Benyen Soljax Posted April 23, 2008 Report Share Posted April 23, 2008 so when someone takes out a loan or lien for a bike, what has to happen for them to sell it? im looking at a bike and the owner says he has a lien but also has the title for it "in hand". can someone explain what it all means? also whats the diff between loan and lien, legally of course. Quote Link to comment Share on other sites More sharing options...
owndjoo Posted April 23, 2008 Report Share Posted April 23, 2008 when you get a loan, the bank puts a lien on the title. basically making it theirs until the contract of the loan is finished. he can sell you the bike and give you the title, but until he pays the loan off the lien is on it. Quote Link to comment Share on other sites More sharing options...
Benyen Soljax Posted April 24, 2008 Author Report Share Posted April 24, 2008 so if i dont pay off his lien for him, and he doesnt finish making payments on the loan, they take my bike? Quote Link to comment Share on other sites More sharing options...
Disclaimer Posted April 24, 2008 Report Share Posted April 24, 2008 It's possible. Hope this guy you're dealing with is on the up-and-up. Quote Link to comment Share on other sites More sharing options...
kawi kid Posted April 24, 2008 Report Share Posted April 24, 2008 before you can have the title in your name he has to fulfil the loan. Quote Link to comment Share on other sites More sharing options...
Benyen Soljax Posted April 24, 2008 Author Report Share Posted April 24, 2008 before you can have the title in your name he has to fulfil the loan.i think popular vote says otherwise... Quote Link to comment Share on other sites More sharing options...
1fasttc Posted April 24, 2008 Report Share Posted April 24, 2008 You can't get the title till the lien is paid off. Thats the situation with my bike. I can confirm that he does NOT have the title if he still has a lien on the bike. No matter what he says. Quote Link to comment Share on other sites More sharing options...
2insanezx10r Posted April 24, 2008 Report Share Posted April 24, 2008 i think popular vote says otherwise...If your getting a loan for the bike the bank should find out if there is any lien's on the bike if there is than the bank will not give you the loan until the lein is taken care of. Quote Link to comment Share on other sites More sharing options...
NinjaNick Posted April 24, 2008 Report Share Posted April 24, 2008 The loan is the loan itself and the lien is the form of security (with all the signatures) over the bike to secure the payment of the debt and the lien-holder (bank) owns the bike. They own the official title. He probably has the paper copy he used to get his license tags. I'm betting probably. Just like when I sold my bike, I paid it off in cash that playerpro gave me and then the bank gave me the document signed by them that there is no longer a lien holder on my bike and that Wright Patt Credit Union had no more interest in my bike. I then went to the title office and did all the paperwork with playerpro and the title went in his g/f's name and all was said and done. Quote Link to comment Share on other sites More sharing options...
1fasttc Posted April 24, 2008 Report Share Posted April 24, 2008 Exactly he has the white one that looks like its print on regular paper, it has a printed OHIO seal, its Dupilcate Title, used for tags, its not valid to sell. Quote Link to comment Share on other sites More sharing options...
2insanezx10r Posted April 24, 2008 Report Share Posted April 24, 2008 The loan is the loan itself and the lien is the form of security over the property to secure the payment of the debt and the lien-holder (bank) owns the bike. They own the official title. He probably has the paper copy he used to get his license tags. I'm betting probably. Just like when I sold my bike, I paid it off in cash that playerpro gave me and then the bank gave me the document signed by them that there is no longer a lien holder on my bike and that Wright Patt Credit Union had no more interest in my bike. I then went to the title office and did all the paperwork with playerpro and the title went in his g/f's name and all was said and done.This makes more since because how can someone put a lein on something that you actually own. Meaning having the title. Quote Link to comment Share on other sites More sharing options...
Benyen Soljax Posted April 24, 2008 Author Report Share Posted April 24, 2008 Exactly he has the white one that looks like its print on regular paper, it has a printed OHIO seal, its Dupilcate Title, used for tags, its not valid to sell.im in NH btw. Quote Link to comment Share on other sites More sharing options...
1fasttc Posted April 24, 2008 Report Share Posted April 24, 2008 I have to believe that all states are the same, bc liens/loans are all the same. Quote Link to comment Share on other sites More sharing options...
Benyen Soljax Posted April 24, 2008 Author Report Share Posted April 24, 2008 yeah, so if i offer the guy less than what he owes...i mean should i just forget about it unless i want to pay off his loan?oh and i have cash, no liens or loans for me. Quote Link to comment Share on other sites More sharing options...
1fasttc Posted April 24, 2008 Report Share Posted April 24, 2008 yeah, you could do that, but then you have to wait for him to pay off the rest of the lien, b4 you get the title. Unless he has the extra money to pay it off, its not worth buying. Quote Link to comment Share on other sites More sharing options...
Benyen Soljax Posted April 24, 2008 Author Report Share Posted April 24, 2008 thanks, i guess we finally found the real question i wanted to ask there... Quote Link to comment Share on other sites More sharing options...
zerocrash Posted April 24, 2008 Report Share Posted April 24, 2008 He may have the paper title, different states do it differently, but that title (no matter what state you're in) means absolutely nothing if there is still a lien filed. Quote Link to comment Share on other sites More sharing options...
Disclaimer Posted April 24, 2008 Report Share Posted April 24, 2008 He may have the paper title, different states do it differently, but that title (no matter what state you're in) means absolutely nothing if there is still a lien filed.+1, sounds complicated and I think once you dig deeper and start having to deal with the bureaucracy that is the NH state DMV to get a lien cleared that doesn't really belong to you, but is now on your title -- it's going to be a lot of your time and hassle. I dunno, honestly I don't have much experience and I can't find any concrete answers on DMV sites, but I do know people that transfer ownership on vehicles all the time that aren't paid off... you might want to sniff around a car dealership, pretending to be interested in something and throw out a scenario about a 'trade in that you still owe money on' and ask how they handle the title. Quote Link to comment Share on other sites More sharing options...
max power Posted April 24, 2008 Report Share Posted April 24, 2008 You just go with him to the bank, pay off bike and get the title in your name. Quote Link to comment Share on other sites More sharing options...
Benyen Soljax Posted April 24, 2008 Author Report Share Posted April 24, 2008 You just go with him to the bank, pay off bike and get the title in your name.this is what would have to happen jrmii if i was going to buy it, problem is, im not going to pay off his loan for him. hes gotta have the rest of the money cause he owes a lot more than its worth. Quote Link to comment Share on other sites More sharing options...
kawi kid Posted April 24, 2008 Report Share Posted April 24, 2008 i think popular vote says otherwise...i believe u need to do a recount............ Quote Link to comment Share on other sites More sharing options...
Chrisoh Posted April 24, 2008 Report Share Posted April 24, 2008 I know KY gives you the actual Title document even when you use a loan (did this on my KX250F). Quote Link to comment Share on other sites More sharing options...
Benyen Soljax Posted April 24, 2008 Author Report Share Posted April 24, 2008 i believe u need to do a recount............count is still the same. you can get it titled in your name with a lien on it. ohio DMV says so. its just a very bad idea(unless the lien is yours of course).edit: asked the guy how much he owed on it and he told me its irrelevant. Quote Link to comment Share on other sites More sharing options...
Disclaimer Posted April 24, 2008 Report Share Posted April 24, 2008 asked the guy how much he owed on it and he told me its irrelevant. With that type of response, I think this sale would be irrelevant.If you were to buy it and he stiffs you on the lien, then you better believe I'd at least know what the payoff amount would be should some flatbed show up in the wee morning hours and haul off a bike I just 'bought'. Quote Link to comment Share on other sites More sharing options...
zerocrash Posted April 24, 2008 Report Share Posted April 24, 2008 With that type of response, I think this sale would be irrelevant.If you were to buy it and he stiffs you on the lien, then you better believe I'd at least know what the payoff amount would be should some flatbed show up in the wee morning hours and haul off a bike I just 'bought'.+1. Plenty of other bikes out there, I would stay away from this one at this point. Quote Link to comment Share on other sites More sharing options...
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