Advice? Buying a bike that current has a loan

[khuygie88]

Hey all,

I've run into a situation where my infinite amounts of youthful wisdom has hit a roadblock , and I figured I'd turn to the knowledge of the forum for a little advice, as I imagine this situation may occur more often than I know of.

I'm looking to pick up a bike that I've been lusting after- I made an offer to the guy at a value lower than what he's advertising for, and he's accepted it with some modifications his original terms of sale. My issue is, he doesn't have the title in hand and says he may need a little extra time to come up with the cash to pay it off... I don't want to allow him time to get cold feet or for someone to swoop the bike...

Is there a customary 'thing to do' when buying a bike if the owner doesn't have title in hand? Do I offer to pay him most to take delivery of it, then the rest when he's sending off for the title? Or am I forced to sit and wait?

All I can think of is that there is no way anyone ever hands an seller cash without taking the bike , but how long do they have to get the title to you?

[Subee13]

You will get a few answers most likely. I trust no one so I only buy bikes when the owner has the title in hand. But... if you take delivery of the bike and have a signed bill of sale with stipulations in it you are covered legally. (someone else may say otherwise). The problem is that if the guy never pays the loan off you will have a sweet bike you can never register. I would keep searching. It took me 4+ months to find the bike I just got (08 FZ1). Keep looking there will be deals to be had. I know that is not what you wanted to hear but walk away.

[NobodySpecific]

When I bought my Sprint I made out two checks, one to the bank for the amount of the payoff and then another to the seller for the difference. I had no problems registering it without the title (just the bill of sale) and I got the title in the mail about 2 weeks after the sale. I also had a witness to the sale in case something bad did happen.

[khuygie88]

Thanks for the input so far guys, keep it coming! If its any help, this is a dirt bike that I'm hoping to make street legal eventually, but I will be doing the build over the winter and was hoping to register it come spring...

[seth399]

I have sold bikes where I still had loan on them and I just wrote in the bill of sale that we would put down signatures when the bill of sale was released and given to the new owner. (I also had copy of the title to show the person)

That said, if it is the other way around and I am the buyer, I really want the title as I pay for the bike haha

[khuygie88]

I have sold bikes where I still had loan on them and I just wrote in the bill of sale that we would put down signatures when the bill of sale was released and given to the new owner. (I also had copy of the title to show the person)

That said, if it is the other way around and I am the buyer, I really want the title as I pay for the bike haha

Sooooo... did they give you the money and take the bike, without a bill of sale, while you waited on the title?? I'm just confused as to your method

[seth399]

Sooooo... did they give you the money and take the bike, without a bill of sale, while you waited on the title?? I'm just confused as to your method

Ya sorry I didn't explain well. They handed over the money, took bike and waited for the bill of sale...I guess I look trusting

[khuygie88]

Ya sorry I didn't explain well. They handed over the money, took bike and waited for the bill of sale...I guess I look trusting

No kidding cause for all you could have done....

This guy is a decent guy... I hear the recommendation to walk away and I understand why, but my gut tells me that I can trust this guy and I have a pretty good gut...

[NobodySpecific]

Just make sure you pay with a check (preferably a bank check) and not cash, just in case something does happen. It doesn't hurt to have a longer paper trail in these situations. If you get a good vibe and you protect yourself (bill of sale + check made out to lien holder) then I wouldn't worry about it too much.

[TDDragon]

You could also send the money directly to the bank to pay the loan off, or if the bank is local go with him to the bank, pay off the bike, take the bike and bill of sale and wait for title.

[DuncanMoto]

You could also send the money directly to the bank to pay the loan off, or if the bank is local go with him to the bank, pay off the bike, take the bike and bill of sale and wait for title.

+1

Absolutely the best way to go.

Most rapists and serial killers seem like O.K. guys too, until they snap.

[seth399]

+1

Absolutely the best way to go.

Most rapists and serial killers seem like O.K. guys too, until they snap.

True, they probably act pretty normal...until they start raping

[BLACK SQUIRREL]

Seth has been known to give 2 titles when he sells a bike (thanks)

My problem with this is the seller needs more time to come up with The $$$ to payoff the loan Thats a bit different.

[seth399]

Seth has been known to give 2 titles when he sells a bike (thanks)

My problem with this is the seller needs more time to come up with The $$$ to payoff the loan Thats a bit different.

but I do not rape!

[khuygie88]

My problem with this is the seller needs more time to come up with The $$$ to payoff the loan Thats a bit different.

Me too. I've made an offer but I may bail anyway, I'm weighing my current move while keeping my options open... no emotion in business....

[butcher bergs]

I've always had the title transferred to a branch that was closer to me. I've completed a few vehicle sales right in the branch with the title waiting right there for the buyer. See if the seller is willing to do something like that.

[khuygie88]

Annnddd forget it. I passed.

[mrezra]

Good luck with the hunt.