Buying a bike with a lien

[Spooler]

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.

[butcher bergs]

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.

[Falko]

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

[R7]

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

[Spooler]

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

[isaac_]

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.

[Stoneman]

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

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...

[scubasteveRR]

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.

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.