Can I sell my motorcycle even though the credit card company holds the title?
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Can I sell my motorcycle even though the credit card company holds the title?
I owe 13k on the CC for the bike. I can sell the bike for 8K and pay the rest off but I do not possess the title and the CC company will not give the title until I pay off the entire debt.
Asked on December 9, 2011 under Bankruptcy Law, Illinois
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Yes, you can sell your motorcycle to a third person even though title is held by the lender. There are a couple of ways you can do it. The first is in a written agreement the buyer assumes future payments on the vehicle where it is disclosed that $13,000 is owed on the motorcycle. This is a somewhat risky proposition for both the seller and the buyer in that you have no guarantee that the buyer will continue making payments. If he or she fails to do so, your credit gets damaged.
The best way is to come up with $13,000 to pay off the motorcycle and get the registration in your name. You then sell the motorcycle to the buyer giving him or her the registration. In the deal, you lose $5,000.
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