How do I go about this sale?

[JeremyKX]

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

[K7sixxer]

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

[jccity6]

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

[njyork42]

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..

[Ironhead401]

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.

[Ironhead401]

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.

[LynnM]

My only consern would be if he has the $1600

[Ironhead401]

Originally Posted by LynnM

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.