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buying a bike thats not payed off

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RallyKid

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Discussion starter · #1 ·
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?
 
#2 ·
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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#3 ·
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.
 
#4 ·
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
 
#8 ·
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.
 
#9 ·
RallyKid said:
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.
Click to expand...
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.
 
#10 ·
stkr said:
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.
Click to expand...
Yep
 
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Discussion starter · #11 ·
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?
 
#12 ·
RallyKid said:
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?
Click to expand...
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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#14 ·
RallyKid said:
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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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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#16 ·
RallyKid said:
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?
Click to expand...
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.
 
#17 ·
RallyKid said:
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?
Click to expand...
i dont think so... the bike is owned by the bank until the loan is paid off
 
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RallyKid
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