Liens- what does it mean?

I would call American Honda and let them know where their stolen bike is.

 

Salvage Walk away

 

Whats wrong with salvage? All of my race bikes are salvage

 

Nothing wrong with racing with a salvage title. Just be sure you get the title. Trouble only starts if you try to get it registered for the street again. States have different requirements for acquiring a rebuilt title. In Miss. it was a pain in the ass.

 

i went to go see the bike, it's in good shape and the guy seems like he's telling the truth. he showed my a receipt from a towing/salvage company where he bought the bike from, but there is no title. i know that he didn't steal it himself or is trying to sell a bike that he defaulted the loan on. it's seems to be legit except for the fact that it has a lien on it by american honda.

if i want to pursue this, what should my next step be?


thanks all for the responses.


:up:

 

Call American Honda and find out what the payoff is on the lien and where you can send the check to. Someone is going to have to satisfy that lien.

 

Yeah, and generally speaking, con men, grifters and other bunko artists aren't clean-shaven, upstanding looking folks. They always seem insincere and never have receipts or other legal-looking papers they printed on their home computer...

 

Its certainly possible that the lien has been satisified, however no notice was ever given to the state that issued the lien. (Lien release)

Probably a bunch of work, but if you contacted America Honda they may or may not give you a copy of the lien release assuming the bike has been paid off.

Then you'd have to work with your local DMV in getting a new title issued.

Probably a bunch of work, but possible if its a smokin deal.

 

Most likely American Honda will, even if paid off, only release the title to the origional purchaser. You would have to get that person to release the title to you. If you pay Honda to clear the title then that origional owner will have you over the barrel. (So to speak) He could then hold you up for even more money.

Tell the present owner of the bike that if he can secure a clear title, or clear up legal ownership on paper, then you will be interested in it. Otherwise, go find another bike. There are lots of them out there. :up:

 

Find out who and why there is a leinholder if you really want it. Might be only a few hunderd smackers. DO NOT buy a bike you KNOW is encumbered by a valid lein.. you'll be sorry.

 

Put a mechanics lein on it, no one will be able to take jack from you, unless it's reported stolen.

 

what exactly would a mechanics lien do for me if it's not a stolen bike?

 

monte- why will i be sorry if the bike has a lien? i only want to use it as a racebike.

the lien holder is american honda finance company. i called and they said that there could be any number of reasons for the lien. i asked her what is the possibility that someone took out a loan with them, totaled the bike, got the insurance pay-off, and skipped town? she said no way! the insurance company, since american honda actually owns the bike, would send the payment directly to them and not the guy who "owned" the bike. he might have just stopped paying for the loan, but that's not such an easy thing to do. would his wages get docked if he owed the money to honda and stopped paying?

i ran the vin through carfax at dmv.org, and it says that the bike has a clean title and it didn't come up as stolen. i'd like to buy this bike, but i don't know what to do next.

any help appreciated.


:up:

 

werd...I work for an insurance co...this is true. Salvage or not it will have a title