What if I sell my bike w/ a lien on it? - 600RR.net
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post #1 of 13 (permalink) Old 03-07-2005, 04:41 PM Thread Starter
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What if I sell my bike w/ a lien on it?

I refinanced my motorcycle to get a lower APR. But, when they did the paper work, AHFC sent the title to me, instead of the new finance company. The new company wants the title for collateral. What happens if I sell my bike? What can Capital one do? Of course I plan on paying the loan off with the money I get for selling my bike. This is the only chance I'll have to sell my bike without giving the finance company the amount paid in full, which is as you well know, way more than it is worth to anybody wanting a used motorcycle.
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post #2 of 13 (permalink) Old 03-07-2005, 04:44 PM
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send them the title...it belongs to them. If you want to sell the bike before it is paid off, then the buyer would have to wait until you are sent the title and you sign it and send it to the buyer. Not a big deal.

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post #3 of 13 (permalink) Old 03-07-2005, 04:52 PM Thread Starter
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C'mon MAD1, your suppose to tell me what I want to hear. That they can't do nothing about it.

The reason why I want to sell it before it's paid off is because my insurance is about the same as my payment. I wouldn't mind just paying the loan amount ea. month, but the insurance is killing me!

I know what doing the right thing is, but my question is, what can they do? As long as I'm paying them they shouldn't g.a.f., right?
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post #4 of 13 (permalink) Old 03-07-2005, 04:58 PM
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They need the title for collateral.
You said it yourself. If you sell the bike and waste the money then how are they going to get anything out of you?
post #5 of 13 (permalink) Old 03-07-2005, 05:03 PM
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when you pay the bike off it will be less the total amount of interest..in otherwords your pay off is different day by day. so although the amount owed on your Honda bill says blah blah call them up and ask what the pay off is as of the day you sell bike...it's be in your best interest and your credit rating to hang onto the title...unless you clear it with your bank that you refinanced first.

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post #6 of 13 (permalink) Old 03-07-2005, 08:37 PM
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I'd say just sale the bike, nothing will happen! i know. Just pay off your load as soon as you sell the bike. If you don't than something will happen.
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post #7 of 13 (permalink) Old 03-07-2005, 09:22 PM
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Capital One wants one of two things:
1- The title, or
2- The money

Jerk them around at your own risk. This company can probably afford a better lawyer than you. Just my .02.

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post #8 of 13 (permalink) Old 03-07-2005, 09:45 PM
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if you sell the bike and they don't get the title that's a violation of your loan agreement. Most likely you'll default to some rediculous interest rate, as well as violating the contract which could have legal consiquences.

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post #9 of 13 (permalink) Old 03-08-2005, 02:12 PM Thread Starter
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Yeah, I was thinking they had to protect themselves from things like this happening. I just want to f*** the corporations around like they f*** us around. Having something that "they" want feels kinda good. I'll go through my contract to see if they are actually protecting themselves from this type of situation and let them sweat a little. Thanks for the replys fellas.
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post #10 of 13 (permalink) Old 03-08-2005, 02:16 PM
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Quote:
Originally Posted by Lil Los
Yeah, I was thinking they had to protect themselves from things like this happening. I just want to f*** the corporations around like they f*** us around. Having something that "they" want feels kinda good. I'll go through my contract to see if they are actually protecting themselves from this type of situation and let them sweat a little. Thanks for the replys fellas.
Am I missing something here. But doesn't the title say there is a LIEN on the bike? And the bank being the owner? How would you even have the other person take this title to the DMV? They won't even reassign the title to that person until the lien is released no? How is this a threat to the company? ?
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post #11 of 13 (permalink) Old 03-08-2005, 03:17 PM
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Quote:
Originally Posted by typeshx98
Quote:
Originally Posted by Lil Los
Yeah, I was thinking they had to protect themselves from things like this happening. I just want to f*** the corporations around like they f*** us around. Having something that "they" want feels kinda good. I'll go through my contract to see if they are actually protecting themselves from this type of situation and let them sweat a little. Thanks for the replys fellas.
Am I missing something here. But doesn't the title say there is a LIEN on the bike? And the bank being the owner? How would you even have the other person take this title to the DMV? They won't even reassign the title to that person until the lien is released no? How is this a threat to the company? ?
mot of the time... if the dmv sends you the title... it would NOT have any lien on it if its their fault or the dealerships fault... nothing will really happen but you'll just get notices that the bike is not liened with their name... it doesnt really matter what you do with the title because you still have a contract with them... lets say that you decide to stop paying Capital one - then you'll just have a charge off on ur credit report (not a good idea) but you'll have the title in hand - meaning that you "own the bike outright" but in actuality is that its still liened... so there's no win/win situation for you here... coz either you send them the title or not, you will still have to pay their loan off...
does that make sense?

btw - if you are trying to sell ur bike ASAP, you dont really have to send the title to capital one because its easier to give the title to the new owner and you get the cash and you payoff capital one, then the new owner can send the title to his new lien holder or if its paid for in cash, its easier for him to get his title instead of waiting for the lien to release it...

dang, hopefully that makes sense... if it doesnt, just let me know and i'll try to explain better
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post #12 of 13 (permalink) Old 03-09-2005, 02:20 PM Thread Starter
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Yeah, that's the way I see it. It's my bike since I have the title. But I have an obligation to pay the lenders the money they let me borrow.

But if there was a chance for me to sell the bike w/ a lein still on it, now is the time. Because I have the actual title in hand, and the person buying the bike will have it right then and there, instead of me and them jumping through loops. It makes the sale a lot more attractive to buyers when I actually have the title.

As long as I turn around and pay the loan off w/ the money from the sale and some outta pocket cash (cause it isn't worth the loan amount). I think the lenders would take their money I owe and not gripe about the title.
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post #13 of 13 (permalink) Old 03-09-2005, 02:33 PM
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Quote:
Originally Posted by Lil Los
Yeah, that's the way I see it. It's my bike since I have the title. But I have an obligation to pay the lenders the money they let me borrow.
Here's the way it is. The bike ISN'T your's until you pay off the lien. You can't sell something that doesn't belong to you. That's called fraud and they will come after you. Don't try to take advantage of Honda's mistake. The title and the bike belong to Capitol One until you pay it off.

Another point is when you or the buyer try to register it with the state guess what...the big men in blue uniforms come to arrest you. Your problem is with the insurance premiums. Look for a better solution there instead of going to jail for fraud.


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