Does this seem fishy?

**Ski01xj** · 01-17-2009, 10:47 PM

I'm in the process of buying a m/c. I found it on CL and the guy has been pretty straight forward with me from what I can tell. He sent me dated shots of the odometer and a small crack in the fender that he told me about from square one.

I talked to him on the phone and it seems like an ordinary guy, not trying to pull the wool over my eyes.

He said in order to straighten things out on his end, that he would have to pay his loan off from his checking account, then use the cash I give him to supplement his checking account. I personally don't care what route he takes, as long as I have the keys, title, and bike. I told him I'm not going to take over any loans he took out.

The only thing that is getting to me is that hes got a loan out. The bike is a 2000 with low miles on it. I don't really see how it could still be financed. Most auto/ small loans get paid off within 5 years. But starting this year we'll be going on 9. Does this seem wrong to anyone else?

The only scenario I can come up with is that he bought it from a dealer and financed it somewhere around 2004-5, knowing it was a 2000 model. The only thing with that situation is, would a dealer keep a 2000 model bike on their lot fro that long?

jeep95xj · 01-17-2009, 10:53 PM

Maybe he bought it used. If the bike is 5K hand him 5K IN PERSON take the keys and title and say have a nice day.

**10achik** · 01-17-2009, 10:55 PM

I bought my 2000 SV650 1.5 years ago for $2600, if I hadn't just sold my car I could have borrowed the money to pay for it, in which I would still be paying on it. I see used busa's going for $8-9k, I'm sure people finance used bikes all the time. Sounds legit to me

J10 · 01-17-2009, 10:59 PM

The bank probably has the title. I just went through that with the Jeep I got. I told the guy I would meet him at his bank with the cash and to have all the paperwork with him. As soon as the bank clerk got the title out I gave the money over and we finished up the other paperwork.

Its not fishy just dont trade cash til you have a title in hand or atleast sight.

What you getting for a bike?

**Ski01xj** · 01-17-2009, 11:05 PM

Quote:

Originally Posted by J10

The bank probably has the title. I just went through that with the Jeep I got. I told the guy I would meet him at his bank with the cash and to have all the paperwork with him. As soon as the bank clerk got the title out I gave the money over and we finished up the other paperwork.

Its not fishy just dont trade cash til you have a title in hand or atleast sight.

What you getting for a bike?

Thanks for that reply. I'm a little green at buying cars and loans. I'm going to tell him that's what we need to do.

The bike is a 00 Honda shadow 750 Ace.

**Coiz** · 01-17-2009, 11:09 PM

I would agree that you should just go to the bank with him so he can pay off the loan and take the difference from what you are paying. That way you know it is clear and you leave with title in hand.

Joker741 · 01-17-2009, 11:22 PM

Ask for the bank information, then call and verify that is the only way they will allow the loan to be paid off.

**Ski01xj** · 01-17-2009, 11:26 PM

Quote:

Originally Posted by Joker741

Ask for the bank information, then call and verify that is the only way they will allow the loan to be paid off.

Also a good idea, thank you. He did give me the name and location of the bank.

**10achik** · 01-17-2009, 11:27 PM

Quote:

Originally Posted by Ski01xj

Thanks for that reply. I'm a little green at buying cars and loans. I'm going to tell him that's what we need to do.

The bike is a 00 Honda shadow 750 Ace.

You might also want to check on your state laws too. When I bought my car, I got it from Missouri and they are a title holder state...don't send the title to the lenders, they send it to the owner. So then you have to get a lein release from the bank to show the DMV that there isn't anything owed on it in order to title it in your name.

Kind of messed up if you ask me, because someone could have the title in their hand and then sell it and then you can't title it because there is a lein on it. I don't think there are a whole lot of states like that, but you will have to check. If they do, just make sure while you are at the bank, tell them to give you a lein release document for the DMV.

Congrats on the Bike

Moses2564 · 01-18-2009, 06:48 AM

Quote:

Originally Posted by 10achik

You might also want to check on your state laws too. When I bought my car, I got it from Missouri and they are a title holder state...don't send the title to the lenders, they send it to the owner. So then you have to get a lein release from the bank to show the DMV that there isn't anything owed on it in order to title it in your name.

Kind of messed up if you ask me, because someone could have the title in their hand and then sell it and then you can't title it because there is a lein on it. I don't think there are a whole lot of states like that, but you will have to check. If they do, just make sure while you are at the bank, tell them to give you a lein release document for the DMV.

Congrats on the Bike

Michigan is the same way. When I bought my new (to me) TJ in October, the guy I bought it from had a lien on the title. He had to go to his bank, pay off the lien, request a lien release form, have a bank manager sign the title saying there was no lien on the title, and then I paid him.

Took it over to the DMV, gave me them a inch thick stack of paperwork and said, "Uh, yeah I would like to transfer a title."

.

Michigan is a pain in the ***.

pyro9862 · 01-18-2009, 07:58 AM

Quote:

Originally Posted by 10achik

You might also want to check on your state laws too. When I bought my car, I got it from Missouri and they are a title holder state...don't send the title to the lenders, they send it to the owner. So then you have to get a lein release from the bank to show the DMV that there isn't anything owed on it in order to title it in your name.

Kind of messed up if you ask me, because someone could have the title in their hand and then sell it and then you can't title it because there is a lein on it. I don't think there are a whole lot of states like that, but you will have to check. If they do, just make sure while you are at the bank, tell them to give you a lein release document for the DMV.

Congrats on the Bike

NY is the same way. Their is an area on the bottom of the title that has any lean information on it though. The same thing exists with houses that you buy at auction. You might buy a 100k house at auction for 60k only to find out you are now liable for 10k in credit card debt, 40k on a second mortgage, and 20k to the IRS.

06camarodude · 01-18-2009, 08:08 AM

Quote:

Originally Posted by Moses2564

Michigan is the same way. When I bought my new (to me) TJ in October, the guy I bought it from had a lien on the title. He had to go to his bank, pay off the lien, request a lien release form, have a bank manager sign the title saying there was no lien on the title, and then I paid him.

Took it over to the DMV, gave me them a inch thick stack of paperwork and said, "Uh, yeah I would like to transfer a title."

.

Michigan is a pain in the ***.

Yeah, but the thing I like about MI is that there are notes put on the title that say it has a lien on it. No way to hide that, because there is a box with any secured interests listed. If there's a lien on the vehicle, it's listed on the title.

cheap5.0 · 01-18-2009, 08:23 AM

Quote:

Originally Posted by 06camarodude

Yeah, but the thing I like about MI is that there are notes put on the title that say it has a lien on it. No way to hide that, because there is a box with any secured interests listed. If there's a lien on the vehicle, it's listed on the title.

Yup, always noted on the title.

And some of the banks around here are starting to hold onto the title (my credit union does now, where as they did't 3 years ago).

01-17-2009, 11:22 PM	#7
Joker741 Registered User Join Date: Apr 2008 Location: Corvallis, OR Posts: 107 Profile Gallery Classifieds My Jeeps	Ask for the bank information, then call and verify that is the only way they will allow the loan to be paid off. __________________ Oregon State School of Pharmacy Sold my 97 TJ, was looking for a TJ Rubicon, but school put that on hold.