Zorro Posted February 16, 2009 Report Share Posted February 16, 2009 I'm interested in buying a bike off a seller who still owes money...therefore, title is NOT in-hand. The seller would use my payment to pay off the bike in full. The seller financed the bike via the manufacture (so, going to the bank is not an option). I do not know the guy personally, so trust is an issue at this point. I'm sure many people have purchased bikes/cars while the owner still owes.How should I go about doing this? Should I just forget about it while the title is not in-hand?Thanks in advance... Quote Link to comment Share on other sites More sharing options...
Benyen Soljax Posted February 16, 2009 Report Share Posted February 16, 2009 well first off, you might get a good deal out of him because its a pain in the ass to deal with people who have liens unless youre a dealership. the only way i would hand the guy money is if A) he has the title or B) you go with him to the people he owes money to and they give you the title. otherwise you can tell him to forget it unless you really just hate money. Quote Link to comment Share on other sites More sharing options...
jgetz524 Posted February 16, 2009 Report Share Posted February 16, 2009 I have to agree. I like to trust people, but a fool and his money are soon parted (something like that). I bought a bike from someone once who owed on it and we met at the bank. I know you said that is not an option, but just thought I'd share. Quote Link to comment Share on other sites More sharing options...
NinjaNick Posted February 16, 2009 Report Share Posted February 16, 2009 My buyer came to my house, and we drove to the bank together and he handed me the money while I payed it off. I then gave the title to the buyer. Sell over. Quote Link to comment Share on other sites More sharing options...
Zorro Posted February 16, 2009 Author Report Share Posted February 16, 2009 I was debating on making the check out to his title holder and getting a bill of sale notorized. But the title would still go to him...unless there's away to have his lender send it to me. However, I'd still need to get him to sign it. AGH! Quote Link to comment Share on other sites More sharing options...
NinjaNick Posted February 16, 2009 Report Share Posted February 16, 2009 Thanks for reminding me.After the sell, we went to the BMV and signed over the paperwork and had the title sent to the new owners residence. Now it's with playerpro and his g/f. Quote Link to comment Share on other sites More sharing options...
Goldie Posted February 16, 2009 Report Share Posted February 16, 2009 (edited) If the manufacturer holds the title, then you can work with the manufacturer directly. Don't give him the money, send it to the manu. on his behalf. Now in order for the title to be put in your name, the original owner must sign off on it, unless you get a POA and he signs his rights over to you. Dealers do the same thing. I work for a manufacturer so I am real familiar with this process. If you have any questions PM meEdit to add: I saw you asking about the lien holder sending the title to you. I know BMW will only send the title to the name on the account, and from there the original owner would have it notarized, and sign it over to you, then give it to you. If you want the title to go directly to you from the manufacturer, you need a POA, and that is how BMW can send titles to dealers, because the original owner signs off on the title with the POA. Edited February 16, 2009 by Goldie Quote Link to comment Share on other sites More sharing options...
flounder Posted February 16, 2009 Report Share Posted February 16, 2009 Have you thought about getting one of the bikes from Reuben... You can be guaranteed his stuff doesnt have any underlying problems. http://www.ohio-riders.net/showthread.php?t=20422 Quote Link to comment Share on other sites More sharing options...
magifesq Posted February 16, 2009 Report Share Posted February 16, 2009 I'd say beware, I've been in the business long enough to know once people have their money many don't care about your need for the title. Quote Link to comment Share on other sites More sharing options...
Disclaimer Posted February 16, 2009 Report Share Posted February 16, 2009 I'd say beware, I've been in the business long enough to know once people have their money many don't care about your need for the title.Quoted for truth. Quote Link to comment Share on other sites More sharing options...
wolfman Posted February 16, 2009 Report Share Posted February 16, 2009 IDK, I guess I don't worry as much about these things. If it were me I would just write up a bill of sale and take the bike with me. Bill of sale will get you 30-day tags so you can ride while waiting for the title to arrive. Quote Link to comment Share on other sites More sharing options...
Zorro Posted February 16, 2009 Author Report Share Posted February 16, 2009 IDK, I guess I don't worry as much about these things. If it were me I would just write up a bill of sale and take the bike with me. Bill of sale will get you 30-day tags so you can ride while waiting for the title to arrive.What happens if I never get the title? Quote Link to comment Share on other sites More sharing options...
wolfman Posted February 16, 2009 Report Share Posted February 16, 2009 What happens if I never get the title?Call the cops? My first street bike and first car both had liens on them. The guy even owed more on the car than what I was paying for it. I wrote up a bill of sale for both and took the vehicles with me. I wouldn't have done it this way though if I didn't feel comfortable with the seller. Quote Link to comment Share on other sites More sharing options...
Zorro Posted February 16, 2009 Author Report Share Posted February 16, 2009 I wouldn't have done it this way though if I didn't feel comfortable with the seller.That's the thing, I don't really know the seller. From my communications with him, he seems cool and legit...but I know if it's a fair judgement. I don't care if I have to wait a few weeks to ride...I have a bike and I can't ride in this weather anyway. I guess I'm looking for more peace of mind. Quote Link to comment Share on other sites More sharing options...
wolfman Posted February 16, 2009 Report Share Posted February 16, 2009 Have you met with him in person yet? He probably isn't going to screw you over if he seems decent and you know where he lives. lol Quote Link to comment Share on other sites More sharing options...
Zorro Posted February 16, 2009 Author Report Share Posted February 16, 2009 I was supposed to meet him Saturday...but I decided to postpone while I did more research. He's doing some research on this topic as well and we're supposed to discuss this tomorrow. Quote Link to comment Share on other sites More sharing options...
wolfman Posted February 16, 2009 Report Share Posted February 16, 2009 Ok, makes sense. I would just meet with him and see how it goes. If you need to think about it tell him and take a few days. Honestly though, if the guy is concerned about how to handle the transaction properly...I don't think he is looking to screw you over. Quote Link to comment Share on other sites More sharing options...
Zorro Posted February 16, 2009 Author Report Share Posted February 16, 2009 Ok, makes sense. I would just meet with him and see how it goes. If you need to think about it tell him and take a few days. Honestly though, if the guy is concerned about how to handle the transaction properly...I don't think he is looking to screw you over.He's only slightly concerned...he's only concerned because I'm concerned and not buying his bike that he doesn't want. Quote Link to comment Share on other sites More sharing options...
wolfman Posted February 16, 2009 Report Share Posted February 16, 2009 Gotcha, well if he is really anxious to sell so he can get rid of his payments that is more reason to not screw you over. With a bill of sale, the bike and his address I think you should be fine. Also, you could make a copy of his driver's license and mail it back to him when you receive the title? Just another idea, too. Quote Link to comment Share on other sites More sharing options...
flounder Posted February 16, 2009 Report Share Posted February 16, 2009 Well, you could always head to the local brocery store or postoffice and have them notarize the bill of sale. That should give you additional comfort. Quote Link to comment Share on other sites More sharing options...
wolfman Posted February 16, 2009 Report Share Posted February 16, 2009 ^^Notarizing is an excellent idea Quote Link to comment Share on other sites More sharing options...
Disclaimer Posted February 16, 2009 Report Share Posted February 16, 2009 Ask for something as collateral that you can hold until he mails you the title.Like his wife...but only if she's hott. Quote Link to comment Share on other sites More sharing options...
Zorro Posted February 17, 2009 Author Report Share Posted February 17, 2009 Ok, I went to the BMV today and this is what the lady there told me to do...1. Get Power of Attorney - this is done by having us fill out a POA form and getting it notorized.2. Have him call his lender (Yamaha) and have his address changed to mine.3. Pay off lien (I'll do this over the phone via Credit Card).4. When the title comes, take title and notorized POA form to Title office. I can get the title transferred in to my name WITHOUT his signature (because of POA).5. Get plates.6. Ride new (used) bike like a mofo. Does anyone see a problem with this?thanks in advance. Quote Link to comment Share on other sites More sharing options...
Benyen Soljax Posted February 17, 2009 Report Share Posted February 17, 2009 Ok, I went to the BMV today and this is what the lady there told me to do...1. Get Power of Attorney - this is done by having us fill out a POA form and getting it notorized.2. Have him call his lender (Yamaha) and have his address changed to mine.3. Pay off lien (I'll do this over the phone via Credit Card).4. When the title comes, take title and notorized POA form to Title office. I can get the title transferred in to my name WITHOUT his signature (because of POA).5. Get plates.6. Ride new (used) bike like a mofo. Does anyone see a problem with this?thanks in advance.POA is a tricky subject. i can only assume youre talking about a special POA that limits you from only doing this one thing in his name. if he is stupid enough to give you unlimited POA then you can do anything in his name. buy a house, open 12 credit cards, empty his bank accounts etc...if it was you giving out your POA i would tell you to be careful, but since its the other guy, well...good luck. Quote Link to comment Share on other sites More sharing options...
AOW Posted February 17, 2009 Report Share Posted February 17, 2009 You can get a temp POA for a specific time frame and purpose. I had to do this w/the wife when we bought our house here since I was unable to sign. (arm shattered in bike accident & jaw wired shut) I would call the lien holder together and have him tell them to issue the title in your name. Quote Link to comment Share on other sites More sharing options...
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