Buying/Selling a bike? How to: set a price, check the bike, title transfer, etc.

[faz]

This thread is a collection of useful advice provided by various BARFers on buying/selling related topics.

The link to the discussion thread (where each of the following posts were extracted from) appears at the top of each post.

 

[faz]

From: A free pricing advice for those who REALLY want to sell their bikes

Originally posted by faz


hi all,
it is interesting to see how many people here are posting their bikes for sale, and insist that they HAVE TO sell the bike soon, but their prices are anything near a reasonable asking price, especially by posting it on a board that mostly consists of people who:

1) mostly already have a bike
2) have bought a few bikes before and lost enough money to know how much a bike is really worth
3) are really only interested in buying another bike only if it were a real bargain


Now, to all the sellers I have the following advice:

1- go to kelly blue book (www.kbb.com). Get the trade in price as well as the retail price of your bike.

2- find the mid point of these two prices [(price1 + price2) devided by two]
-- edit:
example: if the trade-in price is 2000, and retail value is 3000, a fair asking price in mid-point would be 2500, i.e. (2000+3000)/2
-- end edit.

3- that would be a fair asking price for your bike. if you end up selling your bike at that price, consider yourself lucky, especially considering the end of season and the current economic situations (where even the dealers are not willing to buy your bike at a trade in price, unless you are buying something from them in return).

4- finally, you have to COMPETE with the other posted prices and people who are desparate to sell their bikes (like an 03 R1 for $7k!!! what a deal!) . Such competition will throw away any reasonable asking price right out the door, so unless you are willing to bring your price down enough to compete, don't waste your time until all other competing bikes are sold.

At the end, it is your bike and you can ask ANY price you want for it. But unless it is reasonably priced it won't sell on this board.(reasonable from the BUYER's prespective, not the Seller's)

Please don't take the above post as an insult or as another smart ass making a remark. I have sold two bikes and bought two other bikes in the last 3 months. Some people had their bikes for sale then, and still have it for sale.

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[faz]

From: *Buying A Bike That's Still Financed*

Originally posted by slowpoke


Ok, I've seen one too many of these threads flying around the General section. A quick search can do wonders.

This is what I did. There are other ways to do this, but I wanted to cover my ass legally. How you proceed is ultimately up to you.


Okay, this is what you can do:

1. He can payoff the loan so he can have title in hand and then you pay him. But since he's still making payments, then I doubt he has all the money.

2. You can write a check for the amount owed to the finance company with a note saying to send the title to you. DO THIS AT YOUR OWN RISK!!!

3. Go to the DMV and get forms: VEHICLE/VESSEL TRANSFER AND REASSIGNMENT FORM (REG 262) & APPLICATION FOR DUPLICATE TITLE (REG 227) And you will need the TRADE-IN PAY-OFF ADJUSTMENT. I'm not sure where to get the last one (DMV maybe), but I got it through my local Honda dealer (Mission Honda in Daly City)

Okay, the TRADE-IN PAY-OFF is the most important. It goes to the finance company, along with a check for the amount due to the finance company (bank, credit union, Honda Finance, etc.) that states that YOU are paying off the loan and that the registration should be sent to YOU (which was kinda crap cause they still sent the registration to the seller). There's other copies that go the the DMV (release of liability), buyer, seller. This form is so that you are LEGALLY COVERED. Remeber, you are writing a check to the finance company, NOT THE SELLER!

VEHICLE/VESSEL TRANSFER AND REASSIGNMENT FORM is when you get the registration from the finance company, you can go register the bike into your name without going back to the seller or if he decides to call the bike stolen. THIS FORM GIVES YOU POWER OF ATTORNEY OVER THE VEHICLE. No need to go back to the seller and fill out the back of the title.

APPLICATION FOR DUPLICATE TITLE This is for in case you get an electronic registration. First off, 99% of the time the finance company does not have the title in hand. It's held at another facility in another state. So it might take 4-6 weeks to get it. And they might send you an electronic registration which mean that they send you a piece of paper saying the title is in the computers at DMV(also known as a "paperless registration"). That's why you need this form in case you get a "paperless registration". To get a hard copy of the registration. DMV won't give you shit without this form filled out by the seller and if you don't have it, you don't get to register the bike into your name.

Even if the finance company sends the title back to the seller by mistake, you're still legally covered with all the paperwork in hand. Seems like a pain in the ass, but the key thing is that YOU MUST BE LEGALLY COVERED BEFORE YOU SEND ANY $$$ OUT! Hopefully he's cool and he'll call you and let you know that they sent him the title. If that's the case, just fill out the back of the "pink slip" and disregard all the previous forms (forms are a safeguard in case you don't get the registration). Make sure you make copies of ALL FORMS before you send it out. Also, once the check is in the mailbox (he can mail it himself if that'll make him feel better) take the bike with you. You won't have the registration, but you will have the bike and all the legal papers in hand in case he does get the title and decides not to call and try to dick you.

If you need help, I suggest going to Mission Honda/Yamaha in Daly City and asking them (especially for the TRADE-IN PAY-OFF ADJUSTMENT form).


kthxbye...

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[faz]

From: Sale Contract for Seller/Buyer

(The actual post has the lengthy text of various possible contracts copy/pasted from the 'Sale Contract' link below. Either refer to the link below or the originating thread to see that text.)

Originally posted by F33rNoFish


Ran into this and thought it might help out our sellers and buyers...

Sale Contract

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[faz]

An external page that has very good info in it (thanks mototireguy for finding this page): Used Motorcycle Evaluation Guide



Below is from thread: Used Bike Purchase Tips

Originally posted by ALANRIDER7
In response to another thread, I just wanted to get the word out about how to avoid some major pitfalls when buying a used bike.

It's very VERY easy to let the excitement of getting a "new" used ride to cloud your judgement. The search can be long and difficult. You think you've FINALLY found "the one". You've probably been saving up for a long time. You've been thinking about it even longer. "Man..... it's even the right color!!!" :drool Don't let your enthusiasm scuttle your efforts. Fully understand that the bike is being sold to you AS IS. Buying a problem will ruin your afternoon.

Here are a few tips:

Ask questions about the title. Is it CLEAR? Do they have it in hand or is there a lien-holder involved? The word "Salvage" on the title changes everything. Always ask about the registration. If it's not up to date, there could be a lot owed in back registration fees. Make it clear they are not to become your responsibility.

Ask the seller about having the bike inspected. If there is ANY hesitation here, find another bike. A bona fide seller will not hesitate because there is nothing to hide. When the seller says it's already been inspected, start walking. This means nothing. Bring someone knowledgeable or a mechanic with you or bring it to a shop for evaluation.

Know your budget. Allow for needed repairs if necessary. If you empty your wallet buying the bike and don't have the $600 needed to make it roadworthy, you're going to be very disappointed. Make sure you can afford the insurance on it if you buy it.

Research the make and model you're considering. Most times, their reliability or their problems are well known.

Look carefully at the bike. NEVER do this at night. Do it in the daytime when there's plenty of light. You only get one chance to check it out, so it had better be good.

Ask some simple basic questions. Why are they selling? Are maintenance records available to look at? What problems has the owner had with it? When was it worked on last? What for? By whom? Has it been sitting for a while? Did they charge the battery once a month? Spiderwebs are a problem.

Ask them if the bike was ever crashed and if it was, how significantly. Who did the repairs?

Check the vitals. Bring a rag, flashlight, pressure gauge and other hand tools with you. Check the tire pressure and condition. If it's right on, that's good. If it's low, find out why. Inspect the tire condition. Look for the manufacture date on the tire sidewall. If the tires are 5 years old, you need to know this because they are junk. Look at the chain and sprockets. If the rear axle is all the way back in the swingarm slots, it needs a new chain and sprocket set. That's some $$$. Spin the rear wheel and see if the chain tension changes. Check ALL the fluid levels. Brown coolant is a sign of trouble. No coolant in the reservoir is trouble. Low oil is bad news. A burned smell can mean the clutch is toast.

Check the throttle, cables and control levers for smooth operation.

Look under the tail section for little balls of rubber stuck everywhere under the fender. That means the guy was into doing burnouts.

Ask if it has ever been crashed. What was the extent of the damage? Who repaired it? How long ago?

Check to see if it is stone cold. If it's warmed up before you get there, they can be trying to hide something. Ask them to start it. Watch and listen for difficulty. If it cranks slowly, check the charging voltage. Allow it to warm up and get to operating temperature. Make sure the cooling fan comes on when it's supposed to and cycles on and off. Does the idle sound smooth?

Check the neck of the fuel tank. Is there any rust showing?

Look at the lever and bar ends for scratches. Move the bars lock to lock and check to see if the gap between the grip and the tank is the same on both sides. Inspect the steering stops.

Check the electrics. Make sure there are no fix it ticket items just waiting to bite you in the ass. If the previous owner buried his plate under the tail section with no license plate light, you can be looking at a stiff bill to bring it back into compliance.

Aftermarket parts can be great and not so great. Ask what was upgraded and who did the work. Dim flushmount turn signals suck.

Use a flashlight and check to see how much brake pad material is left on all calipers. Inspect the color of the brake fluid. The darker it is, the longer it's gone without servicing.

Bounce on the suspension. If it feels like marshmallows or stiff as a brick, ask why? If you buy a bike with a blown out shock, you'll be shocked at just how much it will cost to repair/replace it. Look at the fork seal area and make sure there is no oil there. Check for rust on the fork tubes.

Spin the wheels and see if they rotate true or not. A bent rim can mean trouble.

Make a list of what will be needed (if anything) to make the bike reliable and roadworthy. Figure that cost into the negotiations and be prepared to haggle. It's part of the game. You may be able to strike a bargain. Then again, you may not. Find another bike.

Be prepared to complete the purchase when you find the right bike. Don't fuck around with deposits and a week to get the rest of the money together. If you can't pay for it then and there in full, you've got no business wasting the other guy's time.

As far as test rides go, different people have different thoughts. I recommend having somebody ride it to verify the clutch and all the gears work properly. If you're up to it, great. If you're not, have a friend or mechanic do it. The seller may want cash in hand first. Assume if there is a crash, the bike and the resultant problems are now yours.

Thorough preparation goes a long way to making this a good experience instead of a nightmare.

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[faz]

From: A very useful DMV form to have with you when buying or selling a bike

Originally posted by faz

I just bought my bike from a guy who lives in Auburn, CA. I met up with him in Fairfield last Wednesday, and did the deal in the parking lot of the shopping mall.

As he was filling up the info on the title, he made a typo and started to write the mileage (9800) starting from the fifth right-most digit on the title, instead of the fourth digit. He scratched the fifth digit and put his initials above it. I didn't think much of it.

Lo and behold... DMV does NOT like any scratches in that area, and a simple initial on the side doesn't work either. Both parties have to complete and sign the following form: "Vehicle/Vessel Transfer and Reassignment Form"

This form is not available online. You can pick one (or few) up from your DMV office (or AAA locations).

I had to fedex the form to the guy, so he can sign it and fedex it back to me. This cost me $50 that I didn't have to pay Fedex, and a few days delay in transferring the title. No photocopies or faxes allowed. It must be the original form with original signatures.

Also, at the bottom of this form, there is a place for the seller to provide power of attorney to the buyer, so the buyer can later on sign for anything that the seller's signature is required for. I can see a few other situations where this can help greatly.

So, my suggestion to you, is to obtain and have one or two copies of this form with you, especially when you are traveling far to buy or sell a car or bike. In case of a typo like the example above, have the form completed (I highlighted the portions that need to be completed below.)

I would also suggest that the seller (you if you are selling) should fill up the power of attorney portion for the buyer anyways, as this way, any other types of registration requirements and surprises that may come up later on, the buyer doesn't have to go back to the seller for a signature, and your time (be it seller or the buyer) is not wasted.