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Old 01-04-2010, 02:58 PM   #1
AndreaJ200
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Buying a Bike that Still has a Note/Lien

What procedures have to be followed if I am going to purchase a bike that the seller still has a note on?

Do I have to pay the bank loan directly or get some sort of verification it has been paid off so I can get a clear title?

Someone please explain. TIA. Hopefully if all goes well I will get my bike this weekend.
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Old 01-04-2010, 03:00 PM   #2
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This is a tricky subject. As a whole the LIEN has to be paid off before the Title will be released.

I think there is extra paper work you fill out in order to get this done. So that you have a BINDING agreement between the Buyer and Seller that the Seller will sign over Ownership when the Title arrives.
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Old 01-04-2010, 03:04 PM   #3
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BILL OF SALE!
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Old 01-04-2010, 03:11 PM   #4
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the best I can offer is to avoid this altogether. There are PLENTY of clean and clear bikes for sale. No need to get wrapped up in a bunch of you vs the bank vs the owner BS.
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Old 01-04-2010, 03:42 PM   #5
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Just take the money to their bank (where the lein on the title is) and they'll handle it all. I've done with with a few cars and it's pretty easy.
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Old 01-04-2010, 03:43 PM   #6
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Quote:
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Just take the money to their bank (where the lein on the title is) and they'll handle it all. I've done with with a few cars and it's pretty easy.
That's the safest way to do it.
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Old 01-04-2010, 04:46 PM   #7
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Wow this is some good info
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Old 01-04-2010, 04:48 PM   #8
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Yup. I'd go directly to the office that has the lien w the current owner.

Whatever negotiations you make w the lien holder the other individual doesnt need to be there(if you're not paying it off.)


Otherwise, as mentioned above there are plenty of bikes for new riders w great deals.
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Old 01-04-2010, 05:08 PM   #9
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I just called the lienholder and they said they can only release the title to the current owner once the lien is paid off. They will not transfer the note to me (so they say, but I probably could call back and speak to another rep and get a totally different response).

I'm waiting for the seller to get back to me about what he plans to do. I want the title in my hands and he wont have it until he pays off the note. He probably can't pay off the note until I pay him for the bike. :/

I suppose I can have him log in to the account online and I can pay the balance off, then he can mail the title to me once they mail it to him. I don't know. This is irritating. I can have him sign off on a Bill of Sale and another contract I can draw up with him agreeing to send the title once he receives it since I paid the balance. I can make a copy of his driver's license. This seems like a lot of extra BS. =(
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Old 01-04-2010, 05:14 PM   #10
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people do this all the time...

you can go with to pay off the lien...they'll transfer the title to you along with the proper paperwork to the state.
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Old 01-04-2010, 05:15 PM   #11
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Yes... Its alot of extra work
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Old 01-04-2010, 05:16 PM   #12
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Remember this is away to completely scam someone....
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Old 01-04-2010, 05:36 PM   #13
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how does the scam work?

Also, there is no location in Houston. It's G.E. Moneybank, office is located in Florida. Payments can be made online or over the phone.

I called and spoke with another rep who said the accountholder can add me to the account and once its paid he can authorize them to send the title to me, but they cannot outright transfer the account to me.
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Old 01-04-2010, 05:40 PM   #14
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ok, I would not do this via the internet....way too many scams out there....

deal locally...someone locally should have what you are looking for.
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Old 01-04-2010, 05:51 PM   #15
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tell the guy to take a cash advance on his credit card to pay off the lien to get the title.

Then you pay him the money when he gets the title. With the money, he can pay his credit card.
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Old 01-04-2010, 05:51 PM   #16
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You should avoid this hassle and just buy my bike Its paid off and the title is in my name
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Old 01-04-2010, 05:53 PM   #17
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You should avoid this hassle and just buy my bike Its paid off and the title is in my name
LOL. Do you have a Yamaha FZ6 candy red?
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Old 01-04-2010, 05:58 PM   #18
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stop listing what u sold here - nobody cares...






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Also, there is no location in Houston. It's G.E. Moneybank, office is located in Florida. Payments can be made online or over the phone.
^^^ dealbreaker...

it's an out of state title to boot... so you'd have to title it all over again here in TX...

deal with local sellers/banks only....
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Old 01-04-2010, 06:06 PM   #19
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Deal locally.....or your gonna get screwed
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Old 01-04-2010, 06:14 PM   #20
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I think the bike is titled in Texas, but the bank's office is in FL. The tags have a Texas Yamaha plate holder. I'll ask the seller.
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