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Discussion Starter · #1 ·
ok so if your bike has a lean on it say the bank and you as the registered owner can not sell the bike to someone else without that lean title being signed?
 

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YUT UGHHHH
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Technically the bank owns your bike until the loan is payed off. Best thing to do would be to get a personal loan that is not tied to the bike in awayway (don't list the bike as collateral) and use that to pay your bike loan off and get your title from them. You would then be able to sell your bike and hand the title over with it.

Of course if you wanted to sell it to a friend or someone you knew, they were giving you enough to cover the remaining balance on the bike and could wait the amount of time it takes the bank to get the title to you, I don't see why that couldn't work.
 

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Discussion Starter · #3 ·
Technically the bank owns your bike until the loan is payed off. Best thing to do would be to get a personal loan that is not tied to the bike in awayway (don't list the bike as collateral) and use that to pay your bike loan off and get your title from them. You would then be able to sell your bike and hand the title over with it.

Of course if you wanted to sell it to a friend or someone you knew, they were giving you enough to cover the remaining balance on the bike and could wait the amount of time it takes the bank to get the title to you, I don't see why that couldn't work.
i get what your saying but what im trying to get at is this. I found an R6 i was going to buy straight up cash but the seller has a lien on the bike so he doesnt have the title. he states i would need to go to the dmv to get a new title? is this the right procedure or from what i was told he cant sell the bike untill he pays the bank off??
 

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Don't do it. As Kvaughan says, he really doesn't own the bike. The lienholder does. What you can do, is pay the money to the lienholder directly to get the lien released, and he would get the updated title showing there is no lien in place. You then need to have the title transferred to you.

There are so many ways this could go bad, it just isn't worth it. I did it one time, and although it worked out for me, it took me over a month to get the clear title. I made a deal for the bike, I paid the lien company, and the seller had to pay the remainder at the same time. That way, the lien was released, but they took over 30 days to get a clear title, which he still had to sign over to me. The only way I could guarantee to get the title was to keep $500 of the selling amount until I got the title.
 

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Discussion Starter · #5 ·
ok I think I understand a little correct me if I'm wrong. Ok so I found a 07 R6 from a private seller and he still owes on the bike. I offered him a price and he said ok and he will pay the remaining balance off. Now how can I work with this guy so that he doesn't screw me over after handing him the cash? DMV Bill of Sale? some sort of handwritten agreement? He told me that if I get it we would go to the bank pay his loan off and get the title over to me...
 

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ok I think I understand a little correct me if I'm wrong. Ok so I found a 07 R6 from a private seller and he still owes on the bike. I offered him a price and he said ok and he will pay the remaining balance off. Now how can I work with this guy so that he doesn't screw me over after handing him the cash? DMV Bill of Sale? some sort of handwritten agreement? He told me that if I get it we would go to the bank pay his loan off and get the title over to me...
That's exactly what I did. I got my money and we went to his bank together to pay off his loan and get the title. Then we went to the DMV together to get all the paperwork done. You'll pretty much can tell if you can trust the guy or not. Also, write up a bill of sale with both his and your signature.

And make sure the title is physically there at the bank on the day you two go there to pay off the loan.
 

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Just bought my 06 R6s from a guy that had a lein on the title at the bank, this was also a long distance deal (about 550miles). The amount of the loan left was less then our settling price. I made sure all my i's were dotted and t's were crossed though. First got a bill of sale and had him fill it out and go get it notorized so it was legit and would stand up if anything bad happened like him trying to screw me. So once I had the bill of sale then I talked directly with his bank and let them know the situation. They said they had the title on hand at the bank since it was still an "open loan". I told them the only way I would do anything was if the title came directly to me and was not released to the owner. They told me it was fine but he would have to give them that order.

So I talked to the owner again and made sure he was going to tell the bank. So he went and told them and gave them my forwarding address. So he went in before I made a payment and signed the title, the bank told me they would let him sign it no problem even before it was paid off because they weren't going to release it until it was paid for. So I made a wire transfer for the remaining loan amount and then met him with a cashiers check for the remainder of the agreed price.

Hopefully this helps you...just make sure when you get a bill of sale don't just sign it, go and GET IT NOTORIZED!!!
 
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