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Private Payment Plan?

3K views 37 replies 30 participants last post by  McG241 
#1 ·
I recently got an offer on my 07' R6 I'm selling. The person is offering to pay 1K above my asking price, but the catch is that he wants to set up a private payment plan. I wasn't even aware you can do this? Does anyone know the legalities of it? He said the reason he can't finance a bike is because his parents refuse to cosign on a bike for him (he's 18). He said he would have it paid off by spring of 13'. Apparently he works two well paying jobs. Now, initially I would have denounced this offer right off the bat.. for the fact of worrying about legitimacy. But he mentioned his dad is an attorney who happens to live in my hometown (he is indeed a legit, well known lawyer), and that I shouldn't worry about being "scammed". Anyone have any thoughts?
 
#3 ·
Has scam written all over it
 
#5 ·
Absolutely do not do it. It's easy to sell a bike. He is an 18 year old kid. He's going to make a few payments, dump the bike and not want to pay for something he can't even use anymore. After that his dad is going to screw you in court if you decide to take him down that road.


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#6 ·
No way would I do that with an 18 year old kid i dont know. Wait until someone comes with cash, man. Dude above nailed it.. kid will make a couple payments, wreck it, and stop paying you because he'll think he shouldnt have to pay for something he cant use. Just tell him sorry and you cant take on that kind of risk.
 
#10 ·
NO. If he dissapears, you'll lose your money in suit fees, lawyers...

Sounds like a scam to me.
 
#11 ·
Anytime someone is offering more than you are asking, avoid it like herpes!
 
#13 ·
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. Doubt he would go for that.

A different thought as well; if he name-dropping his Dad and how legit he is, why is the old-man not co-signing for him? Just spit-balling here.
 
#14 ·
If his dad is a balling lawyer like he says, why can't he just get a personal loan thru his dad and pay you cash up front
 
#18 ·
Holding the title is good, but I would also hold the bike. If he takes is and crashes it, now you have a title for a wrecked bike. In the end, its your decision (obviously), but I would honestly just tell him that you are looking for cash in hand, not a payment plan. Depends how bad you need to sell the bike.

Even if he is legit, it is a lot of ass-pain for you until the bike is paid in full. Good luck either way man. Do you plan on getting another R6 in the future?
 
#23 · (Edited)
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.
 
#24 ·
Are you able to keep the bike until spring?

You're going to get a lot more bites in a few months when demand is high.

A bit hard to sell a motorbike with an impending winter storm coming.
 
#28 ·
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

Its a scam no doubt about it
 
#29 ·
Here, you obviously need another hit off this:






 
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