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Pretty sure I know the right answer to this, but just want some of your opinions before I squash the idea.
I'm selling my R6 and the bank holds the title, it's Yamaha finance through GE Capital. The amount owed on the bike is a bit more than half the sale price, so there would be a check coming directly to me, and another to the bank for payoff. This is an authorized Yamaha dealer who deals with the same bank as part of the finance programs.
The dealer wants to take the bike (basically paying no upfront money), make the payoff amount, then wait to pay me my balance until they get the title from GE Capital. I told the guy forget it!
I called GE Capital and the dealer did contact them for the payoff amount as they said would. I also asked the time it would take to get the title and they said it depends how fast the dealer pays, and if they pay for overnight delivery of documents..anywhere from 7-45 days.
Does this seem like normal business?
I don't think so! While I do have trust for the dealer and a good friend at a local dealer vouched for them, I'm letting a bike go with no money and no confirmation the loan is paid off...and me getting my check for the balance is dependant on how fast (or slow) they move documents.
Thoughts?
I already ran this by a friend at my local shop and he said no way!