Buying a bike with a lean on it... | Page 2 | GTAMotorcycle.com

Buying a bike with a lean on it...

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I bought a bike with a lien before. The guy owed Honda Finance basically the sale price of the bike. I made a draft out to Honda Finance, went with him to an appointment pre-arranged with a dealer, who received the draft in good order and gave me a copy of the receipt, stating that they have received the balance owing on the bike in full.

At the spot, he signed over the ownership and handed over the keys, and I took the bike to register along with the UVIP, knowing that the lien would be clear itself in a few days.
 
aaronshum said:
I bought a bike with a lien before. The guy owed Honda Finance basically the sale price of the bike. I made a draft out to Honda Finance, went with him to an appointment pre-arranged with a dealer, who received the draft in good order and gave me a copy of the receipt, stating that they have received the balance owing on the bike in full.

At the spot, he signed over the ownership and handed over the keys, and I took the bike to register along with the UVIP, knowing that the lien would be clear itself in a few days.
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That arrangement makes the most sense to me.

I originally suggested paying the seller the asking price less the amount of the lien, but then realized the seller still has a legal obligation to payoff the remainder of the loan as it is not discharged or transferred to you. If the seller defaulted and the bank repossessed the bike, you, as guarantor, would have legal recourse on the seller for damages, unless it's clear in the bill of sale that the amount of debt owing was already paid to you.
 
Get the lien cleared. How much is owing?

Go with them to the bank that has placed the lien on it (it will say on the UVIP) with the money in your pocket still, make the payment with them, get the printout, everyone signs it (buyer, seller, bank teller), date it and it will be all good.
 
I sold my bike with a lien on it last year. The lien holder stated it would take 30 days to remove.

Once i paid the lien out, i gave the guy proof it was paid. He went to the MTO and they didnt ask anything about the lien showing on the UVIP.
That was all within a week or so ...
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