2006 GZ250 resale value?

[alanmcorcoran]

Primal,

I'm not an attorney and I've never even played one on TV, but I can tell you from experience that minor mistakes or omissions made on transfers can sometimes (not usually, but sometimes) turn into a headache. Rules, paperwork and documentation vary from state to state, so it's best to ask someone familiar with those in your state, or visit the state DMV site. Some examples of issues that come up in states I've been in include: additional documentation required for mileage, missing buyer info - such as their address - voids the title, additional documentation required for state sales tax board, and so on. Things can get more complicated if the seller doesn't have the title, or there's a bank lien and so on.

In California, there is something called a Notice of Transfer and Release of Liability (see details below.) Reporting the sale or transfer of a vehicle or vessel to the DMV does *not* constitute a transfer of ownership. The record is not permanently transferred out of your name until the DMV receives a completed application for transfer of ownership and payment of appropriate fees from the new owner.

Here is a more detailed explanation from the CA DMV website.

Notice of Transfer and Release of Liability
What is a Notice of Transfer and Release of Liability?
The Notice of Transfer and Release of Liability (NRL) is used to notify the Department of Motor Vehicles (DMV) when you have sold or transferred your vehicle or vessel to another party. It is used only when ownership of the vehicle or vessel has changed. Legal owner transfers (transfers between lenders or removal of a lienholder from the title) do not require an NRL.

How does the notice of transfer and release of liability protect me?
When properly completed, and the information is recorded by DMV, liability for parking and/or traffic violations and civil litigation, resulting from operation after the date of sale, becomes the responsibility of the subsequent purchaser (Vehicle Code §5602). Additionally, when the NRL information is received by DMV, and the vehicle record is marked, no further vehicle registration renewal notices will be mailed to you for the reported vehicle.

Am I required to notify DMV when I sell or transfer my vehicle to another owner?
Yes. You are required by law to notify DMV within five calendar days from the date you sell or transfer title or interest in and deliver possession of a vehicle to another owner (Vehicle Code §5900).

Does the NRL remove my name from the vehicle record?
No. Only the buyer's application for transfer, using the endorsed title received from you, can do that. When the information required on the NRL is received by DMV and updated to the record, you are no longer responsible for civil or criminal actions arising with the vehicle after the date of sale.
For example, you will not be liable for:

Parking or traffic violations resulting from operation of the vehicle after the sale or transfer date, or
Civil litigation resulting from use of the vehicle after the date of sale.
Registration renewal fees and penalties resulting from operation of the vehicle after the sale.
NOTE: In the case of a suit or complaint, the court is responsible for determining if you have complied with the law and are exempt from civil and/or criminal liability.

[Easy Rider]

Originally Posted by primal

alan, regarding the transfer of financial responsibility, I'm under the assumption that, at least here in WV, the moment you sign the title over to the buyer, it is no longer your responsibility. I'm curious how this would work in other states, and/or how signing the title over might not actually transfer complete ownership.

He's just being California paranoid !! :biggrin:

In "most" states, the plates do NOT go with the vehicle AND the ownership transfers with a properly signed title. A handwritten bill of sale is a good idea too.

If you have never done one before, it is good to be careful.....about checks and paperwork.....but it's not necessary to obsess about it.

[Jruffy]

Originally Posted by Easy Rider

He's just being California paranoid !! :biggrin:

In "most" states, the plates do NOT go with the vehicle AND the ownership transfers with a properly signed title. A handwritten bill of sale is a good idea too.

If you have never done one before, it is good to be careful.....about checks and paperwork.....but it's not necessary to obsess about it.

Maybe, but it is very good that I am aware, I had no idea. That is strange that they would pull something like that on you though, the whole "still your fault" ordeal.

[alanmcorcoran]

Easy is apparently NOT curious about how it works in other states.

Also, Johnny, if you have no assets, there is little risk of the "still your fault" hurting you, even in paranoid California. Lawyers and lawsuits are only interested when there is money to be taken.

[Jruffy]

I have a house and a car... Maybe I need to take this more seriously.

[alanmcorcoran]

Just check your DMV site. Odds are the rules in your state are closer to Easy's than mine. The best advice I can give you is when you are doing something you've never done before, it's always a good idea to take your time and do some homework. Took me a few painful lessons to learn this myself.

[mrlmd1]

Your selling price of $1700-2000 seems way, way too low, and they are going "for a grand or so" in Missouri? A 2006?
With how many miles and what kind of maintenance?
On NADA they go for a low of $1830 to average retail price of $2405 and on Kelley Blue Book average $2330.
It would have to be in pretty sorry mechanical and cosmetic shape around here for the price to be that low ($1000) but
maybe the economy is really bad in Missouri. Before you advertise the price, do a little research on EBay or other sites or with dealers so you don't get screwed and give away the bike.

[Jruffy]

I will post pics of all the damages soon, You be the judge... Hell if you want to buy it hit me up lol.

[Jruffy]

Here is the long list of damages, I would Like for you to review them and tell me what to expect out of this bike.
It has 4,500 miles on it, 1 mirror, the tip of the brake handle is broke off, minor scratches on the paint, the exhaust was smashed on the bottom due to a rock it also has rust on it very minor its like a coat of it, both brakes need changed, it has a bad battery, missing a bolt on the side engine cover and missing the original bolt from the rear seat, the rear brake cable was seized, and the ignition is like very hard to work with I used to drive it to school, hell to high water, well I drove in the rain, the rest is fine.
Remind you this is damage not all done by myself I have had plenty of help. I am about 1,500 miles away from it and I am going to try to sell it on ebay from were I am and have my sister take the pictures of it and have it uploaded to me. Is this a bad Idea?
Any questions just ask.

[primal]

I don't know if I consider that minor damage... more like neglect. The only things worth fixing would be the things that get it into working order: brake pads, rear brake cable, etc. If in the process of ordering parts to fix those parts, you might find it cheap enough to order the missing bolts.

You're going to have a very difficult time selling the bike if you aren't there in person to sign the title over. You might want to sign the bike over to your sister and let her take care of the paper work.