So like the title says i need some help for a bike that i am going to take a look at today. Well the question i have is that the owner of the bike does not have the title on hand as he still owes money on it and i was wondering how this kind of transaction would work if i were to pick up the bike today. Like what should i do to so that i don't get screwed over? any help would be appreciated thanks.

 

bad scene man, I wouldn't do it unless you meet in person at the bank and get immediate possession of the title. If you ride off without a signed title, the guy could call the police as soon as you leave and report a stolen vehicle.

 

well that is the thing. i talked to the guy and he said that he would give me a bill of sale and the current registration of the bike and i wouldn't have to give him cash i would take a money order or the cash and go to the bank and pay it off with him there. or something of that nature

 

that would work fine just be sure to go to the bank with him to get the title

 

Hold the guy to it and do not release the cash until your at the bank... I am telling you, you have no idea if the amount he financed is MORE than the amount you are paying, in which case you are screwed... bank will not release title

 

so everything should be good as long as i go to the bank with him pay it off and get the title?
well thanks for the advice and ill see what he says when i go and look at the bike today.

 

ask to see the payoff amount... demand that

 

Also, make sure to write a bill of sale. Both of you should sign in it in front of a notary (get it notarized). Be sure to include the information that there is a loan/lien on the bike. The owner will accept payment, pay off the bike, and will give the new owner the title immediately. Do something to that effect...if you look around online, you should be able to find sample bill of sales that have the proper/legal wording.

I have done this in the past with a car. It covered both me and the seller.

 

Why would the seller want to do that, unless the payoff amount is MORE than the fair value?

 

it has nothing to do with fair value... it's to ensure that the amount he is getting paid by the buyer is equal to or lower than the amount being paid... common sense.

The bigger question is... why wouldn't the seller want to disclose that?

 

I misinterpretted you first note, when you say "demand that". I thought you meant, demand that as the sales price.

If they had agreed on the price, before hand, then it wouldn't matter if the buyer knows the payoff amount. The seller wouldn't want to disclose it before a sales price was agreed upon.

 

ahh.. I see, point taken

 

He could owe more and simply have other funds available. Couple grand in a checking account plus the sale of the bike could match the pay off easily. But yes, make sure you get the title.

And as far as having the bill of sale notarized, no need to have that done.