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Jerkhard Sirdribbledick
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Discussion Starter · #1 ·
Hollywood got me interested in getting a motorcycle for commuting, and I've found a used on Craigs List that is perfect. Just contacted the seller who said the bank still has the title and a little money is still owed, and that if I took the bike they'd contact the bank (HSBC) and the bank would send the title directly to me.

I don't want to sound ignorant to this seller, so inform me ... WTF does this mean?
 

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Captain Obvious
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11,876 Posts
he hasn't finished paying the loan.
 

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Jerkhard Sirdribbledick
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Discussion Starter · #4 ·
I should add, that I pretty much get what it means. I just want to make sure this isn't completely stupid on my end.
 

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Jerkhard Sirdribbledick
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Discussion Starter · #5 ·
tomk96 said:
he hasn't finished paying the loan.
Right. But it's not implied in any way, shape or form that I'd be finishing off that loan, on top of the purchase price, right?
 

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Jerkhard Sirdribbledick
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27,035 Posts
Discussion Starter · #6 ·
firstrax said:
They going to send it before you hand over any cash?
I was concerned about that. But how can they get the title from the bank if they still owe money on it?
 

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Ricardo Cabeza
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19,729 Posts
Um, yeah, I'd be leery. What's to stop the guy from taking your money and then not paying off the loan?
 

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Ricardo Cabeza
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19,729 Posts
DrRoebuck said:
Right. But it's not implied in any way, shape or form that I'd be finishing off that loan, on top of the purchase price, right?
work it out where you take over the payments. go to the bank with the guy, pay off the loan balance, then give him the rest, and get the title.
 

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Jerkhard Sirdribbledick
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27,035 Posts
Discussion Starter · #11 ·
Andy69 said:
work it out where you take over the payments. go to the bank with the guy, pay off the loan balance, then give him the rest, and get the title.
Out of curiosity, is this the only solution? Anything else I can propose to her?
 

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Registered
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Andy69 said:
Um, yeah, I'd be leery. What's to stop the guy from taking your money and then not paying off the loan?
Write a check for the loan balance directly to the bank that holds the loan, pay the rest to the guy you're buying it from.
 

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Moderatus Puisne
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15,883 Posts
Common

People do this all of the time.

It just involves you and the seller go to the bank together with the loan paperwork.

You agree on the price, say, $5000, and you write the two cashiers checks, one to pay off the loan, say, $2000, and the $3000 to the seller.

The seller signs over the registration to you, and when I did it there was a placeto tell the bank the owner had changed.

Not sure of the exact procedure in yr state / bank but it doesn't have to be "trust me."
 

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eminence grease
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18,538 Posts
DrRoebuck said:
Hollywood got me interested in getting a motorcycle for commuting, and I've found a used on Craigs List that is perfect. Just contacted the seller who said the bank still has the title and a little money is still owed, and that if I took the bike they'd contact the bank (HSBC) and the bank would send the title directly to me.

I don't want to sound ignorant to this seller, so inform me ... WTF does this mean?
You have a baby. Do the right thing - forget it. Please.
 

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Jerkhard Sirdribbledick
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27,035 Posts
Discussion Starter · #16 ·
terry b said:
You have a baby. Do the right thing - forget it. Please.
It's a long story, but a big part of this is so I can spend more time with him and be more available to my wife. I get home at 7:30/8 way too often and by then the baby has eaten and is asleep.
 

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eminence grease
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DrRoebuck said:
It's a long story, but a big part of this is so I can spend more time with him and be more available to my wife. I get home at 7:30/8 way too often and by then the baby has eaten and is asleep.
Okay, when my first was born I took one look in her eyes and that was then end of motorcycles for me. Everyone else's mileage will vary.

This was my one bit of imaginary big-brotherly advice. No more forthcoming. At least until the next time you need it.
 

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Jerkhard Sirdribbledick
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Discussion Starter · #18 ·
terry b said:
This was my one bit of imaginary big-brotherly advice.
And I appreciate it.
 

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All I wanted was a Pepsi!
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5,351 Posts
terry b said:
Okay, when my first was born I took one look in her eyes and that was then end of motorcycles for me. Everyone else's mileage will vary.

This was my one bit of imaginary big-brotherly advice. No more forthcoming. At least until the next time you need it.
It's like deja vu all over again.
 
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