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Author Topic: Sold bike over the weekend, want to make sure that I'm doing this right.  (Read 1791 times)

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Offline ZK1

Hi guys,

I sold my XT660z over the weekend.

The guy suggested he settles what I owe with the bank(Wesbank) and he then pays me the cash or a transfer from his FNB to my FNB on the balance.

Do you see any problems with this? Once he has settled I will then collect the NATIS documents etc.

Do I then just hand him over the NATIS documents when everything has cleared and it's done?

There are so many scamsters out there I just want to make sure that I'm doing it the right way...
2012 Yamaha XT660z (Sold)
2007 KX250 2T (Sold)
2002 CR250 2T (Sold)
1998 CR125 2T (Sold)
1990 KX125 2T (Sold)
 

Offline Sputnik080

I don't see anything wrong with this method, just confirm with the bank that the bike has been settled with them before giving him anything?
History:
1) 2008 Vuka XT125 (sold)     2) 2013 Motomia Java 170 (sold)     3) 2000 Honda XRV750 Africa Twin (sold)     4) 1994 Honda CBR600 F2 (sold)     5) 2004 Honda XL650V Transalp (sold)     6) 2004 BMW R1200GS (current)
 

Offline ZK1

Ok great thanks.

I just saw my settlement amount is less than what I thought and told him, so I hope he doesn't think I'm a skelm. But I guess it doesn't matter, my price is my price.

2012 Yamaha XT660z (Sold)
2007 KX250 2T (Sold)
2002 CR250 2T (Sold)
1998 CR125 2T (Sold)
1990 KX125 2T (Sold)
 

Offline subie

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Hoop jy het nog die bike tot hy betaal het. Soort van vat die geld met die linkerhand en gee die sleutels en bike met die regterhand.
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Offline Mantis

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I think you will first have to register the bike in your name when you receive the papers from the financial institution. Just make sure about this.
Honda XR250 Tornado, Suzuki DL650 V-Strom - Sold, 2010 Kawasaki KLR 650 - Sold, BMW F 650 GS - Sold, 2006 Kawasaki KLR 650 - Sold, Kawasaki KLE 500 - Sold, Honda CB750 F - Sold
 

Offline ZK1

Ja nee, sal hom nie laat gaan voor als geclear het nie.

I think you are right, with first registering it on my name then his.....will find out about that..
2012 Yamaha XT660z (Sold)
2007 KX250 2T (Sold)
2002 CR250 2T (Sold)
1998 CR125 2T (Sold)
1990 KX125 2T (Sold)
 

Offline Sputnik080

I think you are right, with first registering it on my name then his.....will find out about that..

Sal verseker meer sin maak.
History:
1) 2008 Vuka XT125 (sold)     2) 2013 Motomia Java 170 (sold)     3) 2000 Honda XRV750 Africa Twin (sold)     4) 1994 Honda CBR600 F2 (sold)     5) 2004 Honda XL650V Transalp (sold)     6) 2004 BMW R1200GS (current)
 

Offline pietas

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If you own the bank money on the bike (assuming that is an installment) then Wesbank will be the title owner of the bike. Check your NATIS document
You can sell the bike but the new owner can't register it until such time he receives the original papers from Wesbank. And that they normally post to you.

Just make sure with Wesbank about all of this and how they deal with it
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Offline Andre E

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After settling the outstanding amount, you have to wait for the bank to send you the reg. doc with change of title holder form. This takes 2 to 3 weeks. Fill in your part on the form, hand it in and receive new reg. doc. Now fill in change of ownership forms again, with particulars of buyer and go hand it in again.
Don't be kak, be lekker.
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we have no time to stand and stare.
 

Offline ZK1

Eish, what a shlep!

I spoke to Wesbank, and apparently once it is settled I can collect the documents at the Rodepoort branch, so that will make it a bit faster then them sending it with couriers.
2012 Yamaha XT660z (Sold)
2007 KX250 2T (Sold)
2002 CR250 2T (Sold)
1998 CR125 2T (Sold)
1990 KX125 2T (Sold)
 

Offline Cracker

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If you're in Roodepoort, go to Cathys Vehicle Registrations. They can handle all the paperwork at the licensing department and will save you a whole lot of time and aggravation - well worth the spend.
Don't let fear hold you back ..... take it with you!
 

Offline M@tt650GS

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No.1 Get the NATIS doc from the bank with paid-up letter.
No.2 Register the Bike in your name. (Blue Form: RLV.  Complete Parts A,B and C)
No.3 Get the buyers ID and let him sign the Yellow NCO Form (Your detail in Part A and Buyers detail in part B)  DO NOT GIVE THIS FORM TO THE BUYER!  They "forget" to register the bike on their name, and then you get the fines...

Once all is complete, give the NATIS to the buyer and he can then register and license in his name.

Hope this helps! :thumleft:
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Offline Edgar

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You need not first reg the bike in your name. The bank supply the signed papers and a proxy ID together with the Reg document. Just hand him all the papers and bike as soon as you are sure that you received your money. He can the transfer the bike into his name.
 

Offline ZK1

Thanks for all the help guys!!
2012 Yamaha XT660z (Sold)
2007 KX250 2T (Sold)
2002 CR250 2T (Sold)
1998 CR125 2T (Sold)
1990 KX125 2T (Sold)
 

Offline ZK1

Ok the guy is happy with everything.

Just want to check, when I am 100% sure all the money cleared and settled with the bank, can I get them to send the NATIS documents straight to him?
2012 Yamaha XT660z (Sold)
2007 KX250 2T (Sold)
2002 CR250 2T (Sold)
1998 CR125 2T (Sold)
1990 KX125 2T (Sold)
 

Offline ZK1

What I'm trying to say is, I can't loose anything if I have all the money I'm asking for except like you mentioned fines etc.?
2012 Yamaha XT660z (Sold)
2007 KX250 2T (Sold)
2002 CR250 2T (Sold)
1998 CR125 2T (Sold)
1990 KX125 2T (Sold)
 

Offline Garfield

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No.3 Get the buyers ID and let him sign the Yellow NCO Form (Your detail in Part A and Buyers detail in part B)  DO NOT GIVE THIS FORM TO THE BUYER!  They "forget" to register the bike on their name, and then you get the fines...


This, and making sure the money has been cleared, two very important steps in the process.

Go and hand in the yellow for yourself, this then puts pressure on the buyer the get his registration sorted.
 

Offline ZK1

Ok great! I will do it like this then...

Thanks again guys!
2012 Yamaha XT660z (Sold)
2007 KX250 2T (Sold)
2002 CR250 2T (Sold)
1998 CR125 2T (Sold)
1990 KX125 2T (Sold)
 

Offline ZK1

Ok everything seems to be on track.

Both payments show, one in my credit card, and the settlement on the installment as well. The bank now sent the payment for "Account Closure".

Then they will courier me the docs.

The only thing I'm worried about is if he can still reverse any of the payments once all of this is done?

Both payments were from FNB to FNB basically.
2012 Yamaha XT660z (Sold)
2007 KX250 2T (Sold)
2002 CR250 2T (Sold)
1998 CR125 2T (Sold)
1990 KX125 2T (Sold)
 

Offline ZK1

Ok everything seems to be on track.

Both payments show, one in my credit card, and the settlement on the installment as well. The bank now sent the payment for "Account Closure".

Then they will courier me the docs.

The only thing I'm worried about is if he can still reverse any of the payments once all of this is done?

Both payments were from FNB to FNB basically.
2012 Yamaha XT660z (Sold)
2007 KX250 2T (Sold)
2002 CR250 2T (Sold)
1998 CR125 2T (Sold)
1990 KX125 2T (Sold)