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Seller with lien on bike?


Zorro

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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...

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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.

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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.

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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!

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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 me

Edit 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 by Goldie
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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?

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What happens if I never get the title?

Call the cops? :dunno: 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.

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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.

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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.

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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. :)

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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.

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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.

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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.

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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.

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