Is this seller legit?
 

So im looking at buying a DR650

Im from Australia buying a bike in Florida, so i don't know how everything works over here as it is my first vehicle i'm buying

The seller has told me they still owe the bank $500 for the bike, so they need to wait 5-10 days to get the title back if they pay it off today?

I wanted to buy the bike this weekend. They said i can buy it and keep his tags on it and use it till the title comes through then it can transfer over to my name.

He is happy to show the paperwork from the bank showing it is all in his name and all of that.

We can make the sale and he will provide a Bill of Sale. He mentioned something about if he can get the title electronically it may be able to go quicker?

Does this seem ok? he seems like a good guy, but i guess they all do! Is there any problems i could run into over this?

I would like to get the bike the next few days as i fly out of america for 2 weeks from the 24th Sept



Thanks!

You may end up with a bill of sale but no possibility of getting a clear title and a possibility of having the bank repossess the bike.

If you want to head off straight away and if all goes as planned, how would you get delivery of the title and how would you arrange getting the registration in your name. What about insurance?

Perhaps call in at the local DMV office and find out the correct procedure.

If you can, go in person to bank or credit union that holds the loan on the bike and pay it off in person. They should have the title on site and give it to seller who in turn can hand it over to you once you've paid him.

If you can't get to bank most times banks can FED EX it overnight for about $10. This is done all the time with financial documents. You may pay a fee (seller should pay it) to expedite this.

Florida is pretty easy going. Go into nearest DMV with seller and you can do the title transfer on the spot. BUT ... he must have the title in hand and the lien from the bank must be signed off on the title. (Lien will be shown on title) Once signed off by bank, it's legal to sell/transfer to you and Bank no longer owns bike.

See if you can use seller's address to simplify things. (roommate?)

You should get insurance but you usually have 10 to 30 days to obtain insurance after purchase. Insurance company will notify DMV once you are covered. Some states (not sure about FLA) withhold title until proof of insurance is provided but usually not.

For travel it's good to have bike paper work in YOUR name. If only riding in USA you could use the seller's title and registration and ride everywhere. If going out of USA you need title in YOUR NAME and current registration paid.

Some DMV's issue new titles (ownership transfer) on the spot, others take 2 to 4 weeks to mail them out. (not sure about FLA, I only sold one car and bought a bike there during my year long stay, also got a FLA driver's license ... super easy.)

Perhaps use seller's address and have him forward the new title to you when it arrives? (FED EX, UPS, DHL all operate in Latin America)
This is all MUCH easier than it sounds. DMV very helpful on these issues.
They are there to help.

bier

First of all, don't ever rely on what the seller tells you. Check it out with a disinterested party--the state Department of Motor Vehicles, the bank, a random dealership you walk into off the street.....

If you give someone money without taking a valid title signed over to you at the same time, you're offering them the chance to rip you off. Who's to say you ever get the title in return? How would you enforce this? Even assuming the seller is 100% honest, what if he cashes your payment and the money gets taken at gunpoint on his way to the bank?

Even if desperate, I sure wouldn't give him more than the $500 he needs to pay off the bank. Then I'd accept his generous offer of a loaner for five days or longer. Have him put his permission for you to ride his bike in writing, just in case. Obviously, this puts him at risk, not you--how does he know you'll return with the bike and the rest of the money.

But seriously. Tell him to call the bank and learn how to work something out which doesn't put you at risk. If he can't manage that much, turn and walk away.

Hope this helps.

Mark

Totally agree, he doesn't own the bike the finance company does. I would do what the other post suggests and contact the finance people yourself with the owner present to do the security passwords etc. Do not pay anything until the finance authorise it, they should warn of this while the transaction is going through.
Have done this myself, the owner rang finance, they gave him settlement figure, he told me what it was, I then spoke to the finance company paid the figure and got the title.