Pit Bike Legend
Join Date: Feb 2005
Location: Escondido, CA
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|General Sportbikes This area is for sport bike discussion in general. Topics that don't really belong anywhere else can go here. Questions can be answered and addressed to fully understand certain aspects of the sport. If your question is manufacturer specific please post it there.
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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.
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