Thinking of selling my bike...need help
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Thread: Thinking of selling my bike...need help

  1. #1
    Registered User Array
    Join Date
    Sep 2006
    2007 SV650s

    Thinking of selling my bike...need help

    This may seem like a stupid question but I have never sold a vehicle before.

    Do I need to pay my loan off fully before selling my bike or could I sell it and use the money to pay off the loan?

    According to ICBC I only need a transfer/tax form and the original registration which I have. But technically the bank still owns my bike does it not?

    If someone could forgive my ignorance and shed some light on this I would appreciate it. Thanks.

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  3. #2
    Registered User Array Acuracura's Avatar
    Join Date
    Sep 2008
    2002 Yamaha BWS
    I bought my bike from someone who still had payments left on it. I drafted a money order from the bank paying to the order of Honda Canada or something. Once the bike was paid off at the dealership with that draft we went to the insurance place and transfered ownership to me. It was a painless process.

  4. #3
    Registered User Array bacchus40's Avatar
    Join Date
    Apr 2006
    two feet off the ground..
    MIAMI '09 & RAIDER S! '14
    three words :: DONT DO IT!!

    well, technically thats four... lmao...

    Quote Originally Posted by Land Roving
    Life is too short to own ugly motorcycles.

  5. #4
    Registered User Array michael's Avatar
    Join Date
    May 2005
    Under the radar. Hopefully.
    Honda. Still. Again.
    If the buyer is leery, you could have them write the bank draft (certified cheque, cash or money order/bank draft only! please and thank you) payable to you and the financial institution.
    Technically, the bank doesn't own your motorcycle, unless it's leased.
    You own the motorcycle, they have a lien against it. You want to satisfy the lien when you receive the funds for it.

  6. #5
    OMFG Must Win At Tag Array Jesse Waldorf's Avatar
    Join Date
    Aug 2006
    Port Coquitlam
    SV 650S
    I'll give you a dollar for it.

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  7. #6
    Registered User Array Scorpion71's Avatar
    Join Date
    Sep 2006
    2009 KLR685,FZ6S
    Hold the phone...not all lenders instantly put a lien on.

    You should know if your lender has a lien on your bike, if you don't then ask them. If you just took out a personal loan to buy the bike you can feel free to sell it anytime you like, it's up to you whether to pay the bank the money or just keep making payments on the loan.

    If you have a lien then you can either do as others have suggested and tell the buyer to make the cheque or draft out to the lender in order to remove the lien, or you can talk to your lender and find out how much they require to remove the lien and possibly pay it out first.

    The only people that are hesitant to purchase a bike with a lien on it are people who don't fully understand the process, it's relatively simple, make all payments out directly to the holder of the lien obtain a letter from the lender stating the lien has been removed. If your selling obtain a letter from your lender that you can show potential buyers stating that the lien will be removed once paid.
    Last edited by Scorpion71; 06-02-2009 at 06:27 PM.
    I'm just telling it like I see it !

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