Scam? You tell me...

So this guy e-mails me, and it seems like he really wants the bike.

However, he says that he will pay me in payments and I keep the bike until he has it paid off! I told him that I would keep riding it until then also.

Could this be a scam? The only thing I could think of is that the guy wants my home address to steal the bike.

I think I am going to start chaining it to something very heavy!

 

Could be some sort of scam but if you want to try it i'd go get a cheap post office box 10 miles from your house. Then collect all the money but don't spend it. Wait till he's done paying for it then meet him to turn over the bike with your bill of sale at a public place and go with someone you know to drive you home. Or maybe i'm being too neurotic but with all the scams out there better safe than sorry. My .02

 

I am always leary of the "will you take payments" suggestion from a buyer I don't know, but I have never had someone suggest that you keep the vehicle until it's paid for. In my mind the liability lies with him as you have the property and title until it's completely paid off. I would just make sure you put in writing what the total amount is, when it will be paid off, and probably how much mileage you will put on while he pays if off. I would also suggest that it be an "all or none" scenario where you keep all of the $ non-refundable until it's complete. If he takes it before then, he's stealing it, plain and simple.

You have to read the situation yourself, but it sounds like it's just a guy who really wants the bike and has a reasonable solution to keep you somewhat safe if your willing to take payments. As long as the contract is clear what and when the expectation are, I think you have the upper hand in the transaction.

Not an easy decision. Go with your gut feeling. Just my thoughts!

 

Thanks for the thoughts guys... I guess we will see! I have someone else coming to look too. So, I get to pick the best option of the two! I will probably go with the guy with cash in hand, even if the total amount is the less of the two.

Yamamax, that was my thought too. Maybe the guy really wants the bike, and just doesn't have the money. If not, why wouldn't he just save the money himself?

Another thought: if the guy asks for a test ride, I am going to have to say no! I have heard of test rides never returned, and the police around here seem to have bigger fish to fry than stolen bikes!

 

I have purchased and sold a few vehicles where the vehicle and title remained with the seller until the balance was paid in full. It has had it's down side if the buyer does something stupid and has to reneg. I've had buyers turn into jerks when they want something one way and it is contrary to the contract. Be sure you have a great deal of thought put into any contract you make. It could work for you, let your conscience be your guide.

 

I had a "freind" buy an MG from me and was making payments (I held the title). Long story short the throughtout bearing went on the thing and he quit making payments and made a half assed attempt at repairing it. I had to go repo the car.

He didn't understand why I wouldn't refund the payments he made. I 'splained the facts of life to him and once he saw my side of the story he accepted it.

I would get a box at a UPS store for him to make the payments to. I would also get it in writing that you will hold bike and title until the balance is paid in full. Set up a payment schedule in writing. If he becomes in arrears more the 15 days the deal is cancelled and no refunds will be given. At the same time you need to assure him that the bike will have normal wear and tear but any excessive (that opens another can of worms) will be on your dime.

 

I am so ambiguous about this it hurts. But I think a closed deal is the best method. Even if he makes payments to a mailbox he still has to make the check out to your correct name. He can then get your address via the phone book. Friend of mine was selling a Suzuki and first question the cop asked about the stolen bike was if it was listed in the newpaper. Number 1 place for crooks to find bikes to steal.

 

This deal is givin' me the "Hee-bee Gee-bees." If I were in your shoes, I'd have the guy lay his cards on the table and give you the precise reason he wants (or needs) to do the installment method.

While I am totally sympathetic of someone that might be really strapped for cash and can't swing the deal in one shot; I also know there's a few options open to him in the area of "Creative Financing."

I'm leery of the way the proposal was initiated. Email? That's a Red Flag.

Unless and until you have a sit-down-facial with the guy, to add the critical human element to this, and get the right gut feeling about the guy, you don't really know ... and could be "Gettin' Played."

Tell him that before you'll even consider the offer, you two need to get together to have a frank discussion about his need to do installments, how much, how long ... yada-yada-yada.

If he balks at, rather than accepts, your demand for the meeting to hammer-out the details ...

No dice!

 

I appreciate your guys thoughts. I think I agree!

 

Unless you are interested in being a banker......

Let him get his money from a professional.