I purchased a 250cc for cheap just to learn how to ride etc. Seller said he didnt have title because bike was left as collateral to him...I planned to apply for lost title. Turns out this guy sold me title w/ lien. Tryed to hunt down bank holding lien, but bank has dissolved. Illinois DMV won't give me the original owner's info and I can't find the lienholder to settle that debt. Whats next step?
2007-05-18 08:37:24 · 3 answers · asked by Droo 2 in Cars & Transportation ➔ Insurance & Registration
Your next step is to get a piece of paper, and write 100 times:
I will not buy a vehicle without a clear title.
You have a parts bike, at least it was cheap.
By the way, applying for a lost title is of no avail, they will only mail it to whoever is on the title as owner, and that's not you. And it's restricted information which you can't get, as you found out.
2007-05-18 09:11:31 · answer #1 · answered by oklatom 7 · 1⤊ 0⤋
The dmv should be able to give you the information and the process which is necessary to clear the title.
Typically it involves notifying the bank by mail. Disolved or not there are responsible parties that the mail can be addressed to, however you are in for a lot of leg work.
Depending upon how you define the value of 'cheap', the best course may be to take it off road and learn to drive as you planned, and then sell it for parts.
The other course is to take it back to the seller and demand your money back because of the costs and time involved in perfecting the title.
.
2007-05-18 09:03:17 · answer #2 · answered by ca_surveyor 7 · 0⤊ 0⤋
You better hire a "cheap attorney". I'm not sure they exist but you could try.
Did you learn anything? (Should have made owner apply for lost title).
2007-05-18 08:46:48 · answer #3 · answered by TameBeast 6 · 0⤊ 0⤋