Anyone know how to sell bike w/o title in hand?

[Furball]

Well I have a very firm offer on the Busa and the only thing is I do not have the title in hand. It is still with Suzuki financial. The guy that is buying it is out of state, so I don't know what all I need in order for him to register the bike in his name. Once he pays for it I am going to be sending the rest of the amount for payoff. But will he be able to register the bike without the title.

I called Suzuki finance and they said I pay it off they send me the title and then I sign it to him. That seems like a lot of delays....so if anyone has a clue how to do this without having a title please let me know. I will probably deliver the bike next weekend....thanks

Josh

[Poppy]

I wouldn't sell, or buy, a vehicle without a title available. I would be wary of any legal issue that may arise from someone having possesion of a vehicle still legally in my name. You might could utilize some type of bill of sale. Just my $.02.

[kawiboy11]

I have sold a couple of cars that way, I always had the buyer pay for the bike, or car and either through a wire trasnfer or cash. Then I would wire the money to Suzuki, I think it takes a week or so to get the title from the company, sometimes longer, took two weeks to get out Nissan Title, then when we got it we just sent it over night to the buyer. It's just a question of does the buyer and seller have trust. Because the buyer has nothing if he does not have the title, while you still have the money, and the title. See what I am getting at?

Good luck

[Sloto200]

CYA and use something in writing that states exactly what is going to happen. Title is not coming to you until you pay it off. It cant get to the buyer until you recieve it so write something up like poppy said. A bill of sale with the exact things that are going to take place, money tranfer, title transfer ect. It doesnt have to be fancy and both of you sign it. Keep copys of the signed paper until all your buisness is complete. You could always have the buyer send you money, hold the bike and then pay off Suzuki. Wait for the title and then send both the bike and title at the same time...

[kawiboy11]

Other then that, you can have the title, once it's completely paid off, sent directly to the new owner right from Suzuki. Then, they have to take it to a bank, or someplace that can notorized it. You have to go to your bank and fill out a sheet & sign the forms, then they fax it to the seller, releasing the information and the title to the new owner, the key is all of it needs to be notorized. There is a key term I am missing here, but I can't think of it right now. You need any help, PM me, I have done this all before.

[Furball]

Thanks guys....I think I will be writing up a bill of sale with specific details of the transaction. I am going to explain everything to the buyer, and hope all goes well. I think I am going to ask him to send a copy of his driver's lisc so I have a contact on record. I also will be writing the bill of sale getting it notorized and sending it to him with a copy of my lisc.

Is he able to get a plate without a title though

I would hate to have him wait 2-4 weeks b4 he can register then bike. If you guys have anymore info please let it come on in....this is the first time I've sold anything w/o title in hand....

[kawiboy11]

No, he can't do anything except pay the sales tax on the bike,

cody

[Professor]

We bought one that way once for my brother. Went to Texas and bought a bike that had a lien on it. Texas is a title holding state. I was comfortable with the seller after checking him out. He was an insurance agent and had a very good public background. We completed a bill of sale, and a limited power of attorney giving us the right to complete any transaction on the bike in his name. We gave him two cashiers checks, one for the balance of the loan made out to American Honda finance and the other for the balance of the purchase price to him.
He sent in the check and when he received the title, signed it and sent it to us.

With the Busa, I sent a deposit on to hold the bike. When I went to pick it up, we went to the bank with the sellers and paid it off with cash, picked up the title, and signed. I was comfortable with everything as it was a long time board member here.

[Professor]

<div>
(Furball @ Apr. 04 2007,07:47)</div><div id="QUOTEHEAD">QUOTE</div><div id="QUOTE">Is he able to get a plate without a title though</div>
Depends on the state he is trying to register it in. In Oklahoma, we were able to get a tag with the POA and Bill of sale on my brothers. They would not issue a title until they received the one from Texas.

The bigger problems come if the buyer has to finance…..it is going to be hard to get his finance company to go for it.

[katman]

I bought my Hayabusa and R6 that way after checking out the seller I wired the money recived a bill of sale whith the bike and about ten days later recived the title in the mail.

[Furball]

Thanks guys, I think I will go that route...going to run to a notory right now and ask her a few so I can let the guy know what is going on....I will have him check his states laws and hopefully all will work out....thanks again

[mynewbusa]

That seems strange that Suzuki Financial holds your title. Here in NY State we get all vehicle titles sent to us within weeks of purchasing any vehicle. The title will show a lien from the bank but a lien release is created when the loan is paid off and then it can be sighed over to a new buyer. I guess that doesn't help you much considering your not in NY, it just surprises me that the lender holds the title.

[GMbusa]

Go through a bank or credit union. Sometimes they will act as a neutral middle ground in the transaction.

I will be going through this very thing when i go to sell my 07' Busa next week.

[BlueHaya]

There should be a form to use as a "Bill of Sale" that is available at your tax registration office.

It is all filled out and signed off by both parties and the Tax office handles the title dealings when the new owner registers the bike in their name.

Do you have no title at all?.....not even a copy?

[Furball]

<div>
(BlueHaya @ Apr. 04 2007,09:31)</div><div id="QUOTEHEAD">QUOTE</div><div id="QUOTE">There should be a form to use as a "Bill of Sale" that is available at your tax registration office. *

It is all filled out and signed off by both parties and the Tax office handles the title dealings when the new owner registers the bike in their name. *

Do you have no title at all?.....not even a copy?</div>
I have no title at all...I think I have the title number, but nothing will be sent until the loan is paid off...

[BlueHaya]

Guess every state is different. Even in Texas we get a non-original copy.

Check with your DMV for a "bill of sale" form. They should have that.

Hope it works well for you.

[GSXRFANN]

bEST THING TO DO IS PROBABLY JUST HAVE HIM SEND YOU A CASHIERS CHECK FOR THE LOAN AMOUNT, THEN WHEN YOU GET THE TITLE AND DELIVER THE BIKE HE CAN GIVE YOU ANOTHER CHECK FOR THE DIFFERENCE.




Sorry..caps lock was on.

[kawiboy11]

All good idea's, though lately people are makeing fake checks!

[moondog]

In title holding states, one has to do a "guarantee of title". This form states that you, the seller, will have a certain number (the usual is 45) of days to produce the title to the buyer or his lending institution. Since this will be considered a legal document, it will need to be notorized....should read something like this: I understand it is my resonsibility to ensure proper delivery of the title on the above referenced vehicle to (name of buyer if no lien, name of bank if financed) within 45 days from the delivery date of said contract. Also include the way the lien should read on the completed titlework as well.....sign and notorize. No sweat.

[Furball]

Thanks for all the advice guys....gonna give the potential buyer a call right now and let him know where we stand. If he was a local guy I would have no problem at all with this, but since he is from another state I am a little nervous....We'll see what he says....