How do I go about this sale? : Suzuki GSX-R Motorcycle Forums: Gixxer.com
» Insurance
» Suzuki GSX-R Prices
» Sponsors
Go Back   Suzuki GSX-R Motorcycle Forums Gixxer.com > General Discussion > General Bike Talk

Reply
 
Thread Tools Display Modes
Old 11-15-2012, 08:29 PM   #1
JeremyKX
Squid
 
Join Date: Nov 2012
Posts: 1
How do I go about this sale?

Hey all,

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.

Thank you,
Jeremy

Last edited by JeremyKX; 11-15-2012 at 08:36 PM.
JeremyKX is offline   Reply With Quote
Sponsored Links
Advertisement
 
Old 11-17-2012, 10:04 AM   #2
K7sixxer
Novice
 
K7sixxer's Avatar
 
Join Date: Oct 2012
Motorcycle: GSXR 600
Posts: 62
Re: How do I go about this sale?

I did this with a bike a couple years ago, only I was in the seller's position - if you go to the bank with him, and he pays his loan off right there (with your 5500 and his 1600), he can pay off the loan effective immediately. He can then ask for (i can't remember what it's called) "certificate of lein payoff/release" to give to you along with his copy of the title. Yes he won't have the title officially in his name yet, but the certificate "negates" that.

Then when you go to the DMV you provide both the title and the sheet, and you can get it registered and titled in your name. That's the way it worked for me and the buyer, but I'm in Maryland and I have no idea how cali works.

This is what i'm talking about
http://www.mva.maryland.gov/About-MV.../27300-18T.htm

There was no wait, the bank made out the letter of release right then and there.

Honestly I would skip this bike, it's a bit of a pain in the ass. If you want to go for it, ask lots of questions at Cali DMV and HSBC

Last edited by K7sixxer; 11-17-2012 at 10:09 AM.
K7sixxer is offline   Reply With Quote
Old 11-17-2012, 01:03 PM   #3
jccity6
Back Marker
 
jccity6's Avatar
 
Join Date: Apr 2012
Location: rocklin, ca
Motorcycle: 04 GSXR 600/ 99 SRAD 600
Posts: 180
Re: How do I go about this sale?

look up DMV website. I have done the same and it works out fine with basically what the prev. poster said. There shouldnt be any problem, mainly because the transaction is finished right in front of you and YOU HAVE THE BIKE ANYWAY.
DMV website and call HSBC
jccity6 is offline   Reply With Quote
Old 11-17-2012, 01:49 PM   #4
njyork42
!##NULL##!
 
Join Date: Aug 2009
Location: TN
Motorcycle: 05 GSXR 750
Posts: 17,237
Re: How do I go about this sale?

I did this with my bike.. Bought it..got a bill of sale and got temp tags and insurance. so I could ride... He brung me the title when it came in..No big deal..
njyork42 is offline   Reply With Quote
Old 11-17-2012, 03:25 PM   #5
Ironhead401
Team CGR Captain
 
Ironhead401's Avatar
 
Join Date: Dec 2008
Location: North Jersey
Posts: 11,038
Re: How do I go about this sale?

I personally would never buy a bike without walking away with that title in my hand. Too many shitty things can happen to where you are stuck with a bike and no way to register and insure it. Hell, he could get hit buy a bus the next day, claim bankruptcy or just decide to not pay it off. Then you're fucked. That's just me. I'm not chancing my $5500. It has worked for others and that's good, but have also read and heard the stories of guys getting fucked when they never hear from the seller again.
__________________
"Whether you succeed or fail is dependent entirely on you" - Vic Armstrong
Ironhead401 is online now   Reply With Quote
Old 11-17-2012, 03:28 PM   #6
Ironhead401
Team CGR Captain
 
Ironhead401's Avatar
 
Join Date: Dec 2008
Location: North Jersey
Posts: 11,038
Re: How do I go about this sale?

Oh and do not put the lien in your name. That is just plain stupid. There are tons and tons of bikes out there for $5500. Don't get clouded and jump into this without thinking.
Ironhead401 is online now   Reply With Quote
Old 11-17-2012, 04:48 PM   #7
LynnM
Club Racer
 
Join Date: Sep 2003
Posts: 2,402
Re: How do I go about this sale?

My only consern would be if he has the $1600
LynnM is offline   Reply With Quote
Old 11-17-2012, 04:54 PM   #8
Ironhead401
Team CGR Captain
 
Ironhead401's Avatar
 
Join Date: Dec 2008
Location: North Jersey
Posts: 11,038
Re: How do I go about this sale?

Quote:
Originally Posted by LynnM View Post
My only consern would be if he has the $1600
He could show you the cash the day you buy the bike, but you have no way of knowing if he is going to use it to pay the bike off. I am not trusting a total stranger to do the right thing.
Ironhead401 is online now   Reply With Quote
Sponsored Links
Advertisement
 
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump

Powered by vBadvanced CMPS v3.2.2

All times are GMT -5. The time now is 05:04 PM.



Powered by vBulletin® Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.
Copyright 2008 2013 Gixxer.com
Motorcycle News, Videos and Reviews
Honda Grom Forum Harley Davidson Forum Honda 600RR Kawasaki Forum Yamaha R6 Forum Yamaha FZ-09 Forum
1199 Panigale Forum Roadglide Forum Honda CBR1000 Forum Vulcan Forum Yamaha R1 Forum Yamaha R3 Forum
Ducati Monster Forum Harley Forums Honda CBR250R Forum ZX10R Forum Star Raider Forum Yamaha Viking Forum
Suzuki GSXR Forum V-Rod Forums Honda Shadow Forum Kawasaki Motorcycle Forum Star Warrior Forum KTM Duke 390 Forum
SV650 Forum BMW S1000RR Forum Honda Fury Forum Kawasaki Versys Forum Drag Racing Forum Ducati 899 Panigale Forum
Suzuki V-Strom BMW K1600 Triumph Forum Victory Forums Sportbikes BMW NineT Forum
Volusia Forum BMW F800 Forum Triumph 675 Forum MV Agusta Forum HD Street Forum Suzuki GW250 Forum
Yamaha Motorcycles Victory Gunner Forum Honda Vultus Forum HD LiveWire Forum Ninja H2 Forum