how do you sell a motorcycle when you have a loan on the bike?

Question

I am selling a bike to payoff the loan. the bank holds the title. what's standard way of selling bike when you still owe lienholder? since you can't transfer ownership until yo uhave title, and you can't have title until you payoff loan

Answer 1

Sell the motorcycle to a person that agrees to give you the money to pay off the loan. unfortanetaly youll have to sell the bike for less money if you want them to give you the loan money.

Answer 2

You tell the buyer that there's a lien on the bike and the check is made out to both you and the bank. After the loan is paid off, the bank gives the purchaser the title, and you get any extra money that is left over. The easiest way is to just take the buyer to the bank with you, and let them handle the paperwork.

Answer 3

It's like trying to sell a car you owe money on. You will have to find someone who is going to take a bank loan to take over payment for your motorcycle. You may have to pay for some difference because someone may not want to pay what you owe on a used bike. Their bank will pay off your bank loan and release you of your obligation. The new lienholder will obtain the title from the old lien....To do this, you may want to advertise this on newspaper, post it on a bulletin (like in a school, apartment complex, etc...), um...internet....

Answer 4

the transaction will most likely have to be done at the bank. the person buying it will have to pay the balance due on the loan in order to get the title, unless they trust you enough to give you the money and pay off the loan to get the title and give to them

Answer 5

SELL IT AND PAY YOUR LOAN OFF FOR THE TITLE

Answer 6

that's a difficult one, man. but, if you really need the cash, try selling it in mexico.

Answer 7

ask your bank they will help explain details