How do I go about this sale?
New to the website. I found an 07 GSXR 600 with under 1000 miles that I am very interested in. The bike is in excellent condition and we agreed on a price of $5500 for it.
However, there is an issue. He has a lien on the bike and he still owes $7100 until he gets the title. The lender is HSBC and they will not send the title until 30 days after it is fully payed off.
Therefore, how do I safely go about buying this bike? For the trade, we were going to go to the bank with him and give him the money. From there, he would pay off the rest of the lien while we are there. However, we wouldn't have a title to sign over until a month later.
Is it possible to get the lien put in my name and he pays me 1600 to pay off the loan? From there, the title comes in my name and we would just sign a bill of sale instead?
Any suggestions are appreciated. I am ready to walk away from this deal if its too much trouble or risk but if something can be done to help cover me from risk, I am all for it.
If it is needed, I am in California. I can't register the bike without a title so thats also a concern.
Any help is appreciated.
Last edited by JeremyKX; 11-15-2012 at 08:36 PM.