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Discussion Starter · #1 ·
So I found this great deal on a 2003 YZF-R6. It's only $5500 with 30 miles on the odometer!! So I call the guy up and he says his wife is selling it because she got scared and doesn't want it anymore. I'm thinking about buying it tomorrow but his wife is financing it and needs to pay off the rest of the bike (with my money of course) before she gets the pink slip/title. I'm kind of worried, I'll have the bike but it won't be in my name. How does this transaction work? What is the safest way I can go about this and not get ripped off? I'm thinking of making a bill of sale with the VIN number on it basically stating I bought it for $xxxx and having both me and her sign it. Please give me your thoughts on this.
 

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Definatley print up a bill of sale, and have it notarized... Or, you can go with her to the bank or call the bank or whatever, and explain the situation, I'm sure that it can be worked out that the title gets put into your name when the loan is paid off... Talk to the people about your concerns, and see what happens... If they're good people, they will completely understand and do whatever possible to help you out, if they get pissy about it, then they're prolly just trying to rip you off... That's my opinion...
 

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Discussion Starter · #3 ·
VIN number

I just called the guy right now. I'm not sure why I have to speak with her husband and not directly to the owner. Anyway, he wouldn't give me the VIN number for some reason. Maybe he's too lazy, don't know. But he claims he's legit and I could go down with his wife on monday to pay off the rest of the loan and then she'd sign the pink slip over to me. However someone is going to look at it tonight, with my luck it'll be gone by tomorrow when I try to go look at it. He also said I could put down a deposit so he'd hold it for me until monday. If I do buy it this weekend I'll definitely get a notarized bill of sale and be sure i get the pink slip by monday. Thanks for your quick response. Anyone else, please feel free to comment, I need as much info as I can get.
 

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With a signed bill of sale, you pay off the loan, and the bank signs the title over to you. Don't pay the seller any money without a title or a legal bill of sale. Also, if you pay by check, make the check out to the bank and include the loan number on the check.
 

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Discussion Starter · #5 ·
TexasR6 said:
With a signed bill of sale, you pay off the loan, and the bank signs the title over to you. Don't pay the seller any money without a title or a legal bill of sale. Also, if you pay by check, make the check out to the bank and include the loan number on the check.
A legal bill of sale? I thought a bill of sale written by me and signed by both parties would be acceptable? I plan to pay by cash. So the bank should sign it directly over to me and not to the woman, then the woman signs it over to me?
 

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i didnt take time to read all the replies, im just lazy that way, so forgive me if im restating something thats already been said.


having a signed bill of sale with the vin and amount paid AND a note about her paying off the bike and bringing you the title should be sufficient if both of you sign it.

BUT, i would call the DMV in your area and ask them exactly what you need to do to protect yourself. thats what theyre there for.
 

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I wouldn't hand cash to anyone that I didn't know... well, some of them I wouldn't either.... anyways.... if your paying in cash, meet them at the bank and hand the cash to the teller...

better yet.... turn that into a check or money order....
 

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TexasR6 said it. My sis in law is the Vice Pres. at a local bank here and I just called her for ya. She said do NOT give them the money, go to the bank with them and give it to the bank. It's not their money it's the Bank's, as they have the title. That way the title is sent to You, not them. Good luck bro!
 
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