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Old 06-12-2013, 11:54 AM   #1
Zapata
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Taking over payments?

Hello Team:

Anyone knows what's the process to buy a bike taking over payments from the previous owner?

The previous owner also did the same with the original buyer of the bike. How you protect yourself in this situations?

Thank you very much.
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Old 06-12-2013, 11:59 AM   #2
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Quote:
Originally Posted by Dos Equis View Post
Hello Team:

Anyone knows what's the process to buy a bike taking over payments from the previous owner?

The previous owner also did the same with the original buyer of the bike. How you protect yourself in this situations?

Thank you very much.
1. Cross your fingers
2. Tons of small claims court cases over vehicle deals like this gone bad
3. If you're going to make payments, why not just get your own financing?
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Old 06-12-2013, 12:16 PM   #3
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Contact the lender who current holds the title to the bike, and work it out with them. There is NO WAY to do this with just a handshake between you and whomever has their name on the loan that fully protects all parties. The other guy will always be liable, and can always take the bike back from you once it is paid for. At the very least, they can tie you up in court and impound the bike. Tried this when I had a loan on a girlfriend's car and we broke up, got every time she missed a payment.
Seriously, unless the loan is in your name, you are relying completely on the honest nature of the other party, and they are relying on you.
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Old 06-12-2013, 05:28 PM   #4
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Have your own lender buy it out and then finance on your own terms.

Make sure their finance provider is local. You can always go in together and have the nitty gritty stuff done so you don't get the shaft. If it's not local, I wouldn't touch it.
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Old 06-12-2013, 08:07 PM   #5
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I could be wrong, but it doesn't sound like he is in a position where he can finance a bike.

I've had friend that do it no problem, they always knocked it out within 6 months tho... It's worth paying a lawyer/law office to write up a contract. Doesn't usually cost much
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Old 06-13-2013, 04:33 PM   #6
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That's correct. I can not finance anything right now. The deal seems very fishy. I am not doing it. I really do not know the seller very well. He already took over the payments from the original buyer! Too many hands in the cookie jar.

Thanks for all the input.
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Old 06-13-2013, 05:17 PM   #7
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Good. Stay way from this deal.
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