Question about payoff incident to a bike purchase
Club Member
Joined: Feb 2006
Posts: 2,466
Likes: 0
From: East of the Mississippi
This will be difficult for me to phrase correctly, but here is the gist of my issue: Party A buys a cycle from Party B. B has a loan on the cycle, hence a lien to payoff and title is held by a bank or other financier.
A is buying the cycle from a distant location and will pay funds into an escrow account until the cycle arrives through a shipper as agreed. B cannot pay off the loan until he receives A's payment for the cycle.
How can A be assured that B will actually pay off the loan, sign over the title, and send it on to A? What are the various solutions to this problem?
Thanks.
A is buying the cycle from a distant location and will pay funds into an escrow account until the cycle arrives through a shipper as agreed. B cannot pay off the loan until he receives A's payment for the cycle.
How can A be assured that B will actually pay off the loan, sign over the title, and send it on to A? What are the various solutions to this problem?
Thanks.
Cruiser
Joined: Jul 2007
Posts: 236
Likes: 0
From: St. Augustine, FL
Another solution is to find out who the lien holder is and make the check payable to them. Then let them release the title to you and pay the seller the difference. If the seller refuses to tell you who holds the lien on the bike......RUN..do not walk away from that deal!
Banned
Joined: Aug 2008
Posts: 248
Likes: 1
Just a comment from experience on this sort of thing. Once the bank note is paid, it could take anywhere from a couple of days to a couple of months to get the title from the bank. They ususally don't keep them on hand, and depending on how fast or slow they handle their paperwork, you could be in for a long wait. Even though the bike would be paid for, you still have to wait for that bank to release a clear title. You could probably get an estimate of time by calling the bank. Good luck.
Road Master
Joined: May 2009
Posts: 827
Likes: 1
From: Covington, Ga.
Another solution is to find out who the lien holder is and make the check payable to them. Then let them release the title to you and pay the seller the difference. If the seller refuses to tell you who holds the lien on the bike......RUN..do not walk away from that deal!
I like this plan...
Another solution is to find out who the lien holder is and make the check payable to them. Then let them release the title to you and pay the seller the difference. If the seller refuses to tell you who holds the lien on the bike......RUN..do not walk away from that deal!
Outstanding HDF Member
Joined: May 2009
Posts: 2,932
Likes: 32
From: Broomfield, CO
simple answer is find out the lien holders bank and borrow the money from your bank let your bank and his bank work out the payoff and your payment and the bank sends your bank the title. Then if you were planning on paying cash you go in and pay of your loan. Easiest way to do it and most secure. Other wise your taking a big chance on this one but if you go thru the banks they will take care of it all.
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