Need help with payment question! - Sportbike Forum: Sportbike Motorcycle Forums
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post #1 of 11 (permalink) Old 12-27-2007, 06:46 PM Thread Starter
 
Join Date: Dec 2007
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Need help with payment question!

Im planning to buy this bike the guy is selling it for $5500 he is making payments on it! So he doesnt have the pink slip in hand yet!
He said we can go to the bank that finances the the bike and i can pay it off!

Now i need some help how do i go about buying this, i have the cash to pay for it!

I dont want to get fucked over please help me !
Thx
Wolfeinstein
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post #2 of 11 (permalink) Old 12-27-2007, 07:40 PM
 
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Just take posession of the bike and get a bill of sale from him.
Basically write out a receipt with the date, description, VIN, mileage, sale price and something saying that he releases all intrest and liability as of this date to you. Both of you sign it.
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post #3 of 11 (permalink) Old 12-27-2007, 07:51 PM
 
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And have the VIN & engine #'s checked to be sure they aren't stolen. If you know this guy & you've known him to have had the bike from new don't worry about it , otherwise....
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post #4 of 11 (permalink) Old 12-27-2007, 08:52 PM Thread Starter
 
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No i don't know him!
But if he owes more money than the actual sale price than i will be stuck with the extra money on top of the sale price which is $5500

Some people suggested to go to the bank that is financing it and pay it off, and get the pink slip and than pay for it!

What bill of sale? How do i know that is not stolen or he might owe more than the sale price maybe not even he's bike!

Im confused i dont want to loose 6 grand!
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post #5 of 11 (permalink) Old 12-28-2007, 12:24 AM
 
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Whenever you are unsure about something financial, keep your money in your pocket! It may seem that you miss out on the 'deal of the century', but the odds of getting ripped off go way down. I have no doubt that there are plenty of clean bikes with clear titles available in SoCal. It is also the bike ripoff capital of the country. You've already done the hard part, which was coming up with the money. A little patience will see you riding a good bike with no worries by spring. It's been my experience that when you have the money, the bike will find you.
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post #6 of 11 (permalink) Old 12-28-2007, 02:06 AM
 
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A bill of sale is the paper you/he writes up.


It can be done, I've done it at least a couple times as the seller and buyer.
But you do seem really nervous about it, maybe you should keep looking. I wouldn't do anything I felt sketchy about.

Maybe you could have a local dealer handle the paperwork for a small fee?? maybe $100 or so and you split it with the seller....?
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post #7 of 11 (permalink) Old 12-28-2007, 05:17 AM
 
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Contact the institution that holds the title, explain what it is that you want to do. They should be able to guide you thru the process. There is nothing unussual about it, people do it all the time.



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post #8 of 11 (permalink) Old 12-28-2007, 07:55 AM
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Here's the problem - the debt owed on an item of collateral travels with the item, so any remaining payments or principal that is due becomes your responsibility, even if he pays it.

Yes, there is a process for transferring payments and interest in a vehicle through the financial institution, and it's done all the time, but that process involves transferring the financial liability from him to you. Personally I wouldn't touch it but if you're determined to buy that bike here's what I'd do:

1. Find out how much remaining balance is due on the bike.

2. The true cost of the bike is $5,500 + whatever remaining balance is due. Subtract that from the $5,500 you pay him, and use it to pay off the remaining balance upon transfer. That's fair, if it was his intention to pay off the balance anyway. Remember, it becomes your liability.

3. The bank will then transfer the title to you. Send it to the DMV to get a clear title in your name.
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post #9 of 11 (permalink) Old 12-28-2007, 09:02 AM Thread Starter
 
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damn this is complicated! I dont know if he would give out information regarding hes finances!
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post #10 of 11 (permalink) Old 12-28-2007, 09:50 AM
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Quote:
Originally posted by wolfeinstein
damn this is complicated! I dont know if he would give out information regarding hes finances!
Understand that when you transfer interest of a vehicle through the bank, what you're really doing is assuming the loan. He damn well better tell you what the terms, conditions and remaining balance on the loan is - it's part of the deal!
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