needed .

I assume fuel injection but I also assume the gas wasn't prepped for storage. Some motors are more stale gas sensitive than others.

I don't know the price of batteries but for around $100 and a little bit of work you are no longer dealing with an unknown.

You've got a bike and it hopefully runs well.

You're taking a course, indicating an open mind to motorcycling.

Check your insurance rates as we don't know your age, location or infraction status but hopefully the bike doesn't get you hammered.

If you run the bike for a few months and find you don't like it you can drop out of the system by selling the bike and recoup some coin.
 
Wonder how sales tax works in this case ?? :unsure:

Certainly OP needs to get a battery and have someone with some familiarity check out the bike. It's an excellent bike ....beginner on up.
Good luck ...I hope the battery is all it takes.
 
MacDoc said:
Wonder how sales tax works in this case ?? :unsure:

Certainly OP needs to get a battery and have someone with some familiarity check out the bike. It's an excellent bike ....beginner on up.
Good luck ...I hope the battery is all it takes.
Click to expand...
He purchased a non running fixer upper old bike for next to nothing. Right?
 
nobbie48 said:
If I can't start the motor I assume the engine is blown and possibly everything the motor powers is shot as well.

As jc100 pointed out, your friend doesn't have your back so assume nothing. Did he stop making payments because he blew the motor?

Where has the bike been stored? Hopefully in your mouse free, dry, secure garage.

Is it in your name and registered as fit, unplated?

I'm guessing not registered as fit so you will need a safety which means they have to test the lights and horn so again, a battery is needed .

I assume fuel injection but I also assume the gas wasn't prepped for storage. Some motors are more stale gas sensitive than others.

I don't know the price of batteries but for around $100 and a little bit of work you are no longer dealing with an unknown.

You've got a bike and it hopefully runs well.

You're taking a course, indicating an open mind to motorcycling.

Check your insurance rates as we don't know your age, location or infraction status but hopefully the bike doesn't get you hammered.

If you run the bike for a few months and find you don't like it you can drop out of the system by selling the bike and recoup some coin.
Click to expand...

He stopped making payments cuz his employer stop paying him so he had no money to pay for it... and he said he didn't remember that i co signed it for him... and the ****** up part is that after he defaulted his bike loan in Decemeber of 2020 and he had asked me to move the bike in Jan 2021... Because his ex girlfriend is moving on with some other dude, and doesnt want to take care of his ****.
So idk, the more i think about this the more I feel like he knew and he just think he could ran away from a ******* bike loan harmless. (technically he still did, while i take all the ******* ****).

We used to be roomates, he is an international student. So he needed someone whose a canadian to co sign him. So stupid me help him. I don't think I will ever co sign anything unless it's family now lol... and quite honestly I think this friendship stops at about $6500 and a tanked credit score for the next few years lol.

But ye, I managed to transfered the ownership under my name just two weeks ago. The bike is not registered? current plate had been expired for like a year and half. and no safety is done.
I called up VOS Motor in Vaughn where he purchased the bike, and told them the situation. They offered me 4200-4500 for the bike, and the service department said if i want to replace battery gona cost me around 400 bucks.

Im doing my training course this month and should have my m2 by end of June. Riding is always something I have dreamed of doing since I was a kid but never really had an oppertunity or dare to do it. And after reading all the comments I think I'm going to make a decesion of selling or not after I get my m2 and see if I enjoy riding.

But looks like getting the bike fixed up is inevitable. Any recommendations on mechanics or shops that won't take advantage of a newbie rider? The Bike is in friends' garage in Vaughn.

Thank you all for sharing your thoughts and tips.
Much appreciated!
 
barbar said:
He stopped making payments cuz his employer stop paying him so he had no money to pay for it... and he said he didn't remember that i co signed it for him... and the ****** up part is that after he defaulted his bike loan in Decemeber of 2020 and he had asked me to move the bike in Jan 2021... Because his ex girlfriend is moving on with some other dude, and doesnt want to take care of his ****.
So idk, the more i think about this the more I feel like he knew and he just think he could ran away from a ******* bike loan harmless. (technically he still did, while i take all the ******* ****).

We used to be roomates, he is an international student. So he needed someone whose a canadian to co sign him. So stupid me help him. I don't think I will ever co sign anything unless it's family now lol... and quite honestly I think this friendship stops at about $6500 and a tanked credit score for the next few years lol.

But ye, I managed to transfered the ownership under my name just two weeks ago. The bike is not registered? current plate had been expired for like a year and half. and no safety is done.
I called up VOS Motor in Vaughn where he purchased the bike, and told them the situation. They offered me 4200-4500 for the bike, and the service department said if i want to replace battery gona cost me around 400 bucks.

Im doing my training course this month and should have my m2 by end of June. Riding is always something I have dreamed of doing since I was a kid but never really had an oppertunity or dare to do it. And after reading all the comments I think I'm going to make a decesion of selling or not after I get my m2 and see if I enjoy riding.

But looks like getting the bike fixed up is inevitable. Any recommendations on mechanics or shops that won't take advantage of a newbie rider? The Bike is in friends' garage in Vaughn.

Thank you all for sharing your thoughts and tips.
Much appreciated!
Click to expand...

if its something easy like a battery it will be easy and cheap to do yourself, if you decide to ride, enjoy, if you want to sell, I strongly encourage you to sell it yourself, you can easily sell those used for 6-6500, as usual the stealership is trying to rip you off.

not sure of any mechanics in vaughan
 
MacDoc said:
Wonder how sales tax works in this case ?? :unsure:

Certainly OP needs to get a battery and have someone with some familiarity check out the bike. It's an excellent bike ....beginner on up.
Good luck ...I hope the battery is all it takes.
Click to expand...
When I went in to Service Ontario, I told them about the situation. and I basically 'purchased' the bike for 0 dollars on the bill of sale, so i don't have to pay any tax. They don't really care what price you got the bike.

But CRA may come after you, but for my case I have a proof of payment to the default loan to clear the lien on the bike.
If you want to do cash deal, just get seller to write like a statment that he lost the bike to you because of a bet in a bar? lol.
 
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