purchasing a bike with a lien

[TomC]

Hi, i'm looking to buy a bike tomorrow (Saturday) from a seller who has a lien on it with state farm. Unfortunately, state farm does not operate on the wkends, so the soonest the lien can be cleared would be on monday.

Unfortunately, Statefarm will not accept a cheque from anyone other than the seller...

The seller has asked to cash a cheque to him (the seller) and that i would pick up the bike tomorrow and he would pay off the lien in full on monday, but naturally i am hesitant due to the my cash being in limbo for the next two days (frankly, 10 minutes is too long for me).


I've already talked with MTO, theyre suggestion is to set a time and date where the seller, me, and the lien holder can meet to clear the lien, but wanted to make sure this was my only safe option.

Is there something i can do to cover my ***. I do wanna get this crap over with tomorrow because wkdays are rather hectic for both of us, and the seller lives 2 hours away.

Tia.

 

[TomC]

is it possible to make a cheque out to the seller with a stipulation clause that the money can only be used towards clearing the lien?

 

[Flip]

can and do-able. I almost purchased a bike with a lien on it. make an agreement letter between you and the OP that you will give him the money and pay his lien on the bike. My suggestion to you is to go with him to make sure he pays it. also make him sign the registration form and also take the bike as collateral. you want to cover ur ass as much as possible. FYI statefarm can be open as long as you make an appointment( i went on a saturday to sign my insurance documents). I'm sure other people can add more in to what I have mentioned already. anyways cheers and goodluck.

 

[jeffjones]

can and do-able. I almost purchased a bike with a lien on it. make an agreement letter between you and the OP that you will give him the money and pay his lien on the bike. My suggestion to you is to go with him to make sure he pays it. also make him sign the registration form and also take the bike as collateral. you want to cover ur *** as much as possible. FYI statefarm can be open as long as you make an appointment( i went on a saturday to sign my insurance documents). I'm sure other people can add more in to what I have mentioned already. anyways cheers and goodluck.

Co-write the cheque to both of them and go with him to statefarm and do the paperwork there

 

[TomC]

can and do-able. I almost purchased a bike with a lien on it. make an agreement letter between you and the OP that you will give him the money and pay his lien on the bike. My suggestion to you is to go with him to make sure he pays it. also make him sign the registration form and also take the bike as collateral. you want to cover ur *** as much as possible. FYI statefarm can be open as long as you make an appointment( i went on a saturday to sign my insurance documents). I'm sure other people can add more in to what I have mentioned already. anyways cheers and goodluck.

forgive my lack of knowledge in this area....which registration form are you referring to, the agreement/bill of sale letter? And what do you mean by take the bike as collateral?

I've worked with statefarm in the past for insurance, but the seller says that the finance dept is closed and therefore not able to process any cheques or payments on the weekend.

I've agreed with the seller to do it on a weekday so that we can deal with the statefarm lien as safely as possible, don't wanna leave any holes open.

 

[awdsome]

My friend just bought a bike with a lien with statefarm. If I remember correctly he wrote a check to state farm and a cheque to the seller. Him and the seller went to state farm together and it the lien release form in person.

 

[shahfaisal]

forgive my lack of knowledge in this area....which registration form are you referring to, the agreement/bill of sale letter? And what do you mean by take the bike as collateral?

I've worked with statefarm in the past for insurance, but the seller says that the finance dept is closed and therefore not able to process any cheques or payments on the weekend.

I've agreed with the seller to do it on a weekday so that we can deal with the statefarm lien as safely as possible, don't wanna leave any holes open.

treat this like a normal sale pay him certified cheque or draft(maybe even cash) get him to sign the papers for the bike and have a written agreement with him FOR THE CASH WITH A DEADLINE FOR HIM TO PAY OFF THE LIEN. OR YOU COULD TAKE THE TIME AND JUST GO WITH HIM AND PAY OFF STATEFARM IN CASH

 

[raginduck]

Hi, i'm looking to buy a bike tomorrow (Saturday) from a seller who has a lien on it with state farm. Unfortunately, state farm does not operate on the wkends, so the soonest the lien can be cleared would be on monday.

Unfortunately, Statefarm will not accept a cheque from anyone other than the seller...

The seller has asked to cash a cheque to him (the seller) and that i would pick up the bike tomorrow and he would pay off the lien in full on monday, but naturally i am hesitant due to the my cash being in limbo for the next two days (frankly, 10 minutes is too long for me).


I've already talked with MTO, theyre suggestion is to set a time and date where the seller, me, and the lien holder can meet to clear the lien, but wanted to make sure this was my only safe option.

Is there something i can do to cover my ***. I do wanna get this crap over with tomorrow because wkdays are rather hectic for both of us, and the seller lives 2 hours away.

Tia.

B.S..... I just wrote a check to statefarm to pay off someone's lien when I bought a vehicle. Write the cheque out to statefarm! Did statefarm themselves tell you they won't accept it... or the seller did?

 

[reciprocity]

B.S..... I just wrote a check to statefarm to pay off someone's lien when I bought a vehicle. Write the cheque out to statefarm! Did statefarm themselves tell you they won't accept it... or the seller did?

+1

I've done this on numerous occasions.

 

[TomC]

B.S..... I just wrote a check to statefarm to pay off someone's lien when I bought a vehicle. Write the cheque out to statefarm! Did statefarm themselves tell you they won't accept it... or the seller did?

seller did, at the time it was on a friday night so i couldnt contact statefarm. In any case, I flaked on the deal. I'll keep this in mind next time though. Thanks