How To Sell A Motorcycle With A Lien – Having money owed on a motorcycle loan does not mean you cannot sell your motorcycle. First, you’ll need to pay off the loan, which can be difficult if you don’t have the cash to cover the balance. You still have a few options. However, you stand to lose money depending on how much you owe versus the selling price of your bike.
When you finance the purchase of a car or motorcycle, your lender retains ownership of the vehicle until the loan is repaid. This is also the case when you take out a mortgage. If your title is held by a third party, your motorcycle is considered a lien. This lien allows your lender to repossess your bike if you stop making payments.
How To Sell A Motorcycle With A Lien
You will not be able to sell your motorcycle until the lien is removed. So the first thing to do is find out how much you owe on the loan. You may be able to determine your remaining loan balance using your loan statement, but the best way to make sure you have the correct number is to call the lender directly.
Sell Your Motorcycle
You can remove the lien and release your bike by paying the financing. Doing this with your money is the easiest thing to do, but many people can’t calculate the loan balance all at once. If you have a co-signer, that person can repay the loan. Another option is to ask the buyer to pay you before the title is transferred. Then you can repay the loan with the buyer’s money. Another option is to work with the lender to close the sale. You may be able to complete the sale at a bank or credit union that holds the lien and the title is signed on the spot.
Many dealerships are willing to take care of the vehicle lien paperwork. The only downside is that you might not get the same price for your motorcycle as you would with a private buyer.
The loan amount is known to be greater than the value of the motorcycle and is considered negative equity or loan reversal. This often happens with vehicles that have been in an accident or have suffered other damage. In this case, experts recommend keeping your bike until you repay the loan and recover some of the capital. If you sell it, you will need to find money to cover the negative loan balance.
What does a long-term lien on a vehicle mean? → If you have a home loan, do you have to pay off the loan before selling the house? → What to do if you cannot pay the car loan →
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Katie Watson spent three decades in the corporate world before becoming a freelance writer. She holds a degree in English from UC Berkeley and specializes in topics related to personal finance, careers and entrepreneurship. Are you going to put your bike up for sale? Maybe you’re ready for something new, or maybe you’re moving and don’t want to take it with you. Maybe you’re just ready to invest or buy a motorcycle that you took the time to fix.
Selling a motorcycle is not difficult, but it does require some preparation and careful thought. There are plenty of ways to sell a motorcycle these days, whether you do it locally or use the vast pool of online buyers. Here is a step-by-step guide on how to sell your motorcycle for the best price and as quickly as possible.
Before you put your motorcycle up for sale, you’ll need to take a few steps to make sure it’s in the best possible condition and show it off in the best possible light. Here’s a quick rundown of cleaning and photographing the bike, as well as damage that potential buyers will want to know about.
Would you buy a motorcycle covered in dust and road grime? A dirty bike often looks like a poorly maintained bike to a potential buyer. One of the simplest things you can do to sell your motorcycle quickly and for the best price is to clean it thoroughly before you put it up for sale or show it to buyers.
Legal Aspects Of Selling Your Motorcycle
Preparing a motorcycle for sale requires more than a quick rinse. You want to spend the weekend detailing your bike and doing minor repairs. Here is where you should focus your attention.
Start with a deep wash before moving on to the next steps. Use hydrogen peroxide to remove dirt and bugs without damaging the paint. Before washing the motorcycle, make sure it has cooled down and use the appropriate polish, such as ICE Turtle Wax. WD40 can be useful for removing dirt and is safe on metal and plastic.
Remember: it’s more than a quick post-ride rinse. Pay attention to areas that are not visible, such as under the seat, deposits around the battery and surface rust.
Unless you’re concerned about top dollar or selling a starter bike, take the time to repair minor damage. Scratches can usually be polished out. You can usually repair minor scratches, dents, and dents. It may require a small investment, but it can increase the appeal and value of your motorcycle.
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Rusty, muddy brakes don’t make for the best photos of your bike. You can use polish on the brake centers and a Scotch-Brite pad to give the exterior a nice shine. Use a specialized brake cleaner to remove residue. Here’s how to perform a simple caliper overhaul to ensure a smooth ride for the next owner.
Start your motorcycle according to the Motorcycle Safety Foundation’s inspection checklist. Note any imperfections to inform potential buyers or have them repaired. It’s also a good time to tune up your bike to make sure it’s in the best selling condition.
Photos are the first thing potential buyers will notice about your motorcycle listing. Do you want your motorcycle to stand out from thousands of other offers? Without the right engineering and quality, even the most spectacular bike will barely grab the attention of buyers browsing the listings.
You don’t need to invest in professional photography equipment to get winning photos that will help you sell your motorcycle. Here are some tips for getting professional quality images that show off your bike.
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It is best to photograph your motorcycle outdoors late at night or early in the morning when the sun is low and less harsh. Cloudy skies are also ideal for lighting.
Place your motorcycle against something of a contrasting color and without too many lines. Avoid “busy” environments such as wrought iron fences, telephone poles or other vehicles. Garage doors, brick walls and open fields are good options.
You will definitely want to get some basic angles including front, right, left, and back. Then shoot the details. Take some close-ups of the tank, seat, engine, and bars. Don’t be afraid to try out unusual angles and get plenty of detail so buyers can see the work you put into cleaning and maintaining your motorcycle. One of the best angles to shoot is from below towards the ground, when the camera is level with the headlights.
At this point, your motorcycle should be clean, and you should go through a comprehensive checklist to spot obvious motorcycle problems. It’s best to be as honest and open as possible about known faults or cosmetic issues with the bike. This not only protects you legally; this allows potential buyers to make an informed decision. It also helps in accurately valuing your motorcycle for sale.
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As a general rule, most state laws require you to disclose major known issues and be honest when a potential buyer asks questions. However, we encourage you to find out everything you know about motorcycling.
It’s not just damage that affects the value of your vehicle. Try to view your motorcycle as a disinterested third party and remove your emotional attachment. If it has a custom paint job, consider condition, quality, and level of appeal to most buyers. If it’s very good and has a broad appeal, it can increase the value significantly. Otherwise, you may want to lower the value of the custom paint job.
There are plenty of options for selling a motorcycle, even if you live in a small market without many potential buyers. You will usually get the most money for your motorcycle through a private sale. If you have a rare, antique, or valuable motorcycle, an auction or motorcycle show may be the best way to raise the selling price.
When considering the best place to sell your motorcycle, the first decision you want to make is whether or not you want to sell your motorcycle online. Registering your motorcycle online offers many benefits:
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There are downsides to listing a motorcycle online. You will have to watch out for scammers. One of the biggest drawbacks is that you may have to deal with delivering motorcycles because
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