title help needed
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Joined: Jul 2007
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title help needed
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
Thanks
Dave
Outstanding HDF Member
Joined: Jan 2007
Posts: 3,281
Likes: 2
From: Northern NJ
RE: title help needed
ORIGINAL: run2bfit
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
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
Grand HDF Member
Joined: Apr 2005
Posts: 4,022
Likes: 3
From: Hudson Valley- NY
RE: title help needed
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 $$$.
Do your homework or you could end up with an overpriced bike that still has a lien against it. I should have added one more thing, it is YOUR responsibility to protect yourself in this purchase so don't rely on the good word of the seller about the loan or anything else. This could be your problem once the seller gets his $$$.
Road Master
Joined: Oct 2005
Posts: 768
Likes: 1
From: sarasota, fl
RE: title help needed
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.
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.
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