Buying used, loan/title issue. - Sportbike Forum: Sportbike Motorcycle Forums
 
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post #1 of 8 (permalink) Old 12-14-2005, 10:40 AM Thread Starter
 
Join Date: Oct 2004
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Buying used, loan/title issue.

Hey all, Im buying a 04 ninja 250 in a few days. The only problem i've ran into was that the seller doesnt have the title. The bank(or dealership?) has the title. He hasnt fully paid the bike off yet.

How can I go about doing this? I want the bike, and looking for another seller really isnt an option, because this is the first 250 ive seen in the area for months now. I understand I can have a bill of sale made that states something like hes going to give me the title after I pay bank/dealership whichever of the 2 has it.

He said I can take the bike home the very day I give him the money, and that once the bike is payed off and he receives the title, he will give it to me. He said he called kawasaki and they told him there will be a 12 day mandatory check clearing period. and that it can be up to 25 days before I would get the title.

All of this is fine with me, Because I do not have my motorcycle license yet. Ill be paying cash instead of a check though. Anyone have any suggestions/advice?
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post #2 of 8 (permalink) Old 12-14-2005, 11:08 AM
 
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Its a pretty standard procedure. Happens all the time. Most used vehicles are not paid off.



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post #3 of 8 (permalink) Old 12-14-2005, 11:16 AM
 
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As long as the bike has current registration so that you wont have to pay back taxes, it should be kosher.

As long as you have the bike and the bill of sale, I cant imagine anything going bad.
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post #4 of 8 (permalink) Old 12-14-2005, 11:32 AM Thread Starter
 
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Alright, thanks for the help guys.
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post #5 of 8 (permalink) Old 12-14-2005, 12:34 PM
 
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don't give him cash! Get a cashiers check from your bank written out to him and Kawasaki. He can sign the back and send it in. That way you know its paid off.
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post #6 of 8 (permalink) Old 12-14-2005, 03:19 PM
 
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Quote:
Originally posted by psudy
don't give him cash! Get a cashiers check from your bank written out to him and Kawasaki. He can sign the back and send it in. That way you know its paid off.
Definitely.. I would never give someone cash unless they're holding the title in their hand.
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post #7 of 8 (permalink) Old 12-14-2005, 06:03 PM
 
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Quote:
Originally posted by Unas_the_Slayer
I would never give someone cash unless they're holding the title in their hand.
+1
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post #8 of 8 (permalink) Old 12-14-2005, 08:52 PM
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Oh yeah... no title... no cash. Make sure you have his signature on a check or something that shows he received funds from you, and make sure you have a bill of sale from him showing what you received from him for the money.

Dan
1991 FZR 1000 - built 1040 with race cams, Akrapovic full exhaust, and mild suspension work
2004 YZF R1 - Graves full exhaust, velocity stacks, BMC race filter, and Power Commander. Rear Ohlins. Forks rblt with Race Tech springs and Gold Valves.
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