How can I give a title for my motorcycle to someone when it hasn't been fully paid off?

Question

Hi, I bought a 2007 Honda CBR 600rr last year and had it financed fully. It has been a year and I have been paying about 250/ month. I didn't realize it at the time, but it has become a heavy financial burden on me on top of my car, mortgage, and cell phone payments. I just put it up on Craig's List and had a few offers.

I know normally you wouldn't be able to sell the motorcycle and give someone the title until the bike has been paid off fully. But I just wanted to know if there were any options available to me that I could settle something with my original creditor. Any help would be greatly appreciated. Thanks :)

Answer 1

either pay it off when it is sold and apply for a title in the buyer's name, have the buyer refinance in their name, or do it illegally and keep it in your name and collect from the buyer. (not advisable at all)

Answer 2

The only options you have are to pay off the loan by selling it for enough to cover it, or to see if the lender will allow you to make the loan assumable by another buyer.

Answer 3

Tell me this, how much is your cell phone bill?  $50-$60 a month?  Or are you one of those text messaging junkies and rack up a $200-$300 bill?  And just how essential is it to your life?  I'm sure you think you and many other people think they couldn't live without one, but I get along just fine without one (and I run a business).  And I bet you got along without one not that many years ago.  Have you tried one of the pre-paid phones?  I know they're expensive per minute, but maybe that's what you need to break your cell addiction.

It sounds as though a new bike was the last thing you needed to buy, but went ahead and did so anyway.  I bet your car is also rather new, right?    

Anyway, the bank isn't going to relinquish the title without being paid in full by someone or the bank considers the buyer credit worthy and the buyer is willing to take on the debt.

I get the feeling some financial counseling might be in order.