I give up.. I am so pissed off right now..

flyingbeagle71 · July 19, 2006, 12:42:25 PM

Quote from: Altephor on July 19, 2006, 11:45:59 AM
Basically I've been told that because the loan was to him I am in no way responsible for paying it, and then should he be unable to pay the money back for the bike, I should be able to get a court order to release the lien and allow me to title it cleanly in my name.

Not so sure about this, the bike is listed as collateral for the loan. If the loan isn't paid, then the bike stands for the debt. I don't think the court can just say the lien is released...And even if they do, the collection agency that has the debt won't care. They're pretty shady businesses...

Man, this whole deal really sucks, hopefully things will work out for you.

Altephor · July 19, 2006, 04:05:47 PM

Went to my local PD, they assisted in checking it out but said it's more likely a civil matter. Technically it's not cut and dry larceny since I have the bike and he has the money. But since I can't register or USE the bike it's not right either. The police said they would do some checking into it. His father was called and maintains he doesn't know where his son is or any number to contact him. So we're calling our attorney and it may end up in small claims.

fodder650 · July 19, 2006, 04:55:08 PM

I'm actually glad to hear that its working out like this. Since the loan uses the bike as collateral. I couldn't see how it was so cut and dry.

Keep up updated on this. Kind of curious how it all turns out

Altephor · July 20, 2006, 06:15:35 AM

Well this guy keeps telling me that the lien release is coming, and that he's talking to someone at HRS to get it released.. I asked for the name and number of the person he's speaking with but he hasn't responded yet. I have a feeling when he does there will be some excuse for as to why he can't give me the number.

Onlypastrana199 · July 20, 2006, 06:29:03 AM

He's clearly lying, banks don't hand over an account to a collection agency when the lien has been released. He knows he's in trouble now. On a happier note, someone on Ride-NY knows exactly where he lives, and its not Waterford.

Altephor · July 20, 2006, 07:48:30 AM

I asked one guy on ride-ny if he had an address for him. He hasn't gotten back to me yet. If he does get me an address I can bring it to the police and have them find a phone number if there is one.

Still no word on who he is 'talking with' about the lien release.

Update* He just e-mailed me and said he would have the phone number and name of the person at the lienholder that he has been speaking with by 11 pm tonight. Said he was not 'in' at the moment and did not have it with him.

flyingbeagle71 · July 20, 2006, 12:33:43 PM

Sorry to threadjack, but how does someone avoid this happening to them in the future.

1. Ask if there is a lien and don't buy from someone with a lien on their title? Doesn't seem like a good option, this would rule out lots of bikes for sale.

2. Meet with the seller at the bank holding the lien, pay the bank and get the lien release on the spot?

3. Make your payment out to the bank holding the lien, instead of the seller of the bike?

The Buddha · July 20, 2006, 12:52:07 PM

I have done the bank thing. Meet them at the bank and pay the bank the lien amount and make sure they will register you as owner and send you the title after releasing the loan.
Cool.
Srinath.

Chuck · July 20, 2006, 02:57:46 PM

Quote from: flyingbeagle71 on July 20, 2006, 12:33:43 PM
1. Ask if there is a lien and don't buy from someone with a lien on their title? Doesn't seem like a good option, this would rule out lots of bikes for sale.

That's harsh. I bought my GS, and the previous owner gave me the "lean satisfied" letter from the bank with the VIN on it, along with the leined title. All was smooth, and the state sent me a clean title in my name.

chrisalberts · July 20, 2006, 02:58:17 PM

Quote from: flyingbeagle71 on July 20, 2006, 12:33:43 PM
Sorry to threadjack, but how does someone avoid this happening to them in the future.

1. Ask if there is a lien and don't buy from someone with a lien on their title? Doesn't seem like a good option, this would rule out lots of bikes for sale.

2. Meet with the seller at the bank holding the lien, pay the bank and get the lien release on the spot?

3. Make your payment out to the bank holding the lien, instead of the seller of the bike?

Any of the above will work. 1. means that there is no lien or the lien has been released (ie paid) and works fine for cheaper bikes. I'd be pretty surprised if someone had a loan on a $2000 bike. 2. means that you can verify the amount due on the note and that the sale price will cover it and that you pay the money direct to the bank. 3. will also work - make the check out to both seller and lienholder, then seller endorses and sends to lienholder, who releases lien and sends the title.

I've bought/sold cars or bikes all three ways and never had a problem. I think the mistake made by the orginal poster was to hand over cash for a bike - generally money (deposit excepted) shouldn't change hands except for the title.

C.

PS Good luck to the OP in getting the money/clear title. I don't think the court can release the title though. As others have pointed out, it is property that secures a loan. If you buy stolen goods in good faith, you don't get to keep them.

red_phil · July 27, 2006, 05:06:25 AM

Any news on how this is going?

fodder650 · July 27, 2006, 05:37:07 AM

Yeah theres another thread. He's going to meet with the owner and give the bike back. And he's getting his full amount of money back as well.

red_phil · July 27, 2006, 08:42:19 AM

well I suppose that's not the wordt possible outcome.
I take it the meeting is in a public place and some sturdy mates are going along as witnesses.

What's the title of the other thread BTW?

fodder650 · July 27, 2006, 09:19:45 AM

http://gstwins.com/gsboard/index.php?topic=28803.0;topicseen

News:

I give up.. I am so pissed off right now..