Selling or Buying a MC help - Kawasaki KLR 650 Forum
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post #1 of 7 Old 08-25-2013, 07:36 PM Thread Starter
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Selling or Buying a MC help

So, I'm looking at possibly selling my 2012 KLR. Shoulder surgery put a damper on this riding season and another shoulder surgery along with additional surgery on other stuff (sucks turning 50) to come. Long story short, I won't be riding much this or next season.

My question is for those who have bought and/or sold MC's privately (others feel free to chime in). How do you handle a test drive if one is requested? Visions of the Allstate Mayhem motorcycle commercial come to mind. I don't fault wanting a test drive, but for insurance purposes etc. or making sure the person has a MC license etc. is my concern. Further, their level of experience on a MC, and finally, giving them the key and never seeing them again.

Finally, as this bike is bank financed, how do you handle the private transaction when the bank holds the title?

Thanks for any responses.

Wren
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post #2 of 7 Old 08-25-2013, 07:53 PM
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test rides only with full asking price cash payment in your hand prior to getting the key, negotiations can take place after. or you take them for a ride.

not sure about the title question

2013 KLR650
1994 YZ250
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post #3 of 7 Old 08-25-2013, 09:28 PM
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Hi wrenj1,
Sorry to hear about your situation. You have voiced some valid concerns. Unfortunately there is one you missed....Depreciation. Your bike will be very difficult to sell without loosing money. It is too new. If you financed the full amount, there will likely be more left owing to the bank than what you will be able to sell the bike for. You will want to contact your bank for the final payout number and proceedure regarding selling.

If you think there is a chance you may want and be able to ride again it would be better to hang on to the bike than to sell at a loss and buy an other one later.

As to your security issues, hold the keys of their auto. Require proof of DL and copy down the info. Don't be afraid to refuse a test ride if they seem sketchy. Check with your insurance company re test rides. There is no rule that says you have to allow one.
Ask how they plan to pay. Very few people will show up with 5000 cash. DO NOT ACECPT PERSONAL CHEQUES. Some sellers go to the buyer's bank with the buyer to do the payment. This is the most secure method. Bank drafts used to be a secure payment system but they have been counterfeited too.
Don't forget, as a legitimate purchaser, they are also concerned about getting burned as you would be as a purchaser.
Regards...justjeff

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post #4 of 7 Old 08-25-2013, 09:46 PM
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You can usually tell right away if the buyer is trustworthy enough to allow on a test ride. If in doubt, just say no test rides.

Not sure how it works in the States, but I wouldn't buy a bike (or car) that's not free and clear. The fellow I got my KLR from had to take out a personal loan to pay his off before I would buy it. Too risky to buy a bike with a lien and then possibly have the seller default on the loan... My 2 cents

P.S. Just checked out that commercial, too funny!

Last edited by 650Stew; 08-25-2013 at 10:02 PM. Reason: spelling, oops!
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post #5 of 7 Old 08-25-2013, 10:07 PM
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I've bought and sold a LOT of motorcycles over the years. Not once did I offer as a buyer or demand as the seller, the full purchase price before a test ride.

I talk and LISTEN to potential buyers. I can usually tell in very short order if I'm going to let someone take a spin on my scooter. There have been a few times that I denied a ride, but very few. The last time was a few years ago for a husband/wife team that was looking for a ride for the new rider wife. He took the test ride, and they both understood why I wouldn't let her ride it. For collateral he tossed me the keys to his shiny new truck and he left his HOT wife. I was really hoping that he didn't come back.

I am absolutely not paying full purchase price just to ride a motorcycle. I have offered a few hundred dollars deposit while I ride, but have been turned down on the money and told just to ride. I have never been turned down for a test ride, but then I usually show up on a motorcycle to begin with.
A test ride is the last thing you do anyway. All negotiations are done and agreed to "Contingent on it riding/running as promised". If it doesn't all bets are off and it's time to renegotiate or walk.

Is this all a risk?? No diggity, but the harder that you make it for someone to buy your scoot, the harder time you're going to have selling it. Let your conscience be your guide. Only you know how much liability you can stand.
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post #6 of 7 Old 08-26-2013, 07:23 AM
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Sorry to hear about your continued shoulder issues, wrenrj1.

Selling a financed motorcycle and allowing test rides conjures up images of nightmare scenarios, but they will most likely never come to pass. It would probably be a good idea to ask to see a license with a motorcycle endorsement on it before you let somebody take it for a spin.

Chances are nobody's going to show up on foot and take it for a ride and never come back. They do, after all, have to get there somehow and as noted above, will most likely toss you the keys to their vehicle while they go ride it.

It's a gut call. Somebody shows up in a vehicle or on a motorcycle they're willing to leave behind while they go for a ride, that's one thing. Somebody gets "dropped off" or shows up on foot carrying nothing but a helmet, that's another thing.

Most serious buyers will understand that you might be leery about letting them take a test ride and most will consider it a "necessary evil" that they go for a ride because the last thing they probably want to do is crash your motorcycle but they dont' want to buy it unless they can ride it first and that's understandable.

I would never ask for a down payment for a test ride. Say something does happen: rider comes back with a damaged bike. Now you've got a wrecked bike and the person's money that they may want back depending on what kind of person they are. Are you really going to try to keep it? If you're going to go that route, you might as well have the cops on speed dial to mediate and cover you insurance-wise.

People privately sell financed vehicles all the time and the banks are used to it, but it will most likely run off a few sales because it does require a leap of faith on the buyer's part, especially if they've never done it before.

If you're lucky and your institution is local, you can both just go there to finish things up with the title.

If not, banks do this stuff all the time and you can set up an escrow account for the buyer and the long-distance bank. Instead of paying you, the buyer writes the check to the bank and it is temporarily held in an escrow account while the lien is released and the title re-issued in the new name. Oh, and also a check from you since you most assuredly will not sell it for what you owe on it. This way the buyer knows the money went to the bank and the bank has the funds to insure they're legit to do the paperwork to release the lien.

This happens a lot with cars, but might be more hassle than most people wanting to buy a lower-end (i.e.: not worth that much) motorcycle are willing to deal with, especially if it's not possible to just walk into a local bank and do it.

Were it me, I would put it in my For Sale ad up front that there is a lien on the vehicle that will need to be dealt with. That way you know anybody that shows up to look at it is willing to deal with that instead of getting a succession of potential buyers who walk away when they find out this is the case.

I can say that even though I know it's possible and not that hard to do, it's not something I would want to deal with if I was buying a used motorcycle. It might be worth it for a good deal on a $15,000 car and I would expect a car to be still financed, but not a motorcycle in this price range. Not saying there's anything wrong with that, I financed mine, but a lot of potential buyers will think it's just not worth the hassle over a used motorcycle that they're prepared to pay for and leave with immediately.

To be honest with you, I dont' think you're going to get too many offers if the thing is still financed, especially this time of year.

Good luck with your decision and your recovery. I can understand your inclination to sell it. If I couldn't ride mine for two years I wouldn't want to have it sitting around to try to maintain and keep running, either. On the other hand, I wouldn't want to lose a bunch of money selling it. I wish you well on figuring out what to do.




Last edited by planalp; 08-26-2013 at 07:29 AM.
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post #7 of 7 Old 08-26-2013, 09:06 PM Thread Starter
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Thanks for the replies, while I did finance the bike, I could easily pay it off but prefer not to due to the low finance rate, and I prefer to use someone else's cash to finance when it's available. I'm not concerned about where I'm at, as I'm not upside down on this bike, but just want to cover my butt on the transaction process. This isn't a car where you can ride along is my concern.

Wren
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