I am purchasing a bike of someone who doesn't hold the title (I think Harley does). DoI place the $ in escrow for their loan payoff or exchange the bike for $ and have them sign a notorized agreement.

Thanks
Dave

 

lmao

 

I would have them clean up the title prior to purchasing the bike. Escrows can be a hassle since - even if he breaks the deal - he will have to authorize the escrow agent to release the money back to you (it requires authorization from both parties). Good luck.

 

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my credit union will process the loan if a letter guaranteeing the pay off amount of the leinholder is submitted to them.

 

Get the seller's information, loan number, loan provider, etc. and call the lienholder yourself to verify the payoff, any penalties, etc. That way you'll know how much is really owed and speaking to the lienholder can get the right information on how to get the loan paid off and get a clear title in your name. They may want a 2-party check to them and have them refund the balance to the seller.

Do your homework or you could end up with an overpriced bike that still has a lien against it. I should have added one more thing, it is YOUR responsibility to protect yourself in this purchase so don't rely on the good word of the seller about the loan or anything else. This could be your problem once the seller gets his $$$.

 

DGlide hit the nail on the head. -or-
If you are financing the purchase your lender will do the paperwork for their protection and they will hold the title until you pay them off.