I have a 2000 YZ250 that i still owe quite a bit of money on.I am wanting to get rid of it(to buy a raptor) and i possibly have a guy who might want to take over the payments on it.I am using HRS as the loan company.Now my question is,is how would we go about doing this.Will we have to call the company and he will assume the loan and take over from where i left or what?If you could help me at all i would greatly appreciate it.Thank you.

 

Take over payments is a thing of the past. Credit rating rules now apply. You have to pay off HRS, then sell to your buyer. You cannot sell your ATV, with the payment plan setup for you. HRS will not take payment from anyone but you. The buyer has to find cash or have financial backing set up.

Also, do not sell unless you have paid HRS off, it's really not yours until you have title or are entirely paid off (should get a statement when completed).

Bottom Line: You have to satisfy the loan in full before you can sell the item.

 

I had a similar situation when I sold my '99 400EX. I and the buyer made an agreement. He gave me what I needed to pay off the loan and get the title. Then he gave me the balance of the selling price when I gave him the title. I works pretty good if you can work it out with the buyer. Otherwise you can't sell until you pay it off. You could also trade it but the dealers will not give you near the price it would bring by you selling it yourself.

 

You can get the buyer to borrow the money from a finance co, you might have to provide a statement of origin or serial # info. that came with the 250. Then you use a notorized bill of sale stating the serial# model etc and selling price. the buyer would then give you the money in total and you give him a reciept for the money. you go to the bank and cash the check and get a money order for the amount owed to HRS and send it to them. After cashing the check and verifying that the money is good the buyer can take possession of the bike. Hope this helps.

 

Your buyer can't assume the loan. He could apply for a loan at your finance co. or other but they will probably want money down regardless of sale price. Your buyer would have to meet their credit criteria and possibly get full coverage insurance also.