Looking at buying my first HD from an individual that has it financed with HD. I plan to pay cash (cashiers check actually) for the bike but my concern is I really don't know the guy I'm buying the bike from (friend of a friend of a friend of a friend). He wants the cashiers check made out to him, he will deposit it into his checking account so he can pay off the loan and he will send me the title when he gets it. We will do a bill of sale of course. In a prefect world this all sounds great, but we all know we don't live in a perfect world.

My fear is he takes the money and doesn't pay off the bike and a couple months from now Lizard Lick towing shows up to repo the shinny HD in my garage. How can I protect myself? Any way to have the HD loan converted to me? I can pay the loan off (that is now in my name) and pay the guy the difference. Any advice from those that have navigated these waters previously?

Thanks....Eddie

 

Find out the true pay off. Have the cashiers check made out to him AND HD finance. If he won't do that, walk away.

 

That sounds like the way to go.

 

agreed...

Or do a bank transfer direct to HD Finance and keep his hands off the money all together..

Too many good used bikes out there to get jacked around by a seller playing games..

 

+1

Get the payout amount from HD financing. Write one check to them to clear the title, and the (eventual) remaining part to the seller.
Red flags all over the deck, if he refuses to do that.

 

I'm not sure that that would work. I mean, you'd have to get BOTH authorizations for the check to be cashed/deposited and then the finance company would have to cut a check to the owner for the overpayment. I'd find out the exact payoff and then make one check out to HD finance and one to the owner for the remainder (if any). It also couldn't hurt to ask HD finance how they suggest that you handle it. If the owner won't do that, then like BDOC said, just walk away.

 

Also that might not work making it out to both of them. Just because you owe money does not mean he owes exactly what is being paid. I owe less than my bike is worth so if I were to sell it I would make more money but need to pay the moco part of that. If anything you could write a check for the pay off amount then he has to wait until you get the title and everything and he can have the extra amount. That is how I would do it. Also if he has the title he paid off the bike because you cant get that without having the bike paid off.

 

Your local dealer can handle this for you. It would be worth whatever fee they charge.

 

I just bought my bike this way. I did a bill of sale and took the bike home, waited for the title for about 2 weeks, I was a bit nervous but it worked out.

Obviously I had someone go with me, that person also signed the bill of sale as a witness. I knew where the owner lived and took a pic of his driver's license as well.

I understand if you're nervous, if you have a gut feeling about the person selling the bike, walk away. If not, go for it. Good luck!

 

That too, I completely forgot about this. I've done this before with a car.