Often asked: How To Sell A Motorcycle With A Loan?

How can I sell my bike on loan?

Here are the steps to get the hypothecation removed from your RC, provided you still have a loan active against it:

  1. Visit your bank where the loan was issued.
  2. Clear the dues to get an NOC and Form 35.
  3. Collect and submit the other documents needed to sell the car.

Can I trade my motorcycle if I still owe?

Yes, but you will need to borrow a larger amount of money to cover both the cost of the new bike and the amount you are upside-down on the old bike. When you say borrow more money, do you mean adding it to what I owe to my financing company already? One of the most impractical street bikes you can get.

Can you return a financed motorcycle?

You can bring it back to the dealer and see how much they will buy it back from you for though. If you can come up with the difference between what they will pay for it and the loan you still owe, you can pay down the loan to that, sell it to them, and they will pay off the rest.

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How do you protect yourself when selling a motorcycle?

  1. Pretty much what he said.
  2. Meet somewhere public. Ideally under cctv coverage.
  3. Have someone with you.
  4. Make sure they – the prospective buyer – has a valid current motorcycle license.
  5. Absolutely no test ride without handing over the cash first.
  6. Cash only.
  7. If they decline to purchase then take an indirect route home.

How can I get out of a bike loan?

You can remove the lien and clear your bike’s title by paying off the financing. Doing this with your own money is the simplest thing to do, but many people are not in a position to come up with the loan balance in a lump sum. If you have a co-signer, that person may be able to pay off the loan.

Can I sell a bike with outstanding finance?

You have to pay the complete loan amount before selling your bike. The buyer will be given a NOC from your side if there is any Finance on the vehicle. so you Can ‘t transfer the bike loan and cant sell the bike untill your loan tenure completes.

Will CarMax buy motorcycles?

Not only do we buy old, junk and wrecked cars, but we also buy all kinds of motorcycles! Don’t let our name fool you! You can get fast money, for your motorcycle from us! Just enter your bike’s specs and be sure that you leave out nothing!

Can I transfer bike loan to another person?

For a motorcycle purchased on loan, its owner must first obtain a NOC from their lender to transfer it from one state to another. An owner must, therefore, approach his/her concerned bank and submit all required documents to obtain the NOC.

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How do you put a lien on a motorcycle?

Fill out the form required by the DMV for placing a lien, if your state requires one. A letter that states the make and model of the vehicle may be required, instead. You also need the vehicle’s identification number and the amount for which the lien must be placed.

Can I return my bike to Harley Davidson?

Well you can take it back. But they will give you used pricing to buy it back.

Can I trade in a motorcycle for a car?

You can trade your motorcycle for a car. Many people find that their needs change and need to trade one equitable machine for another. You can trade privately or even with a dealer. Make sure you have all of your information in order and know your motorcycle’s worth and the worth of the car you’re trading for.

Can you return a dirt bike?

All returns must meet the overall guidelines in order for the individual return policy to apply. All product returns require a Return Merchandise Authorization (RMA) number. You may obtain an RMA number by contacting Dirt Bike USA Customer Service through any of the methods provided at usadirtbike.com.

Where is the best place to sell my motorcycle?

Here are a few market places that might help you get top dollar for your bike. Autotrader ( motorcycles only), Motorcycle Classics, and of course Cycle Trader. For local listings you might even try Oodle, Pennysaver, or one of my favorites, Offerup. Local listing platforms usually have lower or zero fees to sell.

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Is now a good time to sell a motorcycle?

The best time to sell a motorcycle is during the spring (March – May) months. When there’s more competition, a seller will likely be able to sell their motorcycle for more money. Having sold many motorcycles myself, I have seen firsthand that selling in the spring and summer months yield the best results.

What to do after selling a motorcycle?

After the Sale When your bike is sold, don’t forget to remove your license plates if they don’t stay with the vehicle in your state. And, contact your insurance agent to let them know about the sale and cancel your insurance coverage.