Title Question

[KFX400 NPR]

Hey guys maybe someone can help me

I am going to buy a used atv that has a loan still on it.  The guy said to pay him he will give me a bill of sale and then he will take the money and pay it off and will mail me the title is this how it works??

Any help would be great

Thanks

[Honda328i]

Yes, but unless the person is a trusted friend, I would never do this.  Make sure you get the free and clear title with the bike, and it is signed over to you.  Never know if the bike is stolen or not without a valid title in hand.

[knucklehead]

meet him @ the bank where he has it financed and give them the money and they can give you the proper documents that show you are the legal owner until the title comes in .  If you just give him money and this comes up stolen then he gets it back and you lose your money ... hope this helps .

[Old_School]

I wouldn't do it. Cause once it's paid the title is still in his name.  I would get a loan to pay off his loan he has on the quad. Then the title will transfer from his bank to yours since you would be paying on it. That way once it's paid off they mail you the title.  -Mark

[Teej]

NO!!! Do not do it! There are situations like this posted on here frequently.

Technically, the bank owns the quad as they hold the title. If you do not know this guy, you may never see the title. He may be honest, but you need to cover all your bases.

If you want to do this, like suggested, meet him at the bank where you loan is and finish the transaction there. If you do not want to do this, meet him at his home so you know where he lives. Ask for his drivers license and write his address and drivers license number down. Photo copy his license if you can. Before hand, ask for the vin number so you can check it to see if it has been stolen. [search this site, somewhere on another post there is an online link to the state that you can type in the vin number and find out if it has been reported stolen.] When you see the bike, verify that the vin number is the same one that you checked. Copy his license plate number down too if you can. Anything that you can get to verify this guy if you need to find him later.

Cover you bases. It could be on the up and up, but it is risky.

Teej

[FishaHallic]

I just went thru the same thing and it all worked out.  I don't know that I would do it again though, it took almost 2 1/2 months.  Some things were wrong on the title and they had to be worked out between the bank and the dealer who screwed it up at the time of original sale.  Although it worked out in the end I would not  do it again it's not worth the worry of things not working out. 

[PLAYBOY_400]

TRY TO GET THE VIN NUMBER. WHAT KIND OF BIKE IS IT? MY CUZIN HAD A GREEN KFX400 STOLEN FROM HIS BACK YARD A FEW MONTHS BACK.