Buying a financed bike?

jamezgreen · 11-19-2009, 11:44 AM

Hello, I have a question I'm hoping someone can help me answer. I'm looking to buy what seems to be a good deal on a Honda Shadow. The seller says he's just asking for what's left on the loan through a Kawasaki dealership. I'm reluctant to give him the cash since he doesn't have the title? He says once he pays off the loan the title will come to him then he'll mail it to me.... is this a total scam or is it normal? How do I know he'll pay the loan off at all? Can the bank repo it from me as the new owner?

New GZ250 · 11-19-2009, 12:13 PM

I wouldn't buy unless I could get the pink slip in hand. Can you go to the finance company and pay off the outstanding balance and get the title. I have bought a car and completed the transaction at the bank that holds the pink slip. (title)
There are so many con artist out there!
Good luck, just my opinion!

Water Warrior 2 · 11-19-2009, 12:24 PM

You could probably do the transaction at the bank with the loan officer completing the paper work and the title would go to you directly from the bank. If the seller will not be willing to do it that way I would be a bit suspicious of a scam. Just be sure there are no added expenses due that might be a surprise.

Easy Rider · 11-19-2009, 12:53 PM

Quote:

Originally Posted by Water Warrior

If the seller will not be willing to do it that way I would be a bit suspicious of a scam.

:plus1:

What kind of Shadow; there are several. Year, model, mileage, condition ???? Price ???

Another alternative is to arrange with the finance company for you to take over the payments......and then pay it off a month or two later after the dust settles.

Have you had a test ride ?? If not, why not ??

bonehead · 11-19-2009, 03:12 PM

Deal with the finance company. Don't give him the money on a promise to give you the title. If you go that way, I would have a notorized document with the vin and tag # on it to prove that you bought the bike and are promised the title. If it smells like crap, it usually is crap!

Had an ad in the paper here on an '06 HD Heritage Classic for 4500.00. E-mailed the guy and he returned the e-mail and he was out of TN, and wanted the money and would ship it---I passed.

Lots of scammers out there nowadays.

jamezgreen · 11-19-2009, 05:41 PM

Yeah, this is an interesting one. I consider myself pretty good at sniffing out the scams. This guy is local 10 min. from my house. I'll probably go by for a thourough test-ride tonight. It's a 2007 600cc shadow, looks in very nice condition from the pics. Don't think it's any of the deluxe editions. Dealing with the finance company is the way to go I believe. If we can't go out there in person, i'll need some serious documentation.

Easy Rider · 11-19-2009, 06:27 PM

Quote:

Originally Posted by jamezgreen

It's a 2007 600cc shadow, looks in very nice condition from the pics.

Good choice !! (I'm slightly biased.) :roll:
Hope it's all stock.....especially the pipes.

[attachment=0:2czp2s2d]VLX1.jpg[/attachment:2czp2s2d]

11-19-2009, 11:44 AM	#1
jamezgreen Member Join Date: Jun 2009 Location: Lake Elsinore, CA Posts: 34	Buying a financed bike? Hello, I have a question I'm hoping someone can help me answer. I'm looking to buy what seems to be a good deal on a Honda Shadow. The seller says he's just asking for what's left on the loan through a Kawasaki dealership. I'm reluctant to give him the cash since he doesn't have the title? He says once he pays off the loan the title will come to him then he'll mail it to me.... is this a total scam or is it normal? How do I know he'll pay the loan off at all? Can the bank repo it from me as the new owner? Login or Register to Remove Ads
	0

11-19-2009, 12:13 PM	#2
New GZ250 Senior Member Join Date: May 2009 Location: Palo Alto, CA Posts: 297	Re: Buying a financed bike? I wouldn't buy unless I could get the pink slip in hand. Can you go to the finance company and pay off the outstanding balance and get the title. I have bought a car and completed the transaction at the bank that holds the pink slip. (title) There are so many con artist out there! Good luck, just my opinion!
	0

11-19-2009, 12:24 PM	#3
Water Warrior 2 Senior Member Join Date: Dec 2006 Location: Squamish B.C Canada Posts: 11,409	Re: Buying a financed bike? You could probably do the transaction at the bank with the loan officer completing the paper work and the title would go to you directly from the bank. If the seller will not be willing to do it that way I would be a bit suspicious of a scam. Just be sure there are no added expenses due that might be a surprise. Login or Register to Remove Ads
	0

11-19-2009, 03:12 PM	#5
bonehead Senior Member Join Date: May 2009 Location: elgin,tx Posts: 907	Re: Buying a financed bike? Deal with the finance company. Don't give him the money on a promise to give you the title. If you go that way, I would have a notorized document with the vin and tag # on it to prove that you bought the bike and are promised the title. If it smells like crap, it usually is crap! Had an ad in the paper here on an '06 HD Heritage Classic for 4500.00. E-mailed the guy and he returned the e-mail and he was out of TN, and wanted the money and would ship it---I passed. Lots of scammers out there nowadays. __________________ Standing with the PGR until they stand for me. Login or Register to Remove Ads
	0

11-19-2009, 05:41 PM	#6
jamezgreen Member Join Date: Jun 2009 Location: Lake Elsinore, CA Posts: 34	Re: Buying a financed bike? Yeah, this is an interesting one. I consider myself pretty good at sniffing out the scams. This guy is local 10 min. from my house. I'll probably go by for a thourough test-ride tonight. It's a 2007 600cc shadow, looks in very nice condition from the pics. Don't think it's any of the deluxe editions. Dealing with the finance company is the way to go I believe. If we can't go out there in person, i'll need some serious documentation.
	0