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Hi everyone, i am looking into buying a motorcycle from a private seller, but the bank has the title to it. I was thinking of paying him cash for it and have him sign a bill of sale form too and when he gets the title he will send it to me. I am a little concern about this move as in is it safe for me to do so, or can the person report the motorcycle stolen and comes back to me? any thoughts?
 

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i for sure wouldn't give him money and wait for him to send u a tittle... u never know what scamers there are out there. Depending which bank owns the tittle, u might be able to contact that bank directly to find more details on how to complete this transaction.
 

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You know that "private seller" does not have the complete right to sell the bike.

The bank is still on that title because the seller still owes money on the bike.

So if you want to buy it from him, he's going to have to pay it off first and get a title with his name only, OR I think you can go to the bank with him and have them switch off names on the loan :shrugs:

So what you're planning to do will not work because the DMV surely will not let you register the bike under your name if the bank didn't agree to it.
 

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Don't do it !!!

I almost bought a bank owned ATV once,the guy wanted $2500 for a two year old Yamaha Warrior that was in pretty good shape.I asked him for the title and he said that the bank had it but wanted me to pay him for it.I said lets go to the bank first and he hesitated then said ok and told me the name of the bank and said he would meet me in one hour.I waited and he never showed up,he was trying to get my money and not pay off the loan so I would have been stuck with a bank owned ATV and he would have got my $$$$.
 

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I just went through this buying a Celica, Wells Fargo owned the title and lein on it for 6750. We conferance called Wells Fargo, and they agreed to send me the title after I sent them a certified check for the payoff amount. Albeit it was still in the girls name.

It went off ok, but if you don't trust the seller I wouldn't do it.
 

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contact the bank, asking them how much is left on the loan. The bank should be able to transfer the loan into your name, and you can pay it off. otherwise he cant really sell the vehicle until his debt with the bank is all payed for, or if you both go to the bank and he settles the debt with them.
regardless, its a long process. but contact the bank!
 

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i deal with this all day long, basically you and the seller need to talk to the bank, ask the bank for a gurantee of title and a statement that u will get the title.
 
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