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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
    #1
    Uncharted

    Uncharted [OP] Well-Known Member

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    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
    #2
    scocar

    scocar Not one of the 10,000 Baja Edition Elite Guard

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