I'd like to by a 2 year old RK from a guy I really don't know. He doesn't hold the title - HD credit does. How should this transaction go down?

The seller suggests I send a check to HD to pay off the his note, and a smaller check ($1,000) for the excess to the seller. At this point we both sign a bill of sale, each get a copy, and I take the bike home on a trailer. A week or so later, HD releases & mails the title to the seller, who then signs it over and mails it to me.

Does this sound like the usual routine for buying a used bike where the seller doesn't hold the title? Without title, how can I confirm the seller is the owner? I don't want to get pulled over on the way home to find I'm towing home a stolen bike and I'm out a big chunk of $.

Any advice is much appreciated.

JR

 

I purchased my fatboy a few years back with the same exact situation. I had the cash and Harley had the title because he was still making payments, what I did to avoid the whole situation was I verified his loan through Harley with one of his monthly statements, I gave him the difference in cash and took a loan through my credit union for the balance that he owed Harley. I did this to avoid the title going to him and then me hunting this guy down to sign the title over to me. The credit union took care of paying Harley for the remainder of his note and they got the title. Two months later after all the smoke cleared I paid my credit union off so the bike is free and clear in my name. Hope this helps.

 

If I enclose a copy of the bill of sale with the payment to HD, would they release the title directly to me?

JR

 

I doubt it.
The guy your buying it from will still be listed on the title as the owner, and he will have to sign it over to the next buyer.
You won't be able to get it titled in your name until that happens.

I would contact the lien holder and ask them the best way to complete the transaction.
I believe you can do the transaction through a dealer (even if your paying cash), but they will charge you a little for it I am sure.
But it might be worth the piece of mind to check out.

 

Do it through your bank. Regardless of paying cash or not, do it through your bank. They handle the money to the parties involved and ensure the title gets to the right place.

As bigjames did, you can take a note for a short time just so that the title can be obtained by the credit union if for some reason hd does not release it. Then pay off your note and be done with it.

 

I did the exact thing BigJames did. The credit union will have you get a power of attorney signed by the seller which will allow you/credit union to sign the title work over to you. I got the bill of sale just for myself. Everything went smoothly.

 

nice read on info to help other..

 

good post

 

I bought a used motorcycle (not a Harley) a couple years ago where the lien was with the manufacturer credit. When I called the credit company they told me the best way to do it was that I would pay off the loan and they would mail me the title. The buyer would still need to sign it over, but at least they wouldn't "have" it so they could just take the title and run, so to speak.

On top of that we put together a letter of intent for the terms of the sale and both signed it in the presence of a notary. I imagine there might be loopholes in there someplace, but my sale went smoothly at least.

 

+1 great advise
the bank will ensure that "all the ducks are still in a row"
and YOU end up with the title in YOUR name when all is said & done.