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Thread: Purchasing a bike with a lien

  1. #1
    Web Wheeler
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    Charlie

    Purchasing a bike with a lien

    The seller has a lien thru a non local bank. Does he contact them and tell them I will pay the remainder, then I can just call and pay it and they'll transfer/send me the title? Thanks for any input

  2. #2
    I support Reno4x4!
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    Glen
    More likely that once the title is cleared, they'll send it to the registered owner.

  3. #3
    Ignore the machine
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    Have the seller get a payoff letter from their lienholder. Assuming the vehicle is worth more than the lien, you write a check for the full payoff TO the lienholder, note the account number in the memo field..etc. You get a signed bill of sale from the seller that included stating that the seller will deliver the signed off title and lien release within 30 days (that's probably cutting it tight, banks have no incentive to hurry the process). Pay him/her any equity you owe to him/her and get the bike in your hands (trailer it home).

    I'd also recommend while waiting for the payoff letter that you contact the bank, they may have processes/procedures in place for just this kind of thing. That could make much of the above moot.

    Now you wait. Lienholders can be very slow releasing liens. If you don't get the title in 30 days you'll have to take that up with the seller. It's important to get it it writing how long he/she had to deliver title to you so that IF you have to pursue legal remedy you can do so.

    That's roughly what I'd do if I had to have it, personally I would never purchase a vehicle without a clear title in hand.
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  4. #4
    Web Wheeler
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    If you purchase a vehicle, vessel, or property that has a lien attached to it the the new owner is now responsible for that lien. I would call the lien holder and find out how much the lien if for. The lien may be more than the bike is worth.

  5. #5
    Web Wheeler
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    Can you get an attorney to provide an escrow service for the transaction?
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