Buying a Motorcycle with lien from private party

[KOPBET]

You won't get a lien release till the lien holder has their money

He meant no money directly to the seller.

 

[jchip123]

Thanks for all the replies, so the way I'm reading this is don't buy from a private party since he has no way of giving me a clean title till he has money to pay off the loan.

 

[KOPBET]

You might check with the lien holder ask them. Having a non-local lender is a PITA.

 

[Shootin 4 Fun]

Thanks for all the replies, so the way I'm reading this is don't buy from a private party since he has no way of giving me a clean title till he has money to pay off the loan.

Are you paying cash? If you're borrowing, the loaning institution will get the lien release.

 

[Shootin 4 Fun]

You won't get a lien release till the lien holder has their money

And that is the problem with trying to sell something that you do not own.

 

[nofearfactor]

Thanks for all the replies, so the way I'm reading this is don't buy from a private party since he has no way of giving me a clean title till he has money to pay off the loan.

Youre basically paying off his loan, so he cant get the release without the money from you, and to be safe you dont want to buy without a lien release in hand. If a local bank is holding the lien Ive gone many times and we paid the bank off then I got my release, but with a factory loan like thru Harley GMAC or whatever I dont know how you go about that.

 

[CHenry]

but with a factory loan like thru Harley GMAC or whatever I dont know how you go about that.

His bank needs to send a bank draft for the amount to harley gmac or whoever, the draft wont be honored until his bank has title and release sent back to the buyers bank. IIRC...
And if this is across state lines, its a real PITA.

 

[nofearfactor]

His bank needs to send a bank draft for the amount to harley gmac or whoever, the draft wont be honored until his bank has title and release sent back to the buyers bank. IIRC...
And if this is across state lines, its a real PITA.

Now I know, dang, Ive turned down alot of deals just so I didnt have to deal with the mess.

 

[CHenry]

Now I know, dang, Ive turned down alot of deals just so I didnt have to deal with the mess.

I was buying an RV in AR from a guy. He owed his bank money on it. His bank didnt accept bank drafts. They wanted money before releasing title and my bank wanted Title to release money. It was a mess and I dont even remember how we resolved it but it took weeks.