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View Full Version : How Does Selling A Spyder that's not paid off yet work??


ImpalexSS
05-02-2010, 01:41 PM
I still owe like $10,000 on my spyder. But I may be interested in selling it to gpthree on this forum. Now he was approved by his credit union for a motorcycle loan. So how would we go about doing it. I would assume that his bank would just pay my loan off and then his bank would be the lien holder on the title. But how does he go about getting tags and registration for it if we can't bring a title to an auto tag place??
kytten
05-02-2010, 01:47 PM
I'm no expert, but when your bank is paid by his bank, your bank should send his bank the title. Then they should issue him a title with them as the lein holder. Once he gets that, he'll be able to get his license.
SpyderWolf
05-02-2010, 03:34 PM
I'm no expert, but when your bank is paid by his bank, your bank should send his bank the title. Then they should issue him a title with them as the lein holder. Once he gets that, he'll be able to get his license.

That is the way it usually works. He will receive paperwork from his credit union showing them as the lienholder and him as the owner. He will be able to register it with that paperwork without any problems.

Sorry to hear you were not able to win your wife over on your secret purchase. :(
ameobe
05-02-2010, 04:32 PM
A Notary Public will answer all of your questions.

If he brings a check for the amount you want, then it would be a sale & the Notary would write it up & submit it to Harrisburg.:thumbup:
boborgera
05-02-2010, 05:38 PM
I'm no expert, but when your bank is paid by his bank, your bank should send his bank the title. Then they should issue him a title with them as the lein holder. Once he gets that, he'll be able to get his license.

:agree:Thats the way it's done.
Tough lost for impalexSS. :( Good deal for gpdthree.:thumbup:
BajaRon
05-02-2010, 09:06 PM
Believe me, it's not a problem, done all the time. They will have it all worked out for you.
chillirider
05-03-2010, 04:16 PM
I'm going through it right now. My bank which I took out the loan with paid his loan off and his bank is sending me the title directly. I can't register it until I get it because Ohio requires the actual title to register it. I'm from PA originally and I know they require the actual title too. When I retired from the Navy and moved from Va to Pa to get all my vehicles registered in Pa I had to have my bank send me the actual title to take to get plates. What a pain in the butt!! My Spyder is still sitting paitently in my garage until I get the title which his bank says can take up to 30 days!! I won't lie though we have rode it around our neighborhood though! SHHHH
SpyderWolf
05-03-2010, 08:23 PM
I'm going through it right now. My bank which I took out the loan with paid his loan off and his bank is sending me the title directly. I can't register it until I get it because Ohio requires the actual title to register it. I'm from PA originally and I know they require the actual title too. When I retired from the Navy and moved from Va to Pa to get all my vehicles registered in Pa I had to have my bank send me the actual title to take to get plates. What a pain in the butt!! My Spyder is still sitting paitently in my garage until I get the title which his bank says can take up to 30 days!! I won't lie though we have rode it around our neighborhood though! SHHHH

If you have the bill of sale for it, you should just make up a paper plate that says "Tags Applied For" or something like that. :D Just don't speed. :roflblack:
chillirider
05-04-2010, 03:58 AM
LOL, I haven't seen those Tags applied for signs since I left South Carolina. Cops would laugh at you here if you did that. I'm sure i could have got a temp but with work and all I didn't feel like waiting at the BMV. It shouldn't be long now!
SpyderWolf
05-04-2010, 08:25 PM
LOL, I haven't seen those Tags applied for signs since I left South Carolina. Cops would laugh at you here if you did that. I'm sure i could have got a temp but with work and all I didn't feel like waiting at the BMV. It shouldn't be long now!

They got rid of those down here as well. Now you get a plastic dealer tag that has an expiration date on it that is about 45 days after your purchase. Oh well, no sense in longing for the good old days. :roflblack:
kytten
05-04-2010, 09:24 PM
LOL, I haven't seen those Tags applied for signs since I left South Carolina. Cops would laugh at you here if you did that. I'm sure i could have got a temp but with work and all I didn't feel like waiting at the BMV. It shouldn't be long now!

My dealer had a 'paper' tag on the back of mine when I drove it off saying tags applied for. I also had my signed documentation showing that they were sending in for the tags too in case I got pulled over. I didn't though, so it worked.
gpthree
05-04-2010, 09:24 PM
:agree:Thats the way it's done.
Tough lost for impalexSS. :( Good deal for gpdthree.:thumbup:

Well nothing has been finalized yet, so we'll see. :D
chillirider
05-05-2010, 09:36 AM
My Title came today!!! I should be street legal Friday!!!!!!!!:2thumbs:
SpyderWolf
05-05-2010, 08:51 PM
My Title came today!!! I should be street legal Friday!!!!!!!!:2thumbs:

:congrats:

The dealer tags are one thing, and easy to get away with as they are legal. The signs we are talking about were handwritten on a piece of cardboard, usually of the plain old cardboard box type. :D