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Old 11-26-2012, 12:00 AM   #16 (permalink)
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Originally Posted by rgbeard View Post
So allow me to get a little "technical" since you seem to need the information down to this level

The seller of the bike is not the owner at this time. The bike is owned by the bank/finance company that holds the title.

The bill of sale would exhibit INTENT for the person paying on the bike to transfer it to you but means NOTHING to a DMV agent. The true owner is whomever the title states or the legal leinholder.

If he doesn't pay off the bike it's still property of the bank. It is not yours. Yes you have legal recourse to sue the seller but it will be costly in time and money.

The leinholder must receive full payment to release the bike to the seller so he may in turn transfer it to you. Giving cash to the seller does nothing to accomplish this.

In even simpler terms, the seller does not have the legal right to even sell you the bike, as he does not own it, the finance company does. You cant sell what you dont own.
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