Advice for buying bike currently financed with HD
Elite HDF Member
Joined: Nov 2012
Posts: 4,337
Likes: 9
From: Phoenix, AZ
HD will not give you any information on another person's account, Have him show you a current bill from HD that will tell you the payoff amount, make a cashier check out for that amount, you can put his name on it but make sure you put the acct. number on the check, then get another cashier check for the remaining balance made out to him.
When you're ready to make the transaction, draw up a bill of sell and take the seller with you to your bank and both of you sign the bill and have a representative from the bank notarize it. Your bank will gladly mail the check to HD for you and give him the other check, at that time he should turn the bike over to you.
When he gets the title from HD he will turn it over and if he doesn't you have all the paperwork you need to request a new title in your name.
When you're ready to make the transaction, draw up a bill of sell and take the seller with you to your bank and both of you sign the bill and have a representative from the bank notarize it. Your bank will gladly mail the check to HD for you and give him the other check, at that time he should turn the bike over to you.
When he gets the title from HD he will turn it over and if he doesn't you have all the paperwork you need to request a new title in your name.
Intermediate
Joined: Apr 2014
Posts: 33
Likes: 0
From: DFW
Doesnt the MoCo do financing on private party HD purchases?
Might be worth the time to call them up, finance it in your name to get his loan paid off internally, and then pay off your bill when your payment is due, or pay as soon as everything is done and it is "financed" in your name. May cost a month of interest, or a transfer fee or something.
And if you owe him a few more dollars, just give him the remaining balance.
Might be worth the time to call them up, finance it in your name to get his loan paid off internally, and then pay off your bill when your payment is due, or pay as soon as everything is done and it is "financed" in your name. May cost a month of interest, or a transfer fee or something.
And if you owe him a few more dollars, just give him the remaining balance.
Road Warrior
Joined: Nov 2013
Posts: 1,843
Likes: 1,976
From: Eastern,North Carolina
There are too many chances for him to take the $$ and run which I thought had happened to me.
Road Master
Joined: Aug 2012
Posts: 784
Likes: 12
From: Texas
Road Warrior
Joined: Nov 2013
Posts: 1,814
Likes: 11
From: USA
I did this exact thing about 18 months ago.
My local dealer would not give me the time of day if the bike was not purchased from them.
I had him get the pay off from HD finance. My credit union cut a check to HD Finance for the payoff and put HD Finance as payee on the check, the title was sent to my credit union by HD Finance. I mailed the check to HD Finance with his account number on it.
My credit union cut him a second check for difference between payoff and selling price, that was his money.
Title and lien release was received by my credit union from HD Finance and I was able to title and register bike in my name.
You might be covered by bill of sale, but if he does not pay the lien you don't own the bike until it's paid.
My local dealer would not give me the time of day if the bike was not purchased from them.
I had him get the pay off from HD finance. My credit union cut a check to HD Finance for the payoff and put HD Finance as payee on the check, the title was sent to my credit union by HD Finance. I mailed the check to HD Finance with his account number on it.
My credit union cut him a second check for difference between payoff and selling price, that was his money.
Title and lien release was received by my credit union from HD Finance and I was able to title and register bike in my name.
You might be covered by bill of sale, but if he does not pay the lien you don't own the bike until it's paid.
Last edited by 472viper; Jun 17, 2014 at 10:18 AM.
Banned
Joined: Apr 2008
Posts: 2,492
Likes: 10
HD will not give you any information on another person's account, Have him show you a current bill from HD that will tell you the payoff amount, make a cashier check out for that amount, you can put his name on it but make sure you put the acct. number on the check, then get another cashier check for the remaining balance made out to him.
When you're ready to make the transaction, draw up a bill of sell and take the seller with you to your bank and both of you sign the bill and have a representative from the bank notarize it. Your bank will gladly mail the check to HD for you and give him the other check, at that time he should turn the bike over to you.
When he gets the title from HD he will turn it over and if he doesn't you have all the paperwork you need to request a new title in your name.
When you're ready to make the transaction, draw up a bill of sell and take the seller with you to your bank and both of you sign the bill and have a representative from the bank notarize it. Your bank will gladly mail the check to HD for you and give him the other check, at that time he should turn the bike over to you.
When he gets the title from HD he will turn it over and if he doesn't you have all the paperwork you need to request a new title in your name.
Mark
Stellar HDF Member
Joined: Jan 2013
Posts: 3,466
Likes: 425
From: Illinois
This! And make sure your bank tells HD Finance that they want the title mailed to them. [I was in the used car business for years,this is the safest way.]
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I just sold my Ducati a couple months ago and was in this situation. I had it still financed through the bank but the asking price was higher than the payoff because it was worth more than the payoff(I had paid it down more).
After several conversations with the buyer(several states away) he was bringing me cash and I explained the entire situation with him. We signed a buyers agreement and I gave him a copy of the title.
The problem we encountered is it took almost two weeks to get the title from the bank even after I paid it off the next day. It was frustrating on both our ends. I even gave him the number to the bank so he could confirm that he was getting the same information I was being given.
Luckily it was the the winter so he wasnt missing out on any riding with it. After all the said and done though it was a done deal. If I were to do it again I would have a lot more information to give to the potential buyer up front regarding time frame expectations.
After several conversations with the buyer(several states away) he was bringing me cash and I explained the entire situation with him. We signed a buyers agreement and I gave him a copy of the title.
The problem we encountered is it took almost two weeks to get the title from the bank even after I paid it off the next day. It was frustrating on both our ends. I even gave him the number to the bank so he could confirm that he was getting the same information I was being given.
Luckily it was the the winter so he wasnt missing out on any riding with it. After all the said and done though it was a done deal. If I were to do it again I would have a lot more information to give to the potential buyer up front regarding time frame expectations.
Road Master
Joined: Apr 2010
Posts: 816
Likes: 3
From: Michigan