Buying a bike, Is this normal???
#1
Buying a bike, Is this normal???
I'm looking to purchase a used bike from a private dealer. He said he has a loan on it. He said that in order for me to buy it, I would have to pay him for it, sign the bill of sale, then he would pay off the load and get me the title. I've never bought a vehicle from somebody who had a loan on it. Is this normal?
Here is his latest email to me,
Hey John,
I did not sell the bike. The reason being is, I have a loan on the motorcycle and dont have the title in my possession (my loan company does). I called my loan company and they told me that I would have to pay the loan off then they send me the title which can take up to 30 days, then I would sign it over to you. The motorcycle has to stay with me until I get the title for many reasons (insurance, registration, liability, etc.) To ensure your money is put towards the bike, we would fill out a bill of sale and get it notarized. So basically you would pay me for the bike, I would pay the bike off immediately , and when I get the title we go to DMV sign it over to you then you can take it home. Please let me know if you are still interested (or not) becuase I am going to take it to a dealership this weekend if this doesnt work out.
Thanks, in advance.
Here is his latest email to me,
Hey John,
I did not sell the bike. The reason being is, I have a loan on the motorcycle and dont have the title in my possession (my loan company does). I called my loan company and they told me that I would have to pay the loan off then they send me the title which can take up to 30 days, then I would sign it over to you. The motorcycle has to stay with me until I get the title for many reasons (insurance, registration, liability, etc.) To ensure your money is put towards the bike, we would fill out a bill of sale and get it notarized. So basically you would pay me for the bike, I would pay the bike off immediately , and when I get the title we go to DMV sign it over to you then you can take it home. Please let me know if you are still interested (or not) becuase I am going to take it to a dealership this weekend if this doesnt work out.
Thanks, in advance.
#3
Good luck!
#6
i just went thru this with my truck i bought. if you have a bill of sale and his insurance card then you are fine. he will keep the playes. YOU CANNOT RIDE untill you have the title in your name. he will recieve the title from the bank and then send to you. could take up to 30 days like he said. but im calling BS on him keeping the bike.
#7
#9
If the bank doesn't actually have the title on hand, they can get it if they know up front that the payoff/transaction needs to take place. This shouldn't be an issue.
Take your Bill of Sale w/ you & have the bank's loan officer notarize it.
After you have done the transaction, gotten the title & BOS, then go to the DMV together to process new title & registration. Done deal.
Any other way is unacceptable as far as I'm concerned.
#10
Think it depends on who financed it. Don't think the dealer will have the title if Honda Finance Corporation issued the loan. PO of my bike had to wait for it to be mailed to him.
It could have gone bad for me. I did have a few hole cards though. His wife's name, place of employment for both he and his wife, probably a couple relatives (didn't follow up on those) and a very well written bill of sale
It could have gone bad for me. I did have a few hole cards though. His wife's name, place of employment for both he and his wife, probably a couple relatives (didn't follow up on those) and a very well written bill of sale