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SVTPerformance's Chain of Restaurants
Donut Shop
Need advice about purchase
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<blockquote data-quote="COBRA90GT" data-source="post: 10752280" data-attributes="member: 2348"><p>This is more of a civil question/matter than a LE-specific topic, but...</p><p></p><p></p><p>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 ?</p><p></p><p>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.</p><p></p><p>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. </p><p></p><p>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.</p><p></p><p></p><p>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.</p></blockquote><p></p>
[QUOTE="COBRA90GT, post: 10752280, member: 2348"] 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. [/QUOTE]
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SVTPerformance's Chain of Restaurants
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Need advice about purchase
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