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Old 12-11-2012, 06:30 PM   #1
Zapata
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Buying a bike where the seller still owes to the bank?

Hi there and Happy Holidays!

Anyone knows the proper procedure to buy a bike where the seller still owes the bike to the bank?

Seller is asking only for the pay-off amount. If I gave the pay-off amount to the seller, How do I get the title of the bike on my name? I guess the bank will mail it directly to him.

Thanks.
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Old 12-11-2012, 06:32 PM   #2
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Yea, the seller gets the title if he paid off the bike. Good luck. I would make the payment to the bank myself. Have a bill of sale notarized.
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Old 12-11-2012, 06:37 PM   #3
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Old 12-11-2012, 06:37 PM   #4
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Quote:
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Go with the seller to the bank and have them sign the title over right there I've done it before
Yea, if the bike is financed locally
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Old 12-11-2012, 06:38 PM   #5
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Quote:
Originally Posted by Dos Equis View Post
Hi there and Happy Holidays!

Anyone knows the proper procedure to buy a bike where the seller still owes the bike to the bank?

Seller is asking only for the pay-off amount. If I gave the pay-off amount to the seller, How do I get the title of the bike on my name? I guess the bank will mail it directly to him.

Thanks.
Do not give the pay off to the seller.
Contact the lien holder and verify pay off, account number, etc.
Mail a certified letter with the cashiers check to the lien holder with a notarized letter signed by the owner to mail the title to you. Even at that you have a 50/50 shot of the title being mailed directly to you so make sure you have your 130u and 271 filled out and signed before hand, as well as a notarized agreement that he has to provide title.
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Old 12-11-2012, 06:38 PM   #6
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Quote:
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Yea, the seller gets the title if he paid off the bike. Good luck. I would make the payment to the bank myself. Have a bill of sale notarized.
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Go with the seller to the bank and have them sign the title over right there I've done it before
This. Do NOT give the seller the cash. Pay off the note yourself, then have them send YOU the title.
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Old 12-11-2012, 06:48 PM   #7
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This certainly isn't a perfect world where things always work out in an honest transaction.. But. I have sold 2 bikes in the past where i was still making payments. I filled out a bill of sale. Both got copies. He handed me cash and rode the bike home. I made the payoff and as soon as the title came in, I was able to hand over the title.

He had to trust that i would make the payoff and get the title in a timely manner. I did. We were both happy.

There are more protective routes to go about this, like Patrick mentioned, but it worked out well for my buyers.
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Old 12-11-2012, 07:18 PM   #8
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No way in I would give the seller the cash. Your back can wire it to their account and have all of the paperwork done for you. I hope you really trust the seller
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Old 12-11-2012, 07:40 PM   #9
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I hope you really trust the seller
Spouses sue each other all the time
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Old 12-11-2012, 09:37 PM   #10
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If you cannot go to the bank that holds the note to make this transaction, go to your own bank. Your banker will assist expediting this operation. It's not a big deal.

Your banker will verify the payoff balance, and will wire transfer the money from your account to the lien holder, gives both of you documentation of that. He then signs a bill of sale and limited power of attorney. He hands you the keys, and the lien title. He agrees to call you when the blue title comes in, which should be in about 10 days. In the event he's a and doesn't call you, you take all of the above down to the county tax office and file an application for lost title. YOU HAVE 30 DAYS TO DO THIS OR YOU CAN GET FINED.

Or, alternatively, take it for about 37 loops around Beltway 8, bust all the EZ tag gates while the bike is still in his name. Be sure to flip the bird as you go through, just for extra incentive. Park it downtown in a parking space. Don't pay the meter. Wait until the meter maid comes by and tell her the guy riding that said something like FTP. When she tickets it, wait for her to leave, throw the ticket away and wait for the next meter maid. When they come and say that he told them it was sold to you, deny that he sold it before all those tickets. Tell them he must have been clowning around, since he knew he was going to sell the bike. When they ask for documentation, tell them he has refused to give it to you since you already paid him, and see what a he is?
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Old 12-11-2012, 10:08 PM   #11
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Quote:
Originally Posted by LCLF Brain View Post
Or, alternatively, take it for about 37 loops around Beltway 8, bust all the EZ tag gates while the bike is still in his name. Be sure to flip the bird as you go through, just for extra incentive. Park it downtown in a parking space. Don't pay the meter. Wait until the meter maid comes by and tell her the guy riding that said something like FTP. When she tickets it, wait for her to leave, throw the ticket away and wait for the next meter maid. When they come and say that he told them it was sold to you, deny that he sold it before all those tickets. Tell them he must have been clowning around, since he knew he was going to sell the bike. When they ask for documentation, tell them he has refused to give it to you since you already paid him, and see what a he is?
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Old 12-11-2012, 10:54 PM   #12
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I met up w/ the buyer @ my credit union (the location that actually keeps the titles). He gave me the cash for the scooter, I paid the loan off, got the title, and gave it to him.

Pretty easy... though obviously, you wouldn't want to do a transaction like this with just any old schmuck.

Last edited by Pre-K; 12-11-2012 at 10:57 PM.
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Old 12-12-2012, 01:21 AM   #13
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Quote:
Originally Posted by Patrick View Post
Do not give the pay off to the seller.
Contact the lien holder and verify pay off, account number, etc.
Mail a certified letter with the cashiers check to the lien holder with a notarized letter signed by the owner to mail the title to you. Even at that you have a 50/50 shot of the title being mailed directly to you so make sure you have your 130u and 271 filled out and signed before hand, as well as a notarized agreement that he has to provide title.
What's a 130u and 271?

The sellers bank is not local. I am not paying cash, planning to get a personal loan from my local CU. I guess it will be better to request my loan for a vehicle and let them contact the sellers bank and made the pay-off directly and they will keep the title until I pay the loan. In this case what paperwork do I need to get from the seller?
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Old 12-12-2012, 11:44 PM   #14
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Quote:
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What's a 130u and 271?

The sellers bank is not local. I am not paying cash, planning to get a personal loan from my local CU.
If you get a personal loan, that IS paying cash for all intents and purposes. The loan is simply how you acquire the cash.

Quote:
Originally Posted by Dos Equis View Post
I guess it will be better to request my loan for a vehicle and let them contact the sellers bank and made the pay-off directly and they will keep the title until I pay the loan. In this case what paperwork do I need to get from the seller?
Nothing. Just the bank and account numbers of his loan, and take him to your CU. Your CU will have all the title transfer paperwork there. The red title wouldn't hurt.
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Old 12-12-2012, 11:52 PM   #15
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Quote:
Originally Posted by LCLF Brain View Post
If you cannot go to the bank that holds the note to make this transaction, go to your own bank. Your banker will assist expediting this operation. It's not a big deal.

Your banker will verify the payoff balance, and will wire transfer the money from your account to the lien holder, gives both of you documentation of that. He then signs a bill of sale and limited power of attorney. He hands you the keys, and the lien title. He agrees to call you when the blue title comes in, which should be in about 10 days. In the event he's a and doesn't call you, you take all of the above down to the county tax office and file an application for lost title. YOU HAVE 30 DAYS TO DO THIS OR YOU CAN GET FINED.

Or, alternatively, take it for about 37 loops around Beltway 8, bust all the EZ tag gates while the bike is still in his name. Be sure to flip the bird as you go through, just for extra incentive. Park it downtown in a parking space. Don't pay the meter. Wait until the meter maid comes by and tell her the guy riding that said something like FTP. When she tickets it, wait for her to leave, throw the ticket away and wait for the next meter maid. When they come and say that he told them it was sold to you, deny that he sold it before all those tickets. Tell them he must have been clowning around, since he knew he was going to sell the bike. When they ask for documentation, tell them he has refused to give it to you since you already paid him, and see what a he is?
now that is funny!!!
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Old 12-13-2012, 12:01 AM   #16
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Quote:
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What's a 130u and 271?
Here you go:

http://www.txdmv.gov/whatyouneed/for...gistration.htm
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Old 12-13-2012, 11:14 AM   #17
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now that is funny!!!
Well, you know, I'm just sayin... The guy will come trying to find YOU to change the title over.

When he does give you all the paperwork, be sure to sign your name and TODAY'S date, not the date when you took the bike from him. You certainly don't want all those tickets...

(All said very tongue in cheek, of course. Me being popo and all, I wouldn't actually endorse doing something like this. I really posted it as a way of showing someone who WOULD hold out a title on someone how it can backfire like a sumbitch.)
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Old 12-13-2012, 11:27 AM   #18
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A personal loan will carry a higher interest rate than a vehicle loan. A vehicle loan will likely require FC insurance though. Just something to think about. A vehicle loan through the bank will ensure you dont get in the process. Its in their best interest to ensure you come out on top of the deal.
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Old 12-16-2012, 09:47 AM   #19
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Far as I am concerned, no clear title, then no sale. Most all transfers where a title has a lien on it go smoothly, it only takes one that can cost you thousands.
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Old 12-16-2012, 10:27 AM   #20
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Far as I am concerned, no clear title, then no sale. Most all transfers where a title has a lien on it go smoothly, it only takes one that can cost you thousands.
There is no reason to worry if you do it right. Its not that difficult. It can actually the a safer buy due to your bank and theirs being involved
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