Buying Used

[tbzep]

I've bought new and used bikes from dealers, but never a private transaction. I'm looking at a nice bike that needs a new home, but the owner still owes on it. Unfortunately, it's financed through Honda Financial, so I can't just walk into a bank with him, pay the note, and walk out with the title. We live a considerable distance apart and I don't know him from Adam. I can't with a good conscience just trust a stranger to pay the note off in a timely manner and mail me the title.

Is there a simple, pain free, safe, and legally binding way to buy the bike, or do I have to choose between jumping through hoops with Honda Financial and playing Russian roulette? If it comes to Russian roulette, I will just walk away. I'd really love for him to get the title in his hands, but that doesn't seem to be an option for him.

[still kickin]

It comes down to trust completely.Basically U are buying the seller first and bike second. Honda financial is real quick about sending the title. 3 days is possible.

If U love the bike and the condition and care then trust your gut. Good luck.

[lionlady]

What about writing two checks? One made out to Honda Finance, the other (for the balance) to the seller? This is of course, assuming that the selling price is for more than the loan balance.

P

[JavaD]

Did you call Honda Financial for their advice?

[tbzep]

Did you call Honda Financial for their advice?

I posted that over the weekend and couldn't call HF at the time.  I talked to my bank this week and they gave me the run down on what I need to do and what they can do for me before to make the purchase.   Hopefully I'll be back on two wheels in a few days.  

[nater]

Don't do it.  Not worth the hassel of not getting a title and ending up with a bike you can't liscense.  Keep looking for another bike.

[bikepharmer]

I posted that over the weekend and couldn't call HF at the time.  I talked to my bank this week and they gave me the run down on what I need to do and what they can do for me before to make the purchase.   Hopefully I'll be back on two wheels in a few days.  

You can finance a small amount through your bank, and they will make sure the transaction is legit.  Then you can pay off the note if you don't feel like making payments. In  my state there is no penalty for early payoff.  Banks don't mind, they make a little bit of interest, and keep a customer happy.

[loadedmind]

If you're really into the bike, I'd recommend researching local bike shops that have a good rep, pay the $100 to have it inspected, then do the deal.  They can fax you the results of the inspection.

[timdow]

Don't do it.  Not worth the hassel of not getting a title and ending up with a bike you can't liscense.  Keep looking for another bike.

I disagree.  I have done this several times without incident.  Current owner signs title release to new owner, check gets sent to Honda Financial, title comes to new owner.  Your bank won't loan on it if the deal is not solid.  That said, you also must do your "due dillegence," and distance may complicate the sale.