No payment plans go interest free.. and 1,000 over asking price on a year loan is massive interest.
With out knowing you asking price A bank would roughly be...$ 8,000 over one year paid monthly at 8% is actually only $350.00 in occurred interest. Which works out to $705.00 per month.
So for your risk he is willing to pay a lot more. I wouldn't do it either way you look at it. You don't actually get the cash for the bike up front which is the point of selling it no?
and like so many others said, sounds like a scam.
If that was me I would pass...or keep the bike till its paid in full.
Keep your Knees in the Breeze
"Only two types of Whiskey I don't like, Dick and Throttle" - A Wise Man.
Last edited by LiveFastDieLast; 11-23-2012 at 11:09 AM.
The only way I would even consider it is you keep the bike until payment is complete, then he gets the bike AFTER full payment has been made.
I've done this, make all communication through email, get a non refund deposit, tell him to make payments over a certain time frame and keep bike until its paid. Make him make all payments through certified cheque or money order.
1) why does he want the bike so bad to set up a private payment plan in winter?
2) if hes willing to go a 1000 over and pay off the bike by spring (so 6 to 8 months) then why cant he wait til spring an pay in full?
3) an 18 yr son of a lawyer with 2 jobs is highly unlikely
4) lawyer...i wouldnt sell anything to one of these unless it was up front money in hand and even then its sketchy. They know how to maniulate too well lol
01' Champions Limited R6 (retiring from racing)
88' GSXR 750 (recently restored)
02' R1 (sold)
07' R6r (race project)
04' Zuma 50cc (have to get around in the pits)
01' XR70R (sold)
??' 50cc air cooled pocket bike (dangerous!)
99' CR125R (sold)