how do you

[suzuki4life]

buy a used bike from someone who still owes cash on it?

Form that you can fill out?

No offense to anyone, but I am not about to give you cash and wait weeks if not months until your title comes back. I certainly don't want to move the bike if the insurance is questionable.

I might have to buy a new bike for this reason...no one seems to own theirs outright anymore.

 

[BA BUSA]

Contact the legal owner, bank or finance company...ask them their policy on sales.

 

[suzuki4life]

(BA BUSA @ Aug. 19 2007,14:19) Contact the legal owner, bank or finance company...ask them their policy on sales.

okay...I understand that you can take ownership in theory...but until you have a title, you can't get it registered. Plus, why would anyone pay big bucks for something they can't enjoy immediately?

 

[Charlesbusa]

Don't do it unless you can get your name on the title.  But even then its risky, because the other guy's bank still has a lien on it.  What if he fails to make payments??

 

[suzuki4life]

(Charlesbusa @ Aug. 19 2007,14:24) Don't do it unless you can get your name on the title.  But even then its risky, because the other guy's bank still has a lien on it.  What if he fails to make payments??

well basically what BA ius saying...the bank should allow the owner and buyer to contact them directly. The buyer would pay off the bank and any extra to the owner, and the bank COULD in theory release or issue the title to the buyer. Many new bikes that are fiananced never have a "paper title" until the bank releases them....they are merely numbers on a screen.

 

[BA BUSA]

You buy it from the bank. I wouldn't give anybody the cash and then wait for a title. Sometimes the seller will owe more than selling price of the bike...its easier to buy new or from
a seller who has title in hand.

Have the seller contact his bank and let them know that he wants to sell and what has to be done.

 

[suzuki4life]

(BA BUSA @ Aug. 19 2007,14:29) You buy it from the bank. I wouldn't give anybody the cash and then wait for a title. Sometimes the seller will owe more than selling price of the bike...its easier to buy new or from
a seller who has title in hand.

Have the seller contact his bank and let them know that he wants to sell and what has to be done.

well add to this ugliness that most of the bikes I have found are out of state therefore my DMV throws a fit outright regardless.

 

[Professor]

Gary,

Quite a bit is going to depend on the State the buyer and the seller reside in. If it is a title holding state or not and what your state requires.

I bought my bike from here on the board (out of Illinois) . I had seen posts for a year from the seller, I knew why he was selling, and I was pretty comfortable buying it from him. I met him at his house, we went to his bank, paid off the note, picked up the title, and signed everything over.

We bought my brother a bike in Texas. It was financed through American Honda. I did a bit of research on the guy. He owned an insurance agency for 10 years or so. We made a cashiers check out to American Honda for the amount of the lien, cash for the balance. We also drew up a limited power of attorney for us to act on his behalf on the subject of the motorcycle, as well as a bill of sale.

Oklahoma issued us a registration and tag for the bike but held issuance on the title until they received the Texas title. Honda sent he title to him and he FedEx’d it to us. We turned in the TX title and Oklahoma issue us one.

If you are not comfortable with the seller, pass on it. It is not worth any potential problems.

Rick

 

[suzuki4life]

(Professor @ Aug. 19 2007,14:36) Gary,

Quite a bit is going to depend on the State the buyer and the seller reside in. If it is a title holding state or not and what your state requires.

I bought my bike from here on the board (out of Illinois) . I had seen posts for a year from the seller, I knew why he was selling, and I was pretty comfortable buying it from him. I met him at his house, we went to his bank, paid off the note, picked up the title, and signed everything over.

We bought my brother a bike in Texas. It was financed through American Honda. I did a bit of research on the guy. He owned an insurance agency for 10 years or so. We made a cashiers check out to American Honda for the amount of the lien, cash for the balance. We also drew up a limited power of attorney for us to act on his behalf on the subject of the motorcycle, as well as a bill of sale.

Oklahoma issued us a registration and tag for the bike but held issuance on the title until they received the Texas title.  Honda sent he title to him and he FedEx’d it to us.  We turned in the TX title and Oklahoma issue us one.

If you are not comfortable with the seller, pass on it. It is not worth any potential problems.

Rick

Well I haven't been on these boards much in quite awhile. Used is the way to go for me since I think the new busas are ugly.

I honestly don't think the other states are much a problem...it is PA...they are so nit picky about everything. I have bought MANY busas....never experienced one with a lien on it before. Lien releases (which are my experience and caution therefore), but never an active lien.

 

[Professor]

Throw in trying to finance the used bike with a lien from a different state and you have a real mess.

I bought my truck from a long time friend. He owed GMAC. He just signed it over to me and we took care of getting the bank draft to GMAC and cutting him a check for the difference when it was all done. It likely would not have happened with strangers.