Buying A Used Bike on Craigslist

[Neil San Diego]

We found the bike that we have been looking for on a local Craigslist. Its a perfect fit for what my wife wants. Unfortunately, it has a bank lien on it. I've never bought a used vehicle from a private party that has a lien. Can anyone educate on how this would work, so I don't get ripped off? Or does a lien make it to risky, and we should just keep looking?

...as always, I tried a search but came up empty handed...

 

[rockmurf]

We found the bike that we have been looking for on a local Craigslist. Its a perfect fit for what my wife wants. Unfortunately, it has a bank lien on it. I've never bought a used vehicle from a private party that has a lien. Can anyone educate on how this would work, so I don't get ripped off? Or does a lien make it to risky, and we should just keep looking?
...as always, I tried a search but came up empty handed...

First off check with your dept of motor vehicles. My guess is that if you went with the seller to the lein holder and paid off the lein and had them release the title to you that would work. Do not give him the money regardless of whatever paperwork he may give you. Even if he gives you a bill of sale and the bike he can cause problems for you down the road. Again go with my first comment. good luck Everett

 

[FZ/FJR Mike]

I agree, check with DMV but in NY the title cannot be transferred till a lien release is provided by whomever has a lien against the title, normally a financial institution. Once that lien release is secured, the transaction should be good to go.

 

[ngarider]

Unless its a spectacular deal, pass. Too much to go wrong. Let someone else deal with the BS.

I want title in hand for cash money. Only way to fly.

 

[vandy]

unless this is some wierd kind of lien you should be able to go with the owner of the bike to the bank where the lien is at... and do the transaction there..

depending on how you deal with the bank the lien will either be gone or transferd to your name .. case closed no problem...

but dont do it without going to the sorce.

 

[FJRMGM]

unless this is some wierd kind of lien you should be able to go with the owner of the bike to the bank where the lien is at... and do the transaction there..depending on how you deal with the bank the lien will either be gone or transferd to your name .. case closed no problem...

but dont do it without going to the sorce.

+1 - the lienholder will mark the title as "lien released" on the date it happens then you are free and clear to go to DMV.

Really, it is not very difficult to do.

 

[keithaba]

unless this is some wierd kind of lien you should be able to go with the owner of the bike to the bank where the lien is at... and do the transaction there..depending on how you deal with the bank the lien will either be gone or transferd to your name .. case closed no problem...

but dont do it without going to the sorce.

This is exactly how I bought my FJR. Arranged to meet the guy at the bank. The bank was willing to show me paperwork, and everything. You still don't get the title right away though, you have to wait until the company who has the lien sends the actual title. The person has to send that to you still.

 

[PDsgt]

My police officer advice is to contact seller and have him give you leinholder info. You contact leinholder and determine what they require to release lein. Different financial institutions do things differently. Some require a waiting period until checks clear. Even certified checks, money orders, bank checks and all such things are being counterfeited on a regular basis. Cash is usually the best way to get a lein released the quickest. Find out if they will release the lein immediately for cash. If not, determine what paperwork needs to be filled out to have lein release sent directly to you. Either way, be careful and obtain all your answers before you pass out any $$.

Good luck!!

 

[Neil San Diego]

Thanks for all the comments. Looks like this could be possible with alot of effort, but since this isn't the "deal of the century", I think I'll let this one slide and keep looking for a cash and carry bike.

Thanks again for the input!

 

[JJP XX]

My personal experience from a few years ago...

I went to NC to buy a bike which had a lein. I paid in full in which the bank signed off on the title. I went to register the bike in NY and DMV said that the lein will carry over. I said but it is paid in full and signed by the bank!

Well, after a few phone calls to the NC bank, I got a separate piece of paper, with the NC bank letterhead, stating that the bank no longer has a financial interest in the vehicle. That made NY DMV happy.

I can understand and respect having a lein on a vehicle. I will not buy a vehicle unless the title is in the sellers name and there isn't a lein on it.

 

[05fjrman]

Most people that own major purchases, such as a car or a $10,000 bike, don't have the means to pay cash for them. And if they are selling them, it's usually because they can't/won't afford the payments anymore. I have bought/sold quite a few vehicles with a lien on them, it's not a big deal. Just make sure you have the lien release, every financial institution i've dealt with will give you it as soon as the loan is satisfied. But that's my experience, and i'm real picky when it comes to finances. I'm sure if you had a bad experience, it would give you a different perspective.

 

[XHD4FJR]

Have bought several vehicles with liens on them and have never had a problem getting the title released with full payment.However titles are seldom held at the local bank branch so you might have to travel to a central loan office or main bank office (could be in another county or state) to affect a immediate transfer otherwise you will wait till the bank processes the release and either sends the title back to the branch or mails it to you. I like to have it in my hand after the money exchange. Talk to the lien holder so you understand their requirements and procedures.

 

[LAGO RUNNER]

close the deal at the bank with the lien, they will tell you if what you are paying covers the lien, or not and usually the bank will do TT&L for you at the close of the deal..depending on the bank..of course you will have to pay the TT&L..but atleast you know you will be getting the clear title...

 

[clutchless1]

close the deal at the bank with the lien, they will tell you if what you are paying covers the lien, or not and usually the bank will do TT&L for you at the close of the deal..depending on the bank..of course you will have to pay the TT&L..but atleast you know you will be getting the clear title...

+1