Best way to sell?

[Swagfu]

I still owe money on my 2014 Valkyrie. I am strongly considering selling it. Whats the best option when you still owe money?

[hubcapsc]

Sell it for as much as you can, pay down the debt with 100 % of the cash, then pay down
the rest as you can, then save up to get a 1500 Valkyrie for cash cheap. When I was young
I was always be in debt for "this year's" motocross bike, debt is your enemy.

-Mike "done right, motorcycles are your friend  "

[Wayne Basso]

I bought a 99 Valkyrie from a guy in Texas a number of years ago.  We agreed on a price and he took the bike to a local dealer.  I sent two cheques, one to Honda finance to pay off what he owed and one to the dealership to give to him for the balance of the agreed on price.  It took Honda months to send me a title, so I could import the bike to Canada, but it all worked out in the end.

[Jess from VA]

Hopefully, you can sell for more than you owe (or as much as you owe).

You show the buyer the title with lien.  He doesn't want a title with a lien (no one does).  No one will buy a bike with a lien on the title that remains unsatisfied.

You make a deal.  You and he go together to the lien-holder bank, and he pays off the lien (the bank then provides a release of lien on the spot; he needs the original he just paid for, but you want a copy for yourself).  He pays you any additional sale price, if any.  You sign the title (with lien on it) over and he takes that and the original bank release of lien, and goes down to the DMV and gets a new title (with no lien), and registration/plate (and pays sales tax too); (sometimes plates are transferable, and sometimes not).  

I might want to go with him to the DMV too, to be certain there is no title left showing my debt to the lienholder (though you do have a copy of the release of lein), or that you still own the bike (and could continue to be liable for accidents if he drags his feet and doesn't do the paperwork).  You want to know it's now titled in his name.

You don't cancel your insurance until all of the above is done.  If the plate does not transfer with the bike, you keep your plate in your possession (and maybe have to turn it in to DMV).  But you never leave a buyer with your plate on his new bike (unless it transfers).  

You can write up a bill of sale that spells this all out, two copies, and you both sign/date both.  You do it beforehand, and you have a contract.  

If you owe more than the the selling price, you go together to the lienholder bank and he pays the lien off with your money and his money.

If he has to borrow money, it gets more complicated (but it's still doable).

[Swagfu]

Hopefully, you can sell for more than you owe (or as much as you owe).

You show the buyer the title with lien.  He doesn't want a title with a lien (no one does).  No one will buy a bike with a lien on the title that remains unsatisfied.

You make a deal.  You and he go together to the lien-holder bank, and he pays off the lien (the bank then provides a release of lien on the spot; he needs the original he just paid for, but you want a copy for yourself).  He pays you any additional sale price, if any.  You sign the title (with lien on it) over and he takes that and the original bank release of lien, and goes down to the DMV and gets a new title (with no lien), and registration/plate (and pays sales tax too); (sometimes plates are transferable, and sometimes not).  

I might want to go with him to the DMV too, to be certain there is no title left showing my debt to the lienholder (though you do have a copy of the release of lein), or that you still own the bike (and could continue to be liable for accidents if he drags his feet and doesn't do the paperwork).  You want to know it's now titled in his name.

You don't cancel your insurance until all of the above is done.  If the plate does not transfer with the bike, you keep your plate in your possession (and maybe have to turn it in to DMV).  But you never leave a buyer with your plate on his new bike (unless it transfers).  

You can write up a bill of sale that spells this all out, two copies, and you both sign/date both.  You do it beforehand, and you have a contract.  

If you owe more than the the selling price, you go together to the lienholder bank and he pays the lien off with your money and his money.

If he has to borrow money, it gets more complicated (but it's still doable).

Sounds more complicated than it probably is. I have no doubt I can get more than I owe, but it is through Honda Financial. Can't just go down there and do it. Having the title already on hand would certainly make it easier for sure. But maybe there is a form I can get that gets filled out with the payment so Honda can  issue the title in the new owners name? I guess I could always just call Honda and see what they suggest. There has to be a relatively easy way. I bought the bike a year ago, got it to where I like it but only put 540 miles on it in that year. Now, with some medical issues, I just don't feel as safe riding as I should. I just hate to have it sitting in the garage not being ridden.

[Jess from VA]

I have no doubt I can get more than I owe, but it is through Honda Financial.

Which ever way you go, you want to figure out the payoff details with Honda before you try to sell, so you can provide any prospective buyer with a certain way to get a clean title.  Otherwise, buyers will disappear.

Perhaps Honda financial can direct you to some local (to you) institution (they do business with) for payoff purposes.  I don't think Honda issues titles, DMV does.  If Honda holds the title, after they get paid, you and your buyer need the title and a release of lien to take to a DMV.  

I know what you mean about selling, but the bike is just losing value over time sitting in your garage.  I don't know where you live, but prices always go down (and buyers dry up) in Winters.  Sometimes waiting for Spring can be worth it.

And nothing is more important than good pictures of a nice shiny bike taken in full sunlight for any sales add.

[Wayne Basso]

You can always try selling it on consignment through your dealership.

[Jess from VA]

For 15-20% of sale. 

[Bighead]

Your bank will handle dealings between you and honda. Or at least mine will.

[walenator]

What would you replace it with for the money you owe. It is the best bike for the money I've ever spent. Enjoy what you have. There will not be another.

[ledany]

 
My 2014 Valk hat 80,000 mls on the clock, no problems whatsoever, I'd like to get a new bike but I can't find another one as comfy, reliable and cheap as mine. 

[DGS65]

If you can come up with the money pay it off ASAP and request a russ on the lien release.
Makes everything go much smoother!
Most buyers will accept a title with the release letter.

[Hot Rod]

When I bought mine not too long ago the guy still owed most of the loan. He had rode up to Wisconsin and bought it right out of crate & had it ran through Honda financial . He had it on Craig s list & price was good and exactly what I was hunting, Black with ABS ! I was a little disappointed when he didn't have a clear title. He wanted to deal in cash & I had to have title in hand so he paid off the loan with his credit card. I picked it up the day after he got title in mail & whole thing was over in a week. The credit card payoff works well as long as you rush things & don't let the interest accrue !