Buying a bike with a lien?

**cascade** · 09-02-2008, 10:13 PM

Essentially, I'm looking at a used R6 tomorrow. Bike is owned by a local police officer currently. The guy bought the bike originally using Yamaha Factory Financing, meaning that he does not currently have the title for the bike, he needs to pay the bike off before Yamaha will give him the title, which he then in turn needs to sign over to me. Essentially, here is the course of action we have agreed to if I end up wanting the bike. I've created a bill of sale that outlines each step and requires signatures and witnesses for each step. Essentially, tomorrow if I like the bike, I'm going to give him a thousand in cash as a deposit on the bike, and leave with the bike. Within the week I will give him a cashier's check for the remainder of the purchase price. He will then pay the bike off, and upon getting the title from Yamaha (takes roughly a month he says), he'll sign it over to me. I have a pretty detailed bill of sale created, but wanted to run it by you guys and see if this plan sounds safe for me?

**ls1blackbeauty98** · 09-03-2008, 05:08 AM

y a r6? jk

**Smkn_TA** · 09-03-2008, 05:11 AM

My last quad I bought, the person owed 3200 on it still and had honda financing. I paid him and got the title after they sent it to him. I wrote a detailed bill of sale as well. Plus I knew the person and worked with his brother. Do they seem trustworthy...

**predator** · 09-03-2008, 05:16 AM

I Just went through this...

A bill of sales will allow you to ride the bike for 30 days with no tags (atleast here). After that you have to park it until you get the title and get it registered. Now here is the thing... If something happens and you cant get the title from him you will have to apply for a bonded title. This will prolly cost you around $100 and take an additinal month to get cleared.

After that you should be able to get it registered and ride the hell out of it...

Good luck, have fun, and if its your first bike be SAFE... Get you gear b4 you get on it and always wear the gear.

-me

p.s. 636 owns R6!!!!

**sercastiK** · 09-03-2008, 06:43 AM

1. Make deal on price.
2. You make cashiers check to Yamaha Credit and go down and pay it off with reg'd owner.
3.IF you are paying more than lien amount you pay the reg owner the rest.
4.Get BOS showing you purchased the said motorcycle.

**Tide** · 09-03-2008, 06:58 AM

I don't care what you have signed or who is signing it. Don't drive/ride off with the bike until you have a full BOS for the bike.

Really, the best course of action is to call Yamaha Credit and see how best to proceed. It might take a little longer, but it will be best for you in the long run. There's no reason to rush through it and open yourself up to more liability than need be. I can't believe the owner is willing to let you take the bike, even with a 1,000 deposit.

**flat-top** · 09-03-2008, 08:22 AM

get a GSX R

**ls1blackbeauty98** · 09-03-2008, 09:03 AM

^^

**TransAm11973** · 09-03-2008, 09:50 AM

Originally Posted by Tide

I don't care what you have signed or who is signing it. Don't drive/ride off with the bike until you have a full BOS for the bike.

Really, the best course of action is to call Yamaha Credit and see how best to proceed. It might take a little longer, but it will be best for you in the long run. There's no reason to rush through it and open yourself up to more liability than need be. I can't believe the owner is willing to let you take the bike, even with a 1,000 deposit.

agree

**cascade** · 09-03-2008, 12:31 PM

I have an extensive bill of sale prepared, which will be signed by both of us in front of a notary.

**Tide** · 09-03-2008, 12:34 PM

I still wouldn't do it.

What's to say, that during the week or whatever that he doesnt lay it down or wreck it while it's out of your possession?

The deposit you give him is legally only an agreement that he won't sell it to anyone else.

Either go with all the money in hand, or don't go until you do.

**cascade** · 09-03-2008, 09:42 PM

You misunderstood me. With the deposit, I get to take the bike. I bought the bike this evening. I gave him my deposit and rode the bike home. The bike is sweet, pics coming soon.

**Tide** · 09-04-2008, 05:40 AM

Ah, ok.

Wow, he's got some balls of steel.

No way in hell I'd turn the keys over to a buyer without full payment.

**sercastiK** · 09-04-2008, 06:05 AM

Originally Posted by Tide

Ah, ok.

Wow, he's got some balls of steel.

No way in hell I'd turn the keys over to a buyer without full payment.

Agreed, you could wreck that shit and say ohhhhh well.

**The_Wretched** · 09-04-2008, 04:19 PM

Originally Posted by flat-top

get a GSX R

i concur....

*he concurs, ladies and gentlemen*...

we have a concurement.... lol.

R6 sits to high for me...

**FSANE** · 09-04-2008, 04:56 PM

I miss my R6

**Poppn** · 09-04-2008, 06:48 PM

I did this with the Camaro.

Guy still had a bank lien on the car, so we wrote up a bill of sale stating I left a 250$ deposit and still owed X amount on the car. The next day I got a certified Bank Check stating I had X amount of funds in my account. I then met the guy at his bank, he payed off his lien with my check, and I had the title physically handed to me right there at the bank. Then proceeded to pick up the car and drive home happy

Not sure if it's much different in your case

**cascade** · 09-04-2008, 10:43 PM

It's not my first bike, and I always ride with gear, even though a lot of squids run around in shorts and a t-shirt here in socal.

About the bike sitting too high, I wouldn't notice, I'm 6'3". I love this thing...it is insanely snappy and responsive. It wants to pull you hard into triple digits even when you're cruising in 6th gear at low RPMs. I haven't even taken it above 8,000rpm yet.