Looking for advice - I have this C50 that I an interested in and the seller is offering at a very attractive price.
The problem is the seller has a loan on the bike and needs my cash to pay off the bike. My concern is if the seller takes my cash and I take the bike, when will I get the title so I can get tags for the bike.
What if this seller tries to pull a fast one and take the cash and report the bike as stolen?
The bank is not a local bank so everything is to be done thru the mail.
I like this bike and this guy is very interested in selling this bike and I am interested in buying it.
Has anyone run into this type of situation?
Recommendations or suggestions are appreciated.
Purchasing a Used Bike
You work out a three way deal with the financer...er who ever actually owns the title. The seller contacts the lein holder, tells them they want to sell and asks of they'd accept the full amount from the buyer (you) to pay off the bike, then the lein holder will send any extra money to the seller and send the title to you (because the seller tells them you're the buyer and gives them your info).
That's how we sold our truck on ebay while it still had a lein on it. Worked out fine and no one was feeling vulnerable in the deal.
That's how we sold our truck on ebay while it still had a lein on it. Worked out fine and no one was feeling vulnerable in the deal.