buying in payments from private seller

[Ninja Rob]

Any tips? Suggestions? Been screwed over? Do`s and don`ts?

The guy is willing to switch the title to my name with a down payment and notorize the remaining balance.

[csmith12]

If the seller is willing to transfer the bike to your name (legally) before the bike is payed for... he is assuming the majority of the risk. The rest will be a contract decision in small claims court if it comes down it.

My belief is... don't finance toys but good luck with your deal.

[Ninja Rob]

Im buying his 08 ninja 250 for $2,200. Gonna put down $1,500
And the other $700 pending. I can pay in payments or pay in full if I can sell my current pregen.

[Alex]

Is the seller really transferring the title; or are they asking you to assume their payments and just giving you a bill of sale that they draw up?

[Ninja Rob]

Yeah, title transfer to my name but will have his address until its paid. He owns the bike and it is paid in full. He doesnt owe any money on it.

[csmith12]

So there is a bank note in the mix... well now, that changes things.

[Ninja Rob]

Changes the mix how? Ideally, I will try to buy it in full if I can sell my bike in 3 days. I dont like owing any debt.

[csmith12]

Originally Posted by Ninja Rob

Changes the mix how? Ideally, I will try to buy it in full if I can sell my bike in 3 days. I don't like owning any debt.

I changes things because neither of you two own the bike until the note is paid.

[Alex]

Originally Posted by csmith12

I changes things because neither of you two own the bike until the note is paid.

Originally Posted by Ninja Rob

He owns the bike and it is paid in full. He doesnt owe any money on it.

It sounds like the bike is fully paid off and he has the title in hand? If so, he's floating you the $700 in a sense. I don't see the logic in changing the name on the title but not the address, it seems a little hokey. But - it does appear that the seller is taking on more risk in the transaction than you are.

[csmith12]

Originally Posted by Alex

I don't see the logic in changing the name on the title but not the address, it seems a little hokey.

what is up with that? Seller could know something more than me or the laws are different. In Ky, the address don't mean sheet!

[Hero Danny]

Hey Rob,

These sort of things always seem to turn out bad. I'd just save up for the full amount and then just pay it. Try to come up with another $500 and then negotiate the price to $2,000 and take it. Remember, when you go to the RMV you're going to have to pay a few hundred anyway... so if $1,500 is all your money then won't be able to afford the registration costs...

I'm not sure how it is where you live but here in MA it goes like this

Sales tax- ($2,200 at 6.25% = ~$137)
Title transfer fee- $75
Plate transfer fee- $25
Total: $237, let's call it $300 to be safe (you never know... they always LOVE to find ways to charge you more money)

Just something to think about....

Anyways, just try to save up man.... If you really want the bike and can't wait, then try to get a personal loan for $1,000 you'll only pay about $100 in interest most likely and it's way safer than dealing with a private party...

Good luck

[sh123469]

I'm in agreement with what others have said. This sounds like it could end up being a problem. He might be straight up and there be no problem but there's always a chance.

If he wants to finance it for you, there's a place on the title transfer paperwork for the lien holder information. You draw up a finance contract and he signs the title over to you with him as a lien holder for $xxx. When the contract is paid out, you get a paid in full statement, he sends a paid in full statement and release of lien to the highway department, they send you a title, free and clear in your name with no lien listed.

Doing this will protect him. If you don't pay, he can repo. If you pay the loan as agreed, you have proof of how much you owed, how much you have paid, and it's a registered lien that you can sue to have removed if necessary.

If it were between a private seller financing and getting a personal loan from a finance company, I'd go with the finance company. There's a reason there are volumes of federal and state regulations covering them. It forces them to be honest and honor their deals. The private seller financing has practically nothing to regulate or enforce your agreement other than a breach of contract lawsuit.

I wish you the best of luck with your deal. I, like you, hate to owe anyone anything. I'd just wait until I found one I could afford with no loans.

[MrAtom]

Originally Posted by csmith12

My belief is... don't finance toys

Wisdom only matched by that of Gandhi.

[Ninja Rob]

Originally Posted by Hero Danny

Hey Rob,

These sort of things always seem to turn out bad. I'd just save up for the full amount and then just pay it. Try to come up with another $500 and then negotiate the price to $2,000 and take it. Remember, when you go to the RMV you're going to have to pay a few hundred anyway... so if $1,500 is all your money then won't be able to afford the registration costs...

I'm not sure how it is where you live but here in MA it goes like this

Sales tax- ($2,200 at 6.25% = ~$137)
Title transfer fee- $75
Plate transfer fee- $25
Total: $237, let's call it $300 to be safe (you never know... they always LOVE to find ways to charge you more money)

Just something to think about....

Anyways, just try to save up man.... If you really want the bike and can't wait, then try to get a personal loan for $1,000 you'll only pay about $100 in interest most likely and it's way safer than dealing with a private party...

Good luck

Thank you. I was just thinking of your idea. Save up 500, then negotiate down to $2000. I think what he meant was add himself as a lien holder. Thanks for your tips everyone.

[EsrTek]

The seller is dead on... he will basically be the 'bank' in this scenario...
Title will be in your name and him as a lien holder and it will sent to him. So you can't sell or trade until he is paid off and signs off title.
Once you pay him off, he then mails it in to DMV, which in turns mails you a new version w/ only your name on it.

IMO the guy is doing you a huge favor and assuming the risk of you not paying it off and adding more cost *then prolly worth* to sue you in small claims court.

[ally99]

Originally Posted by csmith12

My belief is... don't finance toys but good luck with your deal.

This. +1. I agree.

Save for the full amount. While you're saving, something even better may come along.

[Sirref]

I wouldn't buy from a private seller in payments, it's acceptable to get a loan from the back for the remaining amount. It'll cost you a little more $$$ but a lot less potential hassle and bullshit that can come from this.

The seller should always receive payment in full at the time the bike and title are transferred to the buyer.

[Ninja Rob]

Still topic related but deviates a bit.

I currently have only driven my 2004 Ninja 250. The seller has a 2008 Ninja 250, about 14K miles, chopped rear fender, front mirror turn signal lights, Two brothers carbon fiber exhaust (welded on).

So I test drove his 2008 Ninja.
For some reason, it feels like my older ninja has more power and just feels like my bike accelerates more enthusiastically when I open the throttle.

The 08 Ninja feels like it accelerates very "automatically". Both bikes have manual transmission but the difference between the two feels like the difference between driving a manual car and an automatic car.

Is this the "Fuel Injection v.s. Carburator" thing?
Or is this a sign of an engine that is working properly and maybe I am buying a bad bike?

I mean, I like how the Newgen looks but I like how the Pregen feels.

[csmith12]

Originally Posted by Ninja Rob

I mean, I like how the Newgen looks but I like how the Pregen feels.

Seems normal to me. I also feel that way about my pregen.

[EsrTek]

2008+ (newgen) was mostly cosmetic changes plus 17" rims, still same carbed engine and suspension.
The pregen (yours) does have higher rpm limit and a bit faster (maybe due to dual exhaust and less emission equipment?).

Stick to your bike or if you really just want the updated look, a 300 (2013+) for any real upgrade.

[Ninja Rob]

My wife suggested that I wait until I get my career job and buy a new one instead ( I just graduated college )

[Sirref]

Originally Posted by Ninja Rob

Is this the "Fuel Injection v.s. Carburator" thing?
Or is this a sign of an engine that is working properly and maybe I am buying a bad bike?

both are carb'd bikes, the 300 is fuel injected. What you're feeling is the difference in gearing, the pregen is faster in a straight line (slightly) due to the gearing but the suspension and tires can't keep up with the newgen. The newgen provides a smoother ride with a higher limit as a result.

Originally Posted by Ninja Rob

My wife suggested that I wait until I get my career job and buy a new one instead ( I just graduated college )

Your wife is very practical and smart here. You're not looking at this from the rational standpoint that she is (you aren't alone in this, if we were rational about riding a lot of us wouldn't ride in the first place)

I agree with her to keep the bike for now and then get whatever you want when you get your career started. Treat it like a reward for putting in the work to secure said career.

[Motofool]

Originally Posted by Ninja Rob

.........The 08 Ninja feels like it accelerates very "automatically". Both bikes have manual transmission but the difference between the two feels like the difference between driving a manual car and an automatic car...........

It could be that the 08 clutch is slipping due to wear or improper adjustment.

Work on the rider first, then on the bike.

Pre-gen Ninjas rock !!!

[Sirref]

Also the newgen suspension bits are a direct fit for the pregen if you want to improve the bike. It'll cost about $500 and a few weekends of work but the end result is the best of both bikes (other than cosmetics lol) you get the upgraded suspension and better 17" tire selection. I intend to do this to my own bike when I have the funds to do so available.

[cbinker]

Depends on how the seller wants to work things, I would not recommend it, too many things could go wrong. offer him 2k cash but nothing else.