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How do you buy a motorcycle that has a loan on it?
We are going to buy a motorcycle from someone, however he does not have the title as he has a loan on the bike. How do we go about this transaction. We were thinking making one check out ot the financial instution (to pay of the loan) and the other to the owner that we are buying from. But how do we get the title then and how do we licence it etc?
ANyone have experience with this?
1 Answer
- 1 decade agoFavorite Answer
hmm this is kind of tricky and its going to involve some patience on buyer and seller's parts
ok here goes:
there are several ways to go at this so i'll give you some
1. purchase the bike for whatever the difference is between the loan payoff and the final sales price is. that is if the loan is 500 bucks and the purchase price is 1000, just write a check to him for 500 then indicate in the bill of sale that you are purchasing the bike with full knowledge of the lien
2. pay off the lien first and request the title be sent to you from the lien holder, then reapply to your state in your name