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Wire transfer for loan payoff / title

  1. #1
    Lifer Garandman's Avatar
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    Wire transfer for loan payoff / title

    I'm buying a bike that was financed by a non-local bank. So part of the payment will be to the bank, Plattsburgh to the owner.

    Anyone done this? I assume I ask for the title to be sent to me?

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    Newton's Third Law of Stupid. For each fact there exists an equal and opposite alternative fact.

  2. #2
    Lifer
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    Re: Wire transfer for loan payoff / title

    I would get a personal contact at both your bank and theirs and make sure you can get the title directly unless you are very comfortable with the current owner.

    Paying the lender directly is the smart move and all parties should be willing to facilitate this.

    Good luck, i test rode the 1050 Tiger extensively and think it's a great bike.

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  3. #3
    Back marker... jwm2k3's Avatar
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    Re: Wire transfer for loan payoff / title

    Hopefully the bank has the actual paper title. MA issues e-titles recently.

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    Johnny

    Its an Italian bike...Ive had (have?) a few

  4. #4
    Lifer SprintPoser's Avatar
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    Re: Wire transfer for loan payoff / title

    The best way to handle it is to go to the bank with the seller and pay it off. The bank will then know to hand the title off to you.

    jwm2k3 is correct that here in MA when a vehicle is bought new with a financing lien, the title is not issued until it's paid off. That takes two to three weeks to process and show up in the mail, which would suck in your situation. Hopefully New York State issues a paper title immediately upon the purchase and sends the paper copy to the financial institution.

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  5. #5
    Lifer Garandman's Avatar
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    Re: Wire transfer for loan payoff / title

    None of this is sounding good. The bank he has the loan with doesn't have an office in state. This happened with the Harley I bought last year and it took a month to get the title.

    The only problem with that is that the guy is going to be working outside the country and is leaving July 10.

    I'm going to call the bank Monday but this isn't sounding great.

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  6. #6
    Lifer SprintPoser's Avatar
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    Re: Wire transfer for loan payoff / title

    Just what kind of a deal is this bike for you as far as color, accessories, price, etc?

    There's a well-equipped, black '08 Tiger 1050 with 7K miles on Craigslist that has been posted and re-posted for several months. I would think there may be a little wiggle room by now. Have you checked that one or is there something about it that makes it a no-go?

    http://boston.craigslist.org/gbs/mcy/3060499303.html

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  7. #7
    Lifer Garandman's Avatar
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    Re: Wire transfer for loan payoff / title

    According to the seller, the bank has the title and will get it to him within three business days of payoff.

    So I'm planning to give him a bank check for the payoff amount, another for the balance, and collect the bike.

    Or, maybe I should short the payment today $500 and give him that once I receive the title?


    Quote Originally Posted by SprintPoser View Post
    Just what kind of a deal is this bike for you as far as color, accessories, price, etc?
    There's a well-equipped, black '08 Tiger 1050 with 7K miles on Craigslist that has been posted and re-posted for several months. I would think there may be a little wiggle room by now. Have you checked that one or is there something about it that makes it a no-go?
    /
    That's the bike I'm looking at. He had it sold and the buyer backed out, so he relisted it. I've been checking prices and I'm in the "good" to "very good" range for an 08 with ABS, bags and low mileage.

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    Last edited by Garandman; 06-11-12 at 10:33 AM.
    Newton's Third Law of Stupid. For each fact there exists an equal and opposite alternative fact.

  8. #8
    Lifer jasnmar's Avatar
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    Re: Wire transfer for loan payoff / title

    Just goes a bit to how you feel about the guy. Technically what (I say) I would do is:

    Bank Check for the remaining loan amount to the Bank.
    Signed Bill of Sale describing total amount to be paid and conditions there of.
    Take possession of bike on Payment to the bank.
    Remainder to be paid on delivery of Signed clear Title (as far as you know there could be a 2nd lean on the title).

    All that aside, when I bough a bike a few years ago, in a similar situation, I put a lot of trust in the previous owner of the bike, who was in Florida. The bike was in NH at his parents house, I'd met Mom and Dad when seeing the bike, and they were also aware of the details of purchase. They were actually nice enough to drive to my house to deliver the title when he received the check. Was I legally protected.... Meh... Probably no. Did things work out? Fortunately yes.

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  9. #9
    Goodbye wife, hello bike! Father Ribs's Avatar
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    Re: Wire transfer for loan payoff / title

    I second calling the bank in question and seeing if you can work it through them. Not because of trust issues if you don't have any, but it would make title transfer more timely. I bought a bike last year and the seller was not too motivated to get me the title and it took over two months and a few friendly reminders to get the paper in my hands.

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  10. #10
    Lifer Garandman's Avatar
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    Re: Wire transfer for loan payoff / title

    Bank got the money, is sending the title right out. I've got the bike and will pay him the cash balance when he hands over the title.

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    Last edited by Garandman; 06-11-12 at 09:00 PM.
    Newton's Third Law of Stupid. For each fact there exists an equal and opposite alternative fact.

  11. #11
    Lifer jasnmar's Avatar
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    Re: Wire transfer for loan payoff / title

    Congrats!!

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  12. #12
    Lifer SprintPoser's Avatar
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    Re: Wire transfer for loan payoff / title

    Hey, congratulations and welcome to the Triumph fold!

    When I got my first Hinckley Triumph in 2000, it was a tough sell for others because they believed the bikes would be "Eurotrash" troublesome. Here we are 12 years later and Triumph is really proving itself to be a reliable, good-performing bike that people aren't afraid to buy.

    You'll really enjoy the comfort, handling, braking and smooth, rheostat-like power. It's not overwhelming power, just very linear and wide-band torque.

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  13. #13
    Lifer
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    Re: Wire transfer for loan payoff / title

    Quote Originally Posted by jasnmar View Post
    Congrats!!
    This, indeed!

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  14. #14
    Lifer Garandman's Avatar
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    Re: Wire transfer for loan payoff / title

    Got the title and the RMV1 so it will go on the road tomorrow! Yay!

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  15. #15
    Lifer SprintPoser's Avatar
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    Re: Wire transfer for loan payoff / title

    Whoohoo! Congratulations!

    So glad that all worked out so well for you. That little wait must have been a killer.

    Welcome to the world of Tiger Triples!

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  16. #16
    Lifer Garandman's Avatar
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    Re: Wire transfer for loan payoff / title

    Had the 6K service done at North River Cycles so it should be ready to roll. I wanted to make sure the EFI map was up-to-date.

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  17. #17
    Lifer SprintPoser's Avatar
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    Re: Wire transfer for loan payoff / title

    Are you fully prepared to lose the vibration of the twin-cylinder motors? Will you miss that little rumble in the seat, bars and pegs?

    It's very good that you brought it in for the service so you can be worry-free. Did they do the oil & filter change, chain adjustment, and all the other required services for the 6K or had you already done some of it yourself?

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  18. #18
    Lifer Garandman's Avatar
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    Re: Wire transfer for loan payoff / title

    Quote Originally Posted by SprintPoser View Post
    Are you fully prepared to deal with the mechanical complexity of a three-cylinder motor?/
    The DL1000 isn't available with ABS and needs even more suspension upgrading, so qualified yes.

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