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Transferring title over to someone, putting a lien on it in your name?
I have a motorcycle I'm trying to sell..
Found a guy on craigslist that wants to pay through payments, it seems legit, and this bike is pretty cheap and I just want to get rid of it so I'm thinking about accepting his offer.
Once I get the first payment, I want to sign the title over to get it out of my name (so I'm not liable for anything he does with it). There is a section on the title that I can actually write that I have a lien on the title. Can I fill this out? or is this for banks/finance companies only?
I figure if I could put my own lien on it, that would give me the most protection while letting him register it in his name (so I won't be liable for it)
I wouldn't sell anything on payments. To hard to repo a motorcycle. If he wrecks it or tears it up there is nothing you can do but civil court. Which is probably a waste of time and money.
I would not do it, if he does something stupid with it and gets sued you ,as the lien holder, will be involved. I THINK also if you are the lien holder you keep the Blue title and go to the state and get him a Red title a PITA. Probably fees involved....
Never done something like that, but I don't think you can just write it there for it to be legally valid anywhere.
Pretty sure it needs to be done by using the 130-U form when he registers it in his name and pays TT&L and the new title with his name and you as a lienholder will be sent to you.
Last time I did this the vehicle was wrecked in less than a week.A million things that can go wrong and only one thing that can go right.If you do do it make sure you have a big enough down payment to cover your loss
If you are willing to go this route, you should be willing to just give the bike away to one of the members here you have never met. You have better odds of a good outcome that way.
If you are willing to go this route, you should be willing to just give the bike away to one of the members here you have never met. You have better odds of a good outcome that way.
09-12-2016, 03:15 PM
Transferring title over to someone, putting a lien on it in your name? 
