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I will be purchasing my first bike tomorrow, a 1997 Kawasaki ZX600E.

The private party from which I plan on buying has a lien on the title; he still has an unpaid loan on it to the bank.

What we're going to try to do is go to his bank, talk it over with them, see if I can give him the money, he pays off the loan, bank does a notorized bill of sale which gives me the legal right to take the bike home, and once the title arrives from the bank to that guy, he will transfer it over in my name.

Does that sound fine?

Should I make any contracts? How should I word them?

I would not be able to pick up the bike until later that evening. Should I make a contract saying that the bike will be where it was left in the condition it was left and that I am the official owner?
 

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You won't like my answer, but unfortunetly its probably the safest. Same thing happened with my bike. Do NOT give any money over or take possesion of the bike without a title in your hand. Anything else is bad news if the guy is a crook. Have the guy pay the loan off (doesn't matter how, just not your money), and then when he recieves the title in the mail, go and make your transaction. It's the safest way for you. Just have him borrow the money from someone he knows, but don't fork out yours without a title.
 

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Ehh, that sounds a little too complicated if it were me. I would look else where for a bike unless this one is perfect and is a smokin ass deal. I bought a bike before with a lien sale, but I got it at an impound yard and they basically signed the bill of sale saying the bike was mine. I then had to take it to the CHP and have them run the VIN and stuff because the bike had not been registered in so long. Then, I went to the dmv and they issued me plates and a title without any fuss. But in your case, It seems a little more complicated. What if the guy never transfers the title over to your name? I say keep looking.
 

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STOP ! If theres a lein on it , the bank owns it ! You need to pay the bank not him .... DONT give any cash to him !
BE WARNED !

If you have further questions , contact me ! I work for a bank !
 

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I did that with my bike. The guy said that he called the bank and said that with the cash I have, they would hand over the title to him, which he would give to me. It didn't end up working that way, but since I drove 200 miles to meet him, I told him I wouldn't leave with out the bike. The guy was trustworthy and tried everything he could to get things to work right, but it just wouldn't. I took the bike and he mailed me the title a couple days later when he got it from the bank. I admit, I got lucky and probably put too much trust on this guy because he really could have screwed me over badly. It's a risk, but if you can trust this guy, then do what you can.

And about making a contract, unless you have it written by a lawyer and have it made official (however you do that), it won't mean a thing. He could say you made it up, even if his signature is on it. Written contracts are pretty easy to get out of these days, so I wouldn't bother.
 

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I sold a bike like that before. We went to my bank, talked to a loan officer, he gave her the money to pay it off. Then they transferd the titile to him. It was easy.
 

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a lien on a 8 y.o. bike......wow
 

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haha when I sold my camaro, the guy handed me $9,000 cash and then asked me for the title.

I said, oh I gotta pay off the rest of the loan first.

it was an awkward moment
 

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I sold a bike like that before. We went to my bank, talked to a loan officer, he gave her the money to pay it off. Then they transferd the titile to him. It was easy.
As long as they give the title directly to you (ie u buy from bank) rather than they give to him to give to you i dont see the problem.

a lien on a 8 y.o. bike......wow
If in 8 years they couldn't pay off the bike, did they have enough to keep it serviced regulary?
 

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i bought my ten like this. the guy still owed on the bike, i went with him to where the lien was with western union checks. i payed for the bike they typed me out a bill of sale and notorized it. then they signed over the title to me. easiest transaction ever!
 

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ninjarider said:
i bought my ten like this. the guy still owed on the bike, i went with him to where the lien was with western union checks. i payed for the bike they typed me out a bill of sale and notorized it. then they signed over the title to me. easiest transaction ever!
Exactly. Just call the bank ahead and make sure they have the title at the branch you are going to be at :) Then you go with the seller, pay off the loan, get title and bill of sale, then you go ride the bike home!
 

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slingblade said:
Exactly. Just call the bank ahead and make sure they have the title at the branch you are going to be at :) Then you go with the seller, pay off the loan, get title and bill of sale, then you go ride the bike home!
Exactly. I've sold vehicles this way this before; its painless and easy.
 

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Discussion Starter #14
beowulf2k said:
How much is the bike anyways?
$1700.

Bike has only the teeniest bit of rash on the plastics and an exhaust, has a cracked turn signal and needs the battery charged. Otherwise it seemed to run great.

I think it's a great deal for a 97 with 11,000 miles.

Only other bikes I can find here in Cleveland are $2400 1994 F2's with 25,000 miles.
 

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Discussion Starter #15 (Edited)
slingblade said:
Exactly. Just call the bank ahead and make sure they have the title at the branch you are going to be at :) Then you go with the seller, pay off the loan, get title and bill of sale, then you go ride the bike home!
The bike that has the title is two more hours away from his house.

We're going to a branch of that bank five minutes away from his house, which said they will give a notorized bill of sale to me so I can legally take possesion of the bike.

They will then mail him the title, and we're going to meet up and he's going to sign it to me.
 

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Discussion Starter #16
Unexplained_Ways said:
If in 8 years they couldn't pay off the bike, did they have enough to keep it serviced regulary?
He bought the bike used off a stealership about 2.5 years ago, took out a 3-year loan to pay it off.
 

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no title then no $$$
 

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Discussion Starter #18
fengler said:
no title then no $$$
I wouldn't be stupid enough to give him the $.

Spent 5 hours on the road there and back today with cash in my pocket. Went home empty-handed because the bank we thought could help us really couldn't, and the bank we needed to visit wasn't open.
 
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