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Old 11-03-2012, 07:56 PM   #1
silam
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Buying a used bike that has financing on it

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?
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Old 11-03-2012, 08:00 PM   #2
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If at any point you have no money and no bike, don't do it. I flew from Atlanta to Nantucket RI to pick up my R and rode it home.
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Old 11-03-2012, 08:01 PM   #3
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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.
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Old 11-04-2012, 01:51 AM   #4
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I followed the owner to the bank, gave them the money, they got the lein release from the bank for me and I went back and got the bike. Not sure how or if I could have done this if I had to finance it.
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Old 11-04-2012, 04:51 AM   #5
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Quote:
Originally Posted by silam View Post
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?
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Old 11-04-2012, 05:33 AM   #6
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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.
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Old 11-04-2012, 08:22 AM   #7
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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
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Old 11-04-2012, 08:38 AM   #8
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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...
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Old 11-04-2012, 10:22 AM   #9
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Have the seller return the bike to the HD dealer he bought it from as it's probably close to repossession any way. Then do the deal directly with HD as the seller just wants the note satisfied and not looking for any extra cash.
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Old 11-04-2012, 10:52 AM   #10
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Have the seller return the bike to the HD dealer he bought it from as it's probably close to repossession any way. Then do the deal directly with HD as the seller just wants the note satisfied and not looking for any extra cash.
That right there is a damned good idea.
I wonder though will the dealer tack on a few fees for their troubles?
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Old 11-04-2012, 08:21 PM   #11
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That right there is a damned good idea.
I wonder though will the dealer tack on a few fees for their troubles?
I looked into a situation like this a few years ago and the dealer would do the transaction for around $250. Seems like it's worth the peice of mind.
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Old 11-05-2012, 11:53 AM   #12
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Quote:
Originally Posted by luxlamf View Post
That right there is a damned good idea.
I wonder though will the dealer tack on a few fees for their troubles?
Quote:
Originally Posted by mswjude View Post
I looked into a situation like this a few years ago and the dealer would do the transaction for around $250. Seems like it's worth the peice of mind.
This would be my guess as well. Personally, if this is the bike for you, I would go this route. Well worth the money. But, check with the dealer to find out for sure what your looking at as far as cost.
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Old 11-08-2012, 11:35 AM   #13
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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.
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Old 11-08-2012, 05:44 PM   #14
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Just be aware that HD finance is notorious for being extremely slow to get titles mailed. This has come up several times.
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Old 11-09-2012, 02:41 AM   #15
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