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Old 06-29-2015, 04:07 PM   #1
haythamboi600
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Buying a Motorcycle Question (finance Related)

Hey I hope everyone is doing well. I just had a question in reference to buying a financed bike. I like this HD that I Want to buy but the bike is financed through HD dealership. OP is open to meet at his bank or HD dealership but suggested that we meet at his bank and he can make the payment online rite away. Of course he will hand over the bike and send the signed title as soon he receives it. And we will sign bill of sale and all.

Other possibility is to meet at the HD Dealership and pay 500 for the processing fees and they will send the title directly to me. I obviously prefer the second option but its 500$$$ more.


How would you buy a financed bike or bought it in the past? Like a baseline of what to do and what not to? ALSO Could anyone please run a VIN# for me?

Thank you all in advance!
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Old 06-29-2015, 04:11 PM   #2
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Tell him to knock off $500 from his asking price... solved!
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Old 06-29-2015, 04:12 PM   #3
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With HD's this is the most common thing I've seeing. I have a friend selling his sportster under the same circumstances... I like the second option myself
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Old 06-29-2015, 05:02 PM   #4
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Can you get financed at his bank?
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Old 06-29-2015, 05:27 PM   #5
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He is selling a Harley he probably can't afford I would ask for 1,000 off or more but maybe settle for the 500.
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Old 06-29-2015, 06:14 PM   #6
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For you, the second option is much less hassle. I would try to get him to pay for the processing fee. But I doubt that the dealership actually keeps the title, that's probably at another office, but I'd call and ask. If they do, great, if they don't then you'll be waiting for that, then have to get him to sign it, make sure you have a lein release letter.

You can't get the bike registered in your name with out the title and title application, so until he shows up with those, unless you're one of those guys who never transfers it to their name anyway, then who cares, right?

It's just a major pain in the buying a vehicle that the bank owns.
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Old 06-29-2015, 06:32 PM   #7
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Quote:
Originally Posted by flipstyledsm22 View Post
Tell him to knock off $500 from his asking price... solved!
THIS.

There are plenty of buyers out there who just won't deal with the hassle of it. Financing baggage is certainly a factor when you're trying to sell. Just tell him that's the only way you're buying it, there's just no reason to induce risk on your part.
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Old 06-29-2015, 07:10 PM   #8
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are you financing it or paying cash. If you are financing it, your bank will handle everything.
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Old 06-29-2015, 07:48 PM   #9
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I wouldn't worry about it. Meet at his bank, let him pay it off, have him sign a bill of sale there (and have it notarized) and i think you'd be covered if you needed to chase him for the title.

Actualy I don't see why you can't just send the money to Eagle Finance (that the HD finance arm) and have it paid off. They really want to charge you $500 to do that???
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Old 06-30-2015, 02:19 PM   #10
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Quote:
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are you financing it or paying cash. If you are financing it, your bank will handle everything.
I'll be selling my bike and paying off what he owes on his bike cash. So no banks involved on my end.

And thank you everyone for guiding me. I guess I'll try to persuade him to pay for the "processing fee" if there is one.
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Old 06-30-2015, 04:08 PM   #11
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Call that bank. They should have a form for him to sign the bike over and you pay off. I've done that a few times at local banks. A bit harder since not local, but with signatures and copies of driver licenses they should be able to.
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Old 07-03-2015, 07:15 PM   #12
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Call that bank. They should have a form for him to sign the bike over and you pay off. I've done that a few times at local banks. A bit harder since not local, but with signatures and copies of driver licenses they should be able to.
Its financed through HD (whatever financial institute they use). And they want to charge 400 PROCESSING fee. What the ?!?! Im in a wrong field all together. 400 for an hour of paperwork for your customer?

Can anybody w/ HD work experience verify this process fee?
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Old 07-03-2015, 08:02 PM   #13
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Your bank will pay the bike off an ensure you don't get screwed. Your bank will also handle the title transfer. You bank will pay the Lien holder and he hands over the keys.
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Old 07-03-2015, 10:18 PM   #14
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Your bank will pay the bike off an ensure you don't get screwed. Your bank will also handle the title transfer. You bank will pay the Lien holder and he hands over the keys.

I assume that's incase I finance through my bank? except I'm buying it cash.
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Old 07-03-2015, 10:27 PM   #15
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Yes. Assuming. I know I would still run a cash transaction through my credit union for piece of mind
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Old 07-04-2015, 08:00 AM   #16
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It will be fine unless he starts claiming to have a uncle who's a prince in Nigeria...
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Old 07-05-2015, 10:45 PM   #17
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Who actually holds the title (lien) on the bike? You might able to set up a escrow through them.
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Old 07-07-2015, 09:39 AM   #18
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Quote:
Originally Posted by haythamboi600 View Post
Its financed through HD (whatever financial institute they use). And they want to charge 400 PROCESSING fee. What the ?!?! Im in a wrong field all together. 400 for an hour of paperwork for your customer?

Can anybody w/ HD work experience verify this process fee?
$500 is the standard fee for a dealer assist deal.

I have seen the seller reduce the price of the bike to cover this many times, you just need to ask him.
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