I am researching into getting a Triumph S3. The seller basically wants to pay off the what he owes on it. It is a good deal from my end. But the sellers bank is in another state so we can't do the transaction at the bank. I am travelling 10 hours to see the bike and if good buy it.
option 1 ) basically he is saying to pay him and he will give me bill of sale and take the bike with me and have the bank send the title to me
-- hmm not sure how that works ...
option 2 ) is for me to get a bank loan so that the bank will pay directly his bank and have them send title to me..
Can you guys give some advise on how to approach this?
Thanks as always.
Unless you really trust him and can wait to register the bike, you need clear title. Go there when the bank is open.
i bought my bike that way. i went with him to the bank. handed him the money, he paid of the debt. and the bank gave me a receipt that said the lein was paid off. i got it, brought it with me to the DMV with the old title and it was all good.
for the most part people are good. and you can walk away with a title in hand ( unless his bank holds the title as well) then id say do it.
but if you can go there when the banks open so you can get the receipt right then and there from the bank your golden.
Unfortunately, the bank is located way too far to travel. The owner bought the bike in S. Dakota and moved to TN. So it is not realistic to go to the bank.
The title is at the bank in S. Dakota.
Not sure how to handle that now. I don't feel comfortable buying a bike and having a bill of sale but not title at hand.
I prefer to pay for it outright BUT I am not sure how I can pay the bank directly and get the title.
if I go and take a loan so that my bank loan can pay his bank directly, how can I be sure the title will come to me despite the owner saying we can change the address to mine? Not sure how the process works for this type of transaction.
dilemma
if the bank owns it, then the bank should be able to send it to you.
A messy situation, ended up buying a car under similar circumstances and it all worked out OK, the buyer paid off the loan and mailed me the title...but it was a BIG leap of faith on my part, only did it because it was a rare/exotic car and my gut feeling about the seller was excellent...but had I been wrong I would have had a bill of sale and no title and my only recourse would have been legal action 400 miles away. Anyway, probably NOT a good idea, if the seller pockets the money it will take a long, messy, and expensive legal battle to straighten things out...maybe see if the seller can refinance locally before the sale??
I bought my bike off ebay. Sent the seller the money, they sent me the title. No worries.
Have him contact his bank and authorize them to disclose to you how much he owes on the loan.
While talking to them ask them what you need to do to have them send the title directly to you when you buy it.
Send them a money order or cashier's check for the amount remaining on the note and give the seller a separate cashier's check or money order for the remainder of the selling price along with a copy of the receipt from the one you sent to his bank.
Alternately, you could just go the bank financing route and they'll handle it for you.
I did one of these once. When I met they guy I did not get a good vibe but still wanting the boat I asked him to call the bank and authorize me get info on the loan. I then called the bank, got the payoff amount, wired that to the bank directly, gave the seller the left over part we agreed to and he signed the title over. Few days later the bank mailed their lien release and all was good.
Quote from: kopfjäger on March 03, 2010, 09:12:40 PM
I bought my bike off ebay. Sent the seller the money, they sent me the title. No worries.
I bought my S4r the same way.
Exchanged emails with the seller, being sure to get his work email address so I could find out where he lived. Talked to him on the phone several times. Got a good vibe.
Wired him the money. He acknowledged receipt. Shippers came that day. Bike arrived in 2 days. Title arrived the following day via DHL Overnight as discussed in our agreement.
I made him sign a contract first.
I'd talk to his bank and see about sending an electronic payment directly to pay off the loan.
That way, he never sees the money.
this sounds really gay...........
but you need to set up a conference call with the lender at the bank in the Dakota's and the owner of the loan in TN.
ebay is different. you have insurance with ebaya as a buyer. Even if the buyer is sketchy you still have a chacne to protect yourself.
one on one via CL is a completely is a leap of faith.
Quote from: cyrus buelton on March 04, 2010, 03:44:05 AM
this sounds really gay...........
Gay as a diminutive adjective? Really? Are you in high school? Did you have buttsex on said conference call or blow the dude? Not really seeing the gay part unless you got something to tell us......
Sorry OP. Sound advice is to contact his bank and wire them the money. Seller should have no objections unless he is planning to run off with the dough. It will cost you money to do a wire, though.