Need some advice - Ducati.ms

gearhead · Nov 16th, 2011, 6:49 pm

Okay, so about a month ago I totaled my 07 1098

It was a sad day. Poor thing only had 2,500 miles on it. Long story short, I had just hopped on the bike and it was morning rush hour traffic. I was in a section of the highway were two highways merge together. Basically a highspeed merge. Lady sped up to get in front of me and then as soon as she did she had to slam on her brakes because of the traffic. Combination of the tires being cold (Cool morning temps) plus a little panic and down I went. Luckily I was only going about 25 mph or so, so it wasn't very serious. Besides my pride being hurt a little bit and a bruised calf, I was okay. The bike on the other hand suffered some very light cosmetic damage, which I thought was no big deal, but the insurance ended up totaling it because the steering stop and the foot peg were bent. They said it was part of the frame, so therefore it had frame damage. The frame damage plus the cost of replacing the plastics was almost the KBB of the bike.

Which now brings me to my next dilemma. I have found a 08 1098 with 4,000 miles on it for a good price. Only thing is that the person who's selling it doesn't have the title because the bike isn't paid off yet. I have never had to deal with this type of scenario before. All the bikes that I have purchased in the past the owner had title in hand. So, my question is what's the best way to approach this? He is basically saying that he wants me to go to the bank with him, so that we can have his bank draw up a letter saying that I am purchasing the bike from him, and then have it notarized by them. Then I would give him a certified bank check and then I would take the bike home with me. He would then pay off the bike with the money and have the title sent to me. Does this sound legit to you guys? I mean I would have the bike in my possession, but with all of the scams these days I am just weary. If he doesn't pay off the bike like he says he is going to, then I would have to go through the hassle of suing him and it would be a whole ordeal, which I don't feel like dealing with. Any thoughts on this would be appreciated it.

Thanks

Revelstoker · Nov 16th, 2011, 7:01 pm

going to the bank sounds like a good idea for him but if the bank does not hold the title, I don't see how this helps you.

Seems like it might be good to go to the bank but talk to the company that holds the title. They might have a process to deal with this. He might have to send a notorized letter or bill of sale??

Let us know how it works out if you do it.

DaC · Nov 16th, 2011, 7:13 pm

My advice to you is to go to YOUR bank and tell them you want to buy the bike. Get a loan for her, have YOUR bank deal with the title holder and motor vehicle department.
It will take a few days longer, but you're covered in the process against someone committing fraud and if it's legit, everyone gets what they want.

Pay the bike off your loan early if you've got the cash.

I'm curious as to why you are not thinking of buying your totalled bike back?

If it's a bent peg and some fairings, I'd rather have that with a salvaged title and known history, than a non-salvaged title and unknown history. New adjustable rearsets, maybe an aluminum tank if your current tank has rash, some quality FRP fairings and you're in business.

Good luck.

Bella749 · Nov 16th, 2011, 7:23 pm

I've bought and sold bikes with title held by the lein holder; never had a problem. Use your best judgement when determining the quality of the other party's character.

gearhead · Nov 16th, 2011, 8:42 pm

Thanks for the advice! That's a good idea. I will definitely look into that.

Looking back I should have bought the bike back, but the "frame damage" they said it had made me a little nervous. I'm sure they just totaled it for liability reasons on their part, but they only gave me a couple of days to make a decision and I just figured I would take the money and buy another one. I guess it would have been a risk regardless because if the frame was damaged it would never ride the same again. I'm sure the handeling would have been affected. Oh well, what's done is done.

gearhead · Nov 16th, 2011, 8:43 pm

Quote:

Originally Posted by Bella749

I've bought and sold bikes with title held by the lein holder; never had a problem. Use your best judgement when determining the quality of the other party's character.

Just out of curiosity, how did you go about buying the bikes with the title held by the lein holder?

Artistimo · Nov 17th, 2011, 1:03 am

When I've bought bikes like that I've gone to the bank with the seller, I give them the money plus we draft up a bill of sale and the bank signs off on the title paperwork. I am given the title that the owner has with "Lien" marked on it and then with the bank's paperwork I go to the DMV and they give me a new title immediately. Not sure if it's different by you but it has been simple enough here. Plus, the sellers take one look at me with my tattoos and know if they screw around I'm going to come back and break every bone in their body.

j/k

gearhead · Nov 17th, 2011, 7:01 am

Quote:

Originally Posted by Artistimo

When I've bought bikes like that I've gone to the bank with the seller, I give them the money plus we draft up a bill of sale and the bank signs off on the title paperwork. I am given the title that the owner has with "Lien" marked on it and then with the bank's paperwork I go to the DMV and they give me a new title immediately. Not sure if it's different by you but it has been simple enough here. Plus, the sellers take one look at me with my tattoos and know if they screw around I'm going to come back and break every bone in their body.

j/k

Hahahaha.....Maybe I should stop at one of those coin operated machines on the way to pick up the bike and get me some stick-on tattoos! lol

So, the current owner should have a title that says "lien" on it? Kind of like a temporary title? Unless what you are describing is when the loan is through the actual bank you went through, then I can see paying it off right then and there. This guy said his loan is through a company called freedom financial and they don't have a local branch or anything that I can go to and pay off the bike.

Maybe I'm sweating this whole thing too much, but with all of the scams out there it's just so hard to trust people anymore. Then again, we are talking 10g's here. If it were 2,500 bucks I wouldn't be sweatin it this much.

Ritlee · Nov 17th, 2011, 10:22 am

At the very least, get a notarized document stating all the details about the sale. If anything should go wrong that document can help you out.

spitfire1776 · Nov 17th, 2011, 3:16 pm

Is he selling it for what he owes? If that is the agreed price, you might be able to just go have the "lien" transferred to you. THEN just pay it off. that is what I did with my 1098s. Just took over the "lien". Was painless. Of course this is dependent upon your credit rating. But if its good, it is a possibility. Its quicker, and you don't really "risk" anything.