Help with buying a bike...
 

Ok guys I have finally found the bike i want!!

Its a 2008 GSxr 1000 Black and Gold with only 3400 miles on it.

This is the situation...

1. He is financed through suzuki so they have the title.

2. He wants me to pay him and he will give the bike over to me and a detailed bill of sale.

3. He said he would then take the money and put it in his account and once it was paid of have the title mailed to me?

4. Wouldnt the title be in his name? How else could we go about this considering that suzuki is not a bank we can just sit down at

5. I have bought and sold many cars and bikes and have never had this situation.

Re: Help with buying a bike...
 

Uhhh, no

Go to a bank, or a credit union and get your own financing for the vehicle. The bank will cut a check to the financing company that currently holds the title, and the title will be sent to your bank for your loan.
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Re: Help with buying a bike...
 

the thing is i dont need a loan i want to pay cash....but maybe thats the only way to do it safely.....then just pay it off...

or i could just use it as a cedit building who knows...

anyway any info would help im going to call suzuki in the am

Re: Help with buying a bike...
 

If you have a bank account, go to your bank and deposit the money (depending on how literal "cash" is) and get the bank to handle the transfer to get the bike paid off. You usually don't have to get a loan to the a bank handle the funds transfer. There is one way to find out though... Ask your bank!

Here's how this works. You give him money, he gives you the bike. He still has the title, so you don't actually own the bike until he decides to give it to you. I hope you're seeing how it's possible for that to break down in a number of ways.... That's why it's important to have a secure transfer of title and funds through something like a bank.

The whole idea is that you don't really know the guy, so you can't just take it on faith that he's honest and everything will go according to plan.

Re: Help with buying a bike...
 

Yes i have a bank account. And i really do have the cash. But the only way to figure this out is to call suzuki or whoever their creditor is and then call my bank tomorrow. And ill explain to the seller how we can do it and if he backs out then I will know something was up anyway. Thanks again for all the help now that i look at the questions i guess i could have answered it myself but it never hurts to ask.

Re: Help with buying a bike...
 

Ok so I just called HSBC which is suzukis creditor.....Lady straight up told me there is no way for him to sell the bike wtihout the title coming to him unless he sell its to a dealer. This sounds stupid and wrong. She said there is also no way for me to take over payments?? This sounds stupid
??

Re: Help with buying a bike...
 

talk to someone who isnt a women, ive heard of taking over payments and all that jazz

Re: Help with buying a bike...
 

called back second prerson told me the same thing...

No way to tranfer owners unless the bike is paid off and the title is sighned over afterwords...

What is the best legal binding way to hold him responsible if i do not get the title? Would staples or dmv have a legal bill of sale document?

Re: Help with buying a bike...
 

bill of sale with his signature on it, there should be templates floating around the internet. you may have to get it notarized, but i don't think it's absolutely necessary...

you with a bill of sale and the bike should be legally satisfying in most cases i can think of.

nice bike, too btw... i wanted a gsxr600 with the black/orange scheme before i bought my r6.

Re: Help with buying a bike...
 

thanks...well this is what im going to have to do i realize i am taking a small gamble but shit....ill get his id and he is in the service so he wont be hard to find.