Lienholder title transfer - Chicagoland Sportbikes
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post #1 of 14 (permalink) Old 03-18-2008, 01:52 PM Thread Starter
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Lienholder title transfer

So I've found a bike that I want to buy for the upcoming season, it's a good deal but there is an issue involving it that I have yet to deal with. The bike has a lien on it (bank) and the guy can't afford to pay it off. If I pay him cash, will I need to wait for the title to transfer to his name first and then over to me or can the bank release the title to me then? This sounds like it could turn into a sticky situation rather quickly and what makes it more scary is the fact that I'd be buying the bike in North Carolina and riding it/trailering it home.

Thoughts, opinions, comments.


I have alternative options that I'm pursuing as well and it sounds like it'd be more feasible than the title issues bike but I figured I'd ask you all before deciding. TIA

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post #2 of 14 (permalink) Old 03-18-2008, 01:54 PM
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yep, sticky situation.

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post #3 of 14 (permalink) Old 03-18-2008, 01:58 PM
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I have no idea. But my first thought would be that I would want to know the name of the bank. Then I would call them and discuss it.

I would think you could send a cashiers check to the bank (made out to the bank) for the amount of the payoff and then give him the rest of the money (if any) when the title comes through and you pick up the bike.

I don't even know if that makes sense.

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post #4 of 14 (permalink) Old 03-18-2008, 01:59 PM
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That is a tough one, especially being out of state. I wouldn't give the guy the money unless I had the title and the bike. What you can do is go with him to the bank and you hand them the money to pay it off, they should have the title on hand and can release it if you pay them in cash. Make sure that he calls them in advance so they know to have the title at the local bank and ready to be paid off. Then have him sign it and transfer it over to you. Depending on the state it may need to be notarized.

Good Luck.

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post #5 of 14 (permalink) Old 03-18-2008, 01:59 PM
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Yes, they will give him the title first, then you will have to work something out to get the title from him. If this guy wasn't local I wouldn't want to deal with it, because it would be tougher to get a hold of them and check on the progress of the transfer that way. If they were local, I would be more willing to do this, and have them sign a contract stating you are paying off the bike and the title will be handed over to you once the bank releases the title. Then, if they don't give you the title after a month or so, you could take them to People's Court for justice .

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"Ride it like you have 30 monthly remaining payments" should keep most people out of trouble.
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post #6 of 14 (permalink) Old 03-18-2008, 02:01 PM
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Retain/escrow 20% of the purchase price until the title is sent to you.
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post #7 of 14 (permalink) Old 03-18-2008, 02:01 PM
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Last couple of bikes I've dealt with in a similar situation you had to pay the loan off and then wait a few weeks for the title to be sent out. At that point it can be transfered. In all honesty you'd be better off trying to negotiate to take over the loan and therefore have the title transfered to you instead of the guy you are buying it off. Remember, the bank owns the title, not the guy. With long distance shit like that I'd be very careful about handing over more than a deposit to the guy.
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post #8 of 14 (permalink) Old 03-18-2008, 02:04 PM
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No offense to the whole state of North Carolina, but that's where a lot of people hustling came from when I lived back in DC metro area.
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post #9 of 14 (permalink) Old 03-18-2008, 02:08 PM Thread Starter
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Quote:
Originally Posted by Insomniac View Post
In all honesty you'd be better off trying to negotiate to take over the loan and therefore have the title transfered to you instead of the guy you are buying it off. Remember, the bank owns the title, not the guy. With long distance shit like that I'd be very careful about handing over more than a deposit to the guy.
That sounds like the only reasonable way to go about this. Pay the guy whatever and buy the bike from the bank for the remainder. Sounds like I need to get into contact with his bank to ascertain the details. It does seem like a bit of a hassle but it is a pretty good deal. Thanks!

Any other comments/experiences, please post up!

Brian
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post #10 of 14 (permalink) Old 03-18-2008, 02:11 PM
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Honestly.

Find another bike.

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post #11 of 14 (permalink) Old 03-18-2008, 02:25 PM
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Brian read my post. That is the way to do it.

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post #12 of 14 (permalink) Old 03-18-2008, 02:42 PM
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If you know the guy and have a bill of sale you are fine. If you don't know this guy make sure you talk to the bank they will work with you. I have done this a couple of times before when i bought a bike the bank sometimes has you fill out paperwork along with the original owner who ows the money so nothing gets botched Do worry it happens all the time. You will get the title. If you are worried get the bill of sale notarized.
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post #13 of 14 (permalink) Old 03-18-2008, 03:01 PM
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What kind of bike is it??? Is it that good of a deal that you can't find one out here??
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post #14 of 14 (permalink) Old 03-18-2008, 03:05 PM Thread Starter
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Quote:
Originally Posted by Robs240 View Post
What kind of bike is it??? Is it that good of a deal that you can't find one out here??
2007 Blue / Silver 600RR. It has been treated with pristine condition. The bike has approx 2020 miles on it and has been wiped down daily. It for most part is just out the break in period but has been babied all it's life. I purchased the bike in late June. It has NEVER seen the rain and I just put a fresh coat of Natty's PS21 Wax and changed the oil to Mobil Full Synthetic.

I do have a few mods listed below:
- Two Brothers Racing Stainless Steel Slip-on Exhaust w/ m2 tip
- Rear Fender Delete / Custom Fabbed License Bracket
- Polished Wheel lips. (Really sets off the bike)
- Proton Flush mounts for the front turn signals
- Tank Protector and swing arm spools for stands.
- 03-06 Tail Light Relocation Mod

$7k


Pretty good deal IMO

Brian
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