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Old 01-13-2012, 03:29 PM   #1
exalted512
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Buying a bike with a lien from HSBC

Anyone done it? What's the process on that? I found a good deal, but I'll be damned if I'm going to fork over $3k and hope that they pay off the loan and send me the title.
-Cody
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Old 01-13-2012, 03:48 PM   #2
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If you are buying it local, get a bill of sale and get it notarized. Also, ask the owner if you can get the cashiers check from the bank to pay HSBC or atleast give a cashiers check to the owner so that you have something documented along with the bill of sale.
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Old 01-13-2012, 03:50 PM   #3
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Make the check payable to HSBC
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Old 01-13-2012, 03:50 PM   #4
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stay away from it brotha.. it sounds like seller needs more than can give... prevent yourself falling victim of bad situations..
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Old 01-13-2012, 03:57 PM   #5
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Quote:
Originally Posted by Lokati View Post
Make the check payable to HSBC
Title still goes to the seller and I have to hope that they make good on it.

Quote:
Originally Posted by Lucar View Post
stay away from it brotha.. it sounds like seller needs more than can give... prevent yourself falling victim of bad situations..
I'm not going to leave anything open for the seller to screw me...I just didn't know if there were ways to go about this. Do title companies handle this kind of affair?

There's no HSBC's in Texas, so we both just cant go to the bank.

I called HSBC and there's no way to handle that I can see that wouldn't leave me open to being scammed.

If there was a notarized bill of sale, would that leave me open to being screwed? That, paired with me making a cashier's check payable to HSBC?
-Cody
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Old 01-13-2012, 04:27 PM   #6
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I would NEVER buy a vehicle with a lien, Have him pay it off then purchase!!!

Buyers

Vehicle Color: We are now collecting vehicle color information. Please refer to the Color Chart when completing a vehicle title application.


If buying from an individual, have the seller accompany you to the county tax office to avoid any unwanted surprises. Before submitting the title application, a tax office representative can tell you if the title being signed over to you is correct and if it has any legal or salvage issues.

If you buy your vehicle from a dealer, the dealer is required to file the title papers on your behalf, so you will not have to visit the tax office. Make sure the dealer provides you with a receipt showing the vehicle has been titled in your name within 20 working days or 45 calendar days if the dealership will be financing your vehicle.


In addition to the title, ask the seller to provide you with the vehicle registration receipt, signed vehicle title application and any other supporting documents, such as a release of lien or power of attorney. Keep a written record that includes the name and address of the seller, date of sale and vehicle information, including the Vehicle Identification Number. Failing to title a vehicle within 20 days may result in the buyer being fined.

You must provide proof of liability insurance when you title and register your vehicle or if the vehicle you purchased has current Texas registration that is transferred to you. If you do not provide proof of insurance, you may apply for a title only
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Old 01-13-2012, 05:17 PM   #7
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When I paid off the wifes bike thru HSBC it took 6 months of pain in the back and forth to get the title. They did not send it to me, just a letter saying release of lien and I had to go to the DMV to get the title.

HSBC fk'd up the forms 3 TIMES before I finally got it resolved.
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Old 01-13-2012, 05:36 PM   #8
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do the deal at the bank and pay the bank yourself
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Old 01-13-2012, 05:40 PM   #9
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Quote:
Originally Posted by texlurch View Post
When I paid off the wifes bike thru HSBC it took 6 months of pain in the back and forth to get the title. They did not send it to me, just a letter saying release of lien and I had to go to the DMV to get the title.

HSBC fk'd up the forms 3 TIMES before I finally got it resolved.
I never had an issue with HSBC when I paid off my bike.

Quote:
Originally Posted by luke7575 View Post
do the deal at the bank and pay the bank yourself
HSBC isn't in Texas.


I just got an email back from her saying that it might be an option for her to just pay off the bike and sign over the title free and clear. I told her that's definitely the best option.

Option 2 would be:

I would pay HSBC directly, either through debit over the MY phone to them or cashiers check payable to them, noting her account number and pay off (any difference would be paid straight to her or me, depending on if its under or over 3k). She would fill out the "APPLICATION FOR TEXAS CERTIFICATE OF TITLE" and "Power of Attorney to Transfer Motor Vehicle", and a bill of sale and give them to me. I would take those 3 documents and the bike. Title would go to her and she would have to send that to me. That's really the only thing that could potentially screw me. But at the same time, it wouldn't do her any good to keep it at that point.

-Cody
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Old 01-13-2012, 05:44 PM   #10
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there is an HSBC by my house?
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Old 01-13-2012, 05:51 PM   #11
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did it with a boat years ago. meet the owner at the bank and worked with one of the loan mangers to pay off the boat and get the title transfered to me
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Old 01-13-2012, 05:54 PM   #12
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Do it at your bank or theirs.
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Old 01-13-2012, 05:55 PM   #13
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Quote:
Originally Posted by iDreaM View Post
there is an HSBC by my house?
wtf? I was told by HSBC there were none in texas!
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Old 01-13-2012, 05:57 PM   #14
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Quote:
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wtf? I was told by HSBC there were none in texas!
I am pretty certain that it's there. I'll drive by it tonight or tomorrow morning to try n get a number for ya!
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Old 01-13-2012, 06:00 PM   #15
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I'm sure there a handful left in the greater Houston. I remember seeing one. It too long ago. Try googling.
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Old 01-13-2012, 06:59 PM   #16
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I dont know if they closed down all their stores or not. I google it and a number comes up, call the number and it just rings or says the number you have dialed has been disconnected.

I eventually found some addresses and phone numbers in Dallas (where seller is located) on hsbc's website. Everyone one of them was a disconnected number.
-Cody
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