aughtsix
Expert Class
Posts: 277
|
posted August 26, 2005 05:27 PM
When the seller doesn't hold the title... (?)
I appeal to the collective wisdom of the board.
I've always bought my bikes from sellers who hold the title or else I've bought new from stealerships, but how does it work exactly when the seller of a bike still owes money on his bike to some huge non-local financial conglomerate which holds the title? How does the buyer finally get the title??
Seems to me that all the buyer will get is the bike, a bill of sale and a promise of a title to come -- scary.
Help me out here guys - how does this work and would YOU do it?
  
|
238mph
Pro
Posts: 1145
|
posted August 26, 2005 08:13 PM
yeah that's scary... I'd want to talk to the finance company... and do wire transfers
all in the same day to get the title.
On the other hand, I just sold my F250 for $60,000 (lifted and all) and Ford has the title.
So he paid me, I paid Ford, and we waited 4 weeks for the title to come... I let him use
my tag once he put insurance on it... You'd think by now there would be a much faster way
of handling this crap....
|
aughtsix
Expert Class
Posts: 277
|
posted August 26, 2005 08:26 PM
Thanks for the reply Jere and yeah, you'd think so. I'm wondering the same thing.
And even if we do the wire transfer dance, won't the title still go to the seller first? I'd simply be paying off his loan for him - nice guy that I am. Then I'd have to depend on him to toss the title in the mail...
There has to be a better way.
|
vozizm
Needs a job
Got Nothing Witty To Say
Posts: 4417
|
posted August 27, 2005 03:21 AM
60k..
Jere can a brotha get a loan?
send ya my SS# and ya can put me on ya taxes...
____________
VOZ
|
slug
Pro
Out in search of my mind...
Posts: 1433
|
posted August 27, 2005 04:45 AM
if it is someone you know or is local, i'd deal.
if it is off ebay, or jimbob that walked in off the street, run away.
  
|
ninja12
Needs a job
Posts: 3310
|
posted August 27, 2005 07:34 AM
Use a bank to finance at least some of it.
They will make sure the title is handled right. They do it everyday.
When they have title in hand, usually about a month, you can payoff and pick up title.
|
aughtsix
Expert Class
Posts: 277
|
posted August 27, 2005 08:40 AM
 Edited By: aughtsix on 27 Aug 2005 09:42
quote:
Use a bank to finance at least some of it.
They will make sure the title is handled right. They do it everyday.
When they have title in hand, usually about a month, you can payoff and pick up title.
Oh, the genius of the board! Thanks Ninja12.
That's one of those things that, once someone points it out to you, is so obvious you wonder how in the world you didn't see it...
Heck yes, my Credit Union will most definitely lend me a thousand bucks on an eight thousand dollar bike, I'll get the money at a lousy 5.25% and they'll most definitely want to hold the title! When it comes in I'll take the thousand I set aside and buy my title.
Genius...
|
TurboBlew
Moderator
BUSY DOING THE SCHIAVO
Posts: 4590
|
posted August 27, 2005 11:28 AM
You can make up a bill of sale and verify with thefinancial institution of the amount owed on the lien. Usually I divide the sales proceeds into "payoff" and "seller"... this way they can't run off and cash out on ya.
I would also require a copy of the DL, SSN, and home phone.
In FL, the state actually holds an "electronic" copy that the bank can have mailed directly to you once the lien is satisfied.
|
238mph
Pro
Posts: 1145
|
posted August 27, 2005 01:37 PM
Ninja 12 gets my vote too.!!!
BS on the FL thing... that's where my truck was titled... and it took 5 weeks to get it
from Florida...
|
ra12r
Zone Head
Posts: 919
|
posted August 28, 2005 06:57 AM
Going the bank route wont change anything. The guy still owes the finance company, and you will still have to be responsible to make sure your bank recieves a lien on a clear title. The bank will not "CLEAR" the title for you. It is just security that you will pay back the loan They will file a lien against the serial numbers with the Department of Motor vehicles later. At that time, if the title is not clear, then they will notify you that you don't own the bike, and their loan does not have any security that YOU promised.
Who is holding title? The guy or the finance company?
If the guy, then simply get him to sign the title to you and then you pay the finance company directly. This will "satisfy the note" and they will "release the lien" against the title. You will need that document when you apply to "tranfer title".
If the finance company is holding title, then call them and they will tell you what is required for you to buy the bike.
It may takes WEEKS to MONTHS depending on the efficiency of the finance company.
____________
All must bow to the "Ra Supremecy"...
|
ninja12
Needs a job
Posts: 3310
|
posted August 28, 2005 11:05 AM
Edited By: ninja12 on 28 Aug 2005 12:10
I don't think many banks will release the money without knowing the status of the title.
If they do I could finance a new car then sell it to you. I would collect money on a car
that the bank still owned and you would have a car with two leins.
People buy and sell cars everyday that they still owe money, this is a exact process for the
finance community.
Try to trade a car and tell the dealer you owe 2K instead of 20K and see what happens.
|
TurboBlew
Moderator
BUSY DOING THE SCHIAVO
Posts: 4590
|
posted August 28, 2005 03:28 PM
Wow... you must have some real losers handling your titles. 2 weeks tops is all Ive ever had to wait.
quote:
Ninja 12 gets my vote too.!!!
BS on the FL thing... that's where my truck was titled... and it took 5 weeks to get it
from Florida...
|
ninja12
Needs a job
Posts: 3310
|
posted August 28, 2005 05:41 PM
If you are dealing with people who don't have a vested interest it takes longer.
Buy my truck, pay me, and I will get the title for you later!
Even if I sign a bill of sale and have no real intent to do you wrong, It will not
have the same sense of urgency as if I had a sale waiting, and had not recieved any money. Just normal human nature.
Let the bank handle it!
IF you are worried, finance 100% + tax. The difference between interest paid and interest earned should be minimal. Banks don't send money and hope to get the title.
|
|
|
HOME
NEW TOPIC