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Buying a used bike that has financing on it

2K views 18 replies 17 participants last post by  boscoe 
#1 ·
I'm buying a VRSCR that is out of town and currently financed through Harley. The seller is just looking for his note to be squared. Have any of you guys dealt with this situation or have good advice? Right now we're thinking of a bill of sale that is drawn up stating it is conditional upon satisfying the lienholder, and then I'd mail the check to Harley, and Harley would mail me the title, and he'd ship the bike.

Anyone done something like this or have some good thoughts?
 
#3 ·
I bought mine this way, it was financed through a bank not HD so I talked to the owner then I talked to the bank manager and made sure it was all good. I sent the bank the money and they sent the bike out to me. It was a small town in Texas so the bank manager knew the owner very well and the owner was also a highway patrolman so I felt comfortable after talking to them all personally.
 
#5 ·
I'm buying a VRSCR that is out of town and currently financed through Harley. The seller is just looking for his note to be squared. Have any of you guys dealt with this situation or have good advice? Right now we're thinking of a bill of sale that is drawn up stating it is conditional upon satisfying the lienholder, and then I'd mail the check to Harley, and Harley would mail me the title, and he'd ship the bike.

Anyone done something like this or have some good thoughts?
Yes, years ago. For a small fee, depending on the dealer, they will take the bike, pay it off, do all the paperwork and sell it to you. Might be worth the piece of mind. It helps to have a good relationship with a dealer, but it need not be an HD dealership, can even be a car dealership. Know anyone well?
 
#6 ·
If the seller can't provide a title when you are prepared provide the payment, well, there are plenty of bikes available out there. Another will come along, could be even a sweeter one too. I have walked from deals when a seller wants me to pay now and get the paperwork later. Especially if it involves family. That's when you really know you will come up short.

How did I learn this, well it was through my own foolish experience and the forever mess of trying to work through it. Once the payment has left your hands you have next to no leverage. Smarter people learn from others experiences. Be smart, be lucky, or be prepared to accept a bad outcome. My lesson had a "tuition" of $9000. I'm still out, years later.
 
#7 ·
Since you're going to send payment to the the HD dealer:
I'd have the owner deliver the bike to HD dealer, have the dealer pay him his due and then have the dealer ship the bike and title to you. That way the dealer can inspect the bike and is far less likely to take a stress test final ride on your machine. IMHO
 
#8 ·
I would think as long as you're using the Harley dealer as a transfer agent you would be okay. I would speak with the finance and insurance guy there to square away what you are wanting to do. Shouldn't be a big deal. If it were a different scenario I'd be more concerned...
 
#13 ·
Figured I'd post an update. Harley Davidson Financial recommended the following steps:

1. I take possession of the bike and give a check made out to both the seller and HDFS. I'll receive a bill of sale at this point.
2. Check is sent in to HDFS and a title is returned to seller.
3. Seller sends title to me.

I'll update this once I finish the purchase or if it falls apart.
 
#18 ·
Make sure that you get a 10 day payoff verification and ensure there will be no outstanding balance or late fees assessed. Also get a commitment that the payoff will be submitted and processed within 10 business days. I had a situation where a guy's bank didn't process payment within 10 days so the payoff changed by something like $0.72. The bank wouldn't release the title and there was nothing I could do about it without the seller actively following up and taking care of the outstanding balance.
 
#16 ·
dunno about that..paid my B off a few years back and within three weeks the title was in my hand...just sayin'...
 
#15 ·
Congrats! Joe
 
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