I am buying a motorcycle but the guy still owes money on the bike. what are some precautionary steps that i should take to see that I dont get screwed over.
2007-06-06 14:20:06 · 5 answers · asked by Me 1 in Cars & Transportation ➔ Motorcycles
Make sure you make the cashiers check out to the leinholder...alllll of it... then they will refund him the difference. Get a signed notarized bill of sale, keep a copy of the cashiers check etc etc...generally they will Not title to you, they will send him the title even if he requests it be titled in your name...they just dont like to get involved should there be a problem,,,its normal...
2007-06-06 15:49:58 · answer #1 · answered by Adam 6 · 0⤊ 0⤋
I'd see if you could pay off the amount still owed directly to the lender (assuming bike is worth more than owed) and pay the seller the difference. Getting the clear title may take a while.
If you are in a market with lots of similar used bikes, I'd maybe keep looking for one owned free and clear unless this deal saves you enough money to be worth the potential headaches.
How well do you know the seller?
2007-06-06 23:21:44 · answer #2 · answered by Adam Smith 2 · 0⤊ 0⤋
Go to the bank that holds the note. Find out from them how much you should bring, and give the balance to your friend. Title should take a week or so. But the bill of sale will be enough to get it registered.
2007-06-07 12:52:12 · answer #3 · answered by landersonjr1958 6 · 0⤊ 0⤋
make sure the bike is in good working condition, that the money owed is not more than what its worth and that you like it and not an impulse buy.
2007-06-06 22:23:30 · answer #4 · answered by Anonymous · 0⤊ 0⤋
cancel the deal
I was hit three times on a bike
almost lost my leg
understand motoriwsts do not care.
you need to be protective of your life
2007-06-06 21:27:50 · answer #5 · answered by Michael M 7 · 0⤊ 4⤋