Just one more ? guys, Im selling my HSBC financed bike to a guy who will be financing through a local bank. I have talked to his bank and faxed the payoff quote and title as requested. We are to meet and make the transaction at his bank. The bank is supposed to send payment to my HSBC. At this point is it safe to let my bike go? If so, what paperwork should I get to ensure there check will clear and pay off my account? Thanks for the advice!
Selling HSBC Financed bike
- Thread starter Danno$$
- Start date
killerrudy
Registered
I am sure that they bank will have a transaction receipt you can get.
Id call your bank and get a confirmation the bike is Free and clear before handing over the keys. A 2hr drive is better to waste than the alternative time and trouble if the payment has an issue
06Busaking
Registered
Don't let the bike go until you meet at the bank and the funds are transferred to your bank. At a minimum you need some sort of confirmation from his bank that the funds are available and on their way to your bank.
hillbilly
Registered
It seems as if his bank would give you the funds in the form of a cashiers check or bank check. If he is getting a loan I can guarantee that the bank will issue a check to the seller.
Be advised that HSBC is very slow to send out the title. My bike was bought in Ohio and I live in WV. They sent me Ohio paperwork and I had to visit the Ohio DMV to get what I needed to title it in WV.
aussiekeeper
Registered
HSBC is a pain when title time is due. I waited over 2 months. Have the bank make a pay-off check to HSBC and a separate check to you............Make a bill of sale to release your Liability and have buyer sign it. You just never know...........
06Busaking
Registered
I'm not for certain, but isn't a cashier's check guaranteed cash? I'm not 100% certain that the bank would cut a check to the person selling the bike not knowing whether he is going to cash the check or payoff the title with it. Seeing how this is a "secured" loan I would guess the bank wants confirmation that the title will be sent to them.
aussiekeeper
Registered
It may be a personal loan, which could be unsecured.
Mr Brown
Registered
As soon as HSBC has verified the release of their lien, you are good to go. Do not release your bike until you have verification of this from them. I would speak to a person there beforehand, and ask them to email you a copy of the release upon receipt of funds by them. Title work can take forever, but that's on the buyer's bank to push through.
The buyer is financing thru his bank .
Buyers bank is the one making payoff nobody else and bank is not going to in any way send payment to anyone other than title holder , HSBC.
Go to bank meet with buyer and bank rep INSIDE BANK IN AN OFFICE OF SAID BANK.
Confirm banks intent to :
A ,loan buyer money and
B , bank has intent on paying off your loan to HSBC in process .
There will be numerous papers you will have to sign on order for his bank to complete process.
One will be a power of attorney that gives his bank legal power to make payments in your name in order to payoff loan.
Another will be a payoff sheet or legal amount of fees.
Both should have VIN and ACCT NUMBERS on them .
Once you sign these two docs and get copies of them your fine.
It is now legally the banks bike BUT it may take a while for them to send payoff to HSBC.
Depending on what day it is another payment or late fees may accrue .
So make sure of the time frame the bank intends to take to payoff bike to HSBC.
Most likely an electronic draft will go out within 2-3 days but I have seen multimillion dollar establishments take two months to send payoff and burn a customers credit in process.
So meet at and inside bank.
Confirm bank rep is a bank rep and works for bank your in. (folks can rent offices or even just walk in and act normal for ten mins not having any connect to the place they are in)
Confirm power of atty and payoff letters are good , correct and contain all correct info .
Sign and get copies of all papers in front of you or on table.
Bank rep will say don't worry you don't need them but make an ass out if yourself and say give me copies of everything , period.
Confirm in writing time frame bank intends to take to send payoff.
If it's within the time that your next payment is due then your fine.
Walk away you will be protected legally and obligation on your part will no longer exist.
Buyers bank is the one making payoff nobody else and bank is not going to in any way send payment to anyone other than title holder , HSBC.
Go to bank meet with buyer and bank rep INSIDE BANK IN AN OFFICE OF SAID BANK.
Confirm banks intent to :
A ,loan buyer money and
B , bank has intent on paying off your loan to HSBC in process .
There will be numerous papers you will have to sign on order for his bank to complete process.
One will be a power of attorney that gives his bank legal power to make payments in your name in order to payoff loan.
Another will be a payoff sheet or legal amount of fees.
Both should have VIN and ACCT NUMBERS on them .
Once you sign these two docs and get copies of them your fine.
It is now legally the banks bike BUT it may take a while for them to send payoff to HSBC.
Depending on what day it is another payment or late fees may accrue .
So make sure of the time frame the bank intends to take to payoff bike to HSBC.
Most likely an electronic draft will go out within 2-3 days but I have seen multimillion dollar establishments take two months to send payoff and burn a customers credit in process.
So meet at and inside bank.
Confirm bank rep is a bank rep and works for bank your in. (folks can rent offices or even just walk in and act normal for ten mins not having any connect to the place they are in)
Confirm power of atty and payoff letters are good , correct and contain all correct info .
Sign and get copies of all papers in front of you or on table.
Bank rep will say don't worry you don't need them but make an ass out if yourself and say give me copies of everything , period.
Confirm in writing time frame bank intends to take to send payoff.
If it's within the time that your next payment is due then your fine.
Walk away you will be protected legally and obligation on your part will no longer exist.
Wayneovich
Registered
HSBC does suck they held me up with my last bike as they did not release the title until I called a second time. But with another bank taking the bike it will be their fight as long as you get your cut Do not sweat it. and make sure you get a bill of sale and make sure you cancel the insurance on it. etc. etc. 
when ?
How long after you sign power of atty which is the only document which will give them ability to make that payment to HSBC in your name for you ?
Get that in writing.
Typed and signed by bank rep.
If its a day or a few days your fine.
Get copies give them keys and go.
Just make sure rep works for bank.
papers are good, copies are in order and get his card.
Even walk over to the Presidents office or something and grab his card.
When and if he makes eye contact say
'Oh hi just selling my bike to you and wanted your card'
See what reaction you get from another person in same office.
If they go 'oh , ok' your fine.
If you turn around and both buyer and 'bank rep' are gone you know somethings up !
Did I understand that you have the title? If you do, HSBC should be listed as the lien holder. Even if you give the title to the bank or the purchaser, they can't do anything without the lien release. If they give you a check, and a copy of the check for the payoff, you should be OK. The bank will also probably ask you to sign a form that will give your permission for HSBC to send the lien release directly to the bank.
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