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Old 05-03-2010, 02:53 PM   #1
rkl56119
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Buying a bike when the Seller still owes a bank note?

Well, I tried to use the search feature to find out any information on this board regarding purchasing a bike that still have a note owed by the seller. I couldn't find anything relevant. The searches went from 2010 and then suddenly went to 2006.

Anyway, I found a nice bike but the seller still owes the bank. What is the best procedure for me to make sure I end up with the title? The seller suggested a bill of sale, but I'm not sure that is sufficient to protect me.

Thanks for all your suggestions!!
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Old 05-03-2010, 03:00 PM   #2
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No, it's gonna take more than a BOS. I did the same when I bought my first bike.

Go with him to the bank (lien holder) and get the paperwork done. You'll pay him and he'll pay the bank. I wouldn't do it any other way. The bank will help you.
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Old 05-03-2010, 03:11 PM   #3
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Thanks, I appreciate that.
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Old 05-03-2010, 03:17 PM   #4
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You have a couple options. IMO, the best way is what madseason posted. Otherwise, you would just have to trust that the person takes your money, pays off their bike and gets you the title in a timely manner. Which is not all that uncommon. An individual bought my old bike from me cash, i sent in the payoff and recieved the title about a week or so later. I then turned around signed off on it and mailed it to him and it was a done deal. Either way i would still write up a bill of sale becuase that HELPS to protect you and the buyer.
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Old 05-03-2010, 03:19 PM   #5
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Go to his bank. If he still owes $ he will have to pay it on the spot. If your giving less than whats owed, he will need to un azz the money. If its not a local bank your bank can handle it. You will sign with your bank. He will give the monies to your bank. They will pay his bank and they will release the title to your bank. Its no biggie.
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Old 05-03-2010, 03:19 PM   #6
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DO NOT GIVE HIM MONEY AND HOPE HE GETS YOU A TITLE
A bill of sale doesnt mean when he doesnt own the bike. The bank owns the bike.
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Old 05-03-2010, 03:21 PM   #7
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Quote:
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DO NOT GIVE HIM MONEY AND HOPE HE GETS YOU A TITLE
A bill of sale doesnt mean when he doesnt own the bike. The bank owns the bike.
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Old 05-03-2010, 03:22 PM   #8
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Be VERY careful and follow above instructions for sure!
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Old 05-03-2010, 03:22 PM   #9
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Get a bill of sale from the bank that owns the bike
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Old 05-03-2010, 03:38 PM   #10
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bonded title
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Old 05-04-2010, 07:20 AM   #11
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If the guy owes more than he's selling the bike for: walk away

Otherwise YOU go pay the bank directly.
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Old 05-04-2010, 07:27 AM   #12
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bonded no
bill of sale no
If you do it right, it will go...
1.You finance through your bank and they get the title from his bank
2. You pay cash through your bank to his and his bank sends you the title
There are a few variables in this equation that I dont know. I do know that the transaction should include you doing title transfer paper work on the spot. It could be his bank or yours. If no title work is done on the spot you doing something wrong.
Most banks do not hold titles on site. They will do the title transfer paperwork and you should get it within 2 weeks. If financed, your bank will make sure they are getting a title. They will not back the sale otherwise.
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Old 05-04-2010, 07:29 AM   #13
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Quote:
Originally Posted by po-po 5.0 View Post
If the guy owes more than he's selling the bike for: walk away

Otherwise YOU go pay the bank directly.

Not true. If he has the money to pay the difference your good to go. Your fuked it he doesnt. The difference has to come from somewhere if his bank is gonna let it go.
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