HELP ME FAST! how do i buy a bike with a lean on it?
Road Captain
Joined: May 2007
Posts: 530
Likes: 1
From: Dixie
RE: HELP ME FAST! how do i buy a bike with a lean on it?
given that the OP has internet access:
try this novel approach.
Search for and read what the motor vehicle department web site has for the state in which this transaction will take place.
There is more than a remote possibility they have handled this kind of activity.
try this novel approach.
Search for and read what the motor vehicle department web site has for the state in which this transaction will take place.
There is more than a remote possibility they have handled this kind of activity.
Intermediate
Joined: Jan 2008
Posts: 49
Likes: 0
RE: HELP ME FAST! how do i buy a bike with a lean on it?
The easiest way is to go to your bank sit with a loan officer and he will get a payoff from the lien holder. He will then transfer the money to them and give the rest to the seller. Then the lien holder will transfer the title to you and then go get your plates. Your Bank should do this for you. That's the way I handled the sale of my bike. Took about 20 min total. And they handled all the paperwork. Total cost $0.00
Thread Starter
|
Cruiser
Joined: May 2008
Posts: 161
Likes: 0
RE: HELP ME FAST! how do i buy a bike with a lean on it?
thanks for all the info!!! ill let you know how it goes down. at what point do i take possession of the bike? if i were the seller, i would not give it up until the payment was made.
Thread Starter
|
Cruiser
Joined: May 2008
Posts: 161
Likes: 0
RE: HELP ME FAST! how do i buy a bike with a lean on it?
ORIGINAL: Airywhisler
Expect to wait about a week or more for your title from the lienholder
Expect to wait about a week or more for your title from the lienholder
Big Kahuna HDF Member
Joined: Mar 2007
Posts: 29,598
Likes: 19
From: Oregon
RE: HELP ME FAST! how do i buy a bike with a lean on it?
Your bank probably has what's called a collection dept. (No, not bad debts.) They "collect' money, titles, etc. for people.
They may well be able to have you and the seller come in, call for a payoff and send your money to the lender. The lender sends the title back to your bank. If you didn't borrow, the collection dept. gives you the signed-off title when it comes, which could be 2-6 weeks depending on the lender. If you are borrowing, your lender knows how to do this for you.
The benefits are that your seller has signed an authorization for payoff, and an authorization for you to receive the title. The seller has the assurance that the title won't be released to you unless his loan is paid in full.
The bank acts as escrow in a way. They have both of you sign the necessary papers. They have secure control of the money and the title. You are assured that the lender gets paid off and you get the title. The seller has the same assurance.
I don't know what they charge for that now, but not much considering. Last time, it was $100 for me and I split that with the seller. Agood deal, I thought.
The seller should release the bike to you immediately. He will have a receipt for his payofffrom the bank for "collected funds" which means there was cash or a certified check or cashier's check given by you to your bank which your bank knows is good when they take it.
The seller has nothing else coming to him. He has a recept from your bank for his payoff, and his equity if any in cash from you. You've paid him and your title is in the mail.
Tourer
Joined: May 2008
Posts: 406
Likes: 2
From:
RE: HELP ME FAST! how do i buy a bike with a lean on it?
i am doing sometign similar this week, i am buying a bike the guy has a balance on. i am giving him a bank check made out to the lean holder, not both of them, just the lein holder, he sends that in with the minimal amount more he owes on it and when he recieves the title in a week or so, he sends it to me, i am taking the bike on the spot and he has to keep it registered and insured till i get the title
Novice
Joined: Feb 2008
Posts: 23
Likes: 0
From:
RE: HELP ME FAST! how do i buy a bike with a lean on it?
I sold my street glide on e bay last December and we did it just like Fear said.The guy had the same bank as me so that made me feel a little better.He gave me a bank check we wrote up a receipt and he took the bike. When the title came from HD I sent it over night to him and all was good.
HD Forum Stories
The Best of Harley-Davidson for Lifelong Riders
8 Best Harley-Davidson Motorcycles Ever
Pouria Savadkouei
10 Worst Harley-Davidson Motorcycles Ever
Pouria Savadkouei
Killer Custom's Jail Break Is The Breakout That Refused to Blend In
Verdad Gallardo
Crazy Bunderbike Build Looks Amazing, But Is It Impossible to Ride?
Verdad Gallardo
Harley-Davidson Reveals Super Cool Cafe Racer Concept
Verdad Gallardo
Engraved Rebellion: Inside Bundnerbike's Glam Rock II
Verdad Gallardo
10 Motorcycles You Should Never Buy
Joe Kucinski
10 Things Harley-Davidson Needs to Fix in 2026
Verdad Gallardo
Southpaw Super Glide: A Left-Hand-Drive 1979 Harley FXE Built to Fit the Rider
Verdad Gallardo
Grand HDF Member
Joined: May 2007
Posts: 4,007
Likes: 159
From: Mount Laurel, N.J.
RE: HELP ME FAST! how do i buy a bike with a lean on it?
Which way does it lean????? If it leans to the left, it's gay. Or, if it leans to the right, it's gay. I still get those two mixed up. Oh, that was earrings.
Tourer
Joined: Jul 2007
Posts: 474
Likes: 2
From:
RE: HELP ME FAST! how do i buy a bike with a lean on it?
I take it you are paying cash since the bank would handle this otherwise.
Here's the way I've done it several times.
I take out a loan anyway.
I always borrow several thousand dollars using the bike as collateral.
That puts the title issue on the bank.
I think they use some sort of limited power of attorney granted to them by the seller to do all of the remaining title work without any further signature from the seller.
Like someone said, its about 30 minutes at the bank and you have no fear of being scamed.
I usually make one payment and by that time the bank has the title in hand. Yes, it cost me a very small amount of interest.
I take my cash, pay off the loan, & get the title with out ever taking any risk.
A good friendpaid the seller's bank directly and had the title sent to him, but when it came, the seller could not be found.
Yes, he had the car and title, but he needed the guys signature.
He never found the guy.
So, he forged the sellers name. (notary not required in our state)
The title came and all is well, but too much crap for me.
Here's the way I've done it several times.
I take out a loan anyway.
I always borrow several thousand dollars using the bike as collateral.
That puts the title issue on the bank.
I think they use some sort of limited power of attorney granted to them by the seller to do all of the remaining title work without any further signature from the seller.
Like someone said, its about 30 minutes at the bank and you have no fear of being scamed.
I usually make one payment and by that time the bank has the title in hand. Yes, it cost me a very small amount of interest.
I take my cash, pay off the loan, & get the title with out ever taking any risk.
A good friendpaid the seller's bank directly and had the title sent to him, but when it came, the seller could not be found.
Yes, he had the car and title, but he needed the guys signature.
He never found the guy.
So, he forged the sellers name. (notary not required in our state)
The title came and all is well, but too much crap for me.