I've never purchased from a private party before or even gotten a loan on any of my vehicle's so this question might be a bit dumb.

The guy selling the bike still owes 5500 on it, therefore he doesn't have the title yet right? You get it when you pay off the loan I think?

So how does it work when I purchase the bike from him? Do we contact the company he got the loan from and tell them to send the title to me then get it put in my name or something?

I googled this for like 20 minutes without success, clearly my time limit

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by RebornGSR &raquo;</TD></TR><TR><TD CLASS="quote">I've never purchased from a private party before or even gotten a loan on any of my vehicle's so this question might be a bit dumb.

The guy selling the bike still owes 5500 on it, therefore he doesn't have the title yet right? You get it when you pay off the loan I think?

So how does it work when I purchase the bike from him? Do we contact the company he got the loan from and tell them to send the title to me then get it put in my name or something?

I googled this for like 20 minutes without success, clearly my time limit </TD></TR></TABLE>

you pay the bank, the bank sends you the title. do NOT pay him

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by ngng &raquo;</TD></TR><TR><TD CLASS="quote">

you pay the bank, the bank sends you the title. do NOT pay him</TD></TR></TABLE>

Yea I wasn't going to let him jack my title

So I pay off the bank and just give him the difference between our price and what he owed on the loan.

 

that is it. after you payoff the bike, DO NOT let him ride it anymore... if he goes down or flogs the hell out of it, you will not have any recourse

 

this is why i'd only buy from those with title in-hand...i hate this kind of hassle.

as said before, get the key from him after you pay the bank. get the bike once the paperwork is done.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by Sijray21 &raquo;</TD></TR><TR><TD CLASS="quote">this is why i'd only buy from those with title in-hand...i hate this kind of hassle.
</TD></TR></TABLE>

Pain in the ***? Yes.
Good price? Yes.

Hopefully the bike is in as good of condition as it looks and everything works out

 

Take the bike when you give him the check - no way do you leave it with the seller.

When the title is in hand, he'll hand it over - put it in writing and have it notarized.

 

You could write a check to his lein holder for the full sale price. They will cut him a check for the difference at the same time that they mail you the title. Make sure you draw up some sort of bill of sale that you both will sign (year, make, vin, mileage, etc)

It will make things more official while you wait for the title.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by Bud &raquo;</TD></TR><TR><TD CLASS="quote">You could write a check to his lein holder for the full sale price. They will cut him a check for the difference at the same time that they mail you the title. </TD></TR></TABLE>



The leinholder will not mail the buyer the title. Once the title is released by the DMV, they will mail it only to the account holder - i.e. the seller.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by Sijray21 &raquo;</TD></TR><TR><TD CLASS="quote">this is why i'd only buy from those with title in-hand...i hate this kind of hassle.</TD></TR></TABLE>

Wow... really narrows the market, doesn't it?

 

this is what i would do. pending if he has the money or not. Make the seller pay off the remaining balance 100% in full. When he does, the title will be mailed to the seller (usually 2-3 weeks). From there, you purchase the bike with the agreed amount. Seller hands over keys/title.

you ride away like a happy *** ****

Note to self... i would somehow make a verbal contract that prior to the acutal sale, X amount of miles should be limited on the bike. no riding bla bla..... after all, it is your bike....

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by Apocalypse &raquo;</TD></TR><TR><TD CLASS="quote">

Wow... really narrows the market, doesn't it?</TD></TR></TABLE>

Perhaps for a segment of the market, but I also follow this rule of only buying with title in hand, specially if the sale is from out of state. However if it was a bike I really wanted and the price was right, I would purchase a bike with a lein holder

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by RebornGSR &raquo;</TD></TR><TR><TD CLASS="quote">

Yea I wasn't going to let him jack my title

So I pay off the bank and just give him the difference between our price and what he owed on the loan. </TD></TR></TABLE>

now that im not sure about

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by Apocalypse &raquo;</TD></TR><TR><TD CLASS="quote">

Wow... really narrows the market, doesn't it?</TD></TR></TABLE>

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by MSchu &raquo;</TD></TR><TR><TD CLASS="quote">

Perhaps for a segment of the market, but I also follow this rule of only buying with title in hand, specially if the sale is from out of state. However if it was a bike I really wanted and the price was right, I would purchase a bike with a lein holder </TD></TR></TABLE>

agreed. After previous experiences with sellers i'd rather buy from someone with a title in-hand. Should i change my post to "heavily prefers to buy from people with title in-hand".... ?

 

Yes... but who doesn't?