For Sale: 2006 ZX-10R, Green

[ontwo]

Originally Posted by pauldun170

Last time I had a leinholder it was stamped on the title.

Huh??? Of course the lienholder is on the title. The state puts it there, and the lender keeps it. They only stamp it when the title is released.

Originally Posted by jtemple

Good idea. But, the bank won't give me the title on the spot. The loan is through Navy Federal Credit Union. They don't store the titles at their branch offices. It takes a week or two to get it in the mail upon payoff. I'd still be happy to go to the branch office with the buyer to show them that their money is indeed paying off the loan.

That's a good idea. That way the buyer can give the banker his forwarding information. Now you come to an even trickier situation if the buyer is borrowing. If that is the case, the two bankers need to talk and coordinate the transaction.

[pauldun170]

Originally Posted by jtemple

Yep, there's a stamp on the title. The bank also holds the title. Once you pay off the loan, they sign off on the lien and mail you the title.

Damn...
Thats annoying.

[pauldun170]

Originally Posted by ontwo

Huh??? Of course the lienholder is on the title. The state puts it there, and the lender keeps it. They only stamp it when the title is released.



That's a good idea. That way the buyer can give the banker his forwarding information. Now you come to an even trickier situation if the buyer is borrowing. If that is the case, the two bankers need to talk and coordinate the transaction.

My experience has been different.
I've always had immediate possesion of the title because I either bought it outright or it was done through the manufacturers finance arm. I didn't know that the some institutions held the title until payoff.

[jtemple]

Originally Posted by ontwo

Huh??? Of course the lienholder is on the title. The state puts it there, and the lender keeps it. They only stamp it when the title is released.



That's a good idea. That way the buyer can give the banker his forwarding information. Now you come to an even trickier situation if the buyer is borrowing. If that is the case, the two bankers need to talk and coordinate the transaction.

The last one I did, the buyer had a cashier's check. I made him wait until the funds cleared before I let him take the bike home. When I got the title in hand, I gave it to him.

Originally Posted by pauldun170

My experience has been different.
I've always had immediate possesion of the title because I either bought it outright or it was done through the manufacturers finance arm. I didn't know that the some institutions held the title until payoff.

I am dumping money into the loan as we speak. I should have the bike paid for by fall if it's not sold by then.

[ontwo]

Originally Posted by pauldun170

My experience has been different.
I've always had immediate possesion of the title because I either bought it outright or it was done through the manufacturers finance arm. I didn't know that the some institutions held the title until payoff.

They are all suppose to hold til payoff

Originally Posted by jtemple

The last one I did, the buyer had a cashier's check. I made him wait until the funds cleared before I let him take the bike home. When I got the title in hand, I gave it to him.

I am dumping money into the loan as we speak. I should have the bike paid for by fall if it's not sold by then.

You found a trusting buyer. Good luck with it

[pauldun170]

Originally Posted by ontwo

They are all suppose to hold til payoff



You found a trusting buyer. Good luck with it

State laws may vary.

Here, I received the title a month after purchase stamped with the lienholder. When its paid off, I get a letter indicating that the lein has been released.
Both are given to the buyer.

[jtemple]

Originally Posted by ontwo

You found a trusting buyer. Good luck with it

Yeah I know. He was a good kid. If it doesn't sell before I have the title in hand, so be it. That just means more riding for me! If my bike sells right now, I have to sit out this season while I sock away money for the DS.

[jtemple]

Sold, pending funds!

[Full Throttle]

Congrats. You get the 6500 you wanted?

[jtemple]

Close enough that I can't complain.

Since me not having the title in hand was a topic of discussion, here's how it all went down:

1. buyer gets loan from his bank
2. bank cuts two checks, one goes straight to my bank for the payoff amount of the loan
3. second check goes to me
4. title goes directly from my bank, to his bank (neither of us touch it)
5. done!

The money exchange should be happening some time today, at the buyer's bank. If all goes well, the bike is officially sold. If anything falls through, the bike is still up for grabs.