LMAO Hub, Texas DMV probably has me on speed dial!
Hoo boy Hubster, this deal is turning into a nightmare, long story short I am really keen on adding this Aprilia RS660 to my fleet.
The 2022 RS660 Stars and Stripes Limited Edition is #585 out of 1500 with only 610 miles on the odometer and 5 months of remaining factory warranty as mentioned previously.
I viewed the bike yesterday, confirmed the mileage and condition, it is immaculate; and made a handshake gentleman's agreement to purchase the bike for $11,000, pricey but in line with what these machines are trading for in this condition and mileage. As a Limited Edition item, these machines hold their value better than average.
Now the problem, the owner financed the bike new in 2022 through powersports lender Road Runner Financial and is upside down on the loan.
I saw the paperwork and he rolled purchase price of the bike, sales tax, title fee, registration, dealer prep, etc. into a high interest note with zero down so he's underwater and will have to cough up a little over $1000 out of pocket in addition to the $11,000 I agreed to pay for the bike to satisfy the loan and release the title.
So simply stated, he does not own the bike and does not have the title, Road Runner Financial as lien holder, holds the title until the loan is satisfied.
So this is a very complicated deal with a lot of moving parts in motion.
I am going to have to transfer my $11,000 purchase price to Road Runner and the owner will have to simultaneously pay off the loan balance so that the title can be released to me along with the motorcycle. All this needs to take place seamlessly and at the same time.
I don't know the seller other than meeting him yesterday and have no knowledge of Road Runner Financial and their integrity and there is no local Road Runner Finance brick and mortar establishment locally where I can sit down face to face with a loan officer, it will all have to be done over the phone or by email, fax etc.
Despite really wanting this machine, my instincts are shouting "run not walk away from this deal" and buy a 2024 RS660 from my local Aprilia dealer, even if it's not what I wanted.
Hubster, what sayest the sage of all things motorcycle related?
2021 Aprilia RSV4
2020 BMW S1000RR
2016 ZX-10R KRT
2016 959 Panigale Red
2015 CBR1000RR SP Repsol
2011 ZX-10R Ebony
2009 ZX-6R Lime Green
2006 ZX-14 Red
2004 VTX 1300C Candy Red
"For we walk by faith and not by sight" II Corinthians 5:7