Financed vehicle — What You Need to Know
The buyer is financing the purchase through a lender. The lender will hold a security interest in the vehicle until the loan is paid in full, and the title will reflect the lienholder.
Seller guidance
If you are selling as a private party offering financing (seller financing), the transaction is governed by the Truth in Lending Act (TILA), Regulation Z (12 CFR Part 1026). You must provide the buyer a written disclosure of APR, finance charge, amount financed, total payments, and payment schedule. Failure to comply can expose you to civil liability.
Buyer guidance
When financing through a bank or credit union, your lender will place a lien on the title. You will not receive a clear title until the loan is paid off. Under TILA, you have the right to a written disclosure of all loan terms before signing. Review the APR and total cost of financing carefully.
Legal note (Michigan-specific)
MI lienholders must release the lien within 7 days of payoff per MCL 257.236. The lienholder files a release through the Secretary of State's ELT system or provides a physical release. The buyer should verify the title is clear before completing the purchase.
Financed vehicle checklist
- Obtain pre-approval letter or lender commitment before finalizing sale price
- Confirm lender's payoff instructions if seller has an existing lien
- Record the new lienholder on the title at the DMV
- Review TILA disclosure for APR, finance charge, and payment schedule
- Retain a copy of the signed bill of sale and loan documents
- Obtain written payoff amount from lienholder
- Lienholder releases lien within 7 days per MCL 257.236
- Confirm release in MI Secretary of State ELT system
- Transfer title within 15 days of sale
Dirt Bike Safety & Recall Information
Data sourced from NHTSA safety ratings and recall databases
Average Safety Rating
0 / 5
Avg. Price Range
$1,500–$10,000
Odometer Disclosure
Not required
Safety checkpoints for dirt bike buyers
- Inspect frame and subframe for cracks from jumps and crashes
- Check fork seal condition and suspension linkage bearings
- Verify engine compression and listen for bottom-end noise
- Check sprocket and chain wear — high-wear items on dirt bikes
- Confirm spark arrestor is present and unmodified (USFS land requirement)
- Test kill switch function and bar-mounted controls
- Inspect handlebar bend and crash-bar/skid-plate damage
- Verify sound output meets state OHV decibel limits (typically 96dB)
Common recall categories
Fuel SystemFrameSuspensionEngineExhaust
On average, each dirt bike model has approximately 1.5 recalls. Always check your specific vehicle at NHTSA.gov/recalls before completing a sale.
Wyandotte Financed vehicle dirt bike generator — when to file
Michigan requires title transfer within 15 days of the sale date on the bill of sale. For financed vehicle transactions specifically, file at Secretary of State – Wyandotte (Visit https://www.michigan.gov/sos for the nearest Wyandotte, MI office) during normal hours: Mon–Fri 9:00 AM–5:00 PM. Miss the 15-day window and Michigan typically charges a late-transfer penalty plus accrued use tax, and the seller can remain on the title for civil liability until the buyer completes retitling. Bring the signed title, the completed Wyandotte bill of sale, your government-issued ID, and payment for the $15.00 title transfer fee plus 7.50% sales tax on the purchase price.
Generator reminder. Whether you keep your generator as a generator-produced document, both buyer and seller should leave the signing with an identical executed copy. The buyer needs the original to present at Secretary of State – Wyandotte; the seller keeps a duplicate to prove the date of transfer if a future liability question arises before the title fully retitles.