Used bike buying advice

alphado
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alphado
Edited Date/Time 4/11/2021 7:23pm
Found a 2018 450 I am interested in. Guy wants $6k for it. I inquired about the title and he said he still owes money on it. He said he would pay it off and send me the title once he gets it from the bank. He is 2-1/2:hours away from me. What if he defaults on the loan? Can the bank repossess it from me? $6k is a lot of money to not be sure about. Anyone been in this situation before. Pennsylvania does not require a title for dirt bikes, but I think I would need some sort of proof of ownership for insurance purposes. I put fire and theft coverage on all my bikes. I would pay with cash by the way.
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Titan1
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Titan1 4/1/2021 3:15pm
4/1/2021 3:15pm
Meet him at his bank...and pay off the loan while you’re there, give the bank your address have them send it directly to you.
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Rupert X
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Rupert X 4/1/2021 3:17pm
4/1/2021 3:17pm
alphado wrote:
Found a 2018 450 I am interested in. Guy wants $6k for it. I inquired about the title and he said he still owes money on...
Found a 2018 450 I am interested in. Guy wants $6k for it. I inquired about the title and he said he still owes money on it. He said he would pay it off and send me the title once he gets it from the bank. He is 2-1/2:hours away from me. What if he defaults on the loan? Can the bank repossess it from me? $6k is a lot of money to not be sure about. Anyone been in this situation before. Pennsylvania does not require a title for dirt bikes, but I think I would need some sort of proof of ownership for insurance purposes. I put fire and theft coverage on all my bikes. I would pay with cash by the way.
Sounds sketchy AF. Avoid.
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captmoto
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captmoto 4/1/2021 3:17pm
4/1/2021 3:17pm
Go to the bank that has the title with him. Hand him cash. Have the bank sign over the title to you. You might have to get him to set this up as an appointment. It can be done but can be a pain in the ass.
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agn5008
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agn5008 4/1/2021 3:17pm
4/1/2021 3:17pm
The bank owns the bike and has the title. So you may be able to pay his bank off with a money order or certified check through your bank to ensure it gets paid. They may even send you the title directly or hand it to you if it’s on site. Sometimes the titles get sent to the banks main branch so it could take some time for them to send it to you. I don’t think I would chance handing him money and expecting he uses it to pay the bike off
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dkurtd
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dkurtd 4/1/2021 3:33pm
4/1/2021 3:33pm Edited Date/Time 4/1/2021 3:33pm
Title should be in the sellers name with the bank as a lien holder. The bank will have to release the lien and the seller will have to sign it as well. So it will take both the bank and the seller to play a part, this can be tough if it's a financial institution that is not local.
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wrc777
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wrc777 4/1/2021 3:35pm
4/1/2021 3:35pm
Don’t do it. The last and only time I did this it took over 2 months to get the title. For all you know he owes $8k on it and doesn’t have the other $2k.
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skeef
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skeef 4/1/2021 3:37pm
4/1/2021 3:37pm
I just ripped ass and it smelled like the chipotle I ate yesterday.
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OldPro277
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OldPro277 4/1/2021 3:59pm
4/1/2021 3:59pm
alphado wrote:
Found a 2018 450 I am interested in. Guy wants $6k for it. I inquired about the title and he said he still owes money on...
Found a 2018 450 I am interested in. Guy wants $6k for it. I inquired about the title and he said he still owes money on it. He said he would pay it off and send me the title once he gets it from the bank. He is 2-1/2:hours away from me. What if he defaults on the loan? Can the bank repossess it from me? $6k is a lot of money to not be sure about. Anyone been in this situation before. Pennsylvania does not require a title for dirt bikes, but I think I would need some sort of proof of ownership for insurance purposes. I put fire and theft coverage on all my bikes. I would pay with cash by the way.
Alphado- several things I suggest. First, you both need to call the lender and verify the exact payoff. It’s entirely possible that he owes more than the 6k ,in which case he may not have the negative amount to come up with to free the title~~in that case find something else. If he owes LESS than the 6k, you can give him the difference between the payoff and the 6, and get a certified check made out for just the payoff amount to the Lender. In Pa we have a “title release” form that you can send in with your payoff check and the Lender will send the title directly to YOU. That doesn’t eliminate the seller from having to sign off on it,but at least the title would be in your possession. You can also get a “Limited Power of Attorney “ signed that will give you the right to sign his name on the title when you receive it. IF you have a buddy in the car biz, he can get you thru all of these ,or even do it for you ,as I have done countless times for my friends. Feel free to PM me if you need more info. I’ve worked in the auto biz for 35+ years in Pa, with a heavy involvement in Finance and matters such as these come up daily. Pain in the ass for normal folk, but just another day for us “ asshole car guys” !! 😆
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BW908
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BW908 4/1/2021 4:01pm
4/1/2021 4:01pm
skeef wrote:
I just ripped ass and it smelled like the chipotle I ate yesterday.
Ya homie that place will fuck you up
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OldPro277
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OldPro277 4/1/2021 4:20pm
4/1/2021 4:20pm
In fact, you said he’s 2 and a half hours from you , if by chance that puts him in my area (Pittsburgh) Meet him at my store and I’ll gladly do everything for you
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Falcon
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Falcon 4/1/2021 4:24pm
4/1/2021 4:24pm
OldPro277 wrote:
In fact, you said he’s 2 and a half hours from you , if by chance that puts him in my area (Pittsburgh) Meet him at...
In fact, you said he’s 2 and a half hours from you , if by chance that puts him in my area (Pittsburgh) Meet him at my store and I’ll gladly do everything for you
There you go. This kills 2 birds with one store: first, he won't meet you someplace like that unless he legit. Second, you can be sure that you get all the necessary forms to perfect the title.
alphado
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alphado 4/1/2021 4:26pm
4/1/2021 4:26pm
OldPro277 wrote:
In fact, you said he’s 2 and a half hours from you , if by chance that puts him in my area (Pittsburgh) Meet him at...
In fact, you said he’s 2 and a half hours from you , if by chance that puts him in my area (Pittsburgh) Meet him at my store and I’ll gladly do everything for you
He is in Greensburg.
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-MAVERICK-
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-MAVERICK- 4/1/2021 4:41pm
4/1/2021 4:41pm Edited Date/Time 4/1/2021 4:42pm
Falcon wrote:
There you go. This kills 2 birds with one store: first, he won't meet you someplace like that unless he legit. Second, you can be sure...
There you go. This kills 2 birds with one store: first, he won't meet you someplace like that unless he legit. Second, you can be sure that you get all the necessary forms to perfect the title.
* 1 stone, and he's legit Grinning Tongue
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OldPro277
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OldPro277 4/1/2021 4:50pm
4/1/2021 4:50pm
Greensburg is less than 25 minutes from my place. Find out who is lender is , and I may be able to confirm what his actual payoff is with just a few more pieces of info , and we can get this party started,lol
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alphado
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alphado 4/1/2021 4:58pm
4/1/2021 4:58pm
In order for me to get the title I would have to pay sales tax, correct?
OldPro277
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OldPro277 4/1/2021 5:04pm
4/1/2021 5:04pm
Yes, 6%of the selling price.,also a title fee to the state. However, if you and the seller agree to write it up for a lesser amount (to save you some tax) wink,wink...... who am I to say it wasn’t the actual price . Anyway, first things first, we need to ascertain the correct payoff amount to confirm that he doesn’t owe 10,000 on a 6K bike
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TogaSet
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TogaSet 4/1/2021 5:34pm
4/1/2021 5:34pm
Don’t pay 6 grand for an almost 5 year old 450.
2018
2019
2020
2021....1/2
Get a new one.
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Nairb#70
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Nairb#70 4/1/2021 5:37pm
4/1/2021 5:37pm
skeef wrote:
I just ripped ass and it smelled like the chipotle I ate yesterday.
I've had the worst ass today, so bad that ALL of my clothes need to burned they smell so bad.Sick Evil Grinning
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alphado
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alphado 4/1/2021 5:48pm
4/1/2021 5:48pm
OldPro, thanks for the help. I layed it out for the seller. Probably too big of a hassle for both of us.
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OldPro277
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OldPro277 4/1/2021 6:04pm
4/1/2021 6:04pm
Ok. Let me know if you need me. It’s really not that difficult UNLESS he’s in a negative equity position,in which case he’s going to have an issue with any potential buyer.
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H4L
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H4L 4/1/2021 6:10pm
4/1/2021 6:10pm Edited Date/Time 4/2/2021 7:16am
wrc777 wrote:
Don’t do it. The last and only time I did this it took over 2 months to get the title. For all you know he owes...
Don’t do it. The last and only time I did this it took over 2 months to get the title. For all you know he owes $8k on it and doesn’t have the other $2k.
^^This^^
In 2011 I bought a brand new 2007 CR250r off a guy who still owed the bank on the loan.
Long story short it took me a yr. to finally get the title. He claimed he was going to pay off the loan after I gave him the cash, but he didn’t. I had to really put a lot of pressure at the end to get it done. Worst part about it was that he was a LA County Sheriff so I took his word at face value.
The only reason I did it because of it being the last yr. of the CR250r. Lesson learned..

Unless you can go to the bank with him & make sure he does in fact pay off the loan I’d pass. Another option would be to have someone like OldPro277 help out as mentioned above.

Bought a new 18 450 I recently sold a couple of months ago for $7,500 . The $6K sounds reasonable depending on condition considering how the used bike market is right now.

Good luck on your quest.
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racerx217
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racerx217 4/1/2021 6:23pm
4/1/2021 6:23pm
TogaSet wrote:
Don’t pay 6 grand for an almost 5 year old 450.
2018
2019
2020
2021....1/2
Get a new one.
so spend 10k on a new one if you can find one? What's your point?
fins227
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fins227 4/1/2021 6:48pm
4/1/2021 6:48pm
I still haven’t gotten the title for a YZ I bought new in 2015, paid the bike off a year after I bought it. Dealer says bank has it, bank says dealer has it...
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TeamGreen
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TeamGreen 4/1/2021 7:29pm
4/1/2021 7:29pm
There's a guy down in FL with a MINT TC250 for $5,500.

Make the drive!

Grinning
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mxb2
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mxb2 4/1/2021 8:55pm
4/1/2021 8:55pm
alphado wrote:
Found a 2018 450 I am interested in. Guy wants $6k for it. I inquired about the title and he said he still owes money on...
Found a 2018 450 I am interested in. Guy wants $6k for it. I inquired about the title and he said he still owes money on it. He said he would pay it off and send me the title once he gets it from the bank. He is 2-1/2:hours away from me. What if he defaults on the loan? Can the bank repossess it from me? $6k is a lot of money to not be sure about. Anyone been in this situation before. Pennsylvania does not require a title for dirt bikes, but I think I would need some sort of proof of ownership for insurance purposes. I put fire and theft coverage on all my bikes. I would pay with cash by the way.
If your in the ohio , western pa area i know some guys have some super clean bikes 4k-6k if thats your budget.
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nytsmaC
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nytsmaC 4/1/2021 11:31pm
4/1/2021 11:31pm
TogaSet wrote:
Don’t pay 6 grand for an almost 5 year old 450.
2018
2019
2020
2021....1/2
Get a new one.
racerx217 wrote:
so spend 10k on a new one if you can find one? What's your point?
His math is broken too, 3 years ago today dealers were still getting in new 2018 inventory.
captmoto
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captmoto 4/2/2021 12:14am
4/2/2021 12:14am
racerx217 wrote:
so spend 10k on a new one if you can find one? What's your point?
The point is he doesn't know what's going on in the real world. No or low inventory and dealers getting full boat and all fees.
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dfoerster92
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dfoerster92 4/2/2021 1:08am
4/2/2021 1:08am
So I did something like this once, found a bike I wanted to buy listed at 4500, talked him into 4000, he still owed money on the bike and bank had the title, I was paying cash and he was 1 hour away, so I took a friend with me and made a bill of sale, had my friend video me and him signing bill of sale, took pictures of his drivers driver's license, pretty much got every bit of info on him I could. Bought the bike with cash and took it home, he paid off his load and title showed up in the mail
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TogaSet
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TogaSet 4/2/2021 5:59am
4/2/2021 5:59am Edited Date/Time 4/2/2021 6:23am
racerx217 wrote:
so spend 10k on a new one if you can find one? What's your point?
captmoto wrote:
The point is he doesn't know what's going on in the real world. No or low inventory and dealers getting full boat and all fees.
I had that exact same 2018 sitting in my garage late summer 2017. Rode the crap out of. You wanna pay 6K for it? Knock yourself out fellas. What a sweet ass deal.
If you’re gonna get Covid ripped off go new is all I’m saying. You’ll at least know the history of the bike.
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slipdog
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slipdog 4/2/2021 6:23am
4/2/2021 6:23am

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