I'm considering buying a 2008 Ultra Classic from a private seller in Wisconsin. I live in Illinois. The seller is financing the bike though HD Credit. I plan to pay the seller cash for the bike. Does anyone know how this transaction is managed through HD Credit?

 

One thing to remember is to write the check to HD credit, not to the seller. You or the seller should call HD credit for some specific instructions. Might even be 2 seperate checks involved, if price is higher than pay-off.

 

I believe you have the seller contact HD Financial for the pay-off amount & then you cut the check/pay cash to seller. Title will be forwarded after pay-off, but you'll need to get documentation in case something awry happens. Want to make sure you get hands on title after seller signs. Might want to call HD Financial & check on their recommendation...

 

Go to your local bank and give them the details. They will do all the transactions to the seller and then to Eaglemark. They will send a check to Eaglemark for the balance owed and then a check to the seller if there is a difference on the purchase and what is owed. I have done this on vehicles I have bought and sold and to me it's the best way to be protected.

 

good advise go to your bank have them call for payoff usuallky a ten day, have your bank electronilly transfer funds to h.d if there is equitiy give the guy his money, and have him sign odo papers and p/a and have title sent to you not him

 

Thanks for the replies.

The seller lives in Wisconsin. He has the title in hand, but HD Credit holds a lien against it until the loan is paid off. An HD Credit rep I spoke with said the clearance process can take two weeks or more.

I live in Illinois. Does anyone know if I'd be able to get temporary Illinois registration if a title has a lien against it?

 

I did this earlier this year and it took HD almost 6 weeks to get the title from them. Good luck!

 

I went through the same process in Iowa. Not sure about Illinois, but in Iowa the seller signs over the registration (or bill of sale) to you. The seller keeps the plate and you can ride without a plate for 30 days from the transaction. If it takes longer than 30 days to get the title you need to go in and get a temporary registration/plate. Once you get the title you go in and get it officially registered. I found the information on the state DOT site so check there if Illinois has one.

 

Good luck! I have walked away from buys because I didn't want to deal with the hassle of securing the title from the lender. Best bet is to call H-D Credit. I wouldn't be cutting a check to the seller until the lien is cleared. Have your bank transfer the amount needed to cover the loan directly to H-D and see if they can expedite (overnight shipping) the papers that clear the lien. Oh, and check with DMV on exactly what paperwork you need from H-D Credit.

You should be fine as long as you deal directly with H-D Credit.

 

I bet it all turns into SunTrust bank at some point. I think they are the primary lender for HD.