Selling on a payment plan | GTAMotorcycle.com

Selling on a payment plan

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CrazyKell

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Has anyone ever sold a bike based on a payment plan?

I've had a buyer contact me (spoke on the phone) who is very interested in buying my bike. Lives in Thunder Bay. Can't get down here until a certain time so wants to do payments until he can get down here.

I just feel like this is a scam.

Any experiences?
 
Not sure if it a scam or not but I say first one to show with the cash is the new owner of the bike, I wouldn't hold it for anyone, deposit of not.
 
CrazyKell said:
Has anyone ever sold a bike based on a payment plan?

I've had a buyer contact me (spoke on the phone) who is very interested in buying my bike. Lives in Thunder Bay. Can't get down here until a certain time so wants to do payments until he can get down here.

I just feel like this is a scam.

Any experiences?
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where's your bike listed? there might be a way to verify the purchaser?
 
CrazyKell said:
Has anyone ever sold a bike based on a payment plan?

I've had a buyer contact me (spoke on the phone) who is very interested in buying my bike. Lives in Thunder Bay. Can't get down here until a certain time so wants to do payments until he can get down here.

I just feel like this is a scam.

Any experiences?
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Oh and PS: are you getting a new one or giving up on riding?
 
I would do this for family only. If you have to claim the bike again it's less of a hassle breaking in to repo the bike. :)
 
I don't get how that could work for anything other than a financial institution. How are you gonna repo the bike if he starts missing payments, without causing yourself a massive headache?
 
Scam or not you're screwing yourself. Tell them to go to the bank, get your money, and come get it before someone else buys it. Or else take paypal for the full value of the bike plus a storage fee.

There are a lot of similar bikes a lot closer to TB so it's most likely a scam. Tell me, do they want ownership transferred right away? And it will probably change after one payment and you are comfortable to shipping it to them.

Plenty of real buyers who want your bike to not warrant messing with this. Someone who wants your bike will come buy it and take it, end of story.
 
I don't think she means monthly. I think she means a few large installments,untill paid in full. I've done this with snowmobiles but only too people I know!!
 
Jenkins said:
I don't think she means monthly. I think she means a few large installments,untill paid in full. I've done this with snowmobiles but only too people I know!!
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Most likely correct. Very young riders tend to try this route before they save any money. I would have when I was a kid.
 
It sounds like she is maintaining posession until the seller pays in full, he is paying gradually for her to hold the bike for him.

Kel, I wouldn't let the bike out of my site until I had all the money. Write up something that outlines what happens if things go south (ie. payments of $400 are due on the first of every month. If two consecutive payments are missed, seller will return 75% of the money received and this agreement is null and void. Buyer must pay in full before taking posession of the bike. Seller agrees to complete the sale as long as all payments are being made as per the agreed schedule. etc. Get both parties to sign and include a photocopy of id (I use driver's licences) so both parties know who they are dealing with.
 
Once he has it, good luck getting your money. Have a friend that sold a car like this. Finally got the car back after the guy quit paying, and it was thrashed. Family maybe, stranger.... NO WAY.
 
Like Jenkins said I mean a few large installments until it's paid in full. I will hold bike and ownership, and the bike will not be collected until it's paid in full.

A few red flags in my mind though....why would someone buy a bike site unseen? Why can't they get a loan?

I have a contract and in it there's a stipulation that if they default (Ie. miss a payment) I notify them, and they have X days to pay in full. If payment is not made, they have broken the contract and I keep all monies already paid to the bike. I just wonder if they'd go after me for the money they spent.

Oh and I'm not giving up on riding....never. Just getting something a bit different.
 
I bought my last bike this way, the seller keeps the bike until paid in full. The buyer pays over the winter and picks the bike up when it is paid for as long as everything is documented no big risk for anyone.
 
If the potential buyer is willing to pay YOU in payments until he comes to get the bike, I don't see how this is a scam.
As long as you don't sign over the ownership until you have the agreed-upon price in your hands/bank account, then it should be good. Just a little out of the ordinary is all.
 
oldrider said:
Once he has it, good luck getting your money. Have a friend that sold a car like this. Finally got the car back after the guy quit paying, and it was thrashed. Family maybe, stranger.... NO WAY.
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Why on earth would someone give possession of the vehicle before it's completely paid for? No way in hell would I do that.

I will hold bike and ownership until paid in full. Buyer pays storage.
 
had a guy buy a bike from me unseen..paid me by pal pal it was a ****ed up deal and i didnt feel good about it but hey i got my money he picked up bike 3 weeks later...
 
CrazyKell said:
Like Jenkins said I mean a few large installments until it's paid in full. I will hold bike and ownership, and the bike will not be collected until it's paid in full.

A few red flags in my mind though....why would someone buy a bike site unseen? Why can't they get a loan?

I have a contract and in it there's a stipulation that if they default (Ie. miss a payment) I notify them, and they have X days to pay in full. If payment is not made, they have broken the contract and I keep all monies already paid to the bike. I just wonder if they'd go after me for the money they spent.

Oh and I'm not giving up on riding....never. Just getting something a bit different.
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Ah OK I get it.

He could want that arrangement if he has no above board income to allow him to get a loan, or bad credit, or he's just doesn't have any place to store it over the winter - this gets him cheap storage.

I would tack on a non-refundable monthly storage fee. He can look at it as interest payments if he wants, but this way you get something for your trouble wether he pays up in the end, or whether he backs out. He'd be stupid to agree to let you keep all the money if he misses a payment, but if you can pull that off, more power to you.
 
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As a seller I would not be too concrned as you would hold title and getting money before the transaction.

However, I would never do this as a buyer, how would I secure the contract unless I am able to put a lean on your bike for the money I give to you before taking posession.

I recently sold my bike and the buyer showed up with a trailer, and cash. Smart guy, handed my the cash, took it for a test ride, he got the bike and I did not have to worry about getting the cert so he got it for a few hundred less. So we were all happy.
 
I sold a set of rims to a friend this way ... and another friend bought my other trailer this way as well, I gave it to them and they gave me monthly payments. I had no problems doing this with people I know...

I cannot think of doing this to someone I did not know...
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