NF - Thinking of selling my ATV, some questions

[atvaholic]

Hi, thinking of selling my ATV, no time to ride it anymore.

 

The question I have is that I have some payments left on it, how will that work when selling?

Edited June 18, 2010 by atvaholic

[HTHM]

You will use the money from the sale to pay off the loan.

[atvaholic]

You will use the money from the sale to pay off the loan.

Yeah, but I cant actually change the ownership until the loan is paid, correct?

[ctdd2006]

Yeah, but I cant actually change the ownership until the loan is paid, correct?

 

Correct...unless the new owner doesn't plan on registering (which really doesn't matter either) it and is paying cash and is cool with it having a lien on it....therefore chances are you are going to have to pay it off and provide the new owner with proof that registered lien is being unregistered....no different than buying a used car/truck. A vehicle of any kind really only has to be clear of any liens if the prospective buyer is borrowing funds to buy it and his/her financial institution plans on registering a lien on it they'll naturally want the vehicle to be clean. I know this from experience as I once bought a used sled cash and didn't realize there was a lien on it and a tow truck came by sniffing around...it was a pain in the bum! Good luck with the sale! I've got an 07 with under a thousand miles and couldn't imagine parting with it!

[irishfield]

Whom ever is buying it will have to pay off the loan and you next for the balance of the sale price.. ie a cheque to the finance company and another to you.

 

Presume the loan is registered against the machine.... and they/you will have to get said lien waved before ownership can be changed. This will make it a difficult sale for you.. but at least you're being honest. Many would just sell it and walk away from the debt... new owner loses his machine to the bank when they come looking for the default.

[Fisherman]

Or you can get the prospective buyer to take over the payments remaining.

[Uncle Buck]

so what happens with your board name then?

[atvaholic]

so what happens with your board name then?

 

I'll Change ot to "ATVAHOLIC_WITH_2_KIDS"...that should explain it :-)

[ch312]

at least give us details on it...

[atvaholic]

at least give us details on it...

heheh 2006 yamaha rhino...1600 Km's.

 

Not sure on price yet...working on it.

[Fisherman]

Price decreases as waiting time increases, by tomorrow it will be worth sooooo little, you'll have to pay us to take it away..

[Fishnwire]

I'd just keep it. You'll be lucky to get anywhere near what you paid for it. Even with those low kms, and depending on what you owe on it...you may walk away with virtually nothing in your pocket.

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Put some Stabil in the gas tank and park it someplace safe, dry and out of the sun. In a couple years when you decide you want a machine to take your oldest out on the trails, you'll be all set. Even with two kids, there's comes a time when Daddy needs to go for a good rip.

[ctdd2006]

I'd just keep it. You'll be lucky to get anywhere near what you paid for it. Even with those low kms, and depending on what you owe on it...you may walk away with virtually nothing in your pocket.

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Put some Stabil in the gas tank and park it someplace safe, dry and out of the sun. In a couple years when you decide you want a machine to take your oldest out on the trails, you'll be all set. Even with two kids, there's comes a time when Daddy needs to go for a good rip.

 

 

...agreed! ...but at times...economics are economics! All the best in your TOUGH choice. Cheers!