Hi I was wondering if I were to buy a bike that was financed, what would be a way to cover my ass in case the person doesn't send the title after payoff? I'm looking at a bike, and I'm planning on giving the owner the amount owed on the bike. I was thinking of, on the bill of sale, writing something like "owner owes buyer title when received from bank" or something of that sort...would this hold up?

 

ok but what are you suppose to do because what if he wants to pay cash so hes not doing it bank to bank...? and the guy doesnt have the money to pay off the loan (prolly why he still has it)

could you go to the bank and figure somthing out or what? im curious

 

Could you call his bank and ask them for the right choice?

 

not to sure how its going to work. never seen anything of that sort done. but you could geta lawyer to write up something, sign it, have him sign it. that will hold up, might cost between50-75 for something like that, but you would be out alot more if he bails on you

 

just give him the money im sure hes honest!

 

Thats how I just bought my bike. Shit I paid $1100 less than what he owed. We had a bill of sale, some other piece of paper that we got from the DMV, I kept his tag(so that I could atleast ride it for a little, and have a little colateral), made a copy of his driver license, and went with him to the bank to pay the balance and send off the certified check. (I also let my sig p245 .45 cal "accidently" show when I got out of the car ) Also make sure you go to there house, not some parking lot. I mean I even met the guys mother so I felt pretty good. But it takes quite some time for the title to be sent out so its pretty nerve racking.........damn I also got everything notorized. I dont play

 

Try calling/going by a local gov't office (tax collector here in Hills.), and ask them how it would be handled and what paperwork you need. Also, I'm pretty sure you can get a bill of sale from them. Take your time and do it right. Like Beans, don't play, do your research. Good luck.

 

Yeah I'm going to call the DMV today and see what would be necessary. I'm sure this happens a lot since a lot of people finance bikes, so I'm hoping there won't be a problem. Thanks for the info.