Am I screwed?
6th Gear
Joined: Nov 2010
Posts: 10
Likes: 0
From: Vermontville, MI
There are multiple legal ramifications. Always maintain ALL documentation, always press the issue with the seller, and always contact good legal consul. PS, don't EVER do this again! This may work out for you, but why take the chance next time?
Thread Starter
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Cruiser
Joined: Oct 2011
Posts: 123
Likes: 1
From: Hawaii
Yeah, blew it!
Seems good for now, got a call from the wife, she said all the right things. They've paid it off, the lien isn't held onsite, takes up to 3 weeks, etc... I think I may be all right.
But no, never EVER again!
Seems good for now, got a call from the wife, she said all the right things. They've paid it off, the lien isn't held onsite, takes up to 3 weeks, etc... I think I may be all right.
But no, never EVER again!
Road Master
Joined: Oct 2010
Posts: 858
Likes: 1
From: Kentucky
The seller has some skin in this game too
While you are riding around, the bike is still in his name and he is also responsible if you have an accident or cause someone injury.
Were you able to get insurance on this bike before the title is in your name?
While you are riding around, the bike is still in his name and he is also responsible if you have an accident or cause someone injury.
Were you able to get insurance on this bike before the title is in your name?
Road Master
Joined: Oct 2010
Posts: 858
Likes: 1
From: Kentucky
I think you will be ok but that is something I would bring up to the seller if you can get in touch with him.
Maybe it will motivate him to put some extra effort in pushing the paperwork along
Good luck, keep us posted
Thread Starter
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Cruiser
Joined: Oct 2011
Posts: 123
Likes: 1
From: Hawaii
Will do.
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Tourer
Joined: Feb 2012
Posts: 383
Likes: 4
From: Seattle
With bill of sale and money order receipt you have legal recoarse if the guy intends to hose you, hopefully that's not the case as it probably wouldn't be a pleasant process.
I wouldn't sit around waiting to see if a title shows up. The only way you'll get proof of payoff, and proof the lien holders release of interest names you as the new owner, will to have the seller provide these records.
Not trying to make you nervous, but if he's not willing to provide the above, I would start my process. As you know at this point, you should have got a ten day pay-off from his lien holder, and that amount should have been paid directly to them, not the seller. He's just the registered owner, until it's paid off the bank is the legal owner.
Kepp us posted, hope it works out
I wouldn't sit around waiting to see if a title shows up. The only way you'll get proof of payoff, and proof the lien holders release of interest names you as the new owner, will to have the seller provide these records.
Not trying to make you nervous, but if he's not willing to provide the above, I would start my process. As you know at this point, you should have got a ten day pay-off from his lien holder, and that amount should have been paid directly to them, not the seller. He's just the registered owner, until it's paid off the bank is the legal owner.
Kepp us posted, hope it works out
Tourer
Joined: Aug 2008
Posts: 285
Likes: 4
From: Mequon, WI
The bank holding the lien does not want to own a bike. If the seller does not pay the loan the bank will go after him first. It is in his best interest to pay his loan. Not a lot to hang your hat on but it is something