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CVO Social => Other Topics => Topic started by: Puma on May 06, 2015, 09:09:20 PM

Title: How does one sell a bike that is financed?
Post by: Puma on May 06, 2015, 09:09:20 PM
So it's come to this. Sell it or it gets repossessed. So does anyone know how it works if I can even find a buyer? All advice welcomed.
Title: Re: How does one sell a bike that is financed?
Post by: Jswerve on May 06, 2015, 09:21:25 PM
So it's come to this. Sell it or it gets repossessed. So does anyone know how it works if I can even find a buyer? All advice welcomed.

Wow that sucks. How did you go from new bike and adding upgrades to must sell or repo?  :-\

It's simple really, you take their money to the bank with the lien and pay the remaining balance and they mail you the title. There will be a wait. The buyer must be aware. I hope you aren't upside down on it. Very sorry to hear.

Jesse
Title: Re: How does one sell a bike that is financed?
Post by: Chains on May 06, 2015, 09:30:48 PM
Sorry to hear of your predicament.  Depends what you owe compared to current market value.  If you are not upside down on the vehicle it makes the selling process a lot easier.   Assuming you owe less than current value and want to keep your credit rating I would offer it for take over payments and a cash settlement from purchaser. You will have to make the price attractive (low) to grab a buyer fast.

If you are with a local bank list that sale will take place at bank.  If it is through Harley financial talk to your dealer maybe they can slide someone your way or sell  it for you on consignment.


This all works if the repo man isn't already looking for the bike. If you have let it go to the point repossession papers have been issued then you have no leverage.   You just need to turn it over to them and pray the lender doesn't sell it to a buddy way under what you owe. If that happens you could be held legally liable for the balance.

Good luck, nice looking ride.





Title: Re: How does one sell a bike that is financed?
Post by: smkymtnboy on May 06, 2015, 09:32:51 PM
if, it is a quick sell you need try the local Harley dealers. may not get top dollar,but might save your credit rating. very sorry to hear of your situation.
Title: Re: How does one sell a bike that is financed?
Post by: Puma on May 06, 2015, 09:42:25 PM
Thanks dudes. I'm definitely current on payments. I don't want to let it get to repossession. I think, but don't know, if I could get what I owe. The bike was over 28k list and I owe around 16k, so that looks pretty good in my opinion, but I'm a little biased.
Title: Re: How does one sell a bike that is financed?
Post by: smkymtnboy on May 06, 2015, 09:46:48 PM
Thanks dudes. I'm definitely current on payments. I don't want to let it get to repossession. I think, but don't know, if I could get what I owe. The bike was over 28k list and I owe around 16k, so that looks pretty good in my opinion, but I'm a little biased.
put it up for sale on this board. most guys on this forum will be willing  to pay fair prices. check nada to see where you may be on pricing. good luck!! :2vrolijk_21:
Title: Re: How does one sell a bike that is financed?
Post by: Puma on May 06, 2015, 09:52:07 PM
KBB says 22,000+ for trade and dealers will list for over 27k. NADA says 27,400 retail.
Title: Re: How does one sell a bike that is financed?
Post by: Chains on May 06, 2015, 09:57:15 PM
Glad your not upside down it will make selling easier but no less painfull.  Do what Smkymtnboy suggested and list here and locally. Just price it right and a buyer will come knocking.

Good luck.
Title: Re: How does one sell a bike that is financed?
Post by: D-N-D on May 07, 2015, 05:50:20 AM
Put on consignment at the Harley Dealer they will move if fast at this time of the year. ( They can Finance the bike for the customer you can't ) I sold many on Consignment and got great results.
Title: Re: How does one sell a bike that is financed?
Post by: ultrarider123 on May 07, 2015, 08:59:36 AM
You've got some great suggestions so far.  May I suggest a different route if it's possible?  Instead of selling, have you considered refinancing at a lower rate based on what you currently owe?  In some cases with the current rates, you can cut your payment without adding time to the loan.  Of course adding time on a lesser amount than the original loan at a lower rate will lower your monthly payment, too.  Plus, you can put the first payment on that new loan out 45 days.  All things that can help if the budget finances are suffering for the short term. 
If you still have to sell it, the refinance option will give you a couple more months to get what you want out of your SERK.
If that doesn't sound feasible in your situation, you still aren't in a rush if you are current on your payments as you stated.  You have some time (usually 3 or 4 months) before Repo Joe comes'a callin.

Selling a bike with a lien on it is no hassle whatsoever.  As others have stated, if you owe less than what you sell it for, take that to the bank/credit union and pay it off.  In some cases (usually local credit unions), they have the title on file at the main branch and you get that handed to you in the same visit.  The only issue is if you owe more than you sell it for....which in your case is NOT the case so that's something in your favor.

Good luck.... :)
Title: Re: How does one sell a bike that is financed?
Post by: Puma on May 07, 2015, 03:44:04 PM
You've got some great suggestions so far.  May I suggest a different route if it's possible?  Instead of selling, have you considered refinancing at a lower rate based on what you currently owe?  In some cases with the current rates, you can cut your payment without adding time to the loan.  Of course adding time on a lesser amount than the original loan at a lower rate will lower your monthly payment, too.  Plus, you can put the first payment on that new loan out 45 days.  All things that can help if the budget finances are suffering for the short term. 
If you still have to sell it, the refinance option will give you a couple more months to get what you want out of your SERK.
If that doesn't sound feasible in your situation, you still aren't in a rush if you are current on your payments as you stated.  You have some time (usually 3 or 4 months) before Repo Joe comes'a callin.

Selling a bike with a lien on it is no hassle whatsoever.  As others have stated, if you owe less than what you sell it for, take that to the bank/credit union and pay it off.  In some cases (usually local credit unions), they have the title on file at the main branch and you get that handed to you in the same visit.  The only issue is if you owe more than you sell it for....which in your case is NOT the case so that's something in your favor.

Good luck.... :)
Thanks Haird. I hadn't thought of that. Of course rates these days are pretty good, so I'm not sure how much lower I'll get. I'll have to see what I financed at with HD.
Title: Re: How does one sell a bike that is financed?
Post by: 2018_FLTRXSE on May 10, 2015, 06:40:02 PM
If you financed via HD (eaglemark) you should be able to find much better elsewhere. Good luck and sorry to hear of your troubles.

If you only owe $16k you may want to see if you qualify for a signature loan (no collateral) so you keep the bike.
Title: Re: How does one sell a bike that is financed?
Post by: lowflight on May 12, 2015, 05:15:19 PM
FWIW, HD eagle will negotiate percentage on loan rates. Last time I got a new bike (2013) I think I got 1.5%. If it is possible for you, you may want to call them to see about getting a lower rate loan if that would help you at all.
Title: Re: How does one sell a bike that is financed?
Post by: Puma on May 12, 2015, 09:02:18 PM
FWIW, HD eagle will negotiate percentage on loan rates. Last time I got a new bike (2013) I think I got 1.5%. If it is possible for you, you may want to call them to see about getting a lower rate loan if that would help you at all.
I wish I would have known that when I bought the bike. I thought I was getting a good rate at 3.99.
Title: Re: How does one sell a bike that is financed?
Post by: Jswerve on May 12, 2015, 09:48:17 PM
I wish I would have known that when I bought the bike. I thought I was getting a good rate at 3.99.

Nothing wrong with 3.99.
Title: Re: How does one sell a bike that is financed?
Post by: D-N-D on May 13, 2015, 06:06:07 AM
3.99 is really not bad for a Bike.
Title: Re: How does one sell a bike that is financed?
Post by: ultrarider123 on May 13, 2015, 07:15:49 AM
The MoCo is pushing 1.99% for up to 60 months on new leftover 2014 and 2015 models through the end of May.  Credit Unions regularly push anything from 1.29% to 1.99% on new cars,trucks, suvs, and recreational vehicles (dat b modercykles) for up to 72 months.  My home owners rate for a 15 year loan is 2.25% fixed so while 3.99% sounds OK by itself, when compared to all the other options out there, it's actually not that great.
Title: Re: How does one sell a bike that is financed?
Post by: Jswerve on May 13, 2015, 07:22:51 AM
Howard those are great rates but I'm sure not for everyone. It's going to depend on the applicant's credit rating. I haven't purchased anything since 2012 but I refinanced my home then and I got a very respectable 3.125% with a 780 credit score. Sounds like rates have dropped since then. Not worth refinancing again for .625% by the time they add those closing fees and such (imo). Maybe I will see what's out there for my bike though. I'm under 14k now.  Might save me some change?

Jesse
Title: Re: How does one sell a bike that is financed?
Post by: owl893 on May 13, 2015, 07:33:37 AM
Great suggestions, I would only add that you (if you own a home) pay it off with a home equity loan.  Low rates, the interest is deductible, and the payments are variable.

OWL
Title: Re: How does one sell a bike that is financed?
Post by: Jswerve on May 13, 2015, 07:52:30 AM
Great suggestions, I would only add that you (if you own a home) pay it off with a home equity loan.  Low rates, the interest is deductible, and the payments are variable.

OWL
John good to hear from you. Great suggestion. Hope all is well.

Jesse
Title: Re: How does one sell a bike that is financed?
Post by: Puma on May 15, 2015, 09:09:58 PM
Great suggestions, I would only add that you (if you own a home) pay it off with a home equity loan.  Low rates, the interest is deductible, and the payments are variable.

OWL
I wish I could sell the f-ing house and keep the bike.
Title: Re: How does one sell a bike that is financed?
Post by: Puma on July 27, 2015, 06:20:40 AM
Would it be possible to trade it on a much lower priced bike? Lower the amount financed, and in turn the payments.
Title: Re: How does one sell a bike that is financed?
Post by: ultrarider123 on July 27, 2015, 07:44:26 AM
Yes, that is an option.  Here's another thought in that same line of reasoning.  In some states you only pay sales tax on the difference if you trade.  If you trade "down" as you say and the difference is a negative number (no trade difference or your bike is more than the new one) you shouldn't have any sales tax IF you state does that...another savings potential.
Title: Re: How does one sell a bike that is financed?
Post by: 2k on July 27, 2015, 08:31:46 AM
Just saw this and feel really bad for you. Trading down would be the LAST thing I would consider. You would never be happy getting off your CVO and jumping on a Softail something or other.........big mistake.
Title: Re: How does one sell a bike that is financed?
Post by: Puma on July 27, 2015, 10:59:08 AM
Yes, that is an option.  Here's another thought in that same line of reasoning.  In some states you only pay sales tax on the difference if you trade.  If you trade "down" as you say and the difference is a negative number (no trade difference or your bike is more than the new one) you shouldn't have any sales tax IF you state does that...another savings potential.
NJ does have a sales tax benefit on trades. The trade value is applied before the sales tax is calculated. With a down payment the tax is calculated on the full price, then you pay the down payment. So, based on an equal amount of money, ie $10,000 trade vs. $10,000 down payment, a trade is worth more.
Title: Re: How does one sell a bike that is financed?
Post by: Puma on July 27, 2015, 11:00:46 AM
Just saw this and feel really bad for you. Trading down would be the LAST thing I would consider. You would never be happy getting off your CVO and jumping on a Softail something or other.........big mistake.
I hear you, but I need to be able to ride something. This could mean something used, or even another make.
Title: Re: How does one sell a bike that is financed?
Post by: 2k on July 28, 2015, 08:42:52 AM
Didn't mean to imply I knew what you were feeling.........and you are right anything with 2 wheels that can reach hwy speeds is better than nothing. Don't think it will come to a repo as you are not up-side-down. When times are tuff, hunker down!!! If all else fails PM me.
Title: Re: How does one sell a bike that is financed?
Post by: Puma on July 28, 2015, 10:59:00 AM
Didn't mean to imply I knew what you were feeling.........and you are right anything with 2 wheels that can reach hwy speeds is better than nothing. Don't think it will come to a repo as you are not up-side-down. When times are tuff, hunker down!!! If all else fails PM me.
You're right, I think I can avoid a repo. At the very least that would be down the line a ways.
Title: Re: How does one sell a bike that is financed?
Post by: 2018_FLTRXSE on May 23, 2019, 01:48:36 AM
Howard those are great rates but I'm sure not for everyone. It's going to depend on the applicant's credit rating. I haven't purchased anything since 2012 but I refinanced my home then and I got a very respectable 3.125% with a 780 credit score. Sounds like rates have dropped since then. Not worth refinancing again for .625% by the time they add those closing fees and such (imo). Maybe I will see what's out there for my bike though. I'm under 14k now.  Might save me some change?

Jesse

I know this is years after the OP.

I remember getting 1.05% from Eaglemark for the 105th anniversary in 2008 so they will come down on rates.. and as hot as they are to sell bikes NOW, they probably will again.

I just finished taking care of my '18...

Dealership had a Orange '12 CVO ultra that caught my eye but they wanted about $3k too much for it.
Title: Re: How does one sell a bike that is financed?
Post by: scottt on May 23, 2019, 11:40:52 AM
Try rumbleon.com, they buy bikes, provide a quick cash offer. They handle all paperwork and pick the bike up. Cost you nothing to check out.

Good luck

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