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Old 05-22-2013, 05:56 PM   #1
j_e_hurst
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Question Buying new bike?

Its one of those questions thats probably been asked 100 times. What do you do when paying cash for something that has a lien on it? Do you just trust that it will be paid for and you'll get the title? Anything you can do to protect yourself from not getting screwed?
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Old 05-22-2013, 05:59 PM   #2
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I would get some type of contract signed and notarized.
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Old 05-22-2013, 06:05 PM   #3
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At the very least the seller should provide you with a bill if sale and copies of documents such as drivers license and stuff. That way you can protect yourself in the event he doesn't pay the lien holder
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Old 05-22-2013, 06:15 PM   #4
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I would go with the seller to have the lien removed if it's relatively close.
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Old 05-22-2013, 06:28 PM   #5
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Old 05-22-2013, 06:36 PM   #6
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No clue - but maybe a bike shop can help -sounds like some sort of legal assistance is needed I would assume bike shops that sell used bikes deal with this often
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Old 05-22-2013, 06:44 PM   #7
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Quote:
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I would go with the seller to have the lien removed if it's relatively close.
this. seeing is believing
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Old 05-22-2013, 06:55 PM   #8
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they need to call the lien holder and get a 10 day pay off. usually they will fax it right over. they have 10 days(obviously) to honor the pay off, if they don't you have to start the process all over again. so long as you stay on top of the previous owner to make sure he/she follows through, you'll be fine. now if they are upside down on the bike things could get dicey since they have to come to the table with some extra $$$.



(i've done this many times at the dealership, but things might be slightly different for private party)
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Old 05-22-2013, 07:05 PM   #9
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If you use a credit union maybe you contact them an for a small fee (title transfer .. paperwork) give them the money .. have them contact the lien holder payoff and then transfer to you. That way you are insured ... kinda like taking a loan out with you own money.
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Old 05-22-2013, 07:42 PM   #10
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NO WAY IN do you fork over the $ without the title or getting the lien holder involved.
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Old 05-22-2013, 09:30 PM   #11
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they need to call the lien holder and get a 10 day pay off. usually they will fax it right over. they have 10 days(obviously) to honor the pay off, if they don't you have to start the process all over again. so long as you stay on top of the previous owner to make sure he/she follows through, you'll be fine. now if they are upside down on the bike things could get dicey since they have to come to the table with some extra $$$.



(i've done this many times at the dealership, but things might be slightly different for private party)
Private party.

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If you use a credit union maybe you contact them an for a small fee (title transfer .. paperwork) give them the money .. have them contact the lien holder payoff and then transfer to you. That way you are insured ... kinda like taking a loan out with you own money.
I bank with a c.u. I'll check on that option tomorrow.

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NO WAY IN do you fork over the $ without the title or getting the lien holder involved.
Tis why I'm nervous. I've financed a vehicle (my truck) through a private party seller with a lien. My credit union got the payoff info, paid his bank, then gave him the remainder. My last GSXR was from a close friend. No worries. I gave him the money, a few weeks later i got the title. This is a complete stranger though so I'm a bit skeptical.
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Old 05-22-2013, 09:42 PM   #12
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Deal directly with the lien holder. Your cu will assist
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Old 05-22-2013, 09:50 PM   #13
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Quote:
Do you just trust that it will be paid for and you'll get the title?
Never trust anybody when money is involved...
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Old 05-22-2013, 09:56 PM   #14
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Deal directly with the lien holder. Your cu will assist
That's seems to be the best bet. They do that kind if stuff all the time so they'll no the steps. I'll go chat with them tomorrow.
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Old 05-22-2013, 09:59 PM   #15
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At the minimum talk to the lien holder to make sure the payoff is what the seller states. If local you can go there and get it done. You hand him the cash. He pays the balance right them and there They should have the title on hand to hand over
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Old 05-23-2013, 04:57 AM   #16
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Quote:
Originally Posted by j_e_hurst View Post
Do you just trust that it will be paid for and you'll get the title?
People sue family members all the time for like this. I wouldn't trust anyone.
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Old 05-23-2013, 06:54 AM   #17
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Ive sold many bike and have had a llein on a few of them.

Ive sold most to members here. I call and get the payoff, give a copy of my DL and a contract. Thing is when it is financed the Title has to be released once funds clear. This can take up to 5-7 days. Ive never had an issue with it going down this way. Now once the money clears i had to call and get a release of title to be sent. I think in all it took 2 weeks for the last sale/title to be done. This was thru funancing(suzuki).... If financed thru CU then it is way smoother to deal with.
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Old 05-24-2013, 09:40 AM   #18
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I purchased my bike a few months ago that had a lien on it. Luckily, they had it financed at their local credit union. Met the seller there to pay it off, and they signed paperwork, stating that I would have rights to the title. Title came in and I got it, no problems.

However, if the lien cannot be resolved locally, I would stray away from it.
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