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Old 08-20-2008, 07:11 AM   #1
4x4 AG
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Experience with Bill Of Sale

How much experience do any of you have with a Bill of Sale on a bike. Seller wants to give me a bill of sale until the title is released from the bank. The money I am paying in the sell is paying off the loan. Does the Bill of Sale have any legs to stand on?

What else do I need to get at the time of transaction, paperwork wise? I am kind of new to this.

Thanks
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Old 08-20-2008, 07:50 AM   #2
4x4 AG
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bump. looking
for info.
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Old 08-20-2008, 07:53 AM   #3
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If you have posession of the motorcycle and a bill of sale you should be ok.
I would have him sign a title application as well.
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Old 08-20-2008, 07:55 AM   #4
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I have done this B4 with no problems, It does kinda make U a little nervous, maybe get it notirized??, Lots of bikes are sold like this, most people owe money on the dam things, Just make sure U have the whole story in writing as to why and how U have it apposed to the title, the other thing U might do is contact the leinholder and let them know whats going on and make sure they get there money right away so he dont go soend it somewhere else, and they do indeed have the lein, hth
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Old 08-20-2008, 08:15 AM   #5
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so buyer gets money, spends it and doesnt pay the lien. bank won't release lien, buyer gets stuck with bike with no title. buyer spends more money to take seller to court. its a lose - lose situation, i wouldn't do it unless i knew the seller very well. just my .02
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Old 08-20-2008, 08:20 AM   #6
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go with him to the bank and pay it off with him

(after you have the key and bike in your possession)
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Old 08-20-2008, 08:22 AM   #7
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I would have aranged to go with the seller to the bank and pay off the loan personally.
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Old 08-20-2008, 08:23 AM   #8
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+1 on paying the bank directly if you are just paying off the loan, if you have anything extra give it to the seller directly and let him go nuts
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Old 08-20-2008, 08:29 AM   #9
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thanks for the imput. I am nervous about the transaction. The seller is not shady, so i am not as worried about that. but i am going to contact his bank. it is not local, so that is why i can't go there with him. although i cannot hold that against him, i use an out od town credit union for my vehicle loans because they are dirt low on interest.
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Old 08-20-2008, 08:39 AM   #10
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Sometimes if the bank doesn't have a local branch you can't go with them to pay off the loan.

GE Capital, Household Finance etc. all have to be mailed in.
Keep in mind it can take some lenders up to 4 weeks to process a payment and send out the tilte, and that's not including mailing time.

If you're nervous, go with him to the Post Office and send out the funds along with the account information via certified mail, that way you know they went out.

Get the bill of sale and have it notarized, you can do that at most banks for a small fee.

Go to TXDOT http://www.txdot.gov/forms/vehicle_titles.htm and print out forms 130 U and VTR 271 and have him fill those out.
You should be fine from there.
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Old 08-20-2008, 08:39 AM   #11
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You should be alright as long as you pay the bank directly and then cut him a 2nd check for any overage you've agreed to pay
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