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Buying a bike with a lien

  1. #1
    Senior Member Spooler's Avatar
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    Buying a bike with a lien


    So, if you're buying a bike and the seller needs the money to pay off their loan before they can get you the title, how does that work? Anyone done that before? Thanks.

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  2. #2
    Changes come butcher bergs's Avatar
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    Re: Buying a bike with a lien

    I've done it several times.

    I write an agreement that clearly states today's date, the amount of cash going toward the payoff, a specific timeframe for the title to show up and what gets refunded if the terms are not met. Buyer and seller sign and date.

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  3. #3
    Lifer Falko's Avatar
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    Re: Buying a bike with a lien

    I know people have also written the pay off portion to the seller's bank, remaining to the seller.

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  4. #4
    Don't bother me! R7's Avatar
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    Re: Buying a bike with a lien

    Make a bank check out directly to the lien holder for the payoff amount, then the balance to the seller. Unless I knew the person, it's the only safe way

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  5. #5
    Senior Member Spooler's Avatar
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    Re: Buying a bike with a lien

    Thanks guys, that makes sense. Going to look at a bike in Sunday and my wife was nervous because it's not paid off.

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  6. #6
    Lifer isaac_'s Avatar
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    Re: Buying a bike with a lien

    Quote Originally Posted by butcher bergs View Post
    I've done it several times.

    I write an agreement that clearly states today's date, the amount of cash going toward the payoff, a specific timeframe for the title to show up and what gets refunded if the terms are not met. Buyer and seller sign and date.
    This is what I did. Met the guy at the bank, paid it off, got the bill of sale. Got the bank to give me copies of everything.

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  7. #7
    Kosher Assassin Stoneman's Avatar
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    Re: Buying a bike with a lien

    Quote Originally Posted by Falko View Post
    I know people have also written the pay off portion to the seller's bank, remaining to the seller.
    Quote Originally Posted by isaac_ View Post
    This is what I did. Met the guy at the bank, paid it off, got the bill of sale. Got the bank to give me copies of everything.
    Yup, the road I took as well. Met the guy at the bank that held the lien & explained it all to them. Bank got their money first, seller got remainder. They walked us through it, I walked away with a bike and all relevant paperwork...

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  8. #8
    ain't nuttin wrong w/that scubasteveRR's Avatar
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    Re: Buying a bike with a lien

    Quote Originally Posted by butcher bergs View Post
    I've done it several times.

    I write an agreement that clearly states today's date, the amount of cash going toward the payoff, a specific timeframe for the title to show up and what gets refunded if the terms are not met. Buyer and seller sign and date.
    Quote Originally Posted by R7 View Post
    Make a bank check out directly to the lien holder for the payoff amount, then the balance to the seller. Unless I knew the person, it's the only safe way
    I did both of these twice when I bought both my bikes and had no issues with total strangers. it was definitely unsettling at first waiting for the title to come which usually can take like 2 weeks or more.

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