May purchase a Sabra 1300 but guy has title through Honda finance. Ques?

[kyrie6]

Looking at a Honda 1300 Sabra. The guy wants payoff which is not to bad a deal. But he financed through Honda finance. How could we work out the sell with them having title?  Anybody experience this?  Advice?

[Jess from VA]

Looking at a Honda 1300 Sabra. The guy wants payoff which is not to bad a deal. But he financed through Honda finance. How could we work out the sell with them having title?  Anybody experience this?  Advice?

By them, do you mean Honda Finance or the Seller, or both.

You could work it similar to land contract.  

You take over payments, you maintain full coverage ins (payable to seller with the title, and Honda as first secured party, not you), sellers retain title, Honda remains first secured party.  When last payment is made, Honda will issue a release of lien to seller, you go to DMV with seller and he signs over bike to you, and release of lien gets Honda off the title.  You draft a simple contract stating these terms, and both sign.  The contract also must state what happens if bad things happen, like you stop paying prior to payoff, or get behind, or seller dies, or the bike gets wrecked or totaled.  Ordinarily you lose all, but you can make a provision for equitable value to you, as you pay it down.

I don't like this idea at all.  You are paying for a bike and insurance, and the seller could simply sell the bike out from under you negotiating title for cash, and leave you with a fight over the bike you have been paying for.  Winning in court is not a win with attorney fees.  If you wreck the bike, insurance pays off Honda and seller, but you get nothing unless he shares or gives you what's left.  If you change your mind (or lose your job), you can just leave the bike at his house and stop paying, screwing him.  Since seller holds title, annual plate registration will have to go thru him (if he is mad at you, your plates expire and cannot be renewed without him).  If you get parking tickets and don't pay, seller can get a bench warrant or license suspension.  If you kill your passenger, seller gets sued along with you (beyond insurance coverage).  If seller(s) dies, the bike/title goes how his will provides, or intestate succession if there is no will.  An executor of seller's estate could refuse to honor your agreement and demand the bike back. This type of deal can work, but only if everyone is a perfect square dealer, and nothing bad happens.  Too many things can go wrong.

If you can qualify with Honda or your own credit union/bank, get your best price and make a deal, or take over payments with Honda directly.  But I would not pay on a vehicle another man holds title on.  A creditor bank as secured party maybe, but not a man and the bank.  FWIW      

[alph]

question;  if you had cash, could you outright pay off the loan and get the title? 

our Durango had the title kept by TD Ameritrade until it was paid off, then they mailed us the title.  took about two weeks, but we got the title.

[Grumpy]

When I bought my Interstate, it was financed through Honda. We called honda finance, got the full payoff amount. Went to a bank with the seller, got a bank draft for the amount and called Honda back with the draft number and sent it registered mail. Honda got all my information, name address etc. I paid the balance to the owner and took the bike home, 1 week later I got the title to the honda all ready in my name, went smooth as glass.

[kyrie6]

Thanks for the input. Come to find out he owed more than first told me. So hes SUPPOSE to cash in his 401K and make up the dif. He wrote out a statement saying he would honor his price to sale, have in   in 10 days . (Me being gone for that time.) Which I know dont mean much these days. Says he is a man of his word. So we'll see. Local Honda dealer said would help with paper work.

[The emperor has no clothes]

Thanks for the input. Come to find out he owed more than first told me. So hes SUPPOSE to cash in his 401K and make up the dif. He wrote out a statement saying he would honor his price to sale, have in   in 10 days . (Me being gone for that time.) Which I know dont mean much these days. Says he is a man of his word. So we'll see. Local Honda dealer said would help with paper work.

This is starting to sound a little sketchy. A "man of his word" doesn't lie about the outstanding loan. Good luck on this.

[kyrie6]

Well your were correct. I noticed he never did take the ad off craigslist as he said would. I e-mailed him that my wife was excited about getting her a bike and that she had ordered saddlebags and a windshield. SO he then sends me a e-mail saying wait on ordering anything. That he wouldnt be able to come up with the bal. So i let him know how a S.O.B. man of his word he was. Signing the agreement and how all would be no problem on agreement and how a mans word is all we have today. It is a different world today in more ways than one.

[Jess from VA]

So you got near the fire, but didn't get burned. 

You live, you learn.

Everybody's not a shithead, but they can be found.

[Edvalk]

I'm extra careful when I buy any vehicle . Something that has happened several times is that they already have their title notarized . I usually have cash and the idea of giving them thousands for a piece of paper that could easily be faked is not happening . There are too many things that could go wrong . I allways go to the bmv or once when I sold a sportster we had the title notarized at his bank. Your situation sound like too much work for me . There are lots of great deals this time of year.

[Momz]

Sabra?
I believe you mean Sabre.
Sabra is a middle eastern dish,....and if it's a 1300 year old dish,....it my taste bad or worse yet, kill you.  

[kyrie6]

Honda 1300 Sabre   

[ricoman]

Sabra?
I believe you mean Sabre.
Sabra is a middle eastern dish,....and if it's a 1300 year old dish,....it my taste bad or worse yet, kill you. 

A Sabra is a native Israeli, not a dish. http://www.merriam-webster.com/dictionary/sabra
It is also the name of a company that makes food.

[Jess from VA]

Sabra?
I believe you mean Sabre.
Sabra is a middle eastern dish,....and if it's a 1300 year old dish,....it my taste bad or worse yet, kill you. 

A Sabra is a native Israeli, not a dish. http://www.merriam-webster.com/dictionary/sabra
It is also the name of a company that makes food.

Just in the interest of the proper etymology of the word Sabra..... in some cases a sabra could be both a native born Israeli, and a Middle Eastern dish.
 

[ricoman]

Sabra?
I believe you mean Sabre.
Sabra is a middle eastern dish,....and if it's a 1300 year old dish,....it my taste bad or worse yet, kill you. 

A Sabra is a native Israeli, not a dish. http://www.merriam-webster.com/dictionary/sabra
It is also the name of a company that makes food.

Just in the interest of the proper etymology of the word Sabra..... in some cases a sabra could be both a native born Israeli, and a Middle Eastern dish.
 

likely so, could not find a support source for that though, you got one?

[Jess from VA]

The photograph is the source/proof.  

[ricoman]

The photograph is the source/proof.   

I gotta agree-that is a "dish"
good find

[SANDMAN5]

And tell your wife NOT to order accessories until her new bike is
sittin' in the driveway with all the legal paperwork complete!!

[kyrie6]

yeah, that was just a ploy to get the guy to admit he wasnt going through with the sell.

[SANDMAN5]

Thought it was....but I mentioned it just in case!