Buying a bike with that still has a loan on it...

[wongfeihung]

Hi guys. Need some advice here. Has anyone bough a car or a bike this way?

I'm talking to a guy who wants to sell his bike to me.

1). He owes the bank for the bike.
2). He wants to meet me at the bank so I can pay the bank off.
3). The bank will notarize the bill of sale (according to his words)
4). The bank then will send him the title (or me) and he can then sign it over to me.
5). I take it to the DMV and get the title under my name.

Would this be the proper procedure? Would love to hear from those of you who have some experience in this.

[johne303]

I did the same thing for my 848. I drove to utah and we met at a usbank to notarize a bill of sale. I handed the money over to the seller who paid off his loan to a bank out east. The bank then sent the title to the seller. He signed and shipped the title to me. Took about a month but I have the title now.

[johne303]

It's risky. Make sure that the loan is under his name. Luckily the bank is local for you

[wongfeihung]

Thanks for the reply back.

so I should make sure that the loan is under his name. Anything else I should be aware of?

[CaneZach]

Make sure there are absolutely no errors when signing over the title. If the seller writes down the mileage in the sale price box or some other mistake, you can't cross it off. You'll have to get a brand new title from the bank and start the whole process over again

[birchyboy]

Make sure there are absolutely no errors when signing over the title. If the seller writes down the mileage in the sale price box or some other mistake, you can't cross it off. You'll have to get a brand new title from the bank and start the whole process over again

This. When I bought my bike, the guy had a crappy pen and hand to go over the first digit of the mileage a couple times. I didn't think anything of it, and when I went to get it registered and the title in my name, the clerk told me that she had to issue the title with and "estimated" mileage, not actual mileage. I could live with that, but they are very finicky with that document so be careful.

[wongfeihung]

Thanks for the comments guys. This is all very helpful.

[cbrjohnny]

i have the title in hand for my bike check it out in the for sale sections!

[DRKATO1]

I did this on the last bike I bought and it worked out fine. You have to trust that the seller will send the title to you. The credit union I use for another bike I have holds the title at the local branch and I can get it as soon as the loan is paid off. Most banks hold the title at a home office in a different state and it can take weeks to get it.

[Grant H.]

If you have the option to have the bank send you the title, do that, and then arrange to meet him to sign it over. That way you have the notarized bill of sale, and the title.

[jbnwc]

I've done this a few times as both a buyer and a seller. The procedure you mention in your first post is best - I would emphasize that you both be at his bank for the transaction so the lienholder gets paid and can either hand you the title or arrange for it to be sent to you.

[jplracing]

Depending the bank that holds the loan, I would suggest that you have the seller request that the title be sent to the local branch (assuming the bank has a local branch). This way the seller can pay off the loan and you can get the title

[longrider]

The procedure you listed in your first post is good but to simplify things afterwards if the bank will send you the title all you need is to have the seller execute a Motor Vehicle Power of Attorney link then you can sign the title over to yourself and not have to find the seller again.

[UHATEIT]

This. When I bought my bike, the guy had a crappy pen and hand to go over the first digit of the mileage a couple times. I didn't think anything of it, and when I went to get it registered and the title in my name, the clerk told me that she had to issue the title with and "estimated" mileage, not actual mileage. I could live with that, but they are very finicky with that document so be careful.

my wife and I got fucked on a trade in because of this "estimated" mileage on the title. Because the dealership took this as a branded title and said well the mileage is estimated and since we cannot prove what is "really" is they gave us a shit ton less in trade in because they'd have to sell it as a branded title and the new owner would never know what the real mileage is

so watch out for that on your mileage!