How Do I Collect the Money from Selling my Motorcycle Online?
If this is your first time selling a motorcycle online, you may be wondering how exactly you’ll get the money from the buyer.
The process will vary depending on the form of payment you accept. So, if you want to save time, state what form(s) of payment you are willing to take in your listing description.
In this post, we’ll discuss the four most common ways to collect money when selling your motorcycle privately. Continue reading below to see which payment method works best for you!
Before You Get Started
When selling your motorcycle online, it’s important to be aware of common buying scams.
There are many different ways scammers attempt to take advantage of sellers, including fake checks, phony PayPal confirmation emails and stolen credit cards.
The good news is once you’re aware of the different online scam tactics, they’re pretty easy to spot.
For detailed advice on how to spot a scammer, check this post on the most common motorcycle buying/selling scams.
If you’re selling your motorcycle via an online motorcycle marketplace, like ChopperExchange, the easiest form of payment to accept is cash.
This is the easiest option if you and the buyer live in the same state. Although, it is not uncommon for a buyer to travel to purchase a motorcycle out of state.
Simply, agree on a time and day to meet with the buyer. A good rule of thumb is to meet in the day time at a public place.
Some good places to meet are:
- Your local dealership, if you have a relationship with them.
- Your local DMV office.
- Your bank, especially if it has a spacious parking lot.
- Your insurance broker’s office.
- Your work, if you work in a large office building with security.
One place we wouldn’t recommend meeting at is the police department. This can make the buyer feel uneasy and spoil the sale.
An escrow company is a third party that will collect the money from the buyer and transfers those funds to you once the motorcycle has been received by the buyer.
This service protects both the buyer and seller from fraud. Prices will vary depending on the company, but they typically charge a percentage of the cost of the motorcycle.
This is a great method to use if the buyer lives in a different state. You can complete the transaction via escrow, and the buyer can make arrangements for motorcycle shipment.
3. Rider-to-Rider Financing
If you have a serious buyer who is unable to pay for the bike in cash, you can explore Rider-to-Rider financing.
Through the Rider-to-Rider program, Harley-Davidson provides financing to the buyer and gives you a check for the sale of your bike.
It’s a good idea to mention Rider-to-Rider financing in your listing description so that potential buyers know they have that option. Once you are ready to sell, tell the buyer to complete Harley’s online credit application.
Then you’ll make an appointment to meet with the buyer at your local Harley dealership. The dealer will review the buyer’s credit application. If approved, the dealer will inspect the bike and transfer any factory warranties.
Lastly, you will confirm delivery to the buyer and receive the check from the dealership.
4. Wire Transfer to Your Bank
If you are trying to sell a motorcycle with a lien, you will need to work out an agreement with your financial service provider.
Speak with a representative about the possibility of a private buyer purchasing the bike by paying the remaining balance.
If they agree, make an appointment to complete the transaction. The lender will have you and the buyer complete the necessary paperwork to transfer ownership.
For more detailed advice and tips on this process, check out our blog on how to sell a motorcycle with a lien on it.
Wire transfer is a good option even if your title doesn’t have a lien on it.
It’s important to keep in mind that a cashier’s check or certified check is not the same as a wire transfer. Neither one is as safe as a wire transfer because checks of any kind can be forged. Some forgeries are so good that even banks can’t initially tell that they are fake.
Now that you know the different ways of receiving payment when selling your motorcycle online, which method works best for you?
Let us know in the comments below!
For detailed step-by-step instructions on the entire selling process, check our guide on how to sell a motorcycle.