loan question?

[miles Machine]

if i still owe money on my quad can i still sell it or trade it to some one.
If ne one has ne info please leave a comment.

THANX

[andyman450r]

Your still responsible for the note. But you can do whatever you want with your quad. Can I ask why sounds like a Bad A## machine

[Honda_Matt]

Yes, you can sell it or trade it in...

The money you are paid for it, say 2k dollars, will go toward the amount you owe on the atv.

If you owe 3k, and you only get 2k, and you cannot pay off the extra 1k you owe, you cant sell it privately because they wouldnt get the title until the full amount of the loan is paid.

Now, if you went to a dealer, and traded it in, and they gave you 2k for the atv, they would finance the rest of your pre-existing loan into the new atv loan, which is negative equity.

[miles Machine]

Thank you i just didnt know if you were legally allowed to get ride of the quad if you still owed on it.

[miles Machine]

the reason i want to get rid of it is because i am a tech at a yamaha/suzuki/arctic cat dealer and they will sponsor me if i get a machine that they sell, so i wanted to trade my 450r for a yfz to someone on this site who wanted to trade.

[Honda_Matt]

I wouldnt recommend it.

For you, and the potential buyer, not worth it.

[miles Machine]

that sux im prety much stuck with this thing then

[quadracer707]

Who has the title you or the bank or lender?

[derekhonda]

This is actually a yes or no answer. If there is a title to the machine and your state makes you register it, then no, you cannot sell a machine you do not own (ie, have the title in hand). If you do sell it, you are violating the warranty of title because it is "assumed" by the courts you can only sell something you own outright.

If there is no title, you can sell it, but it still is not a good idea. Would your bank let you transfer the loan over to the new quad so you can have a clean break with the old quad?

[miles Machine]

well the thing is its my parents loan they told me if i can sell it that i can keep the money which i was going to use on my new quad, and no we dont have titles for power sports stuff were i live.

[Honda_Matt]

lol, it doesnt matter where you live, if you bought a honda,. 06 450 you WILL have a title once its completely paid off.

Once you no longer owe $ on the atv, a title will be mailed to you.

[miles Machine]

I cant get arrested or fined for it or ne thing if I do sell it or trade it to someone ???

[honduh440]

sell the machine and if u dont have enough from the transaction to cover the remainder of your loan pay off what you can then on the remainder get a signature/personal loan to cover that part

[miles Machine]

thats the thing i need the money i get to use to buy the new quad

[Honda_Matt]

alot of banks wont do personal / signature loans anymore, the fact is, unless you sell the atv for the amount you still owe on the loan, its not worth doing.

[bwamos]

Ok, what you need to do is get a payoff note from the bank. Once you get that then you can setup the sale and purchase of the new ATV. You will be required to pay off the other quad in order to transfer the title/bill of sale to the new owner. If you go through the place that will spnsor you to buy your new ATV they can administer that transaction.

If you want to do it all yourself, you're going to obtain the money to pay it off so that you show no lien's on the ATV in order to sell it. Your gonna have a really really hard time selling a quad when you tell people "I'll get the title info/cleared for you in 30-90 days." Peoples initial reaction is that you'd take the money and then default on the loan and then they lose their money and atv.

Of course, if they are getting a loan on pruchasing your atv.. their bank can also facilitate the payoff of your loan in order to clear the title before cutting you a check for the remainder.

Make any sense?

[smr]

Originally posted by bwamos
Ok, what you need to do is get a payoff note from the bank. Once you get that then you can setup the sale and purchase of the new ATV. You will be required to pay off the other quad in order to transfer the title/bill of sale to the new owner. If you go through the place that will spnsor you to buy your new ATV they can administer that transaction.

If you want to do it all yourself, you're going to obtain the money to pay it off so that you show no lien's on the ATV in order to sell it. Your gonna have a really really hard time selling a quad when you tell people "I'll get the title info/cleared for you in 30-90 days." Peoples initial reaction is that you'd take the money and then default on the loan and then they lose their money and atv.

Of course, if they are getting a loan on pruchasing your atv.. their bank can also facilitate the payoff of your loan in order to clear the title before cutting you a check for the remainder.

Make any sense?


Listen to this guy, he knows what he is talking about.

Basicly it comes down to the loan. Is there a lean on the quad or did your parents borrow the money another way. If there is a lean on the quad and you don't clear the title then you will be in series trouble.