[menace]

Hi all, I need to depart with my 05 R6 due to finanical problem and need some advice. I got my bike brand new for 9k OTD, 0 down with the Yama card, been paying $200 for the last six month or so. What is the best way to sell it, to a private buyer or back to the dealer which I will lose alot more. Since the bike is not payoff and if I do sell it to a private buyer, can I just transfer the remaining balance to him if he gets approve or do I have to payoff the bike first?? Last, what is a fair market price for my bike, it only has around 700miles on it. any replys are much appreciated.

thanks.

 

[R6Ted]

You probably owe about $8400 on the bike as we speak and the used value is about $7500, so you are about $900 "upside down" on it (owe more that it is worth). If you can sell privately and transfer the loan to the new buyer then do it, you will fare much better then a cash sale or wholesale at a dealer. Loan transfers are tricky as the new buyer will have to be approved by Yamaha to take over your loan.

 

[Spoolingbyu]

if its on yamaha card the balance cant be transfered.

 

[shortyR6]

its probably worth about $7300 right now...

 

[Thrak]

I'll give ya $500 for it!

 

[MickGP]

you can just try someone else to just take over your payments??

 

[jvislax32]

what i did was take out a personal loan from the bank when got my used bike off someone the rate was 10.0 really high but for a personal loan its not to bad i got my 99 r6 for 4,200 with only 4,500 miles on it. if you go that way then the other person can pay off your bike and just have his own loan if it comes down to it. but then he needs to be approved and the problem recycles itself good luck sorry you have to part with such a nice looking machine

 

[baz]

if you have the option, put it on a zero apr card ( i get offers all the time cause i have decent credit ). you'll have about a year with a zero percent apr. pay the min, till u sell it, than pay off the card.

 

[ptirmal]

you have to be a complete fool to take over payments on a bike that's over $8000 used... although you do have low miles maybe you can find someone

what area are you in?

 

[jlpred]

Bottom line: the bank (Yamaha finance) ownes your bike. Lets make easy math. Say you owe 8K, sell it for $7k, then you have to pay the additional 1K to get the title, then sign it over to the new owner. Assuming you dont have that extra 1K right now, you could sell it, and use another bank loan to pay the additional 1K you would owe. There is probably no way someone is going to buy your bike without getting the title in their (or their banks) name. In fact if they take out a loan, the bank will not give them the money without the title . Yes, between you and he, the bike needs to be paid off. You can't just transfer it over. Think about it. Each person has a different credit rating, maybe the prospective buyer has HORRIBLE credit and can't even get a loan. Just the way it works. Dealer or private sell, either way, you're going to lose money on it, its just a matter of how much.