Made a deal, but a bank holds the title... how to be safe?

[Michael211_2000]

Ok, I've verbally made a deal on a 2012 Spyder (pre-owned private seller) but the seller's bank holds the title and the seller claims to owe a little over the agreed upon sales price. So, how do I make sure everything is upright about this Spyder and make sure I get the title after the bank is paid off in full and his bank IS paid off in full on it?

I can obviously walk-away from this deal if I'm not satisfied that everything is above-board, I even have a back-up 2012 Spyder sitting at a dealership in north Texas I could go buy instead... but I like this one a little better (lower mileage, similar price). Suggestions?

ps. I already have the agreed upon price in cash available. I imagine I should get a cashier's check from my local bank for the agreed upon sales price and put it in the name of the bank holding the Spyder's title? But if there is actually a little more owed on this machine, should I insist that I go into the seller's bank with seller and verify he pays it off in full or what? Again it's not a done deal till my cash (or cashier's check) is accepted by the seller (or seller's bank) and this machine is paid off by the seller, otherwise I'm not afraid to go for my backup plan and drive up to North Texas for the pre-owned 2012 up there (both are black 2012 RS Spyder's; appearance is identical only mileage is really significantly different on them).

Thanks!

- Michael

[Buttsy]

Can you accompany the seller to his financial institution where he pays the difference on the loan and then you pay the agreed to price directly to the lien holder? Ooops missed part of your post.....yes go to his bank!

[Cruzr Joe]

I would not be comfortable unless the seller pays the difference immediately to release the title. just my .02 cents worth.

if the seller fails to pay the balance, you dont get a title until you pay it.

Cruzr Joe

[Orange monster]

I've done these type of deals when both buying and selling. The key is to either go with him to the bank and watch him give your money plus the money needed to make the payoff to the bank and then they will give you a temp title or bill or sale and they will mail you the title most of the time. Once with my credit union they would not mail the buyer the title so I gave them the buyers money and they gave me the difference. Then I wrote a bill of sale to the buyer and swore to him I would mail the title as soon as I got it in the mail and did. Sale was no problem and buyer agreed. Also one I had a guy buy a motorcycle from me and he was from out of town. On this deal I called the bank told them what I was doing, gave him the vin info and he called his bank and arranged financing. One this deal the banks worked with each other and mailed the title directly to his bank after check cleared. He flew in, I picked him up at the airport and he drove the motorcycle back home. This was a pictures only deal as he never even seen the bike in person but it was a HD and only 18 months old. It takes a little trust some times.

[Sarge707]

I would get the one at the dealership (A few more miles means nothing?) OR go to the Bank and make positively sure its ALL in order!!!

[Orange monster]

If you don't mind telling us what is the agreed price you have to pay? I just bought my 2013 RSS for Louis Powersports in Greenville Tx and they are marking them down about $3000 from msrp. Mine was stickers at $18,499 and I got it for just over $15,000. With tax, title, freight, prep, and registration it was $17,400 out the door. If the 2012 is $13,500 or higher I would suggest the 2013 RSS instead of the RS. All the upgrades on the 2013 RSS over the 2012 RS would be worth $1500 easy. If your set on the RS I think Louis is selling them for $13,400 new.

[Chupaca]

You both go to the bank/financial institution and pay it off with bill of sale to get clear title in your name. If all funds are not available...walk away..!! Jmho

[Dan McNally]

I would get the one at the dealership (A few more miles means nothing?) OR go to the Bank and make positively sure its ALL in order!!!

+1

[Tango]

Go to his bank, do everything there! Period! Tom

[harrypottar]

It's a shame now a days that a mans word or a gentlemans handshake it worth nothing.

I hope it works out for you, I would got to his bank and make sure he pays the difference.

If you meet with someone you can usually get a judge of their character, but there are so many desperate people willing to run off with your money is hard to tell.

good luck...

harry

[KeithInAurora]

Ok, I've verbally made a deal on a 2012 Spyder (pre-owned private seller) but the seller's bank holds the title and the seller claims to owe a little over the agreed upon sales price. So, how do I make sure everything is upright about this Spyder and make sure I get the title after the bank is paid off in full and his bank IS paid off in full on it?

I can obviously walk-away from this deal if I'm not satisfied that everything is above-board, I even have a back-up 2012 Spyder sitting at a dealership in north Texas I could go buy instead... but I like this one a little better (lower mileage, similar price). Suggestions?

ps. I already have the agreed upon price in cash available. I imagine I should get a cashier's check from my local bank for the agreed upon sales price and put it in the name of the bank holding the Spyder's title? But if there is actually a little more owed on this machine, should I insist that I go into the seller's bank with seller and verify he pays it off in full or what? Again it's not a done deal till my cash (or cashier's check) is accepted by the seller (or seller's bank) and this machine is paid off by the seller, otherwise I'm not afraid to go for my backup plan and drive up to North Texas for the pre-owned 2012 up there (both are black 2012 RS Spyder's; appearance is identical only mileage is really significantly different on them).

Thanks!

- Michael

I also purchased my Spyder from a private owner who owed money on it. I asked them to pay off the lien and get the title free and clear before I picked up the bike. I provided a picture of the cashier's check made out to the seller so they knew I was serious, but I wouldn't purchase the bike without the clear title.

Good luck with the transaction. I hope it goes well for you.

[ARCTIC]

I also purchased my Spyder from a private owner who owed money on it. I asked them to pay off the lien and get the title free and clear before I picked up the bike. I provided a picture of the cashier's check made out to the seller so they knew I was serious, but I wouldn't purchase the bike without the clear title.

Good luck with the transaction. I hope it goes well for you.

That only works if the person has the means to come up with the cash.

[ARtraveler]

The suggestions to go to the bank with the seller is right on. The money changes hands at the bank, the bank gives the title to the buyer. The seller needs to work out the pay off amount with the bank and provide them with it, so that the title can be transferred at the time of sale.

Any problems, or refusal to have the bank part of the transaction, and I would run, run, run.

As mentioned, a simple handshake, or trusting someone, can cost you thousands these days.

[Bob Denman]

Go with him; better yet... offer to do the driving!

[Flanker]

I would not be comfortable unless the seller pays the difference immediately to release the title. just my .02 cents worth.

if the seller fails to pay the balance, you dont get a title until you pay it.

Cruzr Joe

Excellent advice!

[Michael211_2000]

Just to follow up and provide closure to this thread... I took a trailer over to Baton Rouge Louisianna to get the Spyder with a cashiers check in hand for the agreed upon price, nothing went right their bank would not clear the cashier's check funds for at least 3 business days (my bank didn't have a branch over there it turned out, so we couldn't just go to a branch of my bank to cash it) but the seller called my bank and confirmed the cashiers check was *real* (I in fact encouraged this). Since they couldn't get the cahsier's check "funded" immediately to pay off the loan they had on the Spyder, it was decided to just do a bill of sale and have it notorized... but then we couldn't get a notary to notorize the bill of sale because the seller's husband wasn't available right then he was on assignment elsewhere for work and the title was in his name also. I could not stay there waiting on her husband to come home nor the 3 business days it'd take for the funds from my cashier's check to clear so... the seller (well, his wife actually) made a copy of her driver's license and we both signed 2 copies of a bill of sale (1 for each of us) and she promised to pay off the loan and send me proof once that was done. The title wouldn't be available for at least 4 weeks according to the bank holding the Spyder's title so frankly that was just all we could do... I strapped the Spyder down on the trailer I'd brought and proceeded back to Houston Texas (north side, near Kingwood TX).

About 4 days later the seller's wife sent me proof that the loan was paid off via a screen capture of the Spyder's Loan account showing a $0.00 balance (she had also offered to give me their user name and password so I could log in myself to check, but I was not comfortable with that and declined... a screen cap showing a zero balance would be enough I figured). The title finally came in 2 weeks ago, and they signed and mailed it to me I got it last week finally! (Whew!)

So now I'm about to take it to my local tax office and file the paperwork for title transfer pay the sales tax and get some real tin license plates for this machine. I think all's well that's ended well.

In short it took some time but I have the Spyder and the title to it now and I'm quite satisfied with the deal, even though nothing went as planned that day I went to pick it up. The best laid plans and all that....

Regards and thanks guys!

- Michael

[ARtraveler]

Just to follow up and provide closure to this thread... I took a trailer over to Baton Rouge Louisianna to get the Spyder with a cashiers check in hand for the agreed upon price, nothing went right their bank would not clear the cashier's check funds for at least 3 business days (my bank didn't have a branch over there it turned out, so we couldn't just go to a branch of my bank to cash it) but the seller called my bank and confirmed the cashiers check was *real* (I in fact encouraged this). Since they couldn't get the cahsier's check "funded" immediately to pay off the loan they had on the Spyder, it was decided to just do a bill of sale and have it notorized... but then we couldn't get a notary to notorize the bill of sale because the seller's husband wasn't available right then he was on assignment elsewhere for work and the title was in his name also. I could not stay there waiting on her husband to come home nor the 3 business days it'd take for the funds from my cashier's check to clear so... the seller (well, his wife actually) made a copy of her driver's license and we both signed 2 copies of a bill of sale (1 for each of us) and she promised to pay off the loan and send me proof once that was done. The title wouldn't be available for at least 4 weeks according to the bank holding the Spyder's title so frankly that was just all we could do... I strapped the Spyder down on the trailer I'd brought and proceeded back to Houston Texas (north side, near Kingwood TX).

About 4 days later the seller's wife sent me proof that the loan was paid off via a screen capture of the Spyder's Loan account showing a $0.00 balance (she had also offered to give me their user name and password so I could log in myself to check, but I was not comfortable with that and declined... a screen cap showing a zero balance would be enough I figured). The title finally came in 2 weeks ago, and they signed and mailed it to me I got it last week finally! (Whew!)

So now I'm about to take it to my local tax office and file the paperwork for title transfer pay the sales tax and get some real tin license plates for this machine. I think all's well that's ended well.

In short it took some time but I have the Spyder and the title to it now and I'm quite satisfied with the deal, even though nothing went as planned that day I went to pick it up. The best laid plans and all that....

Regards and thanks guys!

- Michael

Glad to hear this all worked out in your favor. It looked like a lot of red flags and obstacles. I was under the impression that a cashier's check from a bank was "good" instant money. Enjoy your new ryde.

[Michael211_2000]

Glad to hear this all worked out in your favor. It looked like a lot of red flags and obstacles. I was under the impression that a cashier's check from a bank was "good" instant money. Enjoy your new ryde.

You are right, there were a lot of red flags but they were all being caused by the banks not the seller. Banks don't trust other banks anymore at all, they won't fund a cashier's check from another bank even if they call the issuing bank to verify the check is *real* they still won't fund it till the funds between banks are actually processed and transfered (which takes up to 3 business days, apparently). My bank that issued the cashier's check is Wells Fargo, a national bank not a local "fly-by-night" bank, you'd think a simple call to verify the cashier's check was authentic would be enough for a different bank to fund it but NOoooo! Arghhh!

Unfortunately there were no Wells Fargo branches near where the seller lived or we would have gone and gotten it cashed together right then.

Like I say though, the red flags weren't being caused by the seller nor I we were both trying our best to make the transaction correct and honest and make each other feel secure so... it all worked out right in the end I have the title now and the Spyder is excellant like showroom condition in fact.

ps. I would have just taken cash with me but the seller said they'd feel more comfortable with a bank cashiers check AND I really wasn't that comfortable with the idea of driving across Louisianna with thousands of dollars stuffed in the center console of my truck (I must have passed 20 or more Loisianna state cops along Hwy I-10 East that day, they were out IN FORCE I swear and had I been pulled over with a large sum of cash in my truck who knows what they would have thunk about that.... ).

- Michael

[Kratos]

Just put the cashier's check in the bank's name and place the account # and reason of payment on the memo............done.

[MouthPiece]

[QUOTE=Cruzr Joe;658209]I would not be comfortable unless the seller pays the difference immediately to release the title. just my .02 cents worth.

if the seller fails to pay the balance, you dont get a title until you pay it.

Cruzr Joe[/QUOTE


I knew there was somethin I liked about Joe. He's on the money.

Chris

[Bob Denman]

on this deal finally working out for you!!

[Dan McNally]

I'm glad it worked out OK and you now have a

[jerpinoy]

Trust is always completed with proper verification. Yes, It is sad that hand shake mean nothing anymore.