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Need advice on payoff motorcycle purchase.

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Old 04-26-2012, 02:18 PM   #1
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Default Need advice on payoff motorcycle purchase.

I just talked to a guy and he wants to sell me a bike that he just wants to get out off. The basically making 1000 over what he owes on the bike. He dosent have the title yet but will after the bike is paid off. I just wanted to know if anyone has any advise on protecting yourself? So that you dont payoff the bike and he reports it stolen.
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Old 04-26-2012, 02:25 PM   #2
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Originally Posted by MAXIMO View Post
I just talked to a guy and he wants to sell me a bike that he just wants to get out off. The basically making 1000 over what he owes on the bike. He dosent have the title yet but will after the bike is paid off. I just wanted to know if anyone has any advise on protecting yourself? So that you dont payoff the bike and he reports it stolen.
Find out who has the lien on the bike and talk with them and pay with a check so theres a paper trail.Even better if the lien holder is local so it can all be done in person.
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Old 04-26-2012, 03:55 PM   #3
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Find out who has the lien on the bike and talk with them and pay with a check so theres a paper trail.Even better if the lien holder is local so it can all be done in person.
Exactly

You need to be there when the payment is paid in full. Otherwise he can take your money and not make the pay-off. Then the lein holder will search down the vehicle and reposses it from whomever has it.
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Old 04-26-2012, 07:23 PM   #4
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Yeah thats what im afraid of.
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Old 04-27-2012, 12:16 PM   #5
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Pretty easy, fill out a bill of sale, then if the lien holder is local go to the bank with the seller to pay if off and make sure they are mailing the title to you, if the lien holder is not local have him come to your bank and have your bank get in touch with the title holder and they can get a 7 day payoff, mail them a check, and help you make sure the title gets to you
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Old 04-27-2012, 12:16 PM
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