Is it a bank loan or a manufacturer loan?
This is a discussion on Ooh I found one but... How do I buy a bike if the seller still has a loan on it. within the FZ-09 For Sale / Wanted forums, part of the FZ-09 Classifieds category; If this is the wrong section please let me know where to post. I guess I could google it but figured you guys have way ...
If this is the wrong section please let me know where to post.
I guess I could google it but figured you guys have way more experience. So I found a nice low mile MT09. The seller still owes on it. How do I pay off the loan and make sure I get the title? Or is it done some other way.
Is it a bank loan or a manufacturer loan?
Last edited by HyperNakedPimp; 06-02-2019 at 09:17 PM.
2017 Yamaha FZ-09《Modified》
The seller needs to pay off the loan so you can get the title. The title is with whomever has the loan. Don't think you want to buy a bike without the title! Be careful!
This would make me uncomfortable too since I've not been through the process. I recall hearing stories of folks taking a trip to the bank/dealership the loan is with (along with the current owner) and paying it off/signing everything over at that time. The bank/dealership helps ensure all necessary paperwork is taken care of accurately and things get filed.
If you aren't able to pay cash out of pocket to payoff the loan I'm assuming you'll have to get your own personal loan secured first and walk in to the current lien holder to payoff and get things transferred over accordingly.
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I sold my 2012 RV trailer with a loan on it. The buyer gave me a check for the payoff amount and I delivered the trailer to them. When I received the title about a week later I gave it to them and they gave me the balance which was very small. I made up the bill of sale attached from online examples and made sure that they would feel as protected as I did. Went off without a hitch. If you want further protection I suppose you could get it notarized and pass the check at the notaries office. If the seller balks, move on.
Rv Sales Bill of Sale example.jpg
I sold a BMW F800GS with a lien on it. There were a few options. Luckily for me, the buyer decided to finance the motorcycle. BMW financial ran his credit and transferred the balance to a new loan (in his name).
I think it all depends on how honest you think that the seller is. There has to be some way to make this work with maybe a third party like the buyers bank? I am in a similar situation. I have a 2014 (Orange) FZ09 that I just don't ride much and would love to sell.. but I bought it through a dealer and financed it long term.. the payments are low and I like that.. but its going to be another 8 months before its paid off.
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Deduct the amount owing from your negotiated price then pay the loan off...make sure there are no early payout amounts and that you are able to do this.
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As long as the title is transferred properly. When the loan is paid the title is sent to the buyer and you then hope the buyer signs the title over to you. Possibly both parties could go to the bank and do the title transfer there.
Assuming you are in the USA, You can't become the new owner until the loan is satisfied. When the loan is paid, it becomes a clear title. Someone selling a vehicle with a clear title can get a better price, because there is no risk to the buyer. You simply sign it over. With a lien title, you are going to be asked to take the risk of being scammed. If the deal is so good it is worth your time, you can go to the agency holding the title and pay them directly and get the title right there, and notarize it there over to you. Still you are giving your trust freely, and might be getting scammed in several different ways.