Go Back   Two Wheel Fix > Dime Quarter > For Sale

Reply
 
Thread Tools Display Modes
Old 04-15-2010, 10:55 AM   #11
ontwo
Designated Drinker
 
ontwo's Avatar
 
Join Date: Jul 2008
Location: shitville
Moto: 2009 ZX6R
Posts: 1,661
Default

Quote:
Originally Posted by pauldun170 View Post
Last time I had a leinholder it was stamped on the title.
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.

Quote:
Originally Posted by jtemple View Post
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.
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.
__________________
ontwo is offline   Reply With Quote
Old 04-15-2010, 10:56 AM   #12
pauldun170
Serious Business
 
pauldun170's Avatar
 
Join Date: Nov 2008
Location: New York
Moto: 1993 ZX-11 2008 CBR1000rr
Posts: 9,723
Default

Quote:
Originally Posted by jtemple View Post
Yep, there's a stamp on the title. The bank also holds the title. Once you pay off the loan, they sign off on the lien and mail you the title.
Damn...
Thats annoying.
__________________


Quote:
Originally Posted by Dave View Post
feed your dogs root beer it will make them grow large and then you can ride them and pet the motorcycle while drinking root beer
pauldun170 is offline   Reply With Quote
Old 04-15-2010, 11:00 AM   #13
pauldun170
Serious Business
 
pauldun170's Avatar
 
Join Date: Nov 2008
Location: New York
Moto: 1993 ZX-11 2008 CBR1000rr
Posts: 9,723
Default

Quote:
Originally Posted by ontwo View Post
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.
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.
__________________


Quote:
Originally Posted by Dave View Post
feed your dogs root beer it will make them grow large and then you can ride them and pet the motorcycle while drinking root beer
pauldun170 is offline   Reply With Quote
Old 04-15-2010, 11:02 AM   #14
jtemple
Geek
 
jtemple's Avatar
 
Join Date: Feb 2008
Location: Papillion, Nebraska
Moto: 2011 Husqvarna TE630
Posts: 1,437
Default

Quote:
Originally Posted by ontwo View Post
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.

Quote:
Originally Posted by pauldun170 View Post
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.
jtemple is offline   Reply With Quote
Old 04-15-2010, 11:03 AM   #15
ontwo
Designated Drinker
 
ontwo's Avatar
 
Join Date: Jul 2008
Location: shitville
Moto: 2009 ZX6R
Posts: 1,661
Default

Quote:
Originally Posted by pauldun170 View Post
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

Quote:
Originally Posted by jtemple View Post
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
__________________
ontwo is offline   Reply With Quote
Old 04-15-2010, 11:06 AM   #16
pauldun170
Serious Business
 
pauldun170's Avatar
 
Join Date: Nov 2008
Location: New York
Moto: 1993 ZX-11 2008 CBR1000rr
Posts: 9,723
Default

Quote:
Originally Posted by ontwo View Post
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.
__________________


Quote:
Originally Posted by Dave View Post
feed your dogs root beer it will make them grow large and then you can ride them and pet the motorcycle while drinking root beer
pauldun170 is offline   Reply With Quote
Old 04-15-2010, 11:07 AM   #17
jtemple
Geek
 
jtemple's Avatar
 
Join Date: Feb 2008
Location: Papillion, Nebraska
Moto: 2011 Husqvarna TE630
Posts: 1,437
Default

Quote:
Originally Posted by ontwo View Post
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.
jtemple is offline   Reply With Quote
Old 04-21-2010, 08:36 PM   #18
jtemple
Geek
 
jtemple's Avatar
 
Join Date: Feb 2008
Location: Papillion, Nebraska
Moto: 2011 Husqvarna TE630
Posts: 1,437
Default

Sold, pending funds!
jtemple is offline   Reply With Quote
Old 04-22-2010, 07:48 AM   #19
Full Throttle
~Italian Stallion~
 
Full Throttle's Avatar
 
Join Date: Mar 2008
Location: North West Georgia
Moto: 2000 Yamaha YZF-R6
Posts: 446
Default

Congrats. You get the 6500 you wanted?
__________________
Full Throttle is offline   Reply With Quote
Old 04-22-2010, 08:48 AM   #20
jtemple
Geek
 
jtemple's Avatar
 
Join Date: Feb 2008
Location: Papillion, Nebraska
Moto: 2011 Husqvarna TE630
Posts: 1,437
Default

Close enough that I can't complain.

Since me not having the title in hand was a topic of discussion, here's how it all went down:

1. buyer gets loan from his bank
2. bank cuts two checks, one goes straight to my bank for the payoff amount of the loan
3. second check goes to me
4. title goes directly from my bank, to his bank (neither of us touch it)
5. done!

The money exchange should be happening some time today, at the buyer's bank. If all goes well, the bike is officially sold. If anything falls through, the bike is still up for grabs.
jtemple is offline   Reply With Quote
Reply

Bookmarks


Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump


All times are GMT -4. The time now is 07:53 PM.

Powered by vBulletin® Version 3.8.11
Copyright ©2000 - 2024, vBulletin Solutions Inc.