| Author | Message | ||
     B00stzx3 |
Hey guys. I'm very confused about a purchase I'm about to make, or might make. I found a bike for $5,500 online, which is a ridiculous price for this bike. The guy is local to me, talked to him on phone. he said I give him the 5,500 and he will pay off his lien and sign the bike over to me. My dad says to get 2 checks made from my loan and pay the lien off and then give the guy the rest. I'm so confused as to what to do. Arent I supposed to give him the $5,500, since that what the bike costs, and he said hell pay off the lien and give me the title? I dont wanna get screwed ove,r but he lives like 10 minutes away and seesm like a nice guy So i dont think thats whats goin on. | ||
| Buellinachinashop |
I like your dad's idea. Or at the least, find out who the lien holder is. I sell pretty expensive fishing boats every two years, I take loans out or finance through the company. I always tell the guy buying the boat from me to do what your dad suggests. I don't expect people who I don't know to trust me. | ||
| B00stzx3 |
Thanks for the reply! Im thinking tho, if id ont give him the asking price, 5500, he aint gonna give me the bhike right? Or is all he owes is 5500? Inlcuding what he owes on the lien? Its a 2004 xb124 with only 4500 miles on it, clear title, in badass shape. I'm gonna have my dad come with me juse to make sure Im not gettings crewed. I'm 22 and I've never done this thing before. | ||
| Kuuud |
Hopefully the lien holder is a local bank. Go in together to visit the banker. | ||
| Kuuud |
And for $5500 it better be in tip-top condition. | ||
| Cochise |
He may not owe very much in the first place. Find out what the payoff is and go from there. | ||
| Gentleman_jon |
There is only one thing you don't want to do. That is to give the guy a check for the bike, and then have him pay off an unspecified amount to an unknown lien holder. Too many possible surprises. None of them good.  You will need a release of lien and the title before you can register it in your name with no claims against it, OK? | ||
| Thumper74 |
Or... pay off the loan for him directly with the leinholder. Once it's handled, give him the rest. The bank may even hold it for you | ||
| Ratbuell |
There is a form you can fill out in Maryland, which checking your profile I see is where you are too  It's called Authorization of Payoff. We use it with Eaglemark Savings Bank all the time (HD Finance) and what it does is say that you (the buyer) are paying off loan number xxxx for the owner. Once that loan is paid off, they send the lien release to YOU, not to the person who held the loan. The nice thing is, you need to know what the payoff is. The 2 check thing is the ONLY way to do it in my book. One check, made out to THE BANK, so he can't pocket it and leave the title with a lien. The remainder goes to the buyer...and we usually will withhold that check (and the actual vehicle swap) until the payoff of the loan is confirmed. It only takes a couple days, and if the guy is a straight shooter he'll have no problem waiting. | ||
| B00stzx3 |
Ok cool, so I will do the 2 check thing. I only got wary of the deal because it is such a good deal. he lives very very close to me though so I can talk to him and make sure things are cleared up. My old mans gonna call him today to, after I secure my loan. Thank yall for the advice, and I will DEFINLTEY post pics up! Its the orange/black XB12R, all stock (give me a year I'll have some things done to it!) Thanks guys! | ||
| Reepicheep |
Take your time messing with modding stuff... everything I did in the first year to my XB9SX I put back to stock in the second year. Take the MSF course, buy good practical street gear (I have first gear Kilamanjaro air stuff, and it works well, but there are many brands like it that are probably every bit as good). Something armored and vented. There is OK cheap gear available these days (there wasn't when I started riding just 12 years ago). Now, I only ride with jacket, pants, and over the calf boots now. An aerostitch is where I would have liked to have started, but I still can't quite swing the $$$. After the MSF class, try a track day, and just relax in the novice class working on your form. You are a 22 year old male, and like any 22 year male, are going to be really tempted to do things and take risks that us old fat folks would never consider. Thats not a slam or a judgement anymore then telling a tall person in a low basement to watch their head. Resist that urge to take risk, and learn to be a good smooth clean rider. The neat thing you will discover is that there are a lot of old fat folks that could smoke most squids at the track or in the twisties, all while taking FAR fewer risks and staying relaxed and in total control. You can put yourself in that category, rather then in the "succeed by taking more chances" group. | ||
| Court |
>>>>I don’t wanna get screwed over but he lives like 10 minutes away and seems like a nice guy Nice and trustworthy are related in a fashion similar to how eggs and golf balls are. They may appear similar, they are completely unrelated. I am a contractor. I deal with nice folks, assholes, honest folks and liars. It's the nature of the business. In addition, I've studied contract law (in fact, am currently working on a book) for more years than I can recall. One of the things I do is always try to mitigate risk and transfer risk to the other parties to the contract. DO NOT WRITE THE GUY A CHECK until that lien is released. If he is close to you . . make a trip with him to his bank and take the 2 checks. Buy nothing until that lein is released. It's important to understand that handing the guy a check for $5,500 does not convey ownership. You Dad is a smart guy. . . listen to him. | ||
| Etennuly |
And what ever way you do it, get it all in writing, make up a receipt and list everything about the deal including the VIN, your name, his name and address and phone number, the bank name, date you will pay, expected date for receiving the title, and what ever transpires within your conversations, and make sure he signs it. | ||
| Bill0351 |
A few years ago I bought a bike in a nearly identical situation. I worked out the details with him ahead of time. I showed him the cashiers check in his name, he signed the title over to me, then we went to his bank to clear everything. I was a little nervous at first, but once the bank knew what we were doing I relaxed. I left with a lien release stamp on the signed title and a copy of the lien release paperwork. There was still a moment there where he had the money in his account, and I didn't hold a clear title, but we were standing in the bank and unless they were in on some sort of conspiracy, I figured I was pretty safe. The people at my bank said they do transactions like that all the time. Good luck, Bill | ||
| Thumper74 |
If you plan on do a sales contract with the guy, you could probably just have your bank notarize it with him there during the exchange so you have a witness and his info is confirmed | ||
| Jlnance |
You might want to call up the bank that holds the lien, and ask them for suggestions. | ||
| Livnlo |
WE JUST WENT THREW THIS I DO BELIEVE YOU ARE (sorry about caps) going to take a loan on the bike? if so your bank wont right the loan (unless it is a personal one) your bank will want his banks info and will cut one check in the amount of the lien and another to him for any balance....allow the banks to do there thing and you will be safe. our bank had a intent to sell form the buyer had to fill out and you could always give him a deposit to show your serious..whole process took about a week but went very smoothly | ||
| Thunderbox |
Here is the only way to do it. Make the check out to him and the Institution who has the loan on the bike. Make sure it is on the check that it is for a bike ser # _________ He will have to take it to the institution and they will cash it and give him his change. Other than that you would be making a big mistake. | ||
| Rah7777777 |
I had my loan from state farm bank and the seller had a lien on it. I told my bank what the deal was and they handled it all. My bank sent his bank a check directly once lien was cleared, we did the official key hand over. It was explained to me, if he bailed on me, then my bank would cancel my loan and treat it as there own and get the law after him, as well as sue him.... but that didnt happen and it was all smooth. | ||
| B00stzx3 |
Thanks for the advice guys!! I talked to him on the phone yesterday, he said someone else is looking and possibly buying it tomorrow, the day Im supposed to go look at it and close the deal. I took a peronsal loan, its higher interest but I can use it to buy my gear. Going with the jackets4bikes store on ebay for my leather jacket/armomr, pants/armor, carbon/kevlar/steel armomred gloves, Vega Altura helmet and have yet to determine what boots to get. I'm done with the MSF course, and got my license stamped. I even took my friends dads Harley out for a few spins when I was back at my parents place in the country. My dad will help me work out the details and make sure everythings alright. Hes 51 and has a lot more knowledge than me! I will also take it easy riding. Everyone I talk to tells me to be careful , because with all that torque I coudl easily throw myself off the back of the bike if I dump the clutch or overthrottle it. Thanks again guys! I LOVE this forum! (Message edited by b00stzx3 on July 14, 2008) | ||
| Bcordb3 |
I talked to him on the phone yesterday, he said someone else is looking and possibly buying it That is one of the oldest tricks in the used car salesman's book. Before you do anything with the seller make sure the lien is straightened out. There must be a way to find out if the bike was stolen? Do you have the VIN? Just a precaution. I get really paranoid when someone waves the "somebody else is going to buy tomorrow flag". To many good bikes out there with clear titles. | ||
| Josh_ |
>Its a 2004 xb124 with only 4500 miles on it, clear title, in badass shape. Maybe I'm missing something. Since when does "clear title" mean it has a lien on it? $5500 is ok for that bike, but not a great deal. | ||
| Thumper74 |
Maybe he means not a salvage... | ||
| B00stzx3 |
Not salvage, not wrecked, not reconstructed is clear title to me. And yeah, my dad said that pretty much every seller will say some other guy is coming to buy it. I'm not taking the bait, but I can see why he would do it. very common. | ||
| Azxb9r |
he said hell pay off the lien and give me the title Here is where the possible problem is. People don't always do what they say they are going to do. People that are running scams tend to seem very nice when they are setting you up. The guy might be perfectly honest and legit, but do you want to gamble $5500 to find out? Listen to your father young man  Chances are his advice was hard earned. | ||
| Thumper74 |
Boostzx3, I'm 24 and I've learned the hard way that you can't always trust people. I'm a sucker for a sob story. I've been nice to crackheads who come up to my store and say "Hey man... my family is around the corner and we ran out of gas. I just got off work and didn't get to the bank, can I barrow $5.00?" I got to the point where I would offer them a gas can that I kept in the back of my truck and they never once accepted the actual gas. The moral is... he may be legit. He may not be. Why risk the money to find out? See if he'll work through the banks. If not, run. Don't walk away. Why not work with a BadWebber? I haven't met a BadWebber I wouldn't have over for dinner yet! Wanna drive to Cleveland? A local dealer has a brand new 04 XB12S demo for not much more and it has the factory warranty as it's never been titled. I can get pictures if you'd like... | ||
| B00stzx3 |
I will listen to my dad, he is a worlds smarter than I. Thumper - I know how bad it can be trusting crackheads! I live in a crappy neighborhood in Baltimore (think the traditional ghetto with a lot more rednecks), so unforuntetly the equivealent around here is methheads or junkies. Same thing, they bother me for "food" money, I offer to buy them food, they say no they just want the money. They dont' get either from me then! I realize I can't trust anyone, so thats why I'm bringin my dad. My dad won't take crap from anyone and can smell bad news from a mile away. I looked at a bike out in Cleveland. I considered it, but then I considered how difficult the same situation would be if it weren't in MD. I've been to CLeveland to pick up SVT parts for my Focus, that was a 10+ hour drive if I recall, and thanks to the local go kart track in Macedonia,the Rock an Roll Hall of Fame and plenty of cold Bud Light me and my dad got along fine. I like the XB12S, but I'm dead set on the XB12R. Theres something about the American crotch rocket look that really gets me. Thank you though! My dad will help me, I don't know where I'd be without him. | ||
| Rotzaruck |
"Thank you though! My dad will help me, I don't know where I'd be without him." Such wisdom at an early age. B00 I have some kids I need you to talk to! Rotzaruck! | ||
| B00stzx3 |
Yeah, another guy came before I was supposed to buy it on Saturday and put a deposit on it so I guess I'm SOL. I gota find another for around 5,000 in MD which is hard, sucha a small state and a specific bike. I'll keep looking though. Yeah seriously, I'd be homeless or worse without my old man. | ||
| Glitch |
% grand out to find you a bike easy. Maybe not next door, but odds are you'll find what you're looking for. Just be patient, at your age it may not be east, but hell, you listen to your Dad so you'll be fine! | ||
| Tag0398 |
Keep an eye on Ebay too. That's where I got my bike from and it was just a dealer using it to get some publicity. I didn't even have to use Ebay or Paypal for any of the transaction and it went just like a normal purchase with any dealer would happen. Good Luck. |
