Need some trade-in advice

[yellowFZ6r]

Hey guys,

Not gonna lie I feel a little stupid even asking this, but I want to make sure I dont screw myself over.

I want to trade-in in my bike to upgrade to a SS. Now the question I have is, if I am still making payments but am not "upside down" on the bike, am I good to go ahead and trade it in? When is it SAFE to trade it in without screwing ones self over?

Any advice ya'll could provide would be greatly appreciated, and thanks in advance!

 

[Rabbitman109]

Hey guys,

Not gonna lie I feel a little stupid even asking this, but I want to make sure I dont screw myself over.

I want to trade-in in my bike to upgrade to a SS. Now the question I have is, if I am still making payments but am not "upside down" on the bike, am I good to go ahead and trade it in? When is it SAFE to trade it in without screwing ones self over?

Any advice ya'll could provide would be greatly appreciated, and thanks in advance!

Basically if it is worth more than you owe, you will get a break on the next bike. If you owe more than it is worth, the next bike will be more expensive. Dealers will take your trade if you want to trade it, just depends on how it works out for you.

 

[MustGoFaster]

If the bike is worth more to the dealer than the remaining balance, then that's what you can use as a trade-in. Example:

If the dealer's going to give you $3000 and you only owe $2500, then you'll get the difference towards your new bike.

Hope that helps!

 

[JSP]

Hey guys,

Not gonna lie I feel a little stupid even asking this, but I want to make sure I dont screw myself over.

I want to trade-in in my bike to upgrade to a SS. Now the question I have is, if I am still making payments but am not "upside down" on the bike, am I good to go ahead and trade it in? When is it SAFE to trade it in without screwing ones self over?

Any advice ya'll could provide would be greatly appreciated, and thanks in advance!

You can always trade even if you are upside down. They just put that to the new loan. Trade in usually screws ya no matter what. You can get more selling outright. If you are happy with the numbers then its all up to you though. How much do you owe on the bike?

Trade in value for your bike is only around $3,500. They will play games and play with the price of the new bike etc as well though. All up to you. But its usually best to sell it yourself.

 

[yellowFZ6r]

I owe about 3,300 on it still, and I'm guessing I could sell outright for around $4,000-$4,300. It a brand new 2009 bike with around 2,500 miles on it.

 

[JSP]

I owe about 3,300 on it still, and I'm guessing I could sell outright for around $4,000-$4,300. It a brand new 2009 bike with around 2,500 miles on it.

You could easily get that yourself. That is what I would do.

 

[yellowFZ6r]

PERFECT! OK than thats what I'll try to do, well outright first, and as a last resort trade-in.

Thanks guys for all of the advice on the matter, its been a big help!

 

[JSP]

PERFECT! OK than thats what I'll try to do, well outright first, and as a last resort trade-in.

Thanks guys for all of the advice on the matter, its been a big help!

What bike are you thinking about getting?

 

[FZ1inNH]

Absolutely sell this yourself. You'll get a lot more than trade-in value thus more toward the new bike in the end. You'll have to find the right buyer without a clear title in-hand though. Deals without a title are always hard to make unless the lender you have is local and you can meet the buyer there to have the lender transfer title at that time to either the new owner (if they are paying outright) or to sign it over to the buyer's lender. Either way, the buyer will need this to register and ride. You might get lucky and find a buyer who is willing to write a check to your lender for what you owe then another check to you for the difference so long as your lender and sign over title immediately. Talk to your lender first and get the specifics so you are armed for the potential buyers questions. Hope this helps you out.

-Eric

 

[oldtouring b]

A possible plan..

Put your bike on Craigslist at $4500. Take 4 good pictures in the daylight. Include the low mileage. I bet within 2 weeks it is gone. Then look for the same bike in the SS. Why buy new and take the hit??

 

[JSP]

For some price reference for ya.

2009 Yamaha FZ6R

2009 Yamaha fz6r --- Reduced

Save Gas!! 2009 Yamaha FZ6R - less than 2000 miles

yamaha fz6r

This guys tryin to get $7k!

2009 Yamaha FZ6R with LOW miles


So you should be able to get $4,500 EASY! :thumbup:

 

[yellowFZ6r]

So what should I do about the whole title thing then. Why can't I just get a clear title from the DMV?

 

[yellowFZ6r]

I'm thinking about getting either a CBR 600, or a Triumph 675. I REALLY want the 675 though, love the look of them.

 

[bleedinblue]

Bye any chance did you finance through Yamaha and get the card?
I bought a yfz450 in 2006 and chose yamahas financing.
In my experience its been really valuable.
When I bought my fz6r I used the same loan even tho it still had around $1500 owed on my yfz450.
Purchasing my fz6r also lowered the intrest rate on what I owed on my atv.
It may not be the best bargain, but its nice knowing in a few more years Ill be able to keep my 6r to use as a sport tourer, and get a r6 as well without taking out an additional loan, saleing or saving.
COME TO BUTTHEAD lol

 

[JSP]

So what should I do about the whole title thing then. Why can't I just get a clear title from the DMV?

You cannot get a clear title until the loan is paid off. Lots of buyers will not hand over cash unless you hand over a title to the bike. So that is the only issue you will run into. You will have to find someone who is willing to pay you, then wait the 10 + days or so for the proof that the bike is now theirs.

If your loan was through a local bank or something, you can both go to the bank at the same time, pay the loan off and get it put into his name (something like that).

 

[yellowFZ6r]

Ok so hypothetically, if I wanted to simply trade-in would I still need a clear title? And yes, I financed through Yamaha and got the card, so maybe I'll go to my dealr and talk to them about some options as well.

 

[xJoshuaDrakex]

You cannot get a clear title until the loan is paid off. Lots of buyers will not hand over cash unless you hand over a title to the bike. So that is the only issue you will run into. You will have to find someone who is willing to pay you, then wait the 10 + days or so for the proof that the bike is now theirs.

If your loan was through a local bank or something, you can both go to the bank at the same time, pay the loan off and get it put into his name (something like that).

That is how I bought my FZ6R. I paid off the rest of the guys loan, which was $4,250, and the bank which his loan was through sent me the title in 10 business days. They have to hold the title 10 days after the loan is paid in full. It was a little trouble but in the end it was worth it.

 

[JSP]

Ok so hypothetically, if I wanted to simply trade-in would I still need a clear title? And yes, I financed through Yamaha and got the card, so maybe I'll go to my dealr and talk to them about some options as well.

No, trade in you do not need the title. Their finance department will deal with all that stuff for you, but you will lose $1k to do that unless they make you a killer deal.

I would still try and sell it outright. Put the ad up and just make sure the buyer knows there is a loan on it. You will do a Bill-Of-Sale and I would personally (since there is no title yet) have the bill of sale signed at a notary. That will be a legal binding sale document proving the bike has been sold to him. Should ease their mind for the 10 days they will have to wait for the title.

 

[Rabbitman109]

Ok so hypothetically, if I wanted to simply trade-in would I still need a clear title? And yes, I financed through Yamaha and got the card, so maybe I'll go to my dealr and talk to them about some options as well.

No, because dealers have magic, they can take the bike, they pay it off and get the title in no time. It is just as simple as handing over your keys.

Edit: You beat me to it jsp!!

 

[yellowFZ6r]

OK yea that is what I was thinking I should as well. Seems like the best bet, considering my bike is virtually brand new, well maintained, and have never dropped or laid down. There isnt a scratch anywhere on the bike, cleaned constantly and garage kept.