Join Date: Mar 2006
Location: West Milford, NJ, USA
Re: Advice on an escrow service?
Previous posters are right. You will need to sell the bike, get the machine to the buyer and have a written contract that assures the buyer that he owns it - while you and he is processing the loan repayment and transfer of title.
I bought once a bike from owner who financed through BMW: I called BMW Financial directly and paid the the balance to them. They sent me the title (taking their sweet time).
You will need to discuss this a priori with your buyer. He may want to call your lender to confirm arrangements before he plunks down the cash.
Needless to say, you will need to come to a solid agreement - probably, too, your price will have to be lower to compensate for the additional trouble and up to a couple of months of delay.
"Escrow" service is something else, unrelated to your needs. It's a trusted third party holding the payment until merchandise is transfered. For example, I purchased once a car on eBay from Washington State. We agreed on using eBay's escrow: I send them the money - they notified seller, who then shipped the car. When it arrived, I notified escrow service, which released the payment to seller. Escrow protects buyers from sending payment and not receiving merchandise in return. But, it holds the cash - while you need it to pay off the loan.
Robert in Northern NJ
'09 R12GS, '08 R12RT, '03 R1150RT, '01 F650GS - time to thin the herd?
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