Need to pull from the AT well of knowledge

[OILFIELDTRASH]

I am interested in buying a motorcycle from a guy. Problem is he still owes on it to a bank. He said I could pay him and he would pay it off and give me the title when it comes in. I don't know the guy so I'm not sure how safe that is or what precautions I could take to protect myself. He said I could also go through a bank. I'm not sure how the bank would do it. How does that work and what would be my best option right now? I really like the bike.

 

[Malak]

I sold a car a long time ago I still owed on. We worked it out with the bank ahead of time to have the title ready. The buyer kept the money and we went to the bank together.

 

[spidey07]

Go to the bank together. Pay the bank directly and any extra to the dude. Bank gives you lean release and signs the title over. These two documents prove it is yours.

 

[OILFIELDTRASH]

There is no bank to go to. It's Honda financial.

 

[Schadenfreude]

Now that the actual question has been answered, the threadjacking begins;

what kind of bike is it?

 

[Malak]

There is no bank to go to. It's Honda financial.

Well if you go with a bank, I believe they will directly deal with Honda so you won't have to worry about losing your money. The bank will send the money to Honda, Honda will send the title to your bank.

 

[OILFIELDTRASH]

Now that the actual question has been answered, the threadjacking begins;

what kind of bike is it?

It's a 2008 cbr1000. I found some 2008 cbr 1000's brand new but they are more money and I can't find a red and black one. It's a used 08 red and black.

 

[SpatiallyAware]

This isn't all that uncommon.

First off, make 110% sure it is NOT a scam. I mean 100 and 10 percent. Meet at his house, make sure he's "established" there and it's not a temp rental, write down tag numbers, call the cops out to check the VIN with him there, etc etc etc.


It's always a tricky situation, but IMO the best thing to do is have him sign a detailed bill of sale. YOU need to find the info on his bank (i.e. have him tell you the name and account number, then call and ask for the payoff address) I would also like to see his monthly statement.

Mail the check(s) via certified mail to the bank payoff department, and have HIM follow up with them a week later. You can ride on a bill of sale (be sure to get insurance)


BUT

here's the potential problem - what if you wreck the bike? Whose insurance pays for it? It should be yours, so make sure it's covered.

 

[SpatiallyAware]

...and if you're getting a loan it's even easier. You both go to your bank who will call his bank and get a faxed copy of the title. You both leave, the bike is yours, and obtaining the title is your banks problem. It's very simple.



I hope this isn't your first bike.

 

[lokiju]

I just sold my motorcycle a few months ago that I owed money on. I just contacted the bank, found out what I needed to do to request the title be sent to my local branch, followed their instructions, verified the title was indeed at the local branch and then had the buyer meet me there.

There were no issues.

Just tell him to do the same, he probably just doesn't know it can be done.

 

[Schadenfreude]

It's a 2008 cbr1000. I found some 2008 cbr 1000's brand new but they are more money and I can't find a red and black one. It's a used 08 red and black.

As SpatiallyAware said, I really hope this isn't your first bike as well.

And as far as the actual question goes - doubly make sure that everything is on the up and up. I've had a heap of trouble with titling my first bike because i wasn't careful about that with the prior owner. Plus he lived on the other side of the US . . . but that's a whole another thread (or two) .

That having been said, :drool; Those things are beauts! Hope the transactions goes well for you!

 

[fulltilt39]

there's an AT well of knowledge????

 

[Kadarin]

If either of you is a member of a credit union, go there and they will broker the transaction.