Throwing in the towel....Advice appreciated
- Thread starter mehogfan
- Start date
He needs to find out the lien balance and who lien holder is. In this situation I'm sure it's negotiable.
Depending on how long the balance has been outstanding they may be very willing to work with him on it.
Compare that to cost of a clean frame and go from there.
mehogfan
Registered
First off this is my 3rd response to this thread since I started it. I assume since I have limited post they are reviewing them previous to posting. I have been active in this thread and I am appreciative for the responses. Secondly, I had somebody who was able to run the report for me. The report tells me when it was originally registered, owner, last date of registration and lien holder(specifics of bike, etc). So to answer your question...No there is not anymore to this story. It is exactly as I have described.
So then how much is the lien?
mehogfan
Registered
Additionally, They will not tell me specifics on the current lien. So I have no idea of the amount owed on the bike. Before buying a frame I will make an offer to the bank. I am not trying to get over on anybody. If for some reason I have to give it to them I will do so..But it will be in the 100 pieces I bought it in and minus all the parts I paid for additional. I would actually prefer to settle with the finance company and not go down this other road.
If you try to make a deal with them, and they won't deal, AND if you are serious about giving it back to them, I'd strip it down to just the frame.. You tried to do the right thing...
Not every bank took bailout money.. What if its a credit union?
Another possibility is....there are multi salvage companies registries all around the US. You can buy a frame for less (because it will be a salvage title but so what)from one of those companies. In other words, go to a m/c salvage yard and they can run a locater for a Busa frame. Buy it, powdercoat it and have a pretty redone Busa with you as the legal owner.
StrtRac3r
Registered
I'd strip it to the form you got it, remove the parts you bought, take a pic with vin # to send, then offer them parts that are worthless to a bank or 1k which is the minimum I have found clean frames for. if you got such a good deal you should be able to part with the big parts and sell other stuff to regain your investment. Sell the engine and wiring 15-1700 and the tank for 200 and you got almost 2k, then give it back if they don't work with ya.
Well, the next question I would have is this:
If you settled the lein with the bank wouldn't they be obligated to send the title to the person who had the lein (which you are no longer able to locate). Why would they give a title to someone they have no dealings with and no legal paperwork saying you own the bike?
You might have to check with your attorney and see what rights you have to file paperwork of your own if you want to keep it in one piece.
Once you do that the bank knows where it is at, and either they'll come pick it up or money will fly out of both of your pockets one way or another to keep it...either to your attorney, or to the bank, or to your friend down the road you borrowed $2 from when you were 13 years old.
If you go this route, no doubt the previous owner will be brought into the conversation. Do you have a bill of sale at least so he can not claim it to be stolen?
If you settled the lein with the bank wouldn't they be obligated to send the title to the person who had the lein (which you are no longer able to locate). Why would they give a title to someone they have no dealings with and no legal paperwork saying you own the bike?
You might have to check with your attorney and see what rights you have to file paperwork of your own if you want to keep it in one piece.
Once you do that the bank knows where it is at, and either they'll come pick it up or money will fly out of both of your pockets one way or another to keep it...either to your attorney, or to the bank, or to your friend down the road you borrowed $2 from when you were 13 years old.
If you go this route, no doubt the previous owner will be brought into the conversation. Do you have a bill of sale at least so he can not claim it to be stolen?
VERY good point! Didn't even think of that! Although technically if the original purchaser defaulted on the loan, isn't it the banks property now?
VERY good point! Didn't even think of that! Although technically if the original purchaser defaulted on the loan, isn't it the banks property now?
True, guess they could do what they wish with it just like a repo. Might depend on how the paperwork is filed in their office and what kind of mood they are in. Think they like Krispy Kreme?
IF they treat it like a repo then they may just need the money owed plus handling/processing fees.
fastblackblur
Registered
Best case scenario... Just because the is a lien on the title doesn't mean there is any money owed. Could be as simple as some unfiled paperwork.
sanket_420
Registered
man this is one ugly situation ur in.. honestly save urself the trouble and get a salvage or new frame like others have mentioned and rebuild it with your parts. Send the frame backto the back and tell them they can shove it where the sun dont shine. 
Always becareful when buying stuff if its too good to be true it prob. aint true. When I was in the market looking for a used bike I've gotten some really great offers on bikes but no title on hand. I was reall tempted but I said the heck with it no title on hald no deal. Rather be safe then sorry. just my 2 cents.
Always becareful when buying stuff if its too good to be true it prob. aint true. When I was in the market looking for a used bike I've gotten some really great offers on bikes but no title on hand. I was reall tempted but I said the heck with it no title on hald no deal. Rather be safe then sorry. just my 2 cents.
I would just buy a clean title frame an trash the old one. I would think if someone else holds the title...bank or someone else you have a hot bike. Unless you have a awsume bill of sale when you bought the parts. If you but a salvage title frame you will have the same problem...you have to show where you bought the parts to fix it.
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