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Discussion Starter #1 (Edited)
Hey guys,
Well, I picked up my brand new '08 CBR600RR Red/Black about 3 months ago from a dealer and its now got around 3,400 miles on it.

Since then, some priorities have changed in my life and I might need to sell the bike. What do you guys think is a good asking price for it? It's totally stock apart from having a gutted air intake. Bike is in mint condition (never dropped) , took very good care of it. Changed oil twice, running on Amsoil fully synthetic right now. Chain was cleaned everytime it was dirty. It's also got a new Dunlop Qualifier (About 2,500 miles on it) on the rear since the original tire got a screw in it.

Also, how does it work when I have a loan on the bike? Sorry if these questions are pretty dumb, I've just never been in a situation like this before.

Thanks guys!
 

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Your going to take a pretty big hit, your looking at like 8k selling price with that milage.

Only good news is you don't have a crapload of mods on it, or else you'd have to eat them too.

As for a loan, I've no idea, but IIRC, Your bank and the buyer have to arrange for the title to be transfered to them, and then the buyer pays the banks loan off, or something like that.
 

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Normally you have to make a bill of sale and a contract stating the bike's title will be given to the buyer after the loan is paid off. They will have to give you whatever you sell it for, if you still owe more you will have to come up with the rest, pay off the loan and meet up or send the buyer the title.

As for price, you probably looking about about 7k maybe alittle more.
 

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Discussion Starter #6
Thanks guys, figured I'd take a pretty big hit on it. I got the bike for a pretty good price but it's still depressing to even think about letting it go haha.

Will most likely grab myself a nice used one in a year or two, but for right now, it's most likely not going to work out keeping the beauty..
 

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ooooouuuch....that's gonna be a huge hit in the pooper. i bought my 08 for 8 grand brand new.

onwards with the depressing news, honda does not re-assign loans (either on the honda card or through honda finance), as a friend of mine found out recently. not a huge issue...but still takes that option out of the equation.

hope it works out...i'm sure your new found responsibilities are worth more than the hit you'll take on the bike :)
 

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I think you can do better than $7K but I think you'd be hard pressed to get $8K.

The loan isn't a big deal; people do it all the time. Call up your loan people and ask them what the deal is.

In my case, I paid cash for a bike and took it away with a bill of sale. The dude paid off the loan and got the title sent to him. He then transferred it to me. He was careful to show me how much he owed on the loan (showing he wasn't upside-down on the sale) and kept me informed about what was happening through the payoff and title sending process.

I had to put some trust in the guy that he'd pay the loan with what I gave him and then get the title to me after that, but the bike was in my possession during this process and all went smoothly for me.
 

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for the loan, u will have to walk into your bank with a buyer, he hands the bank the money, and if its not enough to pay it off, you MUST pay the difference before they release the title.
 

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for the loan, u will have to walk into your bank with a buyer, he hands the bank the money, and if its not enough to pay it off, you MUST pay the difference before they release the title.
Yup, another reason I don't borrow money for vehicles. Unless you put down a substantial down-payment, you will have to come up with some cash in order to sell it.
 

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Discussion Starter #11
Alright, let me know if I understand this correctly, and this is obviously just some random amount of money:

Loan: $20,000
Owe: $18,000
Sell Price: $16,000

So in the end I'll still owe the financial company $2,000 of my own money, correct?

Like I said, these numbers are just random numbers I picked.
 

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Alright, let me know if I understand this correctly, and this is obviously just some random amount of money:

Loan: $20,000
Owe: $18,000
Sell Price: $16,000

So in the end I'll still owe the financial company $2,000 of my own money, correct?

Like I said, these numbers are just random numbers I picked.
Correct, You must satisfy the loan amount before you can transfer title.
 

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Yeah as mentioned, it is sorta a pain in the arse dealing with a loan, and having to pay it off prior to transferring the title. If you can find a trusting buyer, hopefully with cash, things should go smoothly. Just get them in the loop with your bank. They will feel better about the deal, and know that you are on the up & up. Once your loan is paid off, it normally takes a letter from the bank stating that your loan "has been satisfied" and the lien can be released, that will have to be sent or taken down to motor vehicles. Then, depending on your state, could have a new title for your buyer that day, or take up to ten business days. As mentioned before, cash is the best way to pay for any and all things. That way you have title in hand!!!! Too bad I could not wait to save up for my bike.
 

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Sucks. It would be in your best interest financially to try and readjust your new priorities. It would be a shame to lose money or lose the ability to ride for that matter.
 
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