How to buy a bike with a Lien

[rsmith2786]

So i am looking at buying a 2002 VFR800 but the bike has a lein on it. The lein is in Oregon and i was wondering what the proper procedure would be to buy the bike. He needs the payment to release the title and it will take 3 days to receive the title from Oregon. He seems like a trustworthy guy but i don't like him having my money and the title while i wait for three days with nothing. What would you guys suggest?

Thanks,

Ryan

[SLOav8r]

Might be worth a few bucks to do a little escrow service.

Unless you are close enough to be able to reach out and "touch" the guy with a baseball bat.

Too many scams out there to do it any other way.

If your bank has a local branch, start with them. If not find out his bank and call them to set somthing up.

[Dudealicious]

that bike is now 6 years old. provided he is the original owner, why would he take out a 6+ year loan on a $8000 bike? do banks even allow that? what's he paying like $30/month?
definitely check with his bank to set something up rather than handing over your $$$ to him.

[SLOav8r]

not so unrealistic. I still see the occasional 2006 new on the floor. And a six year term is pretty common with some lenders. They'll do anything to milk every last penny out of the unsuspecting buyer.

[SLOav8r]

However! I still go into every deal fully protecting myself from scams.

[porcupine73]

Yah Honda will finance even their lowest priced bikes at 60 months if that's what the buyer wants. I'd proceed with caution, since it sounds like esentially you'd be paying him, so that he can pay the financer. AFIAK in most states you need an official 'lein release' letter from the person who filed the lien to begin with in order to remove the lien. In some states the cost to file a lien is prohibitive so lenders don't always file a lien even if they say they plan to.

[NYMBYSS]

i'd stay away from that if i were you sounds like bull sh#t to me

[derstuka]

Originally Posted by rsmith2786

So i am looking at buying a 2002 VFR800 but the bike has a lein on it. The lein is in Oregon and i was wondering what the proper procedure would be to buy the bike. He needs the payment to release the title and it will take 3 days to receive the title from Oregon. He seems like a trustworthy guy but i don't like him having my money and the title while i wait for three days with nothing. What would you guys suggest?

Thanks,

Ryan

Welcome to the forum Ryan!


IMO, I would not touch something with a lien on it with a 10 foot poll, unless it was a friend or family member. Too many things to go wrong. Some guy was trying to get me to buy his 2004 VFR 2 years ago and he lived in Tahoe, but the bike was in SD....he wanted the money, then would clear the title later. Nawwww.....what if he just up and disappeared, what if he kicked before the loan was paid off and title transferred. You would be left sitting with a bike with a lien on it, and out your original payment. Not for me, to many things to go wrong. Don't trust anybody.

[SLOav8r]

Yah it's not all that scary guys.

Easy to verify there is a lien. Easy to setup the bank as a middleman.

Buyer opens an escrow account. Bank pays lienholer share. Once lien is released and title in hand a day or two later, the remaining funds are released to seller.

Really the only issue is actually taking posession of the bike.

The buyer and the seller should be there for that. Really the bank is just to act as a trusted agent for the time it takes to deal with the lender.

Maybe a helpful member is nearby to take delivery?

Bottom line, don't commit to shit unless it's on your terms.