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post #1 of 10 (permalink) Old 05-22-2006, 11:42 AM Thread Starter
 
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Purchasing Question

So I'm looking to buy my first bike. I found a guy selling a 2002 sv650, which is exactly what I want, but it's still financed. He wants to give me the bike, have me pay him, he will then pay off whatever he owes, then give me the title (maybe a week or so later). I am weary of doing this for many reasons, so I have yet to respond. Has anyone ever bought a bike in a similar situation/any advice? Thanks
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post #2 of 10 (permalink) Old 05-22-2006, 11:46 AM
 
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Hi zal333-

Could you arrange to meet him at the financial institution from where the loan is drawn and make all arrangements via a bank manager? Keeps everything above board.

~ Blue Jays ~
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post #3 of 10 (permalink) Old 05-22-2006, 12:27 PM
 
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blue jays, usually the banks that finance bikes (new) are not local, so that is probably not an option, but definitely a viable option if it is a local bank.

zal...id say its safe if you have had conversation with this guy on the phone, or met in person. i actually just bought my 06 gsxr600 from a guy that bought it a month ago and cant ride due to a back problem, and i paid a lot more money than you probably are and i got no title because the bank (in nevada) has it. i got the copy of the title (which he should have) and i got the bike and a bill of sale. as long as this is an in person transaction and you have all of his personal information, a copy of the title (if he has it) and a bill of sale, i would say its completely safe. if you are going to go to this guys house and buy his bike, i doubt hes gonna screw you over. you know where he lives and have all his info!

btw, if you buy a newer bike on, say ebay, that somebody owes money, generally you paypal them the money 10 days prior to picking the bike up so that they can have time to pay it off and have the title clear with no liens ready to go when you pick up the bike.
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post #4 of 10 (permalink) Old 05-22-2006, 12:42 PM
 
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Hi Neller0414-

Good point about the banking institution possibly not being local. I had financed both my vehicles and my motorcycle through my local insurance company, of all things. The agent had been insuring my family for decades, so all the loan paperwork was completed right at their office in town. They secured the most competitive new vehicle rates of everyone and the transaction was a piece of cake.

~ Blue Jays ~
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post #5 of 10 (permalink) Old 05-22-2006, 01:20 PM
 
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Quote:
Originally posted by Blue Jays
Hi Neller0414-

Good point about the banking institution possibly not being local. I had financed both my vehicles and my motorcycle through my local insurance company, of all things. The agent had been insuring my family for decades, so all the loan paperwork was completed right at their office in town. They secured the most competitive new vehicle rates of everyone and the transaction was a piece of cake.

~ Blue Jays ~
Off topic. I like the local bank/insurance company (they have both financed a number of purchases over the years) because of how well they know me, but niether have heard of interest rates in the single digits.



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post #6 of 10 (permalink) Old 05-22-2006, 02:12 PM Thread Starter
 
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Thanks to both of you for your help. I thinking I'm going to go through with it and I will finally have a motorcycle
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post #7 of 10 (permalink) Old 05-22-2006, 02:39 PM
 
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Good luck with it. Just make sure to have him sign an official bill of sale, get all his info, and a copy of the title. I went through a similar deal when I bought a boat not to long ago. Just keep up with him and be sure to push him when necessary.

Sepias
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post #8 of 10 (permalink) Old 05-22-2006, 03:00 PM
 
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if your not dealing with the title initially, get a bill of sale from him with both yours and his full contact information (name, address, phone numbers, etc) and both of you sign it. If your state laws require you to have it notorized, you should do that (3rd party). You should also add any agreements on the bill of sale including the dates of when you should recieve your title. Remember, more info on the bill of sale will only help you in the long run is something goes sour. Check your state government site to see if they have a bill of sale format, or u can always google for a format. But its just a piece of paper that you can write down.
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post #9 of 10 (permalink) Old 05-23-2006, 06:19 AM
 
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I bought a car that way, The cheque was put in the banks name worked out fine.
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post #10 of 10 (permalink) Old 05-23-2006, 12:05 PM
 
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i am working on selling a car that i have a loan for in FL, i live in PA, so who ever buys it will have to wait till i get the title to register it.
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