Need advice

[findmadhav]

Hi everyone, I finally sold my r6 yesterday. I found this guy selling a yellow 2009 fz6r with less than 40 miles on it. He might let it go for 5k. That's a good deal i know. However, he says that the title is with the bank and would be transferred to me once the payment is done. He is ready to sign a legal contract with me though. Is this ok or does is sound fishy? Pls let me know.

 

[cjsFZ6R]

Is the bike near you and did you get to actually check it out? If he is willing to sign a legal contract it you and you feel comfortable with it make sure you use a payment method where it can be tracked don't just give him cash and that way if any issue arise it can be more easily taken care of.

 

[oldtouring b]

Ways to protect yourself..

Many people selling bikes have a loan in place. The important thing is how you feel about the seller. Is he honest? Do you have a good gut feeling? Buy the seller before the bike. If you have any doubts call the bank and verify what the seller told you. Do not turn your hard earned money over. Is the bank close to your area? Pay for the bike at the bank and get the title right away. I think there are websites where you can verify the information based on the vin #.

How is the condition of the bike? Any drops or breakin damage? Look at the garage and home of the seller. Does he take care of his stuff? The big picture will insure your decision is correct. Good luck and you will really enjoy the FZ6R.

 

[Fenixgoon]

Many people selling bikes have a loan in place. The important thing is how you feel about the seller. Is he honest? Do you have a good gut feeling? Buy the seller before the bike. If you have any doubts call the bank and verify what the seller told you. Do not turn your hard earned money over. Is the bank close to your area? Pay for the bike at the bank and get the title right away. I think there are websites where you can verify the information based on the vin #.

How is the condition of the bike? Any drops or breakin damage? Look at the garage and home of the seller. Does he take care of his stuff? The big picture will insure your decision is correct. Good luck and you will really enjoy the FZ6R.

all of this. it's not uncommon to have a lien on a vehicle (meaning you have a loan for it and a bank actually owns the vehicle).

like oldtouring said, check out the bike and verify the details with the bank. if you still want it, go for it, and pay at the bank so you can have everything settled right away.

 

[Fenixgoon]

Many people selling bikes have a loan in place. The important thing is how you feel about the seller. Is he honest? Do you have a good gut feeling? Buy the seller before the bike. If you have any doubts call the bank and verify what the seller told you. Do not turn your hard earned money over. Is the bank close to your area? Pay for the bike at the bank and get the title right away. I think there are websites where you can verify the information based on the vin #.

How is the condition of the bike? Any drops or breakin damage? Look at the garage and home of the seller. Does he take care of his stuff? The big picture will insure your decision is correct. Good luck and you will really enjoy the FZ6R.

all of this. it's not uncommon to have a lien on a vehicle (meaning you have a loan for it and a bank actually owns the vehicle).

like oldtouring said, check out the bike and verify the details with the bank. if you still want it, go for it, and pay at the bank so you can have everything settled right away.

 

[Jaralaccs]

"He might let it go for $5000"
I bet he's upside down on his loan on the bike. 2009's aren't worth $5k nowadays. You can find a better deal than that, keep looking.

Its tough to sell a bike your still making payments on. The title is in the bank's name until its payed in full. And even after its payed off it takes awhile to transfer the title into your name.
My financing company said it could take up to a month to have the title in my name, and in my hands once my loan is payed off.

 

[fz6r_zer0]

"He might let it go for $5000"
I bet he's upside down on his loan on the bike. 2009's aren't worth $5k nowadays. You can find a better deal than that, keep looking.

Its tough to sell a bike your still making payments on. The title is in the bank's name until its payed in full. And even after its payed off it takes awhile to transfer the title into your name.
My financing company said it could take up to a month to have the title in my name, and in my hands once my loan is payed off.

I'd have to disagree with the first part. I bought my '09 for $4800 when KBB was over $5000. Especially with the condition of the bike and how little mileage it is, $5000 is a good deal. Also, as others have said above, gauge the seller. I actually still talk to the guy who sold me my FZ6R, he's even on this forum.

The way I bought mine was the same way, the guy had a lien on the bike. We drew up a "Bill of Sale" with names, addresses, SSNs, VIN #, Make, Model, Date, How Much, etc. It was pretty tightly sealed. We also went to a bank and got a notary on it.

I paid him and he paid the loan off at the bank while we were there (I originally got him a check, but cash is MUCH more immediate, which I'm sure helped the process), they said they can release the title at in 3 hours at the DMV of our choice. It worked out pretty well and easy. Every bank/loan is different, I would have him call to see how long it would take to get the title. Most banks have a "up to 3 weeks" thing, but we had them do an "emergency release" of the title.

Hope that helps! Good luck!

 

[Jaralaccs]

I'd have to disagree with the first part. I bought my '09 for $4800 when KBB was over $5000. Especially with the condition of the bike and how little mileage it is, $5000 is a good deal.

ok, well the kbb for an 09 is now 4800
so in that case a good deal is 4-4500.

 

[fz6r_zer0]

ok, well the kbb for an 09 is now 4800
so in that case a good deal is 4-4500.

Oh okay. Well said! Given the low mileage ('09 with 40!?!?!?!) it's still valuable, but I'd agree for ~$4500

 

[findmadhav]

Hi guys,

I went and saw the bike. Its in new condition with just 3 miles on it. He bought the bike but never got time to ride it supposedly.
The guy has a loan with USAA bank and sent me the details. He has agreed to sell me the bike along with a new Shoei full face helmet for $5100.
The guy seemed fine to me and the bike is located in the garage where he lives.

We plan to sign a contract and get it notarized from a post office/bank tomorrow, following which I would be giving him a cheque in the name of loan account of the USAA bank. The bank should be sending him the title once the cheque is cleared. I will be speaking to the bank anyway and asked the guy to confirm how soon will the bank be sending the title.

Does this sound ok or am I missing something? Please let me know.

 

[oldtouring b]

Just be sure

That you confirm everything with the bank. Good luck with your new bike.

 

[fz6r_zer0]

We plan to sign a contract and get it notarized from a post office/bank tomorrow, following which I would be giving him a cheque in the name of loan account of the USAA bank. The bank should be sending him the title once the cheque is cleared. I will be speaking to the bank anyway and asked the guy to confirm how soon will the bank be sending the title.

Does this sound ok or am I missing something? Please let me know.

Sounds good. Just make sure there is enough information on the contract and that in the contract it says he will give you the title once it clears. It's good that you have direct contact with the bank as well so you know where you are in the process. Checks usually take 2-3 days to clear.

Also, did you try on the helmet to make sure it fit you?

Congrats on the bike! Take some pictures when you get a chance!!!
:wav:
:wav:

 

[findmadhav]

Thanks a lot everyone. I tried the helmet and fits perfectly! Its a Cadmium Yellow FZ6R. Will surely post the pics once I get the bike. Thanks again.

 

[CrazyCawi]

id check the tires and make sure they still look new. What if he replaced the instrument cluster to make some extra dough....

 

[Fizzer6R]

sounds like a solid deal. just draft up a bill of sale that includes something like:

bike make model, VIN # (make sure you check this b/c if it's off 1 digit it can create reg. & title problems down the road), miles, date...

seller has received payment in full of $5xxx.xx via check #
buyer is taking possession of bike
seller agrees to pay off loan in full from USAA and forward title ASAP once lien release is done from bank

make 2 copies, 1 for both, print and sign names on each

 

[findmadhav]

Yes will do. Thanks a lot.

 

[Sparkxx1]

You could do the bill of sale at the bank, usually they'll have a notary and you can use it free of charge. I've never done it but it's the advice i see most frequently on these types of deals and it's what my friend did when he sold his 2009 r6.

Bring ID and documents to make it as legit as possible and cover your ass lol.

 

[findmadhav]

Update

Hey guys,

Good news. The guy updated me that he paid off his loan today and would getting the title in hand by the end of this week. And he has agreed to give me the bike and the new Shoei helmet for 5000 even. Sounds like a good deal to me finally.

 

[Detrich]

good to hear he's doing the right thing.

if the guy is "serious" about selling, he'll pay off the bike and have the pink slip in hand ready to go. although it's true he can do all the other stuff- ie take ur cash, pay off the loan, etc. etc.- it's a pain in the butt and puts "u" the buyer in a ridiculously compromised position. y should u have to wait on him to get his house in order? a serious seller with integrity will get his ducks in a row first. otherwise, buyer beware... just my .02...

PS... why are u going from an R6 to an 6R? usually it's the other way around... lol

 

[findmadhav]

Thanks. Yes thats what. I am leaving a deposit of 200 bucks and getting the helmet and signed bill of sale. Will pay the rest and take the bike once he has the title later this week.

PS: I bought the R6 because it looked and sounded awesome. I never used to go above 100-105 mph. I thought it would be fine for short rides, but my wife found it extremely uncomfortable. Am not a power and speed freak... just wanted a real good looking bike with comfort so that me n my wife can enjoy the rides