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buying a bike thats not payed off

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#21 ·
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.
 
#22 · (Edited)
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/vehicleregistration/download/mvr8.pdf

That's my understanding of the process anyway.
 
#24 · (Edited)
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.
 
#25 ·
RallyKid said:
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?
Click to expand...
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...
 
Discussion starter · #26 ·
Well I pulled the trigger. 2009 Aprilia Dorsoduro :)

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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.
 
Discussion starter · #31 ·
Cerk said:
Fuckin A! Great choice man!

So how did it all hash out for you?
Click to expand...

Well, if all goes well, then they will be sending him the title with the lien removed, he will sign it and notarize it, and Ill meet up with him to get the title from him. He has been keeping me up to date, called me yesterday and said that the financial company which has the title received "our" check, LOL, and they will be sending out the title once it clears.
 
Discussion starter · #33 ·
Cerk said:
Bingo. Same thing happened to me a few years ago. Once you sit up, it's really tough to go back:laughing

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

Agree, I ride dirt bikes, and they just feel so much more comfortable, always felt it would be a great choice for the street as well. I got a Husky 610 for a season, but didn't like it for highway riding, just not powerful enough and too light. The DD should be just right.
 
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RallyKid
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