buying with a lein - Chicagoland Sportbikes
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post #1 of 13 (permalink) Old 03-20-2009, 04:06 PM Thread Starter
 
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buying with a lein

hey guys, i did a quick search but couldnt come up with anything.

ive been looking at cruisers lately and there is a nice one i want to check out and possibly buy, but the title is at the bank. now ive bought a bike before where cash was given and title was signed and stuff, how would i do it with the title being in the bank.

just buy the bike with a bill of sale and wait for the guy to get the title from the bank? im a little confused on the subject and any help would be appreciated.

thanks.
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post #2 of 13 (permalink) Old 03-20-2009, 04:40 PM
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I believe that's exactly how you do it.

Also someone suggested a Power of Attorney so you legally own the title I believe?

I posted up a similar thread about this so I'm sure someone will clarify for you on the process.
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post #3 of 13 (permalink) Old 03-20-2009, 04:40 PM
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post #4 of 13 (permalink) Old 03-20-2009, 04:42 PM
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Sounds like a pain in the ass... hopefully the deal is worth the headache

Take it to the STREETS!
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post #5 of 13 (permalink) Old 03-20-2009, 04:43 PM
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Go to bank with him and pay it off.
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post #6 of 13 (permalink) Old 03-20-2009, 04:50 PM
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Quote:
Originally Posted by Kruz View Post
Go to bank with him and pay it off.
This is what I would do. Especially if you don't know what he owes to the bank.

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post #7 of 13 (permalink) Old 03-20-2009, 05:11 PM
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Quote:
Originally Posted by Kruz View Post
Go to bank with him and pay it off.
+1 this might be the best bet but double check to see if the title is at the location your going to also. Plus if you cant get the title right away ask for a copy of it before you make the final sale. This, with the BOS will be just fine for now.

Odds are when he pays off the bike they are going to send him the title. This doesn't happen right way all the time so your going to fallow up with him when this happens. All depends on their check clearing procedures (if it's a check your giving him).

good luck
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post #8 of 13 (permalink) Old 03-20-2009, 05:18 PM
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You go to the bank and pay it off . Then the seller conveys the title to you after the bank does the release . No other way to do it . If you pay the guy , he can screw you out of the money ( not that he would , but this is chicago ) and not pay off the bike.

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post #9 of 13 (permalink) Old 03-20-2009, 05:39 PM
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buy mine... title in hand
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post #10 of 13 (permalink) Old 03-20-2009, 05:46 PM
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FWIW, when we paid the scooter off (took advantage of Yamaha 0% financing) I got the title in the mail about two weeks later.
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post #11 of 13 (permalink) Old 03-20-2009, 05:54 PM
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Quote:
Originally Posted by walec05 View Post
hey guys, i did a quick search but couldnt come up with anything.

ive been looking at cruisers lately and there is a nice one i want to check out and possibly buy, but the title is at the bank. now ive bought a bike before where cash was given and title was signed and stuff, how would i do it with the title being in the bank.

just buy the bike with a bill of sale and wait for the guy to get the title from the bank? im a little confused on the subject and any help would be appreciated.

thanks.
Thats exactly how I did it, i paid off the lein and held the balance and the bike and a bill of sale. the previous owner held the title, keys and bill of sale, when he got the title i paid the balance and I got the title

-Jason
CCS AM #31
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post #12 of 13 (permalink) Old 03-20-2009, 05:55 PM
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Take the bike after you pay. Sign a contract saying they have been paid and will deliver the title to you. "At the Bank" could mean a lot of things. I sold a bike to a guy and had to wait 2 weeks to get the title, the Lein was through HSBC, not local. He took the bike and bill of sale. Then I sent the title. He was happy and so was I.
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post #13 of 13 (permalink) Old 03-20-2009, 06:13 PM Thread Starter
 
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cool thanks for all the info. ill see if we can go to the bank and take care of the deal. but im most likely going to buy it on a sunday. i was thinking to just pay the guy the negotiated price, write up a bill of sale and ride the bike home.

but now im reconsidering doing that and possible going to the bank with the guy and doing everything there.
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