Whats the best way to go about buying a used bike that still has a lien on it?
Thanks for your input!
Thanks for your input!
this is the best way IMO to deal with it.. go to the bank with him, hand him the money to pay it off and then once he does give him what is left over..ill tell you in steps what i had to go through to get my **** and mine was a litlle bit more complicated since a power of attorney was involved and the guy was out of the country. Anywho me and this guys uncle went to their bank... i gave the money to the teller to pay off the remanding of the loan and then the remaining funds were put into his account. The teller made the bill of sale, notorized it... and then she sent something to the dmv saying that I bought the bike. For me I was completely broke haha and couldnt even register the thing but i used that time to become a better rider. Went to the dmv few weeks later picked up the title but i still had to get the guy to "transfer" ahem it over to me. Got my liscense and registration same day.
the advice part you are seeking is that its easier when the bike has the title rdy to be transfer over. just make sure the vin number match and you get a bill of sale
That is BY FAR the best way. The only other way to do it is to accompany him to the bank and have him pay off the loan then and there. Don't ever trust a guy to take your money and pay off the loan. It may work out, but chances are a guy who is asking you to do that is in some sort of f*cked up financial situation to start with. His loyalty will not be to you.i walk away and keep looking for another bike..
Not always possible, and you could miss out on a good deal if you can't be flexible. A LOT of people here owe money on their bikes yet they would be perfectly safe to deal with.Save yourself the stress and the headache. Tell them to pay it off prior to you taking delivery.
True.Not always possible, and you could miss out on a good deal if you can't be flexible. A LOT of people here owe money on their bikes yet they would be perfectly safe to deal with.
He has it through Honda finance, so i cant really walk up to the bank with him. Im gonna contact honda. I like the bike, has the mods id already do to it, low miles, scorpio i900 alarm, oem parts and so on
hes actually a member here
How long did you have to wait for the title to come home? I'm too a "victim" of this and I can't blame myself for being stupid but it's a lesson learned. I bought the bike exactly 2 weeks from tomorrow and still no word on the title. He's an CHP and I know where he lived too so I hope he doesn't pull any string. I was thinking if he doesn't have the title to me by this week, I might just call him up to return the bike to him and get my money back somehow.Normally I would say have the money and go with the guy to the bank to pay it off, da da da. However, not all loans are through the bank and sometimes it isn't all an immediate transaction.
I actually went against my own advice and purchased my current bike when it was still owed on. The guy was very legitimate (he was actually a corrections officer) and after knowing where him and his family lived, having all his info, and even going so far as having a written document notarized that he would have the title to me asap. I paid him and took the bike home, he even let me keep his already registered license plate so I could ride it while we waited on the title. Of course I had a doubt in my mind he would just call it in stolen after I left -- but all went well. I drove the bike around for a good week with his plate, until he called me and said he had the title in hand. We met up again, swapped title for plate -- and I was on my way straight to the DMV
Again, I wouldn't normally do something like that but if you are a good judge of character it can definitely work out for you some times!
It took a week or two for him to get the title mailed to him from wherever the loan was held. It was nerve racking but I called him every other day I think lol.How long did you have to wait for the title to come home? I'm too a "victim" of this and I can't blame myself for being stupid but it's a lesson learned. I bought the bike exactly 2 weeks from tomorrow and still no word on the title. He's an CHP and I know where he lived too so I hope he doesn't pull any string. I was thinking if he doesn't have the title to me by this week, I might just call him up to return the bike to him and get my money back somehow.
So after you get the title, you have to return the plate? I guess Cali law is a bit different, I never had to give anyone the plate.