Selling something...that's not yours
 

Well, it's mine, but I owe money on it. How do I sell it? I have no title and in order to get it I have to pay off the loan, which I need to sell to do. :S So how does a buyer trust me to take their money, pay off the loan to receive the title and transfer the title to them? ??? I sure the ---- wouldn't trust me. :l
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Re: Selling something...that's not yours
 

Explain the situation, write the situation down on paper. Both of you sign it, and include them in any and all transactions you need to do before you can give him the title. This means showing him paperwork backing up the situation you tell him, taking them along to the bank to pay it off, etc... Whatever needs to happen.

Re: Selling something...that's not yours
 

Just dont be shady and ---- someone around, pretty easy to explain it seems to anyone interested.. I wouldnt advertise that it isnt paid off, but I cant see it driving any serious buyers away

Re: Selling something...that's not yours
 

Hmm...well the payment has to be sent and then when they receive it they will send the title. I'm assuming this process will take at least a few weeks. I would have a hard time trusting someone with my money for that long and only having a piece of paper to save my ass, but if that's how it works..... :l

So the buyer will only receive this piece of paper as proof of ownership until the title actually gets transfered? I just can't see someone being that trusting. :-\
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Re: Selling something...that's not yours
 

Transfer the loan through whatever bank you go through. You won't be liable for anything as soon as they sign the papers.

Re: Selling something...that's not yours
 

So that would mean they would have to apply for a loan to payoff my loan? I'm just looking for a cash sale. It seems easier. It's only ~$3600
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Re: Selling something...that's not yours
 

You don't own it though, that's the problem.

Re: Selling something...that's not yours
 

So you're saying a cash sale isn't going to happen? What I'm looking to happen is this, guys gives me cash, I deposit cash, send loan company check for payoff, loan company sends me title, I transfer title to new owner. I don't want to deal with more loan companies than I have to. :S
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Re: Selling something...that's not yours
 

whats it for?

Re: Selling something...that's not yours
 

That sounds complicated, albeit possible. Call your bank and ask what they think.

Re: Selling something...that's not yours
 

A dirtbike. My baby. :'(

I'm thinking I'm going to have to convince the girlfriend to transfer the balance onto one of her credit cards. I wonder how she'll feel about taking on a $3600 debt for me. :P
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Re: Selling something...that's not yours
 

im assuming this is for is for a car, if you got your loan throught the bank, go with the person whos buying and pay the loan on the spot and tell them the situation. they should transfer the title to the buyer. and the buyer will recieve paperwork in a few weeks. if person it mistrusting still, write up a contract and both of you sign it

Re: Selling something...that's not yours
 

U still owe 3,600 on a dirt bike :o

Re: Selling something...that's not yours
 

The bank isn't local. :-\

Yep, original loan amount was for $6500 in ~Sep.02. :-X You can tell I've been making heavy payments on it ever since. :X
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Re: Selling something...that's not yours
 

Have him pay for it, give him the dirtbike and a typed piece of paper saying he paid for the bike and the whole situation. Add a penalty of $300 to yourself if the whole transaction isn't smoothly handled by (enter date here).
He'll have the bike, and a piece of paper saying he paid you for it and the penalty etc..... The only way he could get fucked is if you don't pay it off and the bank wants the bike back.

Re: Selling something...that's not yours
 

---- figure in atleast a ------- month from start to finish for the guy to get his title :X

if its a serious buyer he'd have no problem.. if i was doing this and buying a bike off someone and going through all that trouble i better be ------- getting the bike for 500 off whatever the vallue is :X

just not worth the hassle when you can just go out and buy another bike with no bs for the same price

tell your gf you love her and that you need to do this for "us" and just foot her the tab O0 then when you get the 3600 go out and buy another toy to piss her off >:D

Re: Selling something...that's not yours
 

Justin, make it easy on everyone, just go to a notary public. If you suggest it for his protection, im sure he will know you intend to deliver. So thats the legal way to do it, so good luck man.

Re: Selling something...that's not yours
 

Exactly, A notary is the only legal way of doing something like this, it will completely hold up in any court. just let him know what the situation is

Re: Selling something...that's not yours
 

Just have it notarized. Unless you have a lawyer on retainer that will be your best bet :y

Re: Selling something...that's not yours
 

dirt bikes have titles? wtf

Re: Selling something...that's not yours
 

Only the ones that aren't stolen. :P
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Re: Selling something...that's not yours
 

Last sales slip i had notarized cost me $5-I found more than that scattered throughout the last car i bought. And what idiot wouldnt trust a notary, so it shouldn't scare off any legit buyers.

I wouldn't advertise the situation per se, but if a guy looked fairly interested I deffinately wouldn't wait until the day he's bringin money to spring it on him. I'd tell him fairly early and make sure you tell him that he pays you at the notary.

Re: Selling something...that's not yours
 

new ones do, after 10 years i believe you dont really need it, people tend to lose em

Re: Selling something...that's not yours
 

its very simple. i just did this with my friends car. all you do is call your bank, tell them you are selling the vehicle and want to transfer liability of your loan to the person purchasing the dirtbike. they send you papers, a bunch of ---- gets signed and stamped and its done, you are free and clear of the loan and now its on his head.

Re: Selling something...that's not yours
 

i had a few about 10 years ago that didn't have titles. oh well :)

Re: Selling something...that's not yours
 

So they just transfer the loan into his name? No credit check? No approval? ???
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