Buying a bike w/ a lien on it

[Clovis]

I found a Yamaha FZ1 that I want to purchase and pay cash for.

The issue is the seller (private party) has a lien on it from Yamaha. He needs my cash to pay off the lien and promises to transfer the title.

I can get a bill of sale but a lien will trump the bill of sale so I'm not sure how to go about doing this.

Yamaha tells him the title transfer takes up to 30 days.

How can I buy the bike with the assurance that I'm not just paying off the guy's bike loan?

[longrider]

The only thing I would do in this situation is have the seller find out the amount of the payoff and get a cashiers check made out to the lien holder and give that and the balance in cash to the seller

[Sparker]

I found a Yamaha FZ1 that I want to purchase and pay cash for.

The issue is the seller (private party) has a lien on it from Yamaha. He needs my cash to pay off the lien and promises to transfer the title.

I can get a bill of sale but a lien will trump the bill of sale so I'm not sure how to go about doing this.

Yamaha tells him the title transfer takes up to 30 days.

How can I buy the bike with the assurance that I'm not just paying off the guy's bike loan?

I would agree with the idea of a cashiers check to yamaha. Also, I think a notarized promisary note would help you incase it went legal.

[EVO8]

I say stay away from it.

[Grim2.0]

I say stay away from it.


:imwithstupid:

[Chaos]

I would call Yamaha finance with his loan number etc. And deal with them yourself, instead of through the seller. You have cash, pay them yourself and they will send you the title, and all you need to do is have him sign it once you get it. I just did a similar thing and that's how I did it.

[The GECCO]

I would call Yamaha finance with his loan number etc. And deal with them yourself, instead of through the seller. You have cash, pay them yourself and they will send you the title, and all you need to do is have him sign it once you get it. I just did a similar thing and that's how I did it.

What he said

[tecknojoe]

Dude people deal with this all the time. It's not something to stay away from. Have Yamaha verify the lean and the owner with you, confirm it's his. Run the vin

Give him 80% in cash. Tell him when you get the title he gets the rest of the money. That keeps him off his ass to get that title right away.

If worst case he turns out to be a peice of shit and never gets the title, part it out

I've handled cars and bikes, buying and selling, multiple times this way. Takes a lot of risk out of it for both parties


also a note for above: I had someone pay the payoff amount straight to VW financial and they shipped the signed title straight to the buyer. They gave me the rest in cash.

[asp_125]

Yamaha Factory Financing probably does't do their own financing, like many others they might run their loans through a lending institution. Call them to see if you can make the full amount out to the bank. The bank will discharge the lien and cut the seller a check for the remainder. A bit more involved but it happens with late model used cars a lot; the lender places a lien as collateral on the vehicle.

[#1Townie]

I say stay away from it.

This for sure. Too many ways to get fucked.

[mdub]

it must be a grt deal....

[Clovis]

It's through Yamaha which is a credit card. He's asking $5950 and owes $5700 on it.

http://denver.craigslist.org/mcy/3508632198.html

Looks like a good deal to me for an 09 with just under 5k miles.

I'll see if I can call yam aha in the morning and ask if I can get something signed from the seller and send them a check directly.

[longrider]

Just FYI the Yamaha credit card is issued by HSBC Retail Services

[madvlad]

That's a good price

[Clovis]

I spoke with the owner on Friday and I'm sure everything is on the up and up, but on that note the internet is rife with burn stories.

I have a saying in my line of work. "Take people at their word, but verify everything".

[Chaos]

Shit, that's a killer deal. I sold my '07 FZ1, same color with 11k miles in July for $5k. So another grand for 2 years newer and half the mileage? Good deal.

It's great bike btw. I had a shit load of fun on mine.

[AOK303]

Hey thats my craigslist add why you spamming me =P JM