Buying bike that isnt paid for???

I need some advice on buying a Motorcycle that is not yet paid for. The loan is with HSBC and he owes money on the motorcycle so he doesn’t have the title (since it’s not paid for yet). In order for me to make sure it is under his name, is his last bill enough info or would I need to see something else with his name. He says he will show me the registration and his last bill. I would usually just give him half the money up front and the rest when he delivers the title signed, but in order for him or me to get the title, the motorcycle needs to be paid off first so HSBC can release the title. We agreed on me paying his asking price and he would send the rest to HSBC since he owes more than he is asking for. I told him I'm not giving him Cash, I would send a money order made out to HSBC so he can’t cash it. I need Advice on how to buy this thing lol.

 

You can't find a bike whose owner has a free and clear title?

 

Contact HSBC and ask them about the process.

 

Be very careful, see the HSBC post above.

 

I'm sure i could, but i tan across this one and it is a good deal.

 

I tried contacting HSBC but I couldn’t get anyone really that dealt with that. I spoke to someone at the customer service and they were pretty much like what are you talking about, has anyone bought a bike that was not paid for and had any problems of some sort? I mean if I have documentation saying the bike belongs to him and I do a notarized bill of sale with a copy of his last bill, it wouldn’t make sense for him to screw me?

 

transactions like these require huges amounts of trust and faith.
Ive done a few... usually I get the 10 day payoff. Cut a check to the lender... tell the seller they will get the balance when I receive the title.

Write up a bill of sale detailing the EXACT steps/considerations of the sale. Also get it notorized.

-Mail/give payoff to the lender
-Take bike & secure in a safe location
-Make the deal period finite (like 30 or 45 days)

Ive never had any issues... but a friend did. Of course he "trusted" too much and paid the sellers loan off and didnt take the bike...which instantly changed the sellers motivation in the sale.

 

no title, no sale.

 

You can always go to the bank and pay it off, if there is a branch, then they issue a new title on the spot, or release the title and sign it over to you on the spot, notarized etc.

I would NEVER do what you are talking about but that's just me. I've bought a camper, bike, and car that the title had a lien on it still, we walked into the lien holder, paid it off, had the title signed over to me on the spot, and went and got new title an hour later.

Every state is also different I think in what banks/lenders can do, but yeah, if it wasn't a FC title and I couldnt get it on the spot, I wouldn't buy it. Sounds too shady.

 

i sold one that wasn't entirely paid off for. The buyer's mom did call me and HSBC to make sure that it was paid off and then called me a few times for the lien release, but HSBC takes about 30 days to send it. (In NY we still have a title, but it has a lien holder listed) Once I received the lien release, I sent it next day to their home.

But yeah, they trusted me enough and everything went well. So it can work out

 

That sounds pretty good. Let’s say I do all, how can he screw me? I mean if we both send in the money, and I make the money order to HSBC and once we send the money I then take the bike home. so all I am really waiting on is the title and for him to sign it. So if I confirm the title is in his name I don’t see why he wouldn’t sign it since we have documentation that I bought it, and even if anything else was wrong with it I could take him to court?

 

I am not sure if HSBC has a Yamaha HSBC banking branch. When i searched online it just gave me HSBC Mortgage

 

You could but would it be worth it? I mean unless the bike is ultra cheap or rare I just don't really see the point of putting yourself through the stress and headache of dealing with a leinholder, hoping he pays his portion and delivers you the title.

 

when you give him the $ with letter/contract, make sure you take the bike

 

Something smells real fishy.

How upside-down is the current owner on the bank note? If his payoff is $10,000 and you're buying it for $8,000 I'd want to know for sure that he actually has the other $2,000 in hand. If he has that much liquid asset in hand I'd be skeptical of why he's so desperate to unload the bike at such a huge loss.

 

No it’s not a very rare bike but it is a very good deal, and no he doesn’t have to deliver the bike because I will take it once we send the money order/ check off. I mean the guy is local and I talked to him and met him to look at the bike. He said he will bring me the most recent original bill he gets from Yamaha HSBC. The guy seems legit and I would hate to pass up a deal like this because of a little hassle I have to go through. So if he shows me his most recent bill, which would have the amount owned and his name on it, and we send off the money together(I would write a check to HSBC for my part), do a notarized bill of sale, and I take the bike as soon as we send off the money, does that sound safe enough?

 

He says his interest is 25% now and he can’t afford/doesn’t want to pay that much. He says he owes $4,800.00 on it and I would pay him $4,000.00 for it. I told him we both send the money at the same time and he agreed to it.

 

take the bike as soon as the money leaves your hand

 

Yeah i will do that. I will ask him if i could still talk to HSBC about his account, just so i can have a peace of mind.