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10-03-2013, 05:35 PM,
#1
Buying Road Star that is Financed?
k the guy is looking to get out of the payments so meeting up at the finance co, anybody have suggestions on what all I need to cover my end to make sure I get what I need to be all legal and such?
they said funds transfer is the fasted for the title and he give bill of sale?
never done anything without a clear title before so help would be muchly appreciated.
thanks guys.
2006 VStar Stratoliner, Freedom Performance split dual exhaust, Mustang seats, Sissy bar with back rack, bolted saddlebags to mounts.
Life's tough .. it's even tougher if you're stupid. - John Wayne

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10-03-2013, 06:48 PM,
#2
Buying Road Star that is Financed?
@keith
I'm sure a lot of people will say that isn't a problem etc...me myself I'll always cover my rear so, I don't get screwed.
Here in CA-Paradise if you don't have a clear title when you get the bike no one can assure you the bike is yours and you have to trust and pray that the guy you just gave the money to paid the loan or directly payed his loan to the bank will send the tittle to you when he gets it...
Now ....there are banks that nicer than others..I had a great experience with USAA where they did all the paperwork saying that I was the one paying the loan and they sent *ME the tittle.
Also the tittle showed I was the lien holder even though it was in the other guys name.
I will highly recommend for you to get the financing Co to do that for you.
It just gives you a 100% insurance for your money.
I was told by USAA that that's the way it's supposed to be done but there are some financial institutions that are just to lazy ...
Hope that helps
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10-03-2013, 07:19 PM,
#3
RE: Buying Road Star that is Financed?
sweet thanks Rico.
2006 VStar Stratoliner, Freedom Performance split dual exhaust, Mustang seats, Sissy bar with back rack, bolted saddlebags to mounts.
Life's tough .. it's even tougher if you're stupid. - John Wayne

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10-03-2013, 07:28 PM,
#4
RE: Buying Road Star that is Financed?
What @Mausterman said. don't chance just "taking over the payment" unless the bank you are paying signs off on everything and you double check everything.

otherwise, he could just pocket the money, and decide to keep the title once it is paid off even though you are driving it.
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10-03-2013, 08:01 PM, (This post was last modified: 10-03-2013, 08:02 PM by OldePhart.)
#5
RE: Buying Road Star that is Financed?
(10-03-2013, 05:35 PM)Keith Wrote: k the guy is looking to get out of the payments so meeting up at the finance co, anybody have suggestions on what all I need to cover my end to make sure I get what I need to be all legal and such?
they said funds transfer is the fasted for the title and he give bill of sale?
never done anything without a clear title before so help would be muchly appreciated.
thanks guys.

Either the seller or finance company should have the title with the lien noted on it. If you go directly to the finance company you should take a cashier's check made out to them for the payoff amount and he should bring that title (if you are paying him more than the payoff on the loan then you can pay him the difference by whatever means you agree on). He should be able to sign over the title, and the finance company should sign the lien clearance on the spot. Make sure that you also get a bill of sale and make sure that you get the form from the tax office that is basically an affidavit of the actual odometer reading - you will need that to register the bike. The same info is on the title so don't ask me why Texas requires the additional affidavit signed by the seller but if you buy a used vehicle without getting one you will play merry heck getting the vehicle registered.

Finally, be aware that none of these things necessarily protects you if someone has filed a mechanics lien against the bike, or a soon-to-be ex-spouse has filed a lien on it for community property settlement or anything like that.

John
===========================
2011 V-Star 650 Custom (new in fall 2013)
V&H Cruzer Pipes, Memphis Shades Bat Wing, Floorboards, Highway Bars,
Locking Bags, Tail Rack, LED Signals & Aux Brake Lights, Headlight Modulator,
Brake Light Modulator, 5/8" Gel Pad Under Upholstery.
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10-04-2013, 02:06 PM,
#6
RE: Buying Road Star that is Financed?
Honestly, It's probably the best to get the loan company to send you the title when they pay it off. If you don't trust the guy completely, you can try to get copies of his information down.
I have friends who have previously purchased like that and made the seller sign a contract and make everything official.. Though I don't know how great that would work if things went bad, but you know what I mean...
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10-04-2013, 04:56 PM,
#7
RE: Buying Road Star that is Financed?
well all good info to know for sure, unfortunately looks like back to no bike, just got hit with a $3300 plumbing bill, ouch... def in the wrong biz.
2006 VStar Stratoliner, Freedom Performance split dual exhaust, Mustang seats, Sissy bar with back rack, bolted saddlebags to mounts.
Life's tough .. it's even tougher if you're stupid. - John Wayne

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10-04-2013, 05:35 PM,
#8
RE: Buying Road Star that is Financed?
Ow, @Keith - that does suck. Yeah, every time I have to pay a plumber or AC guy, get my car fixed, or hire an electrician to sign off on the work I did myself I think to myself, "self, all that college was a complete waste of time and if you didn't have such an aversion to sweat and bad smells you could be making a killing!" LOL

The real irritation was when my oldest daughter's husband at 23 was making more as an apprentice welder building oil and gas storage tanks than I was as a software engineer with almost twenty years experience... Of course, he worked a lot harder and that industry tends to use people up. Most of the guys he was on crew with looked like they were in their sixties and none of them were even fifty yet.

John
===========================
2011 V-Star 650 Custom (new in fall 2013)
V&H Cruzer Pipes, Memphis Shades Bat Wing, Floorboards, Highway Bars,
Locking Bags, Tail Rack, LED Signals & Aux Brake Lights, Headlight Modulator,
Brake Light Modulator, 5/8" Gel Pad Under Upholstery.
Reply
10-04-2013, 09:39 PM,
#9
Buying Road Star that is Financed?
@Keith sorry you're having a run of bad luck lately...at least (hopefully) you can only go up from here!
2007 v star 650 Classic, raven with ghost flames
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10-05-2013, 11:07 AM,
#10
RE: Buying Road Star that is Financed?
yeah, hope interview Monday afternoon works out, place checks out as a really good place to work, salary is all good, all the benes available too.
2006 VStar Stratoliner, Freedom Performance split dual exhaust, Mustang seats, Sissy bar with back rack, bolted saddlebags to mounts.
Life's tough .. it's even tougher if you're stupid. - John Wayne

Reply
10-19-2013, 06:31 PM, (This post was last modified: 10-19-2013, 10:34 PM by jmck.)
#11
RE: Buying Road Star that is Financed?
(10-04-2013, 02:06 PM)ahernandez74 Wrote: Honestly, It's probably the best to get the loan company to send you the title when they pay it off. If you don't trust the guy completely, you can try to get copies of his information down.
I have friends who have previously purchased like that and made the seller sign a contract and make everything official.. Though I don't know how great that would work if things went bad, but you know what I mean...
When a vehicle is financed the bank holds the physical title (sometimes it's an electronic version) and they record a lien on the title with the state. If it is a very large institution they hold the physical titles at a central location. Ask the bank to request the title be sent to the local branch where you will pay off the loan. Once the title is available, have them release the lien and you give them the cashiers check (or cash). I worked in banking for 23 years and there isn't a snowballs chance in hell that I would hand over funds to pay off someone else's vehicle on the premise that that the bank is going to send you the title. Banks are known for screwing things up. Don't take the chance.
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