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Buying something with a lien on it?

Discussion in 'General Automotive' started by Uncharted, Sep 3, 2011.

  1. Sep 3, 2011 at 11:12 AM

    Uncharted [OP] Well-Known Member

    May 21, 2009
    Phoenix, AZ
    08 Taco
    Icon Extended Travel C/O's, TC UCA's, 285/70/17 Hankook Dynapro MT's, 17" XD Revolvers, Avid Off Road Sliders, Toytec TSB AAL, Rear 5100's, All Pro Front Bumper & Skids, Color Matched Grill, Grillcraft Upper, BHLM, Tinted Taillights, Lightforce 240's.
    Hey All! Just looking for some advice or some info about buying a vehicle/motorcycle with a lien on it.

    Current Scenario:
    I'm looking to buy a motorcycle from a friend of a friend. The guy owes $1800 on the motorcycle and is selling the bike for $2300. The bank (not sure if it is a local or corporate) is the lien holder. So this poses my question, what is the best way to go about this?

    My current though processt:
    1) Go to the bank with him, get a bill of sale notarized and a statement stating that he will hand over and sign the title over to me once he receives the title, (if it's not held on site which i don't think any are). Take possession of the bike and just store it until he receives the title.

    Any input is greatly appreciated!
  2. Sep 3, 2011 at 11:14 AM

    scocar It's not rocket surgery

    Nov 11, 2009
    First Name:
    In close proximity to an undisclosed location
    2015 DCLB 4x4 SR5
    Mostly pallet racks loaded with very impressive boxes, and a smashed head unit
    Check the AZ DMV site.

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