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Old 09-02-2010, 11:02 PM   #1 (permalink)
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Selling a bike with an existing loan questions...

Here is the deal. I am going to sell my bike but like most I have an existing loan on it. I have a dollar amount that I think I can get for it but it is under what te loan payoff is. I have the extra cash on hand but I dont know how it all works out.

Has anyone ever done this kind of transaction before? Like I said, I have the difference but am not really sure how it all works out..

Brian
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Old 09-02-2010, 11:11 PM   #2 (permalink)
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I bought a bike once that had a lien on it. I met the owner at the finance company,I paid the loan off (his asking price) & the loan officer gave me the title & the owner signed it over to me. At least the title was in a local office--don't know how they do it when the loan is in another state.
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Old 09-03-2010, 01:19 AM   #3 (permalink)
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You need to find out exactly where your title is. It's probably not at your local branch office, and if it's not, it could take weeks for them to send it to you. You have to find out who is holding the tiltle, then call to be sure they'll release it to you right then and there when you pay it off. Usually turns into a big can of worms. I used to sell cars years ago, and we'd have to wait forever for some of the banks to send us the title so we could sell a car we took in trade. You could get lucky and have things go smoothly, but don't get your hopes up. Good luck.
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Old 09-03-2010, 06:31 AM   #4 (permalink)
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Quote:
Originally Posted by bdejong11129 View Post
Here is the deal. I am going to sell my bike but like most I have an existing loan on it. I have a dollar amount that I think I can get for it but it is under what te loan payoff is. I have the extra cash on hand but I dont know how it all works out.

Has anyone ever done this kind of transaction before? Like I said, I have the difference but am not really sure how it all works out..

Brian
You just have to pay the difference so that the loan is satisfied, and they will give you the title, you sign it and give it to the buyer..
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Old 09-03-2010, 07:23 AM   #5 (permalink)
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You just have to pay the difference so that the loan is satisfied, and they will give you the title, you sign it and give it to the buyer..
What CM said. I did such a deal with a boat. The buyer paid the price I wanted for the boat and I made up the difference. The only problem was the bank took their own sweet time sending the lien release, 3 weeks as I recall. Everything went smooth, it just took some time.
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Old 09-03-2010, 10:28 AM   #6 (permalink)
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Very cool, the bike is currently financed through Harley so hopefully they will make every effort to process it quickly. What do you do in the mean time while everyone is waiting around for the title to show up? Does the new owner take the bike and ride it while its in process?
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Old 09-03-2010, 12:55 PM   #7 (permalink)
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Very cool, the bike is currently financed through Harley so hopefully they will make every effort to process it quickly. What do you do in the mean time while everyone is waiting around for the title to show up? Does the new owner take the bike and ride it while its in process?
Absolutely not.You don't turn bike over, until after you have the title & all loans are satisfied.Do yourself a favo,r & try not to ride it while your waiting for title.If you crash it during this period there could be serious problems!!!
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Old 09-03-2010, 01:01 PM   #8 (permalink)
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If I were you I'd go to the Harley Dealer and talk to their person that does the paperwork for the DMV and loans, see what they have to say about the best way do proceed with the sale would be. Some times you'll get someone that can help and for a fee will even take care of the paperwork for the deal. You never know. It's worth a try.
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Old 09-03-2010, 03:41 PM   #9 (permalink)
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You have to find out who is holding the tiltle, then call to be sure they'll release it to you right then and there when you pay it off. Usually turns into a big can of worms. .
And sometimes even this doesn't work. I recently bought a truck with a lien on it, out of state. I had the seller call his bank and verify that they'd release the lien if I showed up with a BANK check to pay off the balance. He was told yes by his bank over the phone, but when we showed up with the check, we were given a different story .... the check would have to clear before they'd release the lien.

So it seems that there are no rules that you can depend on anymore when buying with a check, even a bank check.
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Old 09-05-2010, 04:27 PM   #10 (permalink)
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Bought I bike this spring and the owner, who was a friend, had a lien through Harley Credit. It took a little over 2 weeks after they received his payment to release the title. Not too bad overall.

Sold a car once and my local CU held the title in their office. As someone above said took the seller there, presented certified check, signed off on lien and off they went.

Not sure how it would work from another state but that I am sure would complicate things.
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Old 09-09-2010, 05:02 PM   #11 (permalink)
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If the buyer is getting a loan on the bike too then it's all done by the financial institutes. His bank gets the pay off and VIN of the bike from your bank, they pay you, you pay your bank and the buyer gets the bike, title just goes from your bank to the buyers. It's actually very simple, they do it 10 times a day most likely..

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Old 09-09-2010, 06:33 PM   #12 (permalink)
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Originally Posted by dickey View Post
I bought a bike once that had a lien on it. I met the owner at the finance company,I paid the loan off (his asking price) & the loan officer gave me the title & the owner signed it over to me. At least the title was in a local office--don't know how they do it when the loan is in another state.
I did the same thing
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Old 09-09-2010, 11:48 PM   #13 (permalink)
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Go to the Harley dealer, if financed through them, they can complete the transaction for you. They might charge a fee, but the transaction would be much cleaner.
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Old 09-10-2010, 12:13 AM   #14 (permalink)
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new owner take the bike and ride it while its in process?
The seller would be crazy to allow that as he/she is still responsible for any incidents. Insurance would most likely not cover the new owner either. Some states issue temp titles.
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Old 09-10-2010, 04:17 AM   #15 (permalink)
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Here in Oklahoma you can go to the tag agency and both parties sign a affidavit that proves transfer of ownership while the title transfer is being done. Seller is released from responsibility and buyer assumes all liability.

Also in Oklahoma the registered owner of the vehicle maintains possession of the title and if there is a lien on the vehicle it says so right on the front of the title. When the lien is satisfied, the owner is issued a lien release. You take that to the tag agency and they remove the lien and you receive a new title in the mail about a week later. If you have already paid off the vehicle and you sell it, you just give the lien release to the new owner with the title and the new owner registers the vehicle in their name. If the new owner took out a loan then the title is sent to the financing bank where they verify a lien has been entered on the title and then send it to the new owner.
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