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[muddypaws]

I'm selling my bike and have a loan balance on it. What is the proper way to handle the paperwork? The bank will not give me the title until I send then the money and I'm sure a buyer will want the title upon giving me the cash. I have always traded or had the loan paid off before selling.

[JCZ]

Just take the buyer to your bank with you......takes about five minutes. 

They will probably have to mail the original title to him but the bank will give him a certified temporary until he gets the original.

[muddypaws]

That's the problem. My bank is 180 miles away. I do everything over the internet.

[Chains]

That's the problem. My bank is 180 miles away. I do everything over the internet.

Let your buyer deal with your loan officer at the bank, that way he can pay off the bike and get the title sent to him.  Any money other than payoff have the loan officer put in your account.  Buyer should have no issue dealing with the bank.

[JR]

Let your buyer deal with your loan officer at the bank, that way he can pay off the bike and get the title sent to him.  Any money other than payoff have the loan officer put in your account.  Buyer should have no issue dealing with the bank.

That's right! I sold a vehicle that way and buyer called my bank for payoff and sent them a certified check. If there is anything over as there was in my case, he paid me the difference in cash.

[cahdbiker]

muddypaws, I recently did this on a car I bought. I took two cashiers checks to the sellerr's bank along with the seller. I knew the payoff in advance. The seller signed the title over to me, I gave him his cut, and I gave the bank their cut and got a receipt. Within about 10 days the bank issued a "release of lien" which I took over to my local AAA office to complete my registration. The only thing wierd about it was  even though the seller and I both requested the release of lien be mailed directly to me, they sent it to the seller. Probably that certain bank's policy (Chase). However, the seller called me when he received  the release of lien and I went over and picked it up. Everything was within a 15 mile drive so not too bad. However when there is a lot of money envolved it can make a person uptight. Another option is too have the buyer wire transfer his money straight to your  bank if it is far away, and let the manager know what you are doing in advance.You can confirm the deposit and then transfer title with no worries. I will probably do that the next time I sell something that is not a cash deal because I  am getting to the point I don't even trusts cashiers checks anymore. Just had credit card fraud a month ago. CAHDBIKER


I'm selling my bike and have a loan balance on it. What is the proper way to handle the paperwork? The bank will not give me the title until I send then the money and I'm sure a buyer will want the title upon giving me the cash. I have always traded or had the loan paid off before selling.

[DBHWT]

Write a check , if possible...Pay off the bike to get clear title ...saves a lot of grief for you and buyer