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Author Topic: Need guidance  (Read 993 times)

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Lucky

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Need guidance
« on: July 08, 2008, 03:37:54 PM »
Ok, I have been shopping for a new bike for my son who is overseas right now.  I have looked at new and used.  Right now we are eyeballing a used bike which I found out still has a lien on it.  How is that handled?  We go check out bike, like it, decide to buy it, then what?  We have cash in hand to give the seller, but if we give him cash he will not be giving us a clear title.  What assurance do we have that he will pay off the lien and send us the cleared title?  And how does Andrew prove ownership in the interum?  OR Does he give us the title with the lien and we contact the lienholder regarding payoff?  If that is the avenue then how does the seller have confidence that we will pay off lien?  To complicate this matter, the bike is not in our area (Houston).  It is in Victoria.  How have some of you handled these kind of transactions?
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"Lucky" Connie
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Morgan Buchanan

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Re: Need guidance
« Reply #1 on: July 08, 2008, 03:45:06 PM »
How are you getting the bike?  You going to Victoria to get it? 

If the lien is at a financial institution there in Victoria, you could request the current owner and you make the transaction there, and you use your cash to pay off his final loan.  If you arrange this in advance, they should be able to have the title ready to lien release by the bank, hand to him, he signs it over to you.

I bought a bike a few years ago from a couple who had it financed thru Honda.  I took possession of the bike and a bill of sale from the owner with full description of the transaction.  I do suppose if they'd gone rogue and were willing to burn their financial bridge and spend the money and let the bike get repossessed, I'd have been screwed, but they had a house and stuff, so I didn't figure it was an actual likelihood.  You have to judge each situation individually.
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sherri

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Re: Need guidance
« Reply #2 on: July 08, 2008, 04:23:48 PM »
I would definately contact the lean holder first and ask for the payoff the usually will give you the payoff for 10-30 days. The seller will need to give the account number and the phone number, shouldn't be a problem, if he is not willing to give you that walk. The lean holder may give you the best advice on how to handle it from there.

Sherri
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jmdaniel

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Re: Need guidance
« Reply #3 on: July 08, 2008, 08:12:33 PM »
I bought my FJ Cruiser by going to my bank, cutting a cashier's check, payable to Toyota Credit, for what the previous owner owed on it. I then cut him a check for the difference between the purchase price and the check to Toyota Credit. He took the first check and mailed it to TC, and when he received the title from them, he mailed it to me. The cash wasn't in danger, as he couldn't cash a check written out to to Toyota Credit, and the title is worthless to him as well, so I had no worry about getting it. I also created a Bill of Sale, with both of us signing, a copy for him, and one for me; in case I got pulled over before I got the truck titled.

If any of this makes you nervous with the person you are buying the bike from, find another seller.   
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Lucky

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Re: Need guidance
« Reply #4 on: July 08, 2008, 08:44:57 PM »
some good advice guys...thanks...I'm not nervous about the seller, just ignorant about the process.  Will see what happens this weekend.
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"Lucky" Connie
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Morgan Buchanan

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Re: Need guidance
« Reply #5 on: July 09, 2008, 05:55:18 AM »
The notion of discussing it with the lien holder is awfully good advice, as is giving him a payment that pays them and doesn't allow for him to goof around.  And I'd be sure to have a bill of sale with VIN and a statement of what has been paid to whom AND the vehicle in my possession, while waiting for the title.
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Lucky

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Re: Need guidance
« Reply #6 on: July 09, 2008, 09:47:38 AM »
Quote from: Morgan Buchanan on July 09, 2008, 05:55:18 AM
The notion of discussing it with the lien holder is awfully good advice, as is giving him a payment that pays them and doesn't allow for him to goof around.  And I'd be sure to have a bill of sale with VIN and a statement of what has been paid to whom AND the vehicle in my possession, while waiting for the title.
Actually this is exactly what I was planning on having my son do...find out who the lienholder is, write a check for the payoff to them, give cash to seller for difference between that and his asking price, have a bill of sale which I already have typed up, and then take the bike and run, lol.  But first we need to go check the bike out, hopefully it will be a good one...Andrew is acheing to ride, and will only be in the states for 3 weeks so he doesn't have lots of shopping time.
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"Lucky" Connie
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If you don't love what you're doing, then don't do it.
Your chances of success are directly proportional to the degree of pleasure you derive from what you do.

TomVTX

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Re: Need guidance
« Reply #7 on: July 09, 2008, 12:49:01 PM »
My son is a loan officer in a small west Texas town and all the above advice is good.  The one thing he did say is if the loaning institute where the bike is now financed is a large business, they might not have the title "in-house".  If that is the case it might take a couple of weeks to get th title.  The ideal situation would be to go with the seller to where the bike is financed and make the transaction there.
 

Good Luck.
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Lucky

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Re: Need guidance
« Reply #8 on: July 09, 2008, 12:58:06 PM »
Just found out that the lender is Honda...asked the seller to call Honda and get a pay off...if the transaction happens then we will give him a check for that amount made out to Honda and get him to sign a bill of sale...should be good to go.
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"Lucky" Connie
'06 Pearl Dark Blue 1300C
If you don't love what you're doing, then don't do it.
Your chances of success are directly proportional to the degree of pleasure you derive from what you do.

Morgan Buchanan

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Re: Need guidance
« Reply #9 on: July 09, 2008, 03:14:07 PM »
That's how my purchase went down a couple years back.  Worked like a charm, I had the title in about 7 days.
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