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Buying a Bike that has a lien against it?

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So I think I've found a great deal... 2015 Vulcan S with 402mi.....$3500 but the guy has a loan balance.

He wasn't to take my money and give me the bike and then send me the title later one.

Thoughts on this transaction for protecting myself?

 

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The only time I bought a bike with a loan still on it, I met the guy at his credit union (lien holder), paid him his asking price and he paid off the remainder of the balance on his loan and had them transfer the title to my name on the spot. 

 

Your situation sounds real shady. 

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12 minutes ago, what said:

The only time I bought a bike with a loan still on it, I met the guy at his credit union (lien holder), paid him his asking price and he paid off the remainder of the balance on his loan and had them transfer the title to my name on the spot. 

 

Your situation sounds real shady. 

I've sold a vehicle doing the exact same thing. We met at my credit union, he paid me, money is in my hand all of 5 seconds before I hand it to the credit union employee. Loan paid off, I get the difference, he gets the title, done. Easy.

If the guy is serious, he will offer to do the exact same thing or will accept you wanting to do it this way. If he says no, fuck em.

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33 minutes ago, TimTheAzn said:

If the guy is serious, he will offer to do the exact same thing or will accept you wanting to do it this way. If he says no, fuck em.

Exactly. 

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Yup, same here. Went to his credit union, paid his balance, and they transferred the title to me right there.

 

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Go to the lending institution.  A dude tried to sell me a F250 without a title once. He said that he would send it to me.   He called me 2 months later and said that he found it but by then I had bought something else.  He actually had the balls to be pissed that I didn't wait to buy his truck.

 

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Edited by Wojo72
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I've done this two ways:

1. Safest is what everyone else has said, meet at the guys bank/credit union - do the deal right in front of the teller - you get the title on the spot.  This of course assumes you have the cash and don't need a loan yourself.

2.  I needed a loan to buy a bike for which the seller also had a loan.  We struck a deal, then we met at my bank.  He brought his loan papers and non-negotiable white title copy.  My bank's loan officer took care of all the paperwork.  I got my bike and payment book, the seller got his money and loan payoff.  My bank sent me the non-negotiable title a week later.  This is actually how I sold my R1200RT a couple months ago.

Any other bs from the guy, and walk away - there's thousands of bikes on CL for sale.

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Yea fuck all that noise where you have to trust him to send it to you. Play it safe and do what other have said above. 

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22 hours ago, what said:

The only time I bought a bike with a loan still on it, I met the guy at his credit union (lien holder), paid him his asking price and he paid off the remainder of the balance on his loan and had them transfer the title to my name on the spot. 

 

Your situation sounds real shady. 

Did exactly that. The one time I trusted someone to mail me a title, it worked out, but I was very uncomfortable until it did.

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Passed on the deal today....like 2-3 excuses of why his schedule wouldn’t permit meeting at his lender.....i passed. The search continues.....

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I know someone who go fucked with this kind of deal.  was a friend of the person I know.  gave the guy monthly payments  to pay the loan.  worked for a while but the guy decided to get shady and quit paying the loan and kept some.  a few months later...  repo man came and took the bike. lol   I don't know how much $ was spent but I believe it was a year or two worth of monthly payment.

bottom line, these guys are right.  only way to not get screwed.  passing was a smart move. 

Edited by serpentracer
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I've bought bikes/cars with liens.  Bikes I have paid off the loan locally at credit union and they have handed the title right over... thats no big deal at all.  

Car loans... a ton of people have them and sometimes you have to work with it and big lenders do not have title locally or have to do an Etitle. I have done notarized contracts stating that once the lien is released the buyer will obtain the title and then transfer it to me... and you also take possession of vehicle just to have some collateral.  

Honestly you just have to feel the seller out... if they bend over backwards to do the deal and don't put up any roadblocks you usually are OK. If they put up any resistance at all or something does not add up just walk away.   People think I are nuts for doing this, but when you save at least 5k over the dealer a little more legwork is worth it. 

Edited by mike884
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