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TheStig
Tue May 26th, 2009, 08:21 PM
So I have a lean on my bike through HSBC bank (suzuki card). Does the buyer of the bike make the check out to me or to the bank? When I sold my car they made it out to me and I paid it off, waited for the title and then sent the title to the buyer. Is there a better way?
brennahm
Tue May 26th, 2009, 08:25 PM
You should probably ask the bank.
TheStig
Tue May 26th, 2009, 08:27 PM
Im trying...been on hold for right under 2 hours...
Skinbabe
Tue May 26th, 2009, 08:27 PM
If the person buying it trusts you enough to give you the money and wait for the title you can do that. Otherwise, the buyer needs to meet with the bank to get everything taken care of.
TheStig
Tue May 26th, 2009, 08:35 PM
Its not a local bank though, I dont believe there is a way for them to do that.
Skinbabe
Tue May 26th, 2009, 08:40 PM
He will have to send them the money... unless he is going to finance it, then his bank will have to call your bank to work it out. If he is paying cash, he will have to pay the bank and they will send him the title... Its deff better if he trusts you to give you the money and you get the title.
Zach929rr
Tue May 26th, 2009, 08:42 PM
Probably wouldn't hurt his confidence to draw up a contract if he's given you the money.
TheStig
Tue May 26th, 2009, 08:42 PM
Ok I think he is ok with that. The only thing Im worried about is I have heard HSBC sucks and Im worried they will take forever.

Zach do you mean a bill of sale?

Thanks for the info!
Skinbabe
Tue May 26th, 2009, 08:46 PM
You can find a blank bill of sale online, just google it and fill it out. The bank will probly take forever. But if he gives you the money up front, bill of sale, make him give you a copy of proof of insurance, give him the bike and just wait until you get the title from the bank to actually sign it over.
TheStig
Tue May 26th, 2009, 08:49 PM
I think the way I understand CO is that the bank will send me a lien release that I take to the DMV and they give me the title. I dont think HSBC actually holds the title do they?
BigE
Tue May 26th, 2009, 08:51 PM
If HSBC is who loaned you the money then they should be holding it until the loan is paid off.
Zach929rr
Tue May 26th, 2009, 08:59 PM
Yup, lienhoder physically holds the title. At least that is the way it is with my private-party bike purchase.
Skinbabe
Tue May 26th, 2009, 09:01 PM
Yeah, the lienholder has the title. Just whatever you do, DO NOT give him that bike with out proof of insurance!
TheStig
Tue May 26th, 2009, 09:02 PM
Is that because if he wrecks it Im screwed? Even if I already had payment for it?
Zach929rr
Tue May 26th, 2009, 09:03 PM
Seems to me like it would be a liability issue. :dunno:
Skinbabe
Tue May 26th, 2009, 09:05 PM
If the reg is still in your name... if he hurts someone and they wanna sue... he cant get the new reg and temp tags with out the title. Just something else to cover your ass ya know. If you have payment it wont matter for the bike, just if it is still registered to you and he hurts someone.
Zach929rr
Tue May 26th, 2009, 09:08 PM
^ Good call.
Skinbabe
Tue May 26th, 2009, 09:11 PM
Yeah, I work in auto insurance... Ive seen some jacked up stuff!
TheStig
Tue May 26th, 2009, 09:13 PM
Thanks for all your help guys/gals!
Skinbabe
Tue May 26th, 2009, 09:14 PM
Im bored. LOL. Hope that helps. You going to be at Boston's tomorrow? If so come introduce yourself. I'll be on a Orange SV650S.
TheStig
Tue May 26th, 2009, 09:15 PM
I was all planning on it even got some friends to say they would go...and realized Im going to the No Doubt concert with the wife...sigh. The next one though and hopefully on a speed triple!!!
TurboGizzmo
Tue May 26th, 2009, 09:16 PM
I know with toyota (not a bike) if you sell it to someone they have a special form the buyer fills out with the check that you and the buyer signs and then the title will be released and mailed to the buyer.....dunno your bank works....
Zach929rr
Tue May 26th, 2009, 09:18 PM
At least you don't have to sit through the "This shit is bananas" Gwenn Steffani.
Skinbabe
Tue May 26th, 2009, 09:23 PM
I was all planning on it even got some friends to say they would go...and realized Im going to the No Doubt concert with the wife...sigh. The next one though and hopefully on a speed triple!!!

Well have fun with that LOL. See you next time!
Wyck
Wed May 27th, 2009, 09:53 AM
I was all planning on it even got some friends to say they would go...and realized Im going to the No Doubt concert with the wife...sigh. The next one though and hopefully on a speed triple!!!


I'll take your place :D
Wyck
Wed May 27th, 2009, 09:56 AM
This topic reminds me. I need to call the guy I bought my bike from. I financed gave him a cashiers check. He emailed me about 3 weeks ago saying title should be there by that weekend. Didn't come then he went out of town said he'd be back by this weekend and I still haven't heard from him.
TFOGGuys
Wed May 27th, 2009, 10:08 AM
Seems to me like it would be a liability issue. :dunno:
One variation of a bill of sale here:
12627
Mister BOYD
Wed May 27th, 2009, 10:18 AM
Im trying...been on hold for right under 2 hours...


HSBC Is shit.. Doesn't surprise me