Buying a bike financed through Yamaha Credit Card

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Zx6rrider

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Anyone ever purchase a bike from a private party that was financed with a Yamaha credit card? Really wanting to pick up a particular bike but the only way to do it is to pay off the credit card for the current owner, get a bill of sale, then wait until Yamaha sends them the title after which they can get it notorized and mail it to me. Yamaha said it could be up to 30 days before the title made it to the original owner. They said there is no way that the title could go straight to me, although they are more than willing to take my money to pay off the bike. I called the dealer near where the bike is for sale asking if they could run it thorough there somehow but they said no. Any other ideas?

 
Yup, look for a different bike. You should be able to submit payment to Yamaha with the Bill of Sale. Then they know the bike is yours and know to send you the title.

This other way sounds hinky...I wouldn't do it.

 
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I received the exact same line from other financial institutions on a financed 2013 FJR I wanted to buy. I could not find any way around it so would have to give the 10 grand to some stranger and hope they signed the title over a month later.

Someone mentioned escrow accounts, but I don't see how that could work since most often the seller needs the liquid funds to pay off the loan, so there is nothing to hold in escrow.

Some genius will figure out how to make it work.

 
One possible way may be to suggest that the seller to open a new card with a balance transfer option for a low fee - that way he still holds the debt - till you pay him - and he will get the title and do it all at the same time - he will be out the fee (usually 3-5% - im actually waiting for a 0% or 1% transfer fee - which does happen occasionally, for exactly this reason) -

ok read the ad in classiifieds , sounds like he's without a job so that wont work right now , but is a strategy otherwise

 
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We financed a lot of bikes we sold with YCS Credit Card, administered by HSBC.

Most States have a Power of Attorney form which enables the present owner to sign over the title to the buyer without having the Title in his possession. Additionally when Dealers do this they have a form signed by the seller which authorizes them to pay off the lien and to receive the Title from the Lien holder.

You being a private party I think their is more risk to you.

Being that this is in another state this might prove complicated and as someone else stated might be better to look for another bike.

Were you talking to Yamaha or HSBC, the actual Credit Card folks?

 
Good idea John. The other possibility is to pay an escrow fee and let a third party deal with the issue. FWIW I think a guy that is in debt to his ears and that you meet in person is unlikely to run with the title. Just have a clear sales contract and receipts. The simple fact is there is a lien on this title and your signed sales contract with proof of payment is sufficient to prevent him from withholding the title from you when it is released from HSBC. If you like the deal, make the check payable to the loan account, rather than the seller, and have physical possession of the bike; there is almost nothing that could impact this sale.

 
I talked to the Credit Card company directly, they said they would take my debit card or check info over the phone to pay it so I know it would be paid off. I may try calling a different yamaha shop tomorrow and see if they'd be willing to push the paperwork

 
Send Patch308 a PM. He bought his BMW exactly like this. The guy was trying to save his credit and sold the bike for less than he owed. Let's just say he owed 12k and sold it for 10k. The seller sent BMW 2k, and Patch sent them the other 10. I don't remember the specifics, but there was title transfer and a little trust all baked into it.

 
Not to say yea or nay to your idea here, but being middle September we are right on the cusp of the time of year when there are a number of unbelievable FJR deals popping up. Especially considering where you live in the midwest, It happens every year about this time. You know the drill: riders faced with a long winter and big bills get desperate to sell and bingo. I typically see these deals ever 2-4 weeks on the forum beginning right about now. My point? Don't feel like this is the only great deal you're going to see. You'll see what I mean soon enough, whether you buy this one OR NOT...

Gary

darksider #44

 
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Not to say yea or nay to your idea here, but being middle September we are right on the cusp of the time of year when there are a number of unbelievable FJR deals popping up. Especially considering where you live in the midwest, It happens every year about this time. You know the drill: riders faced with a long winter and big bills get desperate to sell and bingo. I typically see these deals ever 2-4 weeks on the forum beginning right about now. My point? Don't feel like this is the only great deal you're going to see. You'll see what I mean soon enough, whether you buy this one OR NOT...
Gary

darksider #44
Treading lightly here as I have also had a recent FJR for sale ad mortared... Buying a bike this way sounds pretty risky. Seems like a local bank could help handle the transaction and minimize risk. There's also a fairly decent amount of bikes for sale so if this one slips away just wait a while. Maybe not quite as good a deal but not getting screwed is worth quite a bit...

 
Perhaps the way to do this is for you to finance the bike. Then your financial institution talks to the institution holding the lien/title. Your bank/credit union will know the secret handshake to make this work. You get the bike and then payoff the loan.

 
Perhaps the way to do this is for you to finance the bike. Then your financial institution talks to the institution holding the lien/title. Your bank/credit union will know the secret handshake to make this work. You get the bike and then payoff the loan.
Yep I have done this with a car. I financed the purchase through my credit union. I was even asked by the loan officer at the credit union why I was financing considering that I was easily able to pay for the vehicle. I was brutally honest and told him the loan was only going to be outstanding until the title was transferred to the bank. Then I paid it off and the title was sent from the bank to me. This instance was particularly sticky given that I was buying the vehicle from an estate. The owner had passed away his wife was not on the title it was a very messy title transfer. At least that is what I understand. It was very easy on me and the widow. The bank however had a truck load of forms.

 
Sounds like a good plan. Is there much cost involved in getting the loan? I know the interest cost for a month or two, but to write it and do all the transfer work? I may call me bank tomorrow

 
Sounds like a good plan. Is there much cost involved in getting the loan? I know the interest cost for a month or two, but to write it and do all the transfer work? I may call me bank tomorrow
I've never seen bank charge for a vehicle loan. It may cost you $5 for the interest accrued until you pay it off, but that's cheap for peace of mind. That financing idea was a very good one, and now that I think about it, I'm pretty sure that's how Patch308 ended up doing his. Once the banks are involved, there's no backing out or playing games with the title. NOT that the owner of this bike would do that, but knowing it can't be done makes people feel better.

 
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