Purchase question for R6

[monkin]

Found an R6 for a good price but the seller owes money

to the bank on it. He actually owes more than he's selling

it to me for.

I'm not sure how to purchase the bike..

I don't feel comfortable giving him the money

then waiting for the bank to release the title.

It all seem legit but..I'm just trying to do whats

best.

Is there a safe way for me to do this?

There has to be a way that protects both parties.

Thanks for any info on how to do this correctly.

 

[HotRodZilla]

Patch308 had the same thing when he bought his GS-A. The seller contacted his bank and told them he was selling the bike. Then Patch had hos bank send the purchase price, and the seller sent the difference. The bank held the money until the difference check cleared and then applied Patch's check. The bank then mailed the title to Patch.

Im sure there's more than one way to do it, but its easily done. PM Patch for more details if you want.

 

[monkin]

That sounds ok

I wonder if the banks usually keep the title there?

I'm thinking.. :blink: ..if I met the seller at the bank

and we paid together if they would give me the title then.

Or..maybe something notorized that says the bike belongs

to me now and they send the title later.

Not sure whats legal or prudent.

 

[HotRodZilla]

I don't think they woykd give you the title then, as Patch had to wait a couple weeks to receive his by mail. Don't forget that your bank may want that title until the bike is paid off.

However, once his bank is paid off, and the bill of sale is complete, the bike is yours. If you went to the bank together to close out the loan, I don't think you'd have any problems, and they'd know to send the title to you instead of him.

 

[03HiYoSilver]

That sounds ok

I wonder if the banks usually keep the title there?

I'm thinking.. :blink: ..if I met the seller at the bank

and we paid together if they would give me the title then.

...

I think they do.

Call the Bank of Record to be sure and if the Seller shows up with the Cash difference, the Bank will Sign off their Title to you.

I did this with a Bike Purchase once.

 

[monkin]

Thanks Everyone

I did email patch. I also asked the buyer if he would call the bank to

see if we can meet there to make the payoff..then get something that

says I'm the new owner.

Maybe I'm overthinking this...

Thaks again

 

[airboss]

"Maybe I'm overthinking this... "

I don't think so.

The bank is recorded as lien holder on the title and until the bank gets all the moneys that's owed to them that will not go away.

 

[old Pilot]

Patch308 had the same thing when he bought his GS-A. The seller contacted his bank and told them he was selling the bike. Then Patch had hos bank send the purchase price, and the seller sent the difference. The bank held the money until the difference check cleared and then applied Patch's check. The bank then mailed the title to Patch.

Im sure there's more than one way to do it, but its easily done. PM Patch for more details if you want.

This is close to what I did when I bought my FJR. I got more involved though and spoke with the seller's lender myself to be certain of the payoff amount and procedures as his lender was not local to either of us. I had his lender mail the title to me.

Here is the important thing: When I gave the seller the certified check for payoff I also took possession of the bike.

When the title arrived we met again to have him sign off the title.

Protect yourself, but it is an easy process.

 

[HotRodZilla]

Patch308 had the same thing when he bought his GS-A. The seller contacted his bank and told them he was selling the bike. Then Patch had hos bank send the purchase price, and the seller sent the difference. The bank held the money until the difference check cleared and then applied Patch's check. The bank then mailed the title to Patch.

Im sure there's more than one way to do it, but its easily done. PM Patch for more details if you want.

This is close to what I did when I bought my FJR. I got more involved though and spoke with the seller's lender myself to be certain of the payoff amount and procedures as his lender was not local to either of us. I had his lender mail the title to me.

Here is the important thing: When I gave the seller the certified check for payoff I also took possession of the bike.

When the title arrived we met again to have him sign off the title.

Protect yourself, but it is an easy process.

Yeah...The seller told his bank he was selling the bike and gave them permission to give Patch information about the account. Patch knew exactly what the difference would be between his check and the payoff. The bank was VERY accomidating.

I didn't mention that earlier because some banks are crazy secretive about peoples accounts, and I didn't want to get anyone's hopes up for something a different bank may not do.

However, thinking about it, I would bet banks are pretty used to dealing with this situation. Especially with motorcycles, and especially with the recent economy.

 

[monkin]

OK..the bank does have the title. Meeting the seller at the bank on friday.

I'm so excited. :yahoo: Will post some pics then.

 

[monkin]

Just rode her home. Here she is....

 

[bluesdog]

Woohoo! That is one sexy R6! Betcha the LEOs will be watching you very closely