Need advice about purchase

[Slo3kgtVtr]

Hey guys, I decided to post this question in here since most of the people browsing in the Donut Shop are informed.

I just bought a motorcycle off of ebay in Tennessee and sent the deposit via paypal. The owner called me and informed me that he has a loan through Yamaha credit so he doesn't have the title. Based on all the experience you all have, how should I proceed? I'm reluctant to send him any more money until I have a plan of action where I can't get screwed and I get my R1. I def. am not going to just send him the money and assume that he's going to pay it off and send me the title. Any insight would be great as I can see if I don't handle this correctly It could turn into a legal mess. Thanks for anything

 

[COBRA90GT]

This is more of a civil question/matter than a LE-specific topic, but...


Did the seller fail to disclose that the bike still had a lien on it within the Ebay listing/posting or prior to you sending the deposit money ?

The seller and purchaser will typically communicate with the lien-holder (bank) directly and make arrangements regarding the soon-to-be-sold vehicle and handling of the title release.

Might not be a bad idea to contact Yamaha credit directly regarding the rest of the "payoff" amount (if that is the purchase price, etc) and deal with them directly when transferring the rest of the funds over.

If the seller is not keen to that idea, you may want to skip and move on to another bike that is owned "free and clear" instead. Buying a vehicle with a lien on it makes for an extra hurdle, but it can be done with minimal risk if you take the proper steps to protect yourself.


I'm sure there is additional financial advice you can dig up on the web regarding these types of transactions if you need further clarification. Your state's DMV website is also a good source for researching vehicle titling/transfer questions and answers. G'luck.

 

[Slo3kgtVtr]

Thnks! The seller did not disclose that there was a lien in the auction, I still have the link and can view it. Seller is a good guy so far, but isn't sure how to proceed either.

 

[RDJ]

have him call yamaha credit and get the payoff amount (so he is aware) and the address to send a certified check to. he needs to prepare a bill of sale and send it to you. you send the bill of sale and a check for the ENTIRE amount to the credit company. they will pay off the note and send him a check for the balance and send you the title.

Their procedure may vary a bit so it is best to do it their way but that is the jist of it

 

[FordSVTFan]

have him call yamaha credit and get the payoff amount (so he is aware) and the address to send a certified check to. he needs to prepare a bill of sale and send it to you. you send the bill of sale and a check for the ENTIRE amount to the credit company. they will pay off the note and send him a check for the balance and send you the title.

Their procedure may vary a bit so it is best to do it their way but that is the jist of it

That sounds like a good plan. I would also inquire if Yamaha has a local dealer/bank the title could be sent to in preparation of payoff. Meaning, they send the title to the local dealer/bank, you come in and pay it off, then they physically hand you the title.

 

[Slo3kgtVtr]

Do you guys think I should get a loan from my bank and just let them deal with the titling? I could always just pay them off in a few months. I'm thinking I shouldn't freak out until tomorrow when I can talk to his bank and my own credit union, I'm just cynical.

 

[FordSVTFan]

Do you guys think I should get a loan from my bank and just let them deal with the titling? I could always just pay them off in a few months. I'm thinking I shouldn't freak out until tomorrow when I can talk to his bank and my own credit union, I'm just cynical.

Why do you think getting a loan from your bank would alleviate you of the titling issues?

 

[Slo3kgtVtr]

I just assume that my bank would have the burden of paying off his loan and obtaining the title? If they're holding the title I was hoping getting them to hold the note might make it more secure.

 

[FordSVTFan]

I just assume that my bank would have the burden of paying off his loan and obtaining the title? If they're holding the title I was hoping getting them to hold the note might make it more secure.

It usually does not work that way.

 

[rpalmer]

If he's a straight up guy and you want to make it work, call Yamaha credit and figure out what you all need to do to make the deal and get the title.

If you're nervous and it doesn't look workable, get your deposit back and/or work through eBay's procedures to back it out.

-RP​

 

[Satyr]

From some experience in a similar matter in the past, here's my advice: call Yamaha credit and speak with them about the situation (you will need the account number and payoff amount from the seller). They should allow you to pay them, directly, and the title will then be sent from them directly to you. Subsequently, any overpayment would be sent, via check, from Yamaha credit to the seller. I had this exact scenario play out when trading in my last car for my cobra, and it worked out just fine. Also, everyone remains protected because you have the financing company handling everything, rather than the individuals.

 

[Guy Fawkes]

sounds like a scam. Buddy got scammed the same exact way through ebay.

 

[Farmer-Ted]

Around here if you get a loan on the bike, the bank will send a payoff to Yamaha Credit and Yamaha Credit will send the title to the bank. The bank will then get a new tile listing them as the lean holder. You will not have to do anything with the title. The bank will give you the proper paper work to get the bike licensed in your name. You will never see or handle the title in this case.

 

[Jomo1994z71]

Move on bro...
Craigslist scams are notorious for this...9/10 adds when I was looking for a new/used DD had similar situations...
Let me guess the bike was pretty cheap?

 

[Njc0las]

Being the resident eBay nut-swinger who has bought and sold multiple vehicles on ebay I gotta ask...

Is it not covered under the vechicle protection policy??

http://pages.motors.ebay.com/buy/purchase-protection

VPP offers protection only for losses associated with eligible transactions for qualifying vehicles in the following situations:

blah blah blah.............

The vehicle has an undisclosed or unknown lien against its title.



I wouldn't freak out just yet. What does his feedback look like? Can you post up the link to the auction?

 

[Njc0las]

Move on bro...
Craigslist scams are notorious for this...9/10 adds when I was looking for a new/used DD had similar situations...
Let me guess the bike was pretty cheap?

Craigslist and ebay aren't the same thing oke:

 

[Slo3kgtVtr]

Update*** I picked up the bike in Tennessee and the transaction went great. He's sending me the title as soon as he gets it. I gave him a check made payable directly to the lienholder and so far, so good. The bike goes like a raped ape and is what he said it was. Thanks for all the help, esp. FordSVTfan.

 

[FordSVTFan]

Update*** I picked up the bike in Tennessee and the transaction went great. He's sending me the title as soon as he gets it. I gave him a check made payable directly to the lienholder and so far, so good. The bike goes like a raped ape and is what he said it was. Thanks for all the help, esp. FordSVTfan.

Congrats. Glad it worked out for you.