Author Topic: New member here.. did I get ripped off? (Read 3645 times)

timmerk · « **on:** June 08, 2014, 08:00:33 pm »

Hi all,

I'm a new member here. I've been wanting to buy an old SOHC CB750 and use it as a project bike to rebuild/restore. I finally found one for the right price at an estate sale today - $500 for a 1977 CB750K. It had been sitting in a shed for at least 20 years. I didn't bother trying to start it, because I'm betting money it won't start - a perfect project bike for me. Only problem is after I paid the $500, she gave me a salvage title. Even though it probably didn't start, the bike seems to be good enough condition for $500 if the title was clean. Did I get ripped off with it being a salvage title?

UPDATE: Pictures here: https://www.flickr.com/photos/64292681@N00/sets/72157645254385023/

Thanks!

ekpent · « **Reply #1 on:** June 08, 2014, 08:06:03 pm »

What state do you live in ? Laws vary- Gotta a pic to share.

PS-Welcome to the madness

goldarrow · « **Reply #2 on:** June 08, 2014, 08:12:00 pm »

That salvage stamped on the title should have been disclosed before you made the deal. Now that you're home with the bike, I dunno...

I have a K6 that I bought for 950, same situation as yours. It bugged me at first but I didn't care much now. It is one of my better running bikes. Perhaps it matters when you try to sell

timmerk · « **Reply #3 on:** June 08, 2014, 08:21:43 pm »

Quote from: ekpent on June 08, 2014, 08:06:03 pm

What state do you live in ? Laws vary- Gotta a pic to share.

PS-Welcome to the madness

Arizona - the seller was suppose to let me know. I guess it was my fault for giving her the cash first. I will try to get a photo soon. I'm old school without a smartphone, so it's a little hard at the moment.

Thanks for the welcome!

DavePhipps · « **Reply #4 on:** June 08, 2014, 08:22:50 pm »

Does a salvage title let you plate and insure it? If it does then no problem, restore and ride.

Thamuz · « **Reply #5 on:** June 08, 2014, 08:30:17 pm »

For that price? not really. there are ways to get a real title in any state. you could also go the Vermont route.

There are ways.

HondaMan · « **Reply #6 on:** June 08, 2014, 08:30:38 pm »

If you can't get plates for it, take it to ITS Tile Service. They do a re-creation of it for you, legally. The way it works for us in Colorado is: they 'sell' it to someone in a state where it can re retitled, then it comes back with a valid Registration and temporary plate from that state. Then I have 30 days (it might be 90 days?) to get it to the State Patrol for a VIN verification, after which I can have it titled in my name. I have to pay Retitle Fee, Sales Tax (for the listed price, but more than $251 minimum), Ownership Tax, Road and Bridges Fee, and License Fee. About $280 here, plus the sales tax, which varies by county.

Whew...

Powderman · « **Reply #7 on:** June 08, 2014, 08:34:31 pm »

Quote from: Thamuz on June 08, 2014, 08:30:17 pm

For that price? not really. there are ways to get a real title in any state. you could also go the Vermont route.

There are ways.

Not true.

RJ CB450 · « **Reply #8 on:** June 08, 2014, 08:54:57 pm »

500 bucks for any complete pre 83 honda is good value. As for sitting 20 years, a mechanical rebuild is an enjoyable project with plenty of replacement parts available for the 750. The salvage title, would need more info on what thst means. Here, that only means it has to be inspected before insured...

calj737 · « **Reply #9 on:** June 09, 2014, 04:56:51 am »

I think you've done well. Here in VA, I bought my son a bike with a Salvage title. Only needed to have it inspected (we do Annual State Safety inspections here) to demonstrate that it had been repaired to road-safe condition. Then I took that to DMV, they issued new, clean title, cost me $125 versus standard $45 for title.

The salvage title here is used in 1 of 2 scenarios: insurance total loss, or unavailable title from original owner, but bike has been captured (think mechanics lien, abandoned after time).

Not a big deal really in my view.

Stev-o · « **Reply #10 on:** June 09, 2014, 05:54:13 am »

Should not be an issue to register.
The seller is a dirtbag for not disclosing it, it most likely was involved in a major accident at some time, and may have been declared a total loss by the insurance company.

Check the frame and front end closely for damage.

Bankerdanny · « **Reply #11 on:** June 09, 2014, 09:28:39 am »

The non-disclosure of the salvage title is a bit of 'dirty pool' but then again she may not have really understood what that means.

But as long as you can plate it when you're ready to ride, the price you paid is perfectly reasonable.

I worry more about salvage on auto titles, particularly modern cars with lots of computers and electrics. On an old analog bike like your CB, it's less of an issue because things like damaged frames are much harder to hide.

It might limit the value on resale, but the '77 CB750 isn't as valuable as the early bikes anyway, and if you end up going the cafe route, or having to rebuild the motor, then the salvage nature of the title won't be that big of a deal because so much of the bike has been replaced.

You should see if you can find out why the bike was salvaged and how long ago it was. The title should have any issue date on it, so you will know that the salvage dates at least back to then.

toytuff · « **Reply #12 on:** June 09, 2014, 11:34:17 am »

Quote from: timmerk on June 08, 2014, 08:21:43 pm

Quote from: ekpent on June 08, 2014, 08:06:03 pm
What state do you live in ? Laws vary- Gotta a pic to share.

PS-Welcome to the madness

Arizona - the seller was suppose to let me know. I guess it was my fault for giving her the cash first. I will try to get a photo soon. I'm old school without a smartphone, so it's a little hard at the moment.

Thanks for the welcome!

Very time consuming in AZ not to mention costs. Also, 77/78 parts are sometimes hard to source.

What ever you do enjoy the project.

tt

ncstatecamp · « **Reply #13 on:** June 09, 2014, 11:51:34 am »

I bought two rolling frames 1 titled inoperable, 1 untitled, both had free engines for 600 (500 titled and 100 untitled) and built the titled one got it inspected, now have a clean title. I'm in NC. I think you'll be fine.

scottly · « **Reply #14 on:** June 09, 2014, 12:30:30 pm »

Tim, go to the ADOT web site and check out the FAQs regarding salvage titles. To convert to a restored salvage title, you will have to get a level III inspection ($50) and pay a $4 title fee. You may also need a smog test if you are in PHX or Tucson.

Irukandji · « **Reply #15 on:** June 09, 2014, 06:43:04 pm »

Did a google search on ITS (Tile)

Title Service.

Bad Vibes on this one.

scottly · « **Reply #16 on:** June 09, 2014, 07:12:36 pm »

Tim, verify that both the frame VIN and the engine VIN match the numbers on the title; if they do, you shouldn't have any problems. I just found out that a level I inspection was no longer required to transfer a CA title to AZ, and they no longer record engine VIN numbers.

JLeather · « **Reply #17 on:** June 10, 2014, 04:46:07 am »

Did you get a salvage "title" or a salvage "certificate"? Dunno how it works in AZ, but here in MD (and probably other states) when you buy back a salvage bike you get a salvage certificate. This is an ownership document only, and cannot be used to obtain tags/registration. You have to fix/rebuild it and have it inspected, at which time you get to trade in the salvage certificate for a "rebuilt" title. If you got a "rebuilt" title, or the AZ equivalent (a title that you can use to tag it) then you did fine. If you got a salvage "certificate" then I'd say it was an iffy deal. At $500 you can't lose money even if you have to part it out, but I'd make sure you know exactly what your local laws are regarding titles before I sunk any money into fixing it up.

toytuff · « **Reply #18 on:** June 10, 2014, 06:50:29 am »

Quote from: scottly on June 09, 2014, 12:30:30 pm

Tim, go to the ADOT web site and check out the FAQs regarding salvage titles. To convert to a restored salvage title, you will have to get a level III inspection ($50) and pay a $4 title fee. You may also need a smog test if you are in PHX or Tucson.

Really? They told me I would have to bond @ $300.00 first. Interesting.

Defiantly want to see how this turns out.

tt

oldschoolcarbs · « **Reply #19 on:** June 10, 2014, 07:39:55 am »

I've dealt with this also.

To the best of my knowledge the only limitation is that you won't be able to get comprehensive insurance (replacement value, anti-theft, injury, etc.), only state mandated liability coverage.

If you plan to crash, make sure it's the other guy's fault--and pray that he has insurance.

OSC

toytuff · « **Reply #20 on:** June 10, 2014, 08:12:34 am »

Quote from: HondaMan on June 08, 2014, 08:30:38 pm

If you can't get plates for it, take it to ITS Tile Service. They do a re-creation of it for you, legally. The way it works for us in Colorado is: they 'sell' it to someone in a state where it can re retitled, then it comes back with a valid Registration and temporary plate from that state. Then I have 30 days (it might be 90 days?) to get it to the State Patrol for a VIN verification, after which I can have it titled in my name. I have to pay Retitle Fee, Sales Tax (for the listed price, but more than $251 minimum), Ownership Tax, Road and Bridges Fee, and License Fee. About $280 here, plus the sales tax, which varies by county.

Whew...

Is there a "sunshine" tax" yet?

tt

JLeather · « **Reply #21 on:** June 10, 2014, 08:51:13 am »

No, but in Maryland there's a "Rain Tax" now. No joke, they tax you based on the square footage of "impervious surfaces" on your property. Fprtunately they left it up to the counties to decide how much to charge and the one I live in is protesting by only charging people 1 penny

timmerk · « **Reply #22 on:** June 16, 2014, 05:02:34 pm »

I took some pictures this weekend of it:

https://www.flickr.com/photos/64292681@N00/sets/72157645254385023/

catsoup · « **Reply #23 on:** June 16, 2014, 05:33:56 pm »

For sitting 20 years it doesnt look too bad - definitely 500$ in parts there, worst case scenario. But it looks like you'll be able to get it driving, and legal...

looks like a bit of the front end has been replaced.. and tank obviously

timmerk · « **Reply #24 on:** June 16, 2014, 07:09:33 pm »

Thanks everyone for the comments! Yes, it seems it was in a slight accident - or two. I'm pretty sure the speedo and tach were replaced because of the yellow writing on the bracket saying it's for a CB750. I think it might have been in another accident after the speedo and tach were replaced because there is a dent/scrap near the top of it that is consistent with the scraped brake lever and brake master cylinder.

Because the gas tank is different, and the ignition is probably a replacement, what do you recommend for keys? It didn't come with any, and it might not be worth getting replacements if I have to carry 3 around. Is the gas tank and seat key easy to drill out?

As for the title, I have an AZ salvage title. Once I rebuilt it, I can get it changed to a "Rebuilt Salvage" title. Allstate will insure the bike with either title.

News:

Author Topic: New member here.. did I get ripped off? (Read 3645 times)