Held off on signing the papers on a 16 heritage to go look at a 2015 Fat Boy. The bike only has 400+ miles on it and the owner wants to get out of the payments. The bike has been in a garage and looks showroom new. Asking price is high 13K.
I have not bought a bike before with a lien and don't know the procedure. Can anyone tell me what I need to do?

 

Go to a HD dealer and look into the Rider to Rider financing? I think that is what it is called

 

The lien has to be cleared with the original lienholder before you can own it free and clear. It has to be either paid off by you, or transferred to another lending institution where you finance the bike, and they will then pay the current loan off, clearing the original lien.

If it is a local bank, and you are paying cash you can arrange to go there with the original owner, and pay the lien. Make arrangements with the lending institution so that they will have their paperwork, and the title ready to transfer to you.

 

Go to your bank and tell them the situation. They will get the seller's information, contact his Lien holder to get the payoff amount, and get the financing done. If you agree to pay more than he owes, he gets a check. If you agree to less, either he or you will need to make up the difference.

 

If you're writing a check make it payable to the lien holder and the seller, not just the seller. And, in the memo section write a note that it's to purchase the bike (vin number) free and clear with no lien. Seller can't cash the check without the title holder signing it.

 

Be careful of the asking price...lien holder will have the final say, regardless of what you and the seller agree on. If it becomes an issue. will the seller pony up the difference?

 

Do what Dickey do...find another bike with a clear title. Too many things to go wrong in your situation.

 

What is the payoff amount? If you don't know, you are already in over your head.

 

I meet back up with the buyer tomorrow. The HD rider to rider financing looks to be a good answer. I now know how to proceed Thank you all.

 

Are you financing or paying outright!