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Old 04-08-2012, 02:16 PM   #1
sik9
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Buying a bike under finance?

I found a person selling an 09 cbr600RR but he said its still being financed and owes ~5k for it. He seems legit but you can never tell. Bike is in Austin but the seller said he can ride out to conroe since he has family there.

How would you go about buying a bike like that without getting ripped off? Details please!

Thanks!
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Old 04-08-2012, 02:22 PM   #2
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All I know is the bank has the title. So if you talk to the bank and make the transaction with both parties, all should be well.
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Old 04-08-2012, 02:30 PM   #3
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I've bought a car that still had a lien on it. If the lien holder is a local bank then it's painless. Simply go to the bank pay off the lien, any difference in price pay the seller. If the lien is not held by a local branch, make a 3 way call(seller, buyer, lien holder) find the payoff amount. You and the seller go to the post office you send the payment certified mail. Also, see if a lien release form can be made sending the title directly to you bypassing the seller. This is what I did. Once you send off payment, you take possession of the bike. Get insurance, go to the tax office and get a 30 day permit while you wait for the title to come in. A lot more leg work is involved than a mere title in hand sell, but it can be done. Also get a notarized bill of sale signed by both parties detailing the specifics of the sale. Any questions send me a pm
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Old 04-08-2012, 02:35 PM   #4
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Quote:
Originally Posted by The Habernatho View Post
I've bought a car that still had a lien on it. If the lien holder is a local bank then it's painless. Simply go to the bank pay off the lien, any difference in price pay the seller. If the lien is not held by a local branch, make a 3 way call(seller, buyer, lien holder) find the payoff amount. You and the seller go to the post office you send the payment certified mail. Also, see if a lien release form can be made sending the title directly to you bypassing the seller. This is what I did. Once you send off payment, you take possession of the bike. Get insurance, go to the tax office and get a 30 day permit while you wait for the title to come in. A lot more leg work is involved than a mere title in hand sell, but it can be done. Also get a notarized bill of sale signed by both parties detailing the specifics of the sale. Any questions send me a pm
This.

Don't give the seller the money. Pay it to the lien holder directly.
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Old 04-08-2012, 03:25 PM   #5
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If I do pay the lien holder directly wouldn't the title sent be in his name? If that's the case then I would have to go to and pay to change the title in my name right?

Or is it that If i pay the amount owed I would wait until i get a title in my name?
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Old 04-08-2012, 03:45 PM   #6
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Quote:
lien release form can be made sending the title directly to you bypassing the seller


Find this form. Call the lien company. Get receipts. As long as you have proof and signatures you'll be fine.
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Old 04-08-2012, 04:01 PM   #7
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Thought I'd add it to the thread incase anyone at a later date needs the information.

Where/Who do you get a lien release form from?

And what purpose does the 30 day permit serve?

I read somewhere that I would need a power of attorney form, did you have to do that?





Ask the lien holder about a title release form, that way once the lien holder receives the payoff amount you will get the title not the seller. The seller will have to sign and fax the title release form releasing the title to you. I suggest the two of you are together (buyer/seller) so you know the form has been faxed in or mailed in. You will have to meet up again with the seller to get him to sign the title since it will still be in his name. You will have to pay taxes on the bike to get it put in your name. Texas now has standard presumptive value to ensure you pay taxes based off what the bike is worth.https://www.txdmv.gov/vehicles/title...tive_value.htm if you have the vin number you can look up what that value is. The value is a cumulative list of indexed sales that the state has recorded for that particular bike. The 30 day permit is so you can legally ride the bike while you are waiting for the title to come in the mail. As for power of attorney that isn't applicable for what you are doing.
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Last edited by The Habernatho; 04-08-2012 at 04:06 PM.
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Old 04-08-2012, 04:32 PM   #8
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I thought that if he signs the power of attorney then I can sign for him when I go to change the title in my name?
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Old 04-08-2012, 05:55 PM   #9
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Quote:
Originally Posted by The Habernatho View Post
I've bought a car that still had a lien on it. If the lien holder is a local bank then it's painless. Simply go to the bank pay off the lien, any difference in price pay the seller. If the lien is not held by a local branch, make a 3 way call(seller, buyer, lien holder) find the payoff amount. You and the seller go to the post office you send the payment certified mail. Also, see if a lien release form can be made sending the title directly to you bypassing the seller. This is what I did. Once you send off payment, you take possession of the bike. Get insurance, go to the tax office and get a 30 day permit while you wait for the title to come in. A lot more leg work is involved than a mere title in hand sell, but it can be done. Also get a notarized bill of sale signed by both parties detailing the specifics of the sale. Any questions send me a pm
This right here
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Old 04-08-2012, 09:44 PM   #10
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Quote:
Originally Posted by sik9 View Post
I thought that if he signs the power of attorney then I can sign for him when I go to change the title in my name?
Also
Do I need a bill of sale?

Thanks all
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Old 04-08-2012, 11:02 PM   #11
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Quote:
Originally Posted by sik9 View Post
Also
Do I need a bill of sale?

Thanks all
Scratch that question.
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Old 04-09-2012, 12:51 AM   #12
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personally i would find another bike.
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