Is it risky to buy this ?

Question

I am interested in buying a Yamaha 600 from a private seller. I have just found out the bike is still encumbered to a finance company for about $1000. Seller was not initially upfront about this.

I really like the bike, but is it a risky deal ? It should be fully paid out before I buy, right ? Thanks !

Answer 1

walk away there are plenty of Yamaha's that are as good and unencumbered Buy Just Bikes and or equivalent  

Answer 2

How can you buy something and register it without a title? He would have to pay it off. Get the clear title, sign it over to you. Then...you can go to the court house and register it. Without that clear title you can't do anything. If people are telling you differently, then you will find out all the trouble and bull you are headed for.

Answer 3

Sure is.

The only way I would consider buying the bike would be if he got a payout price for the bike, and you went with him to the finance place and paid that amount, and gave him the balance.

If he isnt happy with that, I wouldnt give it a second thought.

If he doesnt pay the $1000, repo man will turn up on your door and ask for the balance or take the bike from you, and you are out of pocket.

That is why there are places to do checks before you buy the bike.

You now know the bike has money owing, so play it safe, and make sure the loan is finalised before you hand over any money for it.

Answer 4

I would probably walk away myself, but you can probably still do the deal if you want to do the work. You are going to want to go to the finance company and pay the loan off yourself and have the title stamped that the lien was satisfied. Then you should bring the seller with you to the DMV to see if there are any other problems with the title. As long as the DMV only has the one lienholder on record, you should be fine to buy the bike. Just be sure you are never in a position that he has your money and you don't have the bike and title.

I bought a bike off ebay and when I went to register it, there was a problem with the vin not matching the bike. It got sorted out, but I have been nervous about shady deals ever since.

Good luck!

Answer 5

Id hold off, sounds like a shady deal!

Answer 6

I'd do what CM PUNK suggets if your heart is set on it! It's not an uncommon practice to do this! Just tell him you are not willing to purchase an encumbered vehicle! Otherwise, get the finance company details off him, arrange with them to pay the outstanding amount and give the seller the difference!  If he is not happy with either of these proposals then walk away! chances are he is dodgy!! Good luck and stay sharp!