What are the steps for buying a used car/bike that hasnt been paid off by the

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Brandon

Active member
original owner? I bought a used car a while ago but it was from a dealer. Now I'm looking to get a used bike from a private seller. Its a relatively new bike, so most likely it hasn't been paid off. Should I even have to worry about paying the seller, and then having problems with the dealership/bank the original buyer bought/financed the bike from?
 
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Paul

Member
First, you figure out what the thing is actually worth. Next, you contact the lender and ask what the payoff is. If the payoff is lets say 1000. dollars and the bike is worth 1000 dollars, the seller gets nothing. (he wont like that)

If the payoff is 1000 and the bike is worth 1500, the lender gets HIS 1000 and the seller gets 500.

Make sure you have possession of the bike before paying it off. (you don't want to pay it off and then find out the seller changed his mind)

If you don't have $ to pay it off, you'll have to apply for a new loan. Good luck.
 
P

Paul

Member
First, you figure out what the thing is actually worth. Next, you contact the lender and ask what the payoff is. If the payoff is lets say 1000. dollars and the bike is worth 1000 dollars, the seller gets nothing. (he wont like that)

If the payoff is 1000 and the bike is worth 1500, the lender gets HIS 1000 and the seller gets 500.

Make sure you have possession of the bike before paying it off. (you don't want to pay it off and then find out the seller changed his mind)

If you don't have $ to pay it off, you'll have to apply for a new loan. Good luck.
 
P

Paul

Member
First, you figure out what the thing is actually worth. Next, you contact the lender and ask what the payoff is. If the payoff is lets say 1000. dollars and the bike is worth 1000 dollars, the seller gets nothing. (he wont like that)

If the payoff is 1000 and the bike is worth 1500, the lender gets HIS 1000 and the seller gets 500.

Make sure you have possession of the bike before paying it off. (you don't want to pay it off and then find out the seller changed his mind)

If you don't have $ to pay it off, you'll have to apply for a new loan. Good luck.
 
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avgjoe

New member
Check the title and see if there are any liens on it this will tell you if there is a bank or another that has interest in the bike. If so find out the dollar amount and pay them that amount and the difference to the seller. Then work with the seller and usually you will give them 30 days to get your title after making payment make sure that you get a notarized bill of sale with the sellers name matching the one the title was issued in.

Also You would get a VIN inspection done if it is in the same state that you live best to do this when picking up the bike. You can call the local police station and they will come out and verify the VIN for you
 
A

avgjoe

New member
Check the title and see if there are any liens on it this will tell you if there is a bank or another that has interest in the bike. If so find out the dollar amount and pay them that amount and the difference to the seller. Then work with the seller and usually you will give them 30 days to get your title after making payment make sure that you get a notarized bill of sale with the sellers name matching the one the title was issued in.

Also You would get a VIN inspection done if it is in the same state that you live best to do this when picking up the bike. You can call the local police station and they will come out and verify the VIN for you
 
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