Tl;dr.

Cliffs?

 

I'm sorry ?

 

He has title but has a lien on the bike??? Something fishy there...generally Once a Loan is paid off the lien holder will send the title....not fax a lien release... I could be wrong on this tho ... I'd continue to look for a bike with a title


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@Handyman, He possesses the title. And he can transfer it to me ASAP. But the problem is the title has lien written on it. So unless I have a lien release/lien waiver document, I can't use his title to register the bike at my DMV.

 

I'd look for a bike with a clean and clear title with no lien holder on it


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Okay. So your suggestion is to move on ?


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Yeah .... The issue I have ( based on the info in your original post, and my personal opinion ) is that he has the title while there is a Lien on the bike.. On all the vehicles I've had .... I've never had possession of the title when there was a lien on it... The lien holder had possession of the title...


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there is a part on the title for a lien holder. sometimes people will have their spouse as the lien holder that way if something happens to 1 the other gets it, but it requires both to sign off on it. i just had to do this last year with a guy and his wife when i got a car. if your set on the bike then id offer to pay the lien holder directly and get them to sign off that the lien is released on the title. but make sure the title is signed over to you first that way he doesnt back out and say thanks for the free bike.

 

only option i see besides moving on...if u cant pay it directly and get it sent to u then move on...too many scams and dealing w a lien on something u value and can lose dont add up..they make the price very attractive to keep u interested just to get ur cash...ur cash up to u..

 

Yeah what ^^^ said


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Depends on the state. Here in WA, you wouldn't have the title and when the lien is paid, you get an "affidavit in lieu of title" and a letter that the lien is satisfied while in MA for example you have the title but with a lien written on the front. If I remember correctly you register with that and the lien release of the bank.

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And having the lien release in an hour via fax is unlikely as even wire transfers are processed twice a day and there isn't exactly someone sitting there waiting for the request unless it the other bank is owned by capital one. ACH deposits would go in as batches usually overnight. But why not call capital one auto financing and ask for their procedure for this?

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Where is the bike located? What everyone has already stated is true. How i see the situation is the he has title...is it clean and clear title? If there is a loan on the bike we dont get title but we get the 5 bundle of rights with the bike. only time we get title is when the bike is paid off. So i see it as the bike was paid off and then he took out a loan on the bike....its a popular thing now a days...like Title max. You take out a loan and use the bike as collateral. At that point the lien is from the lender of the short term loan. If someone is giving a great price on a bike and there is already a loan that needs to pay off then i would stay away.

 

I agree. Move on. This 'deal' can only get worse........

 

It actually could be totally legit.
Some states you get the title in hand even when there is a lien on it, some you don't.
It's easy to deal with if you want. You just get his lien bank info, both go to your bank and have your bank pay it off giving you a cashier check for any balance. He then signs the title to you and you know that the lien has been fulfilled.
Job done.

 

Friend did exactly this here in FL and I was with him. It was pretty painless

 

Like Red said, it sounds legit, it just sounds like the guy selling doesn't really know how to handle the transaction. In OK they give you the title even with a lein. In the middle is just says lein then gives the bank info and when the lein was placed on the bike. If the guy doesn't want to do it like Red suggests, then walk. That's the only way to protect yourself.

 

Hi guys! Thanks a lot for your info! You guys really are awesome

I talked to the guy and there is no physical presence of the bank (Damn you Capital One!) anywhere near him (St. Louis, MO) and I just don't feel right giving him the money only for the bank to come after me. Even though the bike has an attractive pricing I guess I want to move on. Again thanks so much for all your words of advice

 

You don't need his bank. You guys both go to your bank together and he gives your bank his info. Your bank then pays his bank. He signs the title over and then you get a lein release a few days later.

 

Oh! Yeah. That makes absolute sense! So when he agrees to sign the title over to me, I can transfer the money to his bank directly from my bank. I also called the bank he has taken a loan from (Capital One) and they said, once the loan is paid off, they can try and fax the lien release letter very soon.

So the seller can't claim the motorcycle once the loan is paid off right ? I mean he will have already given the title over to me ?

 

You are making this harder than it is.
You just get his lien bank info (Capitol One), both go to your bank and have your bank pay it off giving you a cashier check for any balance. He then signs the title to you at the bank and you now know that the lien has been fulfilled. Capitol one will send you a lien release.
Job done.

 

I'm just afraid he may not sign the title once his lien is cleared you know ? How long will it take for the lien to be paid off ? I mean is it instantaneous ?

 

Yes, once the bank sends the money it's a done deal. If you are both sitting in the bank with a loan officer or a VP he's not going to screw you. Your bank will pull the money if he doesn't sign.

Once the bike is paid for, he signs it, you both walk away. That's it.

 

Buying anything of large value can be pretty straight forward or a total mess. I would NEVER EVER buy anything with a lien on it and rely on the seller to use your funds to pay off the lien. There has to be a way for you to pay the back directly to ensure it is taken care of. To only limit your searches to paid off bikes will easily cut your selection in half if not more if you're after a newer bike. Just be smart about the deal and cover your bases

 

I say move on... There is way to many other bikes out there with less murky water... The fact that he has a title but there is a lien is kinda, ummmm, shakey in my opinion.

 

:shake

 

Its not that hard really. I sold my R6 like this I signed the title over to the guy buying it before I ever got the money then we both went to the bank and he paid. Do up a bill of sales stating how the transaction is going to go.

 

didnt read through the whole thread but..

it is fine if he still owes money on the bike. when you get the bill of sale, you go to your bank, they will use the serial number to do a search to see if money is owing on the bike. since money is owning on the bike, the certified check you give him will have his name, and his banks name on the "pay to". this way, in order for him to get the money, he has to cash it at his bank, and his bank will keep the money that is owed on the bike, he gets the remainder of the cash.

 

Bingo!

 

personally I wouldn't trust it... you will give him money then go figure what story he will tell you as far as getting your title...also check with dept of motor vehicle on this im sure they will be very helpfull