buying a bike thats not payed off - Chicagoland Sportbikes
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post #1 of 35 (permalink) Old 12-02-2010, 11:13 AM Thread Starter
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buying a bike thats not payed off

Hey guys, not sure if this was answered b4, if so, sorry.

I want to buy a bike from a guy from craigs list, and the bike is not payed off. How do I go about doing this and not get screwed?

I was thinking this:

1. getting a notarized bill of sale
2. given him a bank check for the bike, but make it out to the financial company that has the title

Anyone ever go thought this?
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post #2 of 35 (permalink) Old 12-02-2010, 11:17 AM
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You need to coordinate it with his bank. Once coordinated, go to his bank to close the deal, and get the title at the same time.

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post #3 of 35 (permalink) Old 12-02-2010, 11:17 AM
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There are a few ways to do it...first, is it local? If you can just meet the guy at the actual bank that's holding the title and pay it off with him that's the way to go.

In the past, I've sold bikes with a title lien held by companies that weren't local (American Honda) and verified the buyer's check...gave him the bike and had the title released to him upon payment...that was a simple form. So you can try going that way too, but it takes a level of trust.

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post #4 of 35 (permalink) Old 12-02-2010, 11:19 AM
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this is how I bought my first bike
the seller had very neatly arranged bills of sale for each of us it had an agreement stating I would pay off the loan, and I got the bike at that time, when he got the receipt I cam back and paid the difference in price and got the title

the bills of sale had all of the bike information listed as well as each of our drivers license info

no matter what you do its a risk. I was nervous about paying off the loan and was adamant that in doing so i would be taking the bike with me and would pay the remainder on exchange of title
I think the seller was more nervous about it than i was

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post #5 of 35 (permalink) Old 12-02-2010, 11:23 AM Thread Starter
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The problem is that it is not local, and they are closed on Sat which is when I am going to go look at it and most likely buy it.
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post #6 of 35 (permalink) Old 12-02-2010, 11:24 AM
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private party purchase i assume?
how far away is it?

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post #7 of 35 (permalink) Old 12-02-2010, 11:26 AM
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post #8 of 35 (permalink) Old 12-02-2010, 11:27 AM
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If you can't do what others have recommended above, and receive a clear title when purchased, then walk away from the deal. There will be other deals out there. Just be patient.

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post #9 of 35 (permalink) Old 12-02-2010, 11:28 AM
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Quote:
Originally Posted by RallyKid View Post
The problem is that it is not local, and they are closed on Sat which is when I am going to go look at it and most likely buy it.
Hmmm...see if he can draft a letter to the bank ahead of time, that the bank will approve, whereby the final payment will be provided FROM YOU directly to them and the title released directly to YOU...it never goes to the current owner. This is a pretty standard deal, but some banks won't do it.

If it's doable, you can consider paying a portion of the bike off in person and the rest made payable directly to the bank. What that comfort zone is payment wise is the sticking point...for both parties.

All of this would be clearly negotiated and explicitly spelled out in the bill of sale ahead of time of course. ...and make sure you talk to his bank personally before you head out as well, if you chose to go this route.

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Quote:
Originally Posted by Tacitus
In a state where corruption abounds, laws must be very numerous.
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post #10 of 35 (permalink) Old 12-02-2010, 11:29 AM
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If you can't do what others have recommended above, and receive a clear title when purchased, then walk away from the deal. There will be other deals out there. Just be patient.
Yep

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post #11 of 35 (permalink) Old 12-02-2010, 11:37 AM Thread Starter
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The bank is sheffieldfinancial.com and they are in NC.
I called them, and they said that we can call the title officer together and they can put into the system that once it is payed off they will send the title directly to me. But, doesn't the title still need to be signed by him?
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post #12 of 35 (permalink) Old 12-02-2010, 11:42 AM
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Quote:
Originally Posted by RallyKid View Post
The bank is sheffieldfinancial.com and they are in NC.
I called them, and they said that we can call the title officer together and they can put into the system that once it is payed off they will send the title directly to me. But, doesn't the title still need to be signed by him?
I'm not saying this is the right, ethical thing to do, but when I bought my bike, I was in a similar situation. Bought my bike from a guy in Madison, took the bike and keys home with me, we went to the bank and had the title sent to me once he paid it off a couple days later (bank issues getting the money from paypal).

The title was sent to me and I signed his name on the title. I cleared it with him first, he didn't care, but it's not the legal thing to do.

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post #13 of 35 (permalink) Old 12-02-2010, 11:47 AM Thread Starter
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Ok, Noodles, so the title come to you, but was still in his name, with the lien removed at this point, correct?
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post #14 of 35 (permalink) Old 12-02-2010, 11:50 AM
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Ok, Noodles, so the title come to you, but was still in his name, with the lien removed at this point, correct?
Correct. I'm not 100% sure it came directly from the bank or he sent it, but it was free and clear. We did go to the bank and talked to them about it though.

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post #15 of 35 (permalink) Old 12-02-2010, 11:52 AM Thread Starter
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got it.. yeah I dont have the option of going to the bank.
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post #16 of 35 (permalink) Old 12-02-2010, 11:52 AM
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Quote:
Originally Posted by RallyKid View Post
The bank is sheffieldfinancial.com and they are in NC.
I called them, and they said that we can call the title officer together and they can put into the system that once it is payed off they will send the title directly to me. But, doesn't the title still need to be signed by him?
He should be able to sign it over ahead of time...

OR

As I mentioned, there's a standard form that can be filled out, signed by him (not on the title) that transfers the title rights over to you allowing the bank to release it directly to you.

This is what I did with my old 1000RR. I never signed the title itself as it was in Texas.

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In a state where corruption abounds, laws must be very numerous.
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post #17 of 35 (permalink) Old 12-02-2010, 11:54 AM
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Quote:
Originally Posted by RallyKid View Post
The bank is sheffieldfinancial.com and they are in NC.
I called them, and they said that we can call the title officer together and they can put into the system that once it is payed off they will send the title directly to me. But, doesn't the title still need to be signed by him?
i dont think so... the bike is owned by the bank until the loan is paid off

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post #18 of 35 (permalink) Old 12-02-2010, 12:03 PM Thread Starter
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i dont think so... the bike is owned by the bank until the loan is paid off
right, agree, bank owns it until he pays it off.



where do I get this form?
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post #19 of 35 (permalink) Old 12-02-2010, 12:04 PM
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I'm looking for one. American Honda Finance sent me one when I did it but that was a few years back now.

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Quote:
Originally Posted by Tacitus
In a state where corruption abounds, laws must be very numerous.
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post #20 of 35 (permalink) Old 12-02-2010, 12:05 PM Thread Starter
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I'm looking for one. American Honda Finance sent me one when I did it but that was a few years back now.
thanks. if you find it, here my email... [email protected]
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post #21 of 35 (permalink) Old 12-02-2010, 12:16 PM
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Sometimes the title can take 2 weeks to come because banks do not hold them locally.

Don't be eager and buy the bike without proper legal steps.

The sweeter the deal, the riskier the purchase.
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post #22 of 35 (permalink) Old 12-02-2010, 12:20 PM
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You know what, now that I think about it I believe he can draft a simple letter stating that:

"Upon full payment of loan #_________ I (his full name) hereby release the vehicle title related to the (make and model) VIN# _______ to (you, with address)."

...or something to that affect.

The bank right now holds a vehicle title for the bike with a lien on it...upon payment of the loan in full they will submit to the state a release of lien form and have a new title released without the lien on it. Now I believe that title would have the current owners name and address on it...what I think they will do with you is send along the current title in the bank's name along with a lien release stamp/form. The lein release from the bank should have YOUR information on it, not the current debtor.

Check this with his bank, but I think that's how it works. You then take that title along with the release form and all the transfer documents to the DMV and away you go.

Here's a NC release form, I think your info would be on the release with the above consent form submitted by the debtor.

http://www.ncdot.org/dmv/forms/vehic...nload/mvr8.pdf

That's my understanding of the process anyway.

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In a state where corruption abounds, laws must be very numerous.

Last edited by Cerk; 12-02-2010 at 12:39 PM.
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post #23 of 35 (permalink) Old 12-02-2010, 12:21 PM Thread Starter
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right, understand that it can take two weeks, which is fine.

but what are those proper legal steps. this is why I am posting. so that i dont get screwed by missing something.
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post #24 of 35 (permalink) Old 12-02-2010, 12:34 PM
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Run everything through that bank. They should be able to release the title directly to you with all of the proper paperwork that you'll need to transfer the title properly.

Let the seller and his bank run that part of the show for you, just confirm everything with them and get copies of everything in advance of the sale. I would also confirm the process with NC DMV as you go.

That's what I would do at least...getting all your bases covered before you head out there.

Best of luck, hope it all works out for you.

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In a state where corruption abounds, laws must be very numerous.

Last edited by Cerk; 12-02-2010 at 12:38 PM.
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post #25 of 35 (permalink) Old 12-02-2010, 01:48 PM
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Quote:
Originally Posted by RallyKid View Post
Hey guys, not sure if this was answered b4, if so, sorry.

I want to buy a bike from a guy from craigs list, and the bike is not payed off. How do I go about doing this and not get screwed?

I was thinking this:

1. getting a notarized bill of sale
2. given him a bank check for the bike, but make it out to the financial company that has the title

Anyone ever go thought this?
u need to buy a bike thats has the tittle in hand unless you know the person don't make the same mistake i made trust me...
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post #26 of 35 (permalink) Old 12-08-2010, 11:10 AM Thread Starter
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Well I pulled the trigger. 2009 Aprilia Dorsoduro





Guy seems very trustworthy, met him in his place of business, signed a bill of sale gave him a bank check made out to the financial company that has the title, made copies of the driver's license, and I brought a witness with me. I think Ill be fine.

So stoked, cant wait for spring.
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post #27 of 35 (permalink) Old 12-08-2010, 11:10 AM
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Fuckin A! Great choice man!

So how did it all hash out for you?

Tom

Quote:
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post #28 of 35 (permalink) Old 12-08-2010, 11:14 AM
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I like that truck

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post #29 of 35 (permalink) Old 12-08-2010, 11:17 AM Thread Starter
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Thanks guys!

Yeah, I think Ill be happy with the choice. I need something more comfortable now days, I think Im done with the crotch rockets, seems like a good choice for the street.
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post #30 of 35 (permalink) Old 12-08-2010, 11:22 AM
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Bingo. Same thing happened to me a few years ago. Once you sit up, it's really tough to go back

So how did the process work out for you? Hope it went smoothly.

Tom

Quote:
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