Selling Bike From CL to Out of State Buyer

[thundermax]

Selling a bike off Craigslist. Out of state buyer has to go to his bank to get a loan and the cash. He asked me for VIN# to give to bank for loan.

Asking those with experience or may know: Any harm to me to give VIN# to him?

 

[timscues]

Double check with capt kyle he sells alot out of state, I would ask for the bank to fax me something, but thats me

 

[Tex85]

Your VIN is public record and doesn't provide proof of ownership by any means. I am surprised a bank would provide a loan with only having a VIN. Normally you need a title registered to you that way they can put a lien on it. As long as you retain the title, its your bike and a lien cannot be placed on it by a 3rd party.

I don't see any harm in it.

Sent from my Nexus 4 using Tapatalk 2

 

[gamorg02]

seems perfectly normal. also you could ask him to go into the bank at a designated time and have the teller/cashier etc call you personally for the VIN.

 

[jfeagins]

Perfectly normal. The buyer and his bank are most likely on good terms, and they just need a VIN# to initiate his paperwork. Most likely, buyer is being required to take that title in as soon as the tranaction is complete so that they can photocopy etc, and secure their rights upon the new title.

Recently, in the process of buying my 09, I made a similar request from it's owner, and he quickly complied. It made my purchase that much easier. And I'll add, I also provided the VIN# to my insurance co, in advance, to insure myself that all would be covered as soon as I took possession of the bike and began transport home with it.

 

[PATMAX]

VIN disclosure should be no problem. Potential buyer can run it for title history, and police activity such as reported stolen or recovered theft and of course correct ownership so the title matches the seller name right?!
Good luck with the sale and congrats. Spring has sprung so sales should be picking up soon!

 

[2fear]

I have bought and sold bikes out of state, that's how it works....

 

[invalidsession]

The bank can confirm the value of the bike and thus the loan value via the VIN. Nothing sinister or weird about that request and it's also a little insurance on your behalf to prove the bike isn't stolen or running on a salvage title etc. You could get the VIN from almost any bike parked at the curb outside your local tavern and get it's history. Nothing to worry about at all.

Chris.

 

[leroycp]

+1

 

[fltinstructor]

Perfectly normal. The buyer and his bank are most likely on good terms, and they just need a VIN# to initiate his paperwork. Most likely, buyer is being required to take that title in as soon as the tranaction is complete so that they can photocopy etc, and secure their rights upon the new title.

Recently, in the process of buying my 09, I made a similar request from it's owner, and he quickly complied. It made my purchase that much easier. And I'll add, I also provided the VIN# to my insurance co, in advance, to insure myself that all would be covered as soon as I took possession of the bike and began transport home with it.

That sir is how it done. My Credit Union even wants a photocopy of the owners drivers license.

 

[Rollie]

Your buyer has good credit and a good relationship with his bank. No problemo here.