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I'm hoping there is someone out there who can give me some good advice. I recently was contacted by a friend who knows someone who owns a 2004 CBRF4i. The person who owns (finances) the bike cannot afford it any longer but is locked into the agreement. I have been offered to take over payments on the bike. Now this is where the sticky part comes I would not be on the memorandum title but would have permission from the owner to possess the bike. I want to find a way to try to take over the payments and protect myself from ther "owner" just saying it was stolen if they felt like it. I would refinance it and take it over completely but my credit is shaky so I do not think it could happen. Also how could I insure the bike with my name?


Anyone have any ideas? I also should mention I do not want to be locked into paying the payments forever should I decide to move on. I would do that if the memorandum was in my name but since it isnt I want the option to walk away.

Generally I am trying to help them out and myself and make sure all parties involved are protected.

Thanks in advance.
 

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Honestly, I would not go for that deal. If he's making minimum payments, which sounds like its the case, you will end up paying way more then the bike is worth now. If you want a used bike buy it straight out. Otherwise go buy a new bike. If you have cash, make an offer. It will probably be less then he owes but that is how it should be with a 1 year old bike. If you don't take my advice, I would have some sort of contract drawn out to protect yourself. Just make sure you have a lawyer take a look at it.
 

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Doesn't sound like a situation I'd want to be involved with. If I couldn't afford to pay him outright and get the title or refinance with my own lender, I let him sell the bike to someone who could.
 

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buy a bike straight out especially used way less that can get messed up.
 

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don't do it if you feel shaky thats becuase your instinct are saying run the fuck away. if you buy that bike with out your name on the title that situation is gonna blow up in your face :blowingup
 

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reno55 said:
Anyone have any ideas? I also should mention I do not want to be locked into paying the payments forever should I decide to move on. I would do that if the memorandum was in my name but since it isnt I want the option to walk away.
This is the part that doesn't make sense to me. You are worried about him backing out of the deal and screwing you, but you are just about planning on doing the same to him. Or are you just planning on 'leasing' it from him? None of this sounds like any deal I'd want to be involved in.
 

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reno55 said:
I would refinance it and take it over completely but my credit is shaky so I do not think it could happen. Also how could I insure the bike with my name?


I also should mention I do not want to be locked into paying the payments forever should I decide to move on. I would do that if the memorandum was in my name but since it isnt I want the option to walk away.

Generally I am trying to help them out and myself
Thanks in advance.

well you could draw up an agreement that states that you have rights to the bike for a specified period of time and that you will make payments for that time....kind of like a lease.....and at the end of that time you will have the option of paying a set amount which will entitle you to own the bike.

as far as not being "locked in" to payments.....thats kinda of having your cake and eating it too
 

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Yeah man, I wouldn't go into debt over a motorcycle. If your financial situtation forbids you from even purchasing a motorcycle with cash then you probably cannot afford it. Build up some savings before you allow yourself the luxury of a $5000 toy.

Think about the other costs invovled too: insurance, gear, maintenece etc...
 

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I bought my last couple of bikes new, knowing full well that in order to have that "new bike smell" I was going to take a hit to the tune of a couple thousand dollars as soon as I signed the paper. It sounds like (unless he put alot of money down when he bought the bike) you would be taking that hit by taking over payments on a bike that is probably worth less than is owed on it without getting that warm fuzzy feeling of having a brand new bike. I believe there may be legal ways to do it, but it is still a risky proposition for both of you (who pays the insurance and who eats it if the party who is SUPPOSED to pay the insurance doesn't pay and the bike is stolen/crashed, what if he dies/goes to jail/whatever and stops forwarding your money to the loan company...) You say your credit is shaky and you want to be able to walk away from the deal later.....this whole thing sounds ugly. Save your money and buy another used bike for cash or use the payments to pay off whatever has your credit fouled up.
 

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Others have commented fairly completely on the financial aspects of this deal. Not sure about your state, but in most the registered owner is legally responsible for the vehicle and must carry insurance. Unless you can get your name on the registration (assume the loan or?), his insurance will have to stay in force and that's what you would use. That would be too risky IMO.
 
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