tvrsir

okay this guy is selling me his bike, he lives 3 hours away,

he owes 8 grand on the bike, but selling it to me foor 6 grand and paying out of pocket 2 grand. he's gonna brinng the bike to me and im gonna have a bill of sale written out, im gonna get a cashiers check written out to his bank where he owes the loan and only for that loan. he said that his truck and bike is under the same loan and that the bank will release the bike title for 8 grand.

if he decidesto pay of the loan and never send me the title am i sol or can i have a 100 percent chance i can get the title?

Odiedogcx

i was in the same situation .. i bought my RR for $6k, but he owed $7000 or so on it .. i never really questioned the situation only because he was local and was like $35 with a family.

i remember there was a guy on here in a similar situation .. the guy owed money on a bike he sold, and someone bought it from him for less than the total amount left on the loan, and the owner spent the money on other things other then the loan, and the buyer got the short end of the stick cause he couldn't get the title

georgiajdm

it's unfathomable in this day and age how stupid people are to hand over money for the purchase of a car/bike when the seller doesn't have the title at the time of the transaction..

it's a risk you have to make....

edit: i take that back. I forgot about the loan part...I've never dealt w/ buying cars/bikes when they were still owned by the back.


Modified by georgiajdm at 9:33 PM 7/15/2005

jktx21

Here's a helpful link... look to the bottom, same principle applies. You should have NO risk in this transaction.

http://siy.cars.com/siy/qsg/tipsPlace.jsp?

vox

if you are willing to drive the 3 hours to where he is then i suggest you do so. when i bought my bike i went to the sellers credit union with him to make sure that everything was done correctly. he still owed a couple grand more than what i paid him so he brought some $ too. then make sure you have to title mailed to your house. if you just go purely on trusting him then you could get in a bad situation if things turn sour and he keeps the title. hope this helps...GL with the sale

-M

tvrsir

i don't think he can cash the check if it's wriitten out to his bank

big pete

Do the transaction at the bank so the bank can sign it off to you

.Ash

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by big pete &raquo;</TD></TR><TR><TD CLASS="quote">Do the transaction at the bank so the bank can sign it off to you</TD></TR></TABLE>

i'm with pete; go to the bank with whoever this is. i did something similar on my car where a friend owed a couple grand more than what i gave him but only did it because it was someone i knew. i wouldn't do it otherwise....

tvrsir

tvrsir

well i took a risk and bought it. i had him ride the bike down. i have the bike now.

it's a 05 yamaha r6 with 1300 miles. i bought it for 6k bike is clean just like new.

heres a couple pics

big pete

oh boy...I hope he doesnt screw you over. Did you get his driver's license #, address, phone number at least? If not, he could say you forged the bill of sale and report it stolen. You could never be too careful when dealing with transactions like this.

Great looking bike and ride safe

tvrsir

i do have all his info, phone address, liscense number, he signed everything, i even copied everything when he got the bike
to the sale reciepts

Duster

I was just in same situation where i found a bike i wanted but the guy owed more than i was going to give him for it, theres a huge trust thing, if he owes the bank money and he faults on the payments, they will come and take the bike from you, even if you have a letter saying that he relieves you of all responsiblilty for the loan and if this all does happen and they take your bike, you can take him to court and the judge can tell him that he has to pay you, but you alone are responsible for getting that payment from him, no police or anything,

Its very very risky, needless to say i just avoided it all together and bought from someone who held the title in hand. Good luck!

tvrsir

well hope he doesn;t but i dd write it out to his bank so he gonna have to give his bank the check to cash it. and he gonna have too pay the 2000. but if he doesn't then i'm fucked. man i just hopee it doesn;t get ugly

Duster

I hope so too man, thats not something you want to have to deal with, someone elses crap...let us know if it goes smoothly....I think the best idea is to go to the bank with him and watch him pay off the lien....i wouldn't buy it otherwise, there is lots of bikes out there that don't have liens on them

020

I WOULD NOT do it. I worked in loans for three years. If he calls ahead in MOST situations they can have the title and a notary ready at the bank. Either way you have a bill of sale which you should have notarized so you will be fine.

tvrsir

what do you mean when you say he can call ahead and have the title? do you mean that the bank will need us both there even though i made the check out to them for the loan.

when he goes and pay off the bike what do they do sign it over to him or me? can he request that it sign over to me or he has to get the title and signit over to me afterwards?

WhoisDan

6 grand is hell of a deal. Ride safe

tvrsir

yes when i get the title. it will hell of a deal. ii only have been sittiiing on it and dreaming.

waiting to get iit registered.

checked insurance today.

full coverage statefarm $650 with 500 deductible. iss that good deal. i just have me crv with them. i guess they gaveiti to me it for cheap.

rastropovitch

DON"T DO IT!!!!!!!!!!!!!!!

CXHatchback

Yeah I'll only buy from somone with the title in hand, Just too risky nowadays. Hope everything works out, that's a sweet bike and awesome price.

Joel_MN

If you have enough info on the guy, and even so a check to HIS bank, there is really no way you can get screwed. There is still a judicial system in this country, however skewed it may be. Its theft, or swindling, or something. he would be breaking some law where he would be arrested, and usually (where im from anyway) the banks will work with you, as well as the judicial system. They really ARE there to help, dispite what most people think.

GL, hope everything goes well, keep us updated!

tvrsir

the guy seems like a trust worthy person. he also has a hot *** girlfriend .

well he is going today to drop off the check and send me the title priority mail.

ii will keep you guys updated and take more pics after i clean and wax it.

rastropovitch

I feel a bad story coming, I hope it works out, but more than likely...

tvrsir

I;M SORRY TO INFORM EVERYONE that i didn't get


SCCAMMMMMMMM.


HAHHAHHAHAHAHA
I GOT THE title TODAY.He is a honest person. i guess i can read people better than i thought. i got a good deal and a hell of a bike.