Buying a used bike question.
#11
08-24-2009, 03:24 PM
Really really simple
If you are paying cash, just verify with the bank what the pay-off is.
Make the check payable to the customner "AND" his bank.
if it is a local bank, go to the bank with him, pay it by cashiers check or cash and they will release the lien right then and make the seller sign the title over to you right then.
If you are getting a loan on your end, your bank will handle the transaction.
No need in making this harder than it has to be gang. If it is an out of town bank like Wells Fargo (just as an example), call them tell them what you are doing and they will tell you what you need to do to have the title sent to you directly. Always get a bill of sale from the original owner. If you want to take him completely out of the picture, with the bill of sale, have him sign a limited power of attorney and then you can sign off the title for him without him there. The POA would be limited to transfering title on that specific motorcycle by descritpion and vin. you can get a generic limited POA on the net.
If you are paying cash and ask your bank for assistance, they are going to charge you, they may even tell you no. if you get a loan, you are paying the bank's fees and interest even if you pay it offf at once. There is no free ride. Do it yourself and save the fees...
If you are paying cash, just verify with the bank what the pay-off is.
Make the check payable to the customner "AND" his bank.
if it is a local bank, go to the bank with him, pay it by cashiers check or cash and they will release the lien right then and make the seller sign the title over to you right then.
If you are getting a loan on your end, your bank will handle the transaction.
No need in making this harder than it has to be gang. If it is an out of town bank like Wells Fargo (just as an example), call them tell them what you are doing and they will tell you what you need to do to have the title sent to you directly. Always get a bill of sale from the original owner. If you want to take him completely out of the picture, with the bill of sale, have him sign a limited power of attorney and then you can sign off the title for him without him there. The POA would be limited to transfering title on that specific motorcycle by descritpion and vin. you can get a generic limited POA on the net.
If you are paying cash and ask your bank for assistance, they are going to charge you, they may even tell you no. if you get a loan, you are paying the bank's fees and interest even if you pay it offf at once. There is no free ride. Do it yourself and save the fees...
Last edited by Jonesee; 08-24-2009 at 03:27 PM.
#12
08-25-2009, 11:13 AM
Thanks again, you guys are great! Went to go look at the bike last night, pulled into the driveway and met the owner, saw the bike under a cover, pulled the cover off, back fender chipped and dented, two golf ball size dents on the gas tank, pitted wheels, alot of rusty fastners and scrapped V&H short shots. Lot's of oxidation on the cylinder fins. I'm sorry, but a 2004 Fatboy with 4000 miles should not look like that in my opinion. Priced at $8,900.00. The add said perfect paint and like new condition. I wasn't happy even at $8,900.00.
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