Looking for guidance on buying without title-

[chai rome]

A guy is selling a very nice 2016 (120 miles) that I've been lusting over. He needs to sell to finance some medical expenses. Problem is he still owes the dealership. Is there any safe way to go about buying this badass bike from him?
His plan is to write some contract up, pay off the bike, and send me the title.
Your advice is appreciated

 

[ThumperX]

If it's financed through a local or national bank/ credit union you can do the transaction in person with him.
If it's financed through a non brick and mortar institution trust plays a big part. You may want to speak with the finance company with him present. Make your payment directly to the finance company not to him.

You can fill out a bill of sale as well as a transfer of ownership with missing title but he will still be the one receiving the signed off title from the lienholder holder.

 

[Chase!]

If it's financed through a local or national bank/ credit union you can do the transaction in person with him.
If it's financed through a non brick and mortar institution trust plays a big part. You may want to speak with the finance company with him present. Make your payment directly to the finance company not to him.

You can fill out a bill of sale as well as a transfer of ownership with missing title but he will still be the one receiving the signed off title from the lienholder holder.

What she said ^^ I used to do these kinds of things for a living.

 

[Randy B]

He needs to sell to finance some medical expenses.

This would have me concerned. If he is looking for a big chunk of change to pay medical bills, then the money you would be paying him would be put towards the bike to pay off his loan. That would be an issue because then when he doesn't pay the loan payments on the bike, you loose the bike.
If he will do the sale at the lender then this is not of concern, but if not....run away, do not walk, from this.

 

[mototireguy]

Make your payment directly to the finance company not to him.

+1

In these cases the seller doesn't own the bike, the finance company owns the bike.

Get a hold of the finance company and make the payment them.

 

[chai rome]

Thanks a lot, let me contact him and see which way this goes...

 

[RightCoastBias]

What he said ^^ I used to do these kinds of things for a living.

That's actually what *she* said.

 

[RightCoastBias]

This would have me concerned. If he is looking for a big chunk of change to pay medical bills, then the money you would be paying him would be put towards the bike to pay off his loan. That would be an issue because then when he doesn't pay the loan payments on the bike, you loose the bike.
If he will do the sale at the lender then this is not of concern, but if not....run away, do not walk, from this.

Could just be freeing up credit and reducing monthly expenses.

 

[AeroSFCity]

What he said ^^ I used to do these kinds of things for a living.

^"That's what she said."

 

[Indio]

I bought two bikes where seller had to pay off first. I paid a deposit of $1000 on each, filled out DMV bill of sale and a generic bill of sale including all relevant info such as current address, DL number etc. I also asked for copy of driver license, copy of current insurance and copy of current registration as well as title.

Had to wait 3-5 weeks for title to be transferred to seller & then we wrapped up the deal. In both cases I met seller, checked out bikes , paperwork they had and then went ahead.

 

[Chase!]

That's actually what *she* said.

Fixed, but lol "that's what she said"

 

[Sticka]

I bought two bikes where seller had to pay off first. I paid a deposit of $1000 on each, filled out DMV bill of sale and a generic bill of sale including all relevant info such as current address, DL number etc. I also asked for copy of driver license, copy of current insurance and copy of current registration as well as title.

Had to wait 3-5 weeks for title to be transferred to seller & then we wrapped up the deal. In both cases I met seller, checked out bikes , paperwork they had and then went ahead.

The problem with that is that most of the time, at least in my experience, the seller owes a lot and does not have the amount needed to pay the bike off.

 

[chai rome]

He's fine with me paying the dealership directly (he had put roughly half down) and the remainder of the agreed amount to him in cash.
So I'll back this all up with a written contract and a bill of sale.
Anything else?

 

[ThumperX]

Don't forget, you can take possession of the bike and begin the process of transfer.