Contract bike

I need some help writing a contract to buy a bike from a guy.

paying 1000 down, then 300 a month on the first friday of the month for another 1500 dollars.

needs to mention that no type of repossession can take place until i fall at least 3 payments behind.

then i need some sorta format on recording and having receipts or what not for each payment.

the other person is having his mothers lawyer check it over. which isent a problem.

 

I don't have the time to do all the digging for something specific to what you are asking for but click on the following link and try the first few sites it pulls up. I've always found what I was looking for in situations like this through google.

vehicle purchase contract template - Google Search

 

Good luck with that. Its better to just save your money and buy one out right. If it was me and you didnt pay for a month Id be picking it up.

 

tis true. i need to learn patience.

 

who holds the title, you, him, his finance company? This could all go fine, but it is also rife with opportunity for problems.

 

he will have the title. all we need is a detailed contract. any problems arive then our agreement will be on paper. hard to argue a signature.

 

Did you try looking at one of the sites that allow you to purchase a legal document in .pdf form? I used them twice when i sold a boat and one bike [outright] it cost like 5 bucks and they let you download a legal document for your state.:biggrin:

 

meatloafs search actually brought up some good stuff.

im a dell certified tech, but iv never been good at finding things on the internet for some reason.

 

I would hve to assume that given the fact that neither of you are lawyers [presumably] that document would be assumed 100% valid at time of signing, although I doubt someone like me would be sitting around typing fake legal documents to sell online. The ones I have used have been comprehensive, filled out in Illinois, accepted in both Wisconsin and Nebraska.

 

edit:

Its the signature that makes it legally binding, not the words.

this one will be looked over by a lawyer however.

 

The courts are clogged with people who are arguing signed contracts. I think his risk is higher than your risk, but there is risk on both sides, I wouldn't do it.

 

I most likely would not either, however if he is willing, im good for the money. I wont have the money for a week or two anyway, and iv been thinking about paying someone to rebuild my ninja, if I did that with a little body work it would be worth about 4 grand. that would be my ticket to a nice vfr, or a couple year older vfr and a car for my wife during the winter while ill have the truck.

i ono. iv got a week or two to make any kind of commitment.

 

If you really think that you want to go through with this (I wouldn't), why in the world would you blindly trust this guy's mother's lawyer to "check" the contract for you and your best interests? Get your own lawyer to read and scrutinize the contract for you.

 

I also have to agree with slo and red.... Have you thought of getting the document notarized?

 

Its not complicated, would only be a paragraph or two. If he has any changes i would read them over just the same and if he wanted to require anything that put me at great risk i would just walk away from it.

I might not be doing it now anyway. I think im going to try to get my ninja fixed. perhaps ride it for a little while. there is only 3 months left of riding here in michigan anyway.

basicially i can pay to have my ninja rebuilt, then itl be worth 3 or 4 grand. that would get me quite a nice vfr with one payment. it just takes time. i need to learn patients.

iv got a week to decide.

 

Definatly will be notarized. that would be after we agree on it and i go to get the bike.

 

Title

You mention that he will hold the title. Not a lawyer but speaking form experience of living in 11 states in last 25 years but in most states the title must be in the name of the person the vehicle is licensed to (and the lender puts a lien on the bike and then physically holds the title as well) and if I am the seller there is no way I am going to leave the title with my name on it and be legally responsibile for the actions of another (plus you won't be able to insure the bike unsless it is licensed in your name). His lawyer will also insist that you carry collision and comprehnsive coverage so that if the bike gt wrecked or stolen the seller has a claim on the insurence payout for the unpaid balance. As someone said earlier, these situations are alway ripe for issues.

 

actually that is somehting that i was thinking about. i just do not know how to do it with a private party. the bank actually just released the lein on my truck. Im thanking God because i still owe over 10 grand. unfortunately because of my wifes and my medical bills and a few others we will be declairing bankrupsy. for the bank to release the lein is pretty rare.

anyway, im not sure how a private party would put a lein on the vehicle.

honestly iv been thinking about just fixing my ninja and riding it for the rest of the season, then selling it for a vfr in the spring. tho i wouldent be as comfortable towing with the ninja at around 200 lbs lighter.

 

Lien

It should be relatively easy for a private party to put a lien on a vehicle depending on the state. To insure my son didn't trade in or take a loan out on the two cars I purchased him I put a lien on each of them until I thought he was responsible enough. In Iowa and Kentucky an individual can go to the county clerk and file a vehicle lien for $15 to $25 (depending on the state).