| Author | Message | ||
     Sfinton |
I am currently looking at an 03 XB9R. The bike is being sold by a private owner. The owner currently still owes a small amount on the bike. He is financed through his local HD dealer. I would be paying in cash, but my assumption is he personally needs to pay off the loan. I live 3 hours away and would not want to leave without a title. I'm trying to do this transaction in one trip because of time and gas. Any advise would help. Thanks! | ||
| Ratbuell |
Yep, he needs to pay off the loan, either on his own or with your money. Check your state's DMV website, there is probably a form you can use to CYA. Also, with HD finance, there is an Authorization Of Proceeds form that can be filled out. What it is, is a form that says you (buyer) are paying off his loan for him. You both sign it, and the end of the form authorizes Eaglemark (HD Finance) to send the lein release to you instead of to him. You'd be writing two checks - one to pay off his loan (have him call and get a payoff quote and a "good through" date so you pay the right amount), and the remainder to him. If you need a format, LMK. I can send you a bare-bones AOP on Friday when I'm back at work. | ||
| Teeps |
I bought my Uly from a fellow BadWeb rider, pretty much the same situation. Drove to the owner's house, gave him a credit union check from work (American Honda.) He signed a bill of sale. I took the bike and the signed bill of sale, loaded the bike on the truck and drove home. The owner in turn paid HD finance, got the title and mailed it to me. Took less than 2 weeks. I didn't know the guy I bought it from but he was a local cop in Fallon, Nv. so I was pretty comfortable with the deal. Not to mention, I had the bike and a signed (witnessed) bill of sale. Best advice I can give you, is if you don't feel good about the deal; pass it by... Always trust your gut. | ||
| Starter |
I have been in this position before and was fortunate enough to pressure the seller into paying their loan on his her credit car to release the vehicle so I only had to pay him the agreed price of sale. The best thing to do in this situation is for the transaction to occur at the dealer where the monies can be reciepted and witnessed by yourself and you can be confident that the loan has been closed and you have a clean unecumbered title. This is always a crappy situation when buying any vehicle. | ||
| Mr2shim |
Ironically enough, that was my situation. I trusted the guy enough. BUT I didn't pay cash. I had a cashiers check written out to the HD dealer with his name and acct # in the reference section. It's a bit safer. He actually preferred it to be done that way. We did a bill of sale. Had a copy of his drivers license just in case. He mailed me the title as soon as he got it. Smooth transaction. Personally, I was leery about it, but getting to know the guy he was a good, honest person. |
