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Author Topic: How does one sell a bike that is financed?  (Read 5954 times)

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Puma

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How does one sell a bike that is financed?
« 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.
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Jswerve

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Re: How does one sell a bike that is financed?
« Reply #1 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
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Re: How does one sell a bike that is financed?
« Reply #2 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.





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smkymtnboy

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Re: How does one sell a bike that is financed?
« Reply #3 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.
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Puma

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Re: How does one sell a bike that is financed?
« Reply #4 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.
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smkymtnboy

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Re: How does one sell a bike that is financed?
« Reply #5 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:
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Puma

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Re: How does one sell a bike that is financed?
« Reply #6 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.
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Chains

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Re: How does one sell a bike that is financed?
« Reply #7 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.
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Re: How does one sell a bike that is financed?
« Reply #8 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.
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Re: How does one sell a bike that is financed?
« Reply #9 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.... :)
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Puma

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Re: How does one sell a bike that is financed?
« Reply #10 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.
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Re: How does one sell a bike that is financed?
« Reply #11 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.
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Re: How does one sell a bike that is financed?
« Reply #12 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.
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Puma

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Re: How does one sell a bike that is financed?
« Reply #13 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.
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Jswerve

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Re: How does one sell a bike that is financed?
« Reply #14 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.
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