ok so i plan on buying a bike from a guy today but the seller still owes on the bike and i am not sure how to go about buying it and i dont know what steps to take and what order to do them in and i dont want to be the victim of a scam so i need your help in this.

i am confused to when i should hand over the CASH to the seller and how this will play.

please tell me if i am wrong here but this is what i THINK should happen.

1. i pay the seller
1a. he gives me the title and bike and we sign the title.
2. we both go to his bank and deposit the $$ into his account
3. we both go to the the dealer he financed it through and they verify the funds are in his account and he pays it off.
4. the dealer then gives us a release of lein letter(the bike was financed through hd's finance dept)
5. we both go to the dmv and xfer it to my name
6. done!

ok is that right at all? the step i am not comfortable with is letting him deposit the $$ into his account. am i opening myself up for a possable scam here? the bike is at his house and that is where this will go down, i would think that if he was going to pull a scam he wouldnt want me to know where he lives but ya never know.

pleaase help me out here cause i am going to do this today.[/align]

 

" i am confused to when i should hand over the CASH to the seller and how this will play. "

DO NOT HAND OVER ANY CASH to the Seller

CallHD credit theyfinanced it they will tell how they want to get paid and provide you with a clear title.

They will also know if their is any other person that has a interest in the bike.

 

The title cant be transferred until the lien is paid and released.
I would make sure this happens BEFORE you do anything.

MikeM

 

Leinholder gets the cash. Or, Make the check out to BOTH of them, not just the seller.

 

He cannot sign the title over to you until the lien is released from the title. The only way the lien is released is when the loan is paid off. That would be Eaglemark Savings, Harley's in house financial arm.

I would draw up some kind of agreement in writing in case he doesn't pay off the loan but even then, you do take some risk in this type of deal. You also cannot get plates because you will not have the clear title to do so.

Once the sale is made, however, you both don't have to go to the DMV. Once he has the title and the lien is released, all that needs done is the title be notarized. The notary mayask for a purchase agreement, odometer mileage and date of sale so that the title can be transferred to you.

You take the notarized title to the DMV and get new plates for it.

 

All bikes have a lean when they are on the jiffy stand Lien, now that's a different story!

I sold a vehicle on ebay with lien on it. Is what I did was to verify the amount needed to pay off the vehicle. The buyer sent a certified bank check made out to me AND the lienholder. I signed the check and then forwarded/payed the lienholder and sent the title to the buyer

 

Don`t deposit it in his account, pay the bank directly they will mail you the title you will have it in a week with your name on it,in the mean time bring the bike to your house ,you are buying the bike from the bank not him,if there is a balance due to the seller after the transaction , pay him after you get the title,and make sure he returns the plates to the dmv.

 

when i sold my boat i still owed money. the buyers bank wire the money directly to the bank which inturn mailed me the title. to make the buyer more comfortable we drew up a simple contract explaining how it was going to work.

JR

 

how would the seller have the title if there is a lien on it? as lax as alabama is on titles the lienholder still gets the title from the state not the owner so an owner cannot sell with out a cleared title.

 

Not all states work the same way on that. In some States (Missouri being one that I know of), the title is sent to the buying at the time of registration. But it will have the lien holder listed on it.
I have the title to my bike, with the lien holder listed on it. I can not legally sell it without a lien release form once the note is payed off.