I'm looking at buying a bike. The title was in the bank (because the previous owner took out a loan for it when buying it). He says that he's gone to the bank, paid what he's owed, and the title has been "released". I asked him if it was under his name now, and he said it wasn't and all we needed to do was sign/get it notarized and the DMV should accept it. Will this be all we need?

I really don't want to deal with any hassle from the DMV as far as getting the bike registered. I'm also asking him to draft up a Bill of sale, any sort of things he should include other than the usual "not under warranty, vehicle now belongs to new owner, etc"? I'm afraid of the title being invalid or something and him turning around and trying to claim that I stole his bike or something.

[Edited on April 24, 2008 at 5:08 PM. Reason : ]

4/24/2008 5:06:42 PM

def get a bill of sale as well.

4/24/2008 5:10:53 PM

He should have the title in hand or it should be in the mail if he really has paid it off. If not, that's a red flag. When you look at the title the lien section on the front should indicate that the bank had a lien and they have released it. If either of those doesn't match what he is saying then it sounds sketchy to me.

If his name isn't on the title, then who's is? I've never heard of the bank putting their name on the title although it's possible I guess.

[Edited on April 24, 2008 at 5:43 PM. Reason : l]

4/24/2008 5:41:13 PM

The title should be in his name with a lien (loan) on it. I just bought a bike that had a lien on it. Was originally in his name, but they released the lien with a stamp and signature, so he legally owned it. You can try calling his bank and asking about it and they may be able to tell you.

4/25/2008 9:11:59 AM

yeah, i'm assuming it was a lien held by the bank, but it has his name on it. any ideas what i should have him put on the bill of sale declaring this?

4/25/2008 5:27:22 PM

OK, he's saying that the title is in the bank's name and that it doesn't have his name anywhere on the title. Have any of you guys heard about this before? It was in his bank's name, he paid it off, and it was "released". What do you think?

4/27/2008 11:20:19 AM

i'll just have us meet at the DMV and get it titled/registered there. thanks

4/27/2008 12:40:51 PM

i've never heard of or seen that before... but yea, just take care of it all at the DMV so they can tell you if something is wrong

as long as it's signed by the same person whose name is on the front then youre pretty much good to go

4/27/2008 2:32:46 PM