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#996035 - 09/03/17 02:47 PM ? For brain trust
Bud Offline
68% of an RT
Member

Registered: 03/28/05
Posts: 6766
Loc: Southern Illinois
Seller owes Bmw finance. They hold title. How would you structure purchase agreement?
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#996043 - 09/03/17 03:22 PM Re: ? For brain trust [Re: Bud]
ltljohn Offline
Member

Registered: 05/21/07
Posts: 3241
Loc: Haycock, PA
I would have them pay it off and have a clean title in hand.
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#996050 - 09/03/17 04:51 PM Re: ? For brain trust [Re: Bud]
chrisolson Offline
glue
Member

Registered: 02/28/03
Posts: 1781
Loc: tucson arizona

Are you the seller or the buyer? An escrow service might be an option ... but ... If you are the seller its best to check with BMW Finance on their requirements. Last time I dealt with them which was many years ago (so things might have changed), they had very strict rules about how a payoff was to made, lengthy time frames about how long the process would take and the clear title could only be sent to the original owner.
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IBA 18417
85 VF500F
95 DR 350
99 R1100S
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#996054 - 09/03/17 04:56 PM Re: ? For brain trust [Re: Bud]
Bud Offline
68% of an RT
Member

Registered: 03/28/05
Posts: 6766
Loc: Southern Illinois
Buyer. I think ltljohn had good advice for me.
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Picking up my new ride on the way to FART.

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#996058 - 09/03/17 05:08 PM Re: ? For brain trust [Re: Bud]
szurszewski Offline
Member

Registered: 06/28/06
Posts: 2136
Loc: Portland, OR
Concurr with ltjohn.

At the price range range I think you're shopping in I'd think most moto owners could either find the cash to pay off the bike over the short term or even throw it on a credit card long enough to get the title and then get the cash from you.

When we bough the RT years back we passed on an RS I really liked - it was on consignment at a dealer but BMW had the title and it was going to potentially be weeks before we could have the title.
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#996063 - 09/03/17 05:27 PM Re: ? For brain trust [Re: Bud]
chrisolson Offline
glue
Member

Registered: 02/28/03
Posts: 1781
Loc: tucson arizona

Yes, a clear title is obviously the best. As mentioned, it depends on how much money is involved. As a seller, if I were to pay it off (which is what I did) I'd need to have to have faith, or perhaps a good monetary contingency, that you would complete the purchase as agreed since it will take time for the payment to be credited and title to make it back to the current owner. Depends on how good the deal is and how much effort you're willing to expend to own that particular bike cool
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Chris
IBA 18417
85 VF500F
95 DR 350
99 R1100S
03 FZ1

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#996074 - 09/03/17 09:42 PM Re: ? For brain trust [Re: Bud]
David13 Offline
Member

Registered: 02/20/09
Posts: 2006
Loc: Utah
Depends too on how much you trust the seller. If you buy the bike you are trusting him on the bike, so ...
dc

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#996079 - 09/03/17 11:23 PM Re: ? For brain trust [Re: Bud]
Living the Dream Offline
Member

Registered: 06/14/10
Posts: 1291
Loc: Walnut Cove, North Carolina
Meh, I've bought used vehicles from folks that still owed. Not all can afford to pay off with cash or via credit card.

Do up an agreement, you get the bike/car and when the title comes in, do the legal paperwork.

I've bought/sold like this. I've also sold without an agreement by giving the person the vehicle (toyhauler), them giving me a personal check ($16k)(yes, I know) and me getting the title, signing it, mailing it to them and they get it notarized (under the table however they want).

I bought my RT on a $500 deposit to a private seller that needed to get the title from Maine. I took the bike home, two weeks later, the title is in, I give the check for the remaining amount, she gives me the signed title, I take it to a notary and get it all legal like, then off to DMV.

If ya got a warm fuzzy, do the deal how you see fit. If you got a funny feeling, don't do the deal.
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Richard
Laborare pugnare paratus sum
2014 HP4
2010 Shadow RS
2006 R1200rt
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#996119 - 09/04/17 02:50 PM Re: ? For brain trust [Re: Bud]
tallman Offline
Picture Perfect Humorist
Member

Registered: 12/22/02
Posts: 19611
Loc: Tallahassee, Florida
With the owner, BMW.
Call them, ask.
Happens all the time.
Many scenarios.
Best if rider/ower pays off.
Then sells, but, will take time for paperwork.
Personally wouldn't trust anything but written info on leins/balance/payoff.
If owner wants to sell, make them earn it.
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Tim
Conch Town Krewe
2003 K 1200 GT
1996 R 100 RSL
1980 R 100 RT
1972 R 75
1968 R 50
All now gone...


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#996123 - 09/04/17 03:17 PM Re: ? For brain trust [Re: Bud]
Bud Offline
68% of an RT
Member

Registered: 03/28/05
Posts: 6766
Loc: Southern Illinois
Thanks Tim. clap
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Picking up my new ride on the way to FART.

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