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Discussion Starter · #1 ·
I'm talking with a friend about trading our bikes. Mine is worth about 7k more than his, and he doesn't have all the cash. We're thinking in he giving me his bike, $2000 in cash and then he would give me $500 per month for 10 months and we should be ok. There would be no interests.

What should I do to protect me in case he doesn't pay me?
Should I keep my title until he pays off?
Should I have him sign financial documents? Which type?

Anyone knows?
Thanks
 

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I'd always get something signed and notarized to save your own butt. Doing business with friends and family doesn't always end well.


Couldn't he take out a small personal loan to cover the difference to make things easier?
 

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It's late in the riding season unless you live in Southern CA. You keep the bike until spring while he makes payments on it. That way you can see how serious he is about paying his debt.
 

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Discussion Starter · #5 ·
It's late in the riding season unless you live in Southern CA. You keep the bike until spring while he makes payments on it. That way you can see how serious he is about paying his debt.
Thanks @mikiee. I'm in Florida. Season is actually starting to get nice here.
 
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