Rather than trusting the previous owner will get around to sending the title to you, the bank can mail it directly to your house. As long as you are both there at the bank when the loan is paid, he should be able to sign it off by proxy and have the bank notarize the deal and issue the title to you.

They can probably set you up with the proper paperwork to get the bike registered at the same time.

 

In most areas, when a vehicle is sold with a lean against it, the buyer and seller go to the bank together. The buyer pays the seller the total amount agreed upon. The seller pays the bank the loan balance and the bank provides a lean release document. The buyer and seller then go to the county clerk or DMV office and present the title and loan release documents. The title is put into the name of the buyer and they will receive a canary copy of the transaction which is the temporary title of ownership. A new title is sent to the new owner in two to four weeks.

CD

 

If he is selling for what he owes, you will simply pay the bank. If he is selling for what he owes plus some, you will pay the bank and him with two separate checks.

If the bank has a physical presence in the world (i.e. they have a branch near you where you can walk in) stop in and ask what their procedures are. Most can have the title ready if given notice and you will pay for and take the title with a bill of sale from the owner. Yes it is easier if he is there with you.

If the bank is one of those that don't have local branches, you will have to call and ask their procedures.

DO NOT pay for the loan and then wait for him to receive the title and give it to you. He may be legit, but there is nothing protecting you in that situation. You always want to have the title exchanged during the money transaction.

Bottom line, find out what bank and ask them for the procedures.

 

You might want to PM Tdubb, he did this on his R1, I wouldn't let the dude keep the bike after you just paid it off. I would also write up a bill of sale, and get his dl # and find out where he lives, just in case he tries to screw you.

 

yes thats the plan, after i pay up i will take the bike from him and will have him sign the report of sale in front of the bank notory.

 

Well we will be going together to the bank branch but the bank said it will take around 7 days for the lean letter and 30 days for the title.

I am not sure if the title will be sent to me.

The bank has a branch nearby so will call and check with the bank.

 

I've bought & sold several things (cars & a boat) like that & it can be a safe transaction. The only thing I would advise you to do is demand the title when you pay for the bike, so that you can apply for a new title & buy a plate immediately at the DMV. 30 days is too long. If it were me I'd have the seller find out where the actual title is. It's probably at the main office & the lender should be able to produce it there at closing. It's the sellers responsiblity to arrange this not yours. It may be a little inconvenient for him but it can be done if he wants to sell the bike (and that's exactly how I would tell him-firm & friendly). Personally, I wouldn't want to wait 30 days for the title. Once that loan's paid off the bank really has no incentive to hurry the paperwork along & the seller already has your money so he's probably going to be out of the picture. Right now as a buyer you're pretty much in control however, once you pay the money you may be at the mercy of a financial institution that you may not be a customer of. If you're a customer of the bank it may be a diierent story. The seller should be able to arrange for you to get a clear title along with the bike when the money changes hands. You need to explain to the seller that the bike itself is part of the deal and that the bike & title is the whole package you're buying & that in able for you to use the bike immediately you need the title along with it.

A couple of years ago, I had the a similar thing happen when I sold my Chris Craft. The branch office couldn't produce the title at the closing so the buyer & I went to the main office of the bank. PIA but it worked out. The loan got paid off, I got the extra money after the pay off and he got the title. A long time ago I also had a situation where the bank "lost" a truck title. That took awhile to resolve. I'm basing my comments on personal experience. While I never got screwed out of any money in these situations, I have been unnecessarily inconvenienced.

Jerry

 

Thanks for the info jerry, i am going to the branch tomm all by myself and will inquire the procedures they have then i will meet the seller over the weekend and will explain him and tell him to push the bank to get the title.

 

Lets assume e.g. the bank branch is not able to get the title and it will take 30 days then can i do this:
Take the difference amount from the seller and take over the loan and payments that way the bank changes the address and puts my details and then i pay off the total loan so that the title will come to me instead of the original seller ??

i am just assuming this scenario .. don't have much details but i have seen ads where people say .. "give me the difference or take over the payments".

 

I will never do that again....I don't ever want to even know about the bike unless it is completely paid off....I went through a ton of hassles with mine...unless they have a title in hand....won't deal with it....:smiley_mornincoffee

 

What we have here, Flyby, is a difference in procedures based on the various states we live in. In my case...Kentucky.

As you said, call the bank and find out about the exact procedure they require for you to take possession and receive a clear title.

CD

 

From your 1st post it sound to me like the guy just wants out of the bike for 1reason or another, maybe the bad economy's got him or he wants another toy- whatever. He's probably an honest person but.... Like 4Raven says, I wouldn't do a partial payment. When I purchase or something, I want a clean deal if I were a seller I wouldn't want anybody withholding money from me & as a buyer I want to buy something, in this case a bike, that's got a free & clear title. I would be very friendly with the seller but insist on a clear title when the money changes hands. In my view that's a clean deal. Everybody walks away with what they want, you've got a bike that you can license immedately & he's got his money. (Also along with the title you want a lein release document from the bank.) There's too many bikes out there and people wanting to sell to fool around with something where you have to wait for a clean title. Like I said it's the sellers responsibilty to arrange for a clear title & lien release not yours. If you want to call the bank go ahead, I wouldn't. Realize that you're not the bank's customer the seller is. If he wants to sell the bike he'll find out where the title is kept & arrange for you get the title & lien release immediatley when he's paid.

When I bought my present bike the owner produced a clean title and lien release from his lender. I know this can be an emotional experience, but it's also business.


Jerry

Jerry

 

so did your bike had loan too ? I don't think the lender will give away the title to the owner unless the amount is paid in full... i am just trying to compare your scenario with mine.


I have always bought used vehicles with titles in hand .. this would be my first deal where the title is with the bank.. if at the deal will go thru.

 

Yup got it, even if i go to the bank, i am not their customer so they will not give me good info but the seller is and he can insist on the title and lien release document.

Thanks for the info, lets see how this thing goes.

 

I didn't ask the seller, but it appeared to me that he paid the bike off prior to advertising it for sale as the title had his banks name on it, but he did have a lien release from his bank so in effect the title was clear. I financed my bank through our credit union and they made sure the paper work for the bike was in order. This may be something you want to consider. If you're able, finance all or part of the money & you're bank will definitely make sure that the paper work is in order & if you've got the cash you can pay the bike off shortly after closing-just an idea. As clockdaddy said different states have different rules. I'm just giving you a Michigan overview so to speak.

This kind of situation is why you see ads saying "clear title" meaning no hassle.

Jerry

 

so can I do this :

I go to the bank with the seller and take over his loan on my name, he pays me the difference. All the paperwork is transferred into my name and then I payoff the loan.

That way the title will come to me in my name whenever the bank releases it.

 

dude, is this that same deal that we all concluded was a scam??? or a new one?

 

this one is located in WA state.. i don't know which one you concluded as scam ?

 

Once you get the lien release & cleared title you're all set. The scam thing thing may be a real possibilty. Make sure you speak with the seller face to face & actually see the the bike that's for sale. It's a simple process that doesn't have to be real complicated.

Jerry

 

well i talked to the guy and he is basically buying another bike from a dealer so the dealer is helping us out.

The dealer will buy the bike from this guy and then i will buy it from the dealer with same amount we agreed upon. This way the dealer will give me paperwork and i will get a title from the dealer in 10 days directly in my name.

this is legit right ?

 

Only if the dealer is being fair and doesn't charge you anything more than that agreed upon price.

My problem was that the person I bought my bike from ...their bank was in another state...so they call and get a payoff amount...owner writes a check and sends it in the snail mail....by the time it gets there...there is more interest added onto the loan....so I told the seller I would pay that in my loan...it was like 10$...if they reduced the price of the bike....I think by $25...then I had to wait until it was okayed by their bank....it wasn't we had to wait another week or two...until they paid it off...then we had to wait until their bank sent my bank the title and they paid the seller....then the transfer ...where the seller signs off the title...then I had to wait until I got a copy of the title...to take to BMV....and pay taxes on it...get my plate....new license.....that was a chunk of money!!! But what a pain....

If that dealer charges you anything above the agreed upon amount...tell him to get lost! I don't understand why the seller doesn't pay it off...unless he can't....but then how is a dealer gonna help him? Is he trading it in on another bike?...........I might be asking your own bank loan officer some questions...before you do anything....they have a lot of information....on how things are supposed to go.....RIGHT....

 

well the dealer is charging some fee but the seller is going to take care of it... and the seller is buying a bike from the dealer so that way the dealer is doing this txn.

 

I would still talk to your bank loan officer....just call make an appt or you can walk in....they will gladly talk you through it....they did with me....I had never purchased anything without a clean title....before...they can answer questions you have honestly...not that the dealer wouldn't necessarily...but ...get some info...

Good luck to you...

 

Actually i am not taking any loan, i am paying cash.

Thanks for the advice though.

 

BTW what kind of bike is it?

 

its a 2007 kawasaki ZX-6R.

 

So, are you keeping your other bike, that sure is a big change. I don't know exactly how the deal with the dealers going to go down, but I would be much more comfortable giving an established buisness money(with some sort of reciept of sale) than Joe Shmoe.

Good luck, and I hope you like the new wheels.

 

No I will be selling my cruiser. From cruiser I decided to go dual sport but didn't like it, then I was attracted to nakeds but lost interest and finally fell in love with full blown sport.

I have rode my brother's ninja 250 and have lil idea about how it feels but this one would be lot more in power.

I will need lots of tips and advice from you sport riders

thanks for all the info.

If I take the bike then will post lots of pics.

 

Let us know how it goes.

 

It went very well. We went to the dealer and he gave me a temporary license plate and a purchase order. Now my plates will come in around 2 weeks time and then title

I will post the bike pics soon.

Thanks all for all the help and information.

 

I had a bad experience with suzuki financing

Changing the subject a little....I was trying to pay off my Suzuki mortgage thru RETAIL SERVICES (HSVC) .......I sent them the check for around 6 thousand and even sent it CERTIFIED......they let it lay in a drawer or sit stagnant in the system for almost 3 weeks ! I was almost due another payment (which would have changed the payoff amount ) and I had to finally CANCEL and VOID the first check ! after sending another one priority mail certified, overnight, signature required and all I could get... I finally got them to acknowledge the second check ! **** ! by then I was ****ed and had talked to everyone I could.....it's such a big organization that you never talk to the same person twice .....and all you get is a big run around ....I barely beat the next months DUE DATE ....but finally got my title from them ....(I was ready to frame it !) then a couple wks later they claimed to have gotten the FIRST check (that had been "lost" in the mail) and the idiots tried to process it AFTER I TOLD THEM REPEATEDLY THAT IT HAD BEEN VOIDED !so since it wouldn't "cash out" they stuck my accouunt (which had just been paid out) with a CHECK PROCESSING FEE of 35 dollars ! I paid it just to keep them from screwing up my credit score which they threatened to do !


THINK LONG AND HARD BEFOR YOU DEAL WITH THESE PEOPLE ! (WHICH I OBVIOUSLY DIDN'T DO)