For Sale: 2006 ZX-10R, Green

[jtemple]

Originally Posted by ontwo

Huh??? Of course the lienholder is on the title. The state puts it there, and the lender keeps it. They only stamp it when the title is released.



That's a good idea. That way the buyer can give the banker his forwarding information. Now you come to an even trickier situation if the buyer is borrowing. If that is the case, the two bankers need to talk and coordinate the transaction.

The last one I did, the buyer had a cashier's check. I made him wait until the funds cleared before I let him take the bike home. When I got the title in hand, I gave it to him.

Originally Posted by pauldun170

My experience has been different.
I've always had immediate possesion of the title because I either bought it outright or it was done through the manufacturers finance arm. I didn't know that the some institutions held the title until payoff.

I am dumping money into the loan as we speak. I should have the bike paid for by fall if it's not sold by then.

[ontwo]

Originally Posted by pauldun170

My experience has been different.
I've always had immediate possesion of the title because I either bought it outright or it was done through the manufacturers finance arm. I didn't know that the some institutions held the title until payoff.

They are all suppose to hold til payoff

Originally Posted by jtemple

The last one I did, the buyer had a cashier's check. I made him wait until the funds cleared before I let him take the bike home. When I got the title in hand, I gave it to him.

I am dumping money into the loan as we speak. I should have the bike paid for by fall if it's not sold by then.

You found a trusting buyer. Good luck with it

[pauldun170]

Originally Posted by ontwo

They are all suppose to hold til payoff



You found a trusting buyer. Good luck with it

State laws may vary.

Here, I received the title a month after purchase stamped with the lienholder. When its paid off, I get a letter indicating that the lein has been released.
Both are given to the buyer.

[jtemple]

Originally Posted by ontwo

You found a trusting buyer. Good luck with it

Yeah I know. He was a good kid. If it doesn't sell before I have the title in hand, so be it. That just means more riding for me! If my bike sells right now, I have to sit out this season while I sock away money for the DS.

[Particle Man]

Congrats on the sale man

Originally Posted by ontwo

They are all suppose to hold til payoff

that depends on the state DMV laws

in NY, for example, you get the title but the lein-holder is listed on the document (once the lein is satisfied, the bank issues a lein release that you can either send to the DMV and have a clean title issued or retain and provide with the original title as proof that the vehicle no longer has a lein).

[ontwo]

You might put...I will meet you at the bank to finalize the transaction. Sounds better IMO

[jtemple]

Originally Posted by ontwo

You might put...I will meet you at the bank to finalize the transaction. Sounds better IMO

Good idea. But, the bank won't give me the title on the spot. The loan is through Navy Federal Credit Union. They don't store the titles at their branch offices. It takes a week or two to get it in the mail upon payoff. I'd still be happy to go to the branch office with the buyer to show them that their money is indeed paying off the loan.

[ontwo]

I'm not bashing, but you should probably expect closer to $5500

[jtemple]

Originally Posted by ontwo

I'm not bashing, but you should probably expect closer to $5500

No offense taken. Make me an offer and we'll talk.

[jtemple]

Sold, pending funds!