Need some help...selling a vehicle to individual

[Birddog1911]

I've got a guy who wants to buy my motorcycle, and I've never sold to an individual before. I do owe 2 more payments on it, so help me walk through the process here.

He pays me; he's giving cash and a check.
Once check clears, I'll give him the bike, and pay off what little I still owe.
Once lender sends me the title, I sign on the back, and give it to him.

Am I missing anything? Anything that I should do differently?

[StagLefty]

If I was the buyer and didn't know you personally I'd want the title upon payment. JMHO

[Mtn.man]

You can give him a Bill of Sale, and then send the title when you get it. Been taking about 7 to 10 working days for title work from the state.
Wait on check to clear of have him go to bank and get bank check.

[Birddog1911]

His bank isn't local, so the best he can do is a check. I have no problem with that, and he knows that it will have to clear before anything happens. I am planning on writing up a bill of sale.

Stag, could you explain how I'm supposed to give him a title that I don't have in my possession?

[killianak9]

If I was the buyer and didn't know you personally I'd want the title upon payment. JMHO

+1
Option 1;if he's buying it out right without financing, you both go to the bank /credit union where you got the loan with a bill of sale and your bank will have you sign a notarized letter stating you have sold it to buyer, funds clear and bank releases title to new buyer.
option2; payoff what you owe now, wait for title to be mailed to you, create a bill of sale, get cash, sign title over to new owner.
Option 1 is probably the cleanest and Covers both parties concerns of possibly getting screw.IMHO

[sniper7]

You can also pay off the bike now, get the title then do the transaction.

But if he wants it now follow Mtn mans post.

[ruthabagah]

You can give him a Bill of Sale, and then send the title when you get it. Been taking about 7 to 10 working days for title work from the state. Wait on check to clear of have him go to bank and get bank check.

+1 to this one BUT, looks like the DMV will not take any kind of Bill Of Sale anymore. I sold a used vehicle recently and we had to fill the DMV's BOS because they added some legal terms to it, and the one I have always used was rejected and is no longer valid. Also: NEVER Accept a personal check! Cashier check, or cash only.

[funkymonkey1111]

Stag, could you explain how I'm supposed to give him a title that I don't have in my possession?

how is works is you pay off the bike and get the title and give it to him at the time of sale.

[Birddog1911]

Right now funds don't allow me to pay off my bike until I receive the payment from him, so getting the title right away is not possible.

I'll call up my insurance agent and see what she might suggest as well.

[Rooskibar03]

Save yourself the headache and have him make the payment to the lender who holds title. Then you remove the time for funds to clear your bank. Expect 2 plus weeks for a bank to get a title to an individual, (they are much faster with dealers)

I would do the bill of sale now and note that buyer has submitted payment to bank for lien release.