Topic: Selling a repossessed bike?

[ChippK8]

I found a guy with a bike for sale and he claims that the bike was "repossessed," but they never actually came to get the bike. How legal is that for the buyer and/or seller?  Obviously the bike belongs to whatever lending institution, so wouldn't buying that bike be the same thing as a stolen bike?

[neil young]

check to see if it has a lean against it (probably does)

[Dusthawk]

I did repo's for a couple of years and you are right after a fashion. If the seller sell's the vehicle after he has been advised that it is in repossesion, the financial owners can file with criminal court for a stolen, then pursue both the seller and the buyer to recompense them legal fees and to get the car back. That was one of our last ditch threats. The finance companies just want the car or their money, but if they can get both they will attempt it.

If the person who possesses the vehicle tries to sell it, both he and the buyer will spend time in Prison. It has happened too many times.

As far as the lien, the finance company won't file a lien because they legally own it, they want it back. A lien releases the vehicle into the possessors hands.

Jeff

[ChippK8]

Thanks, that is what I was thinking was the case.  The guy is selling a 2003 GSXR600, looks like brand new for $1500.   

[edbikerii]

It was my understanding that the financing company keeps the title until the loans are paid.

[mark]

If possible, contact the finance company(whose name should appear as 'Legal Owner' on the registration) and ask how much $$$ that they will take to release the title.

See if $1500+$(whatever)=deal

It isn't much better than a stolen bike the way it sits now.

Happy trails.

[edbikerii]

Or, just contact the finance company and see if you can buy it from them outright.  The guy who's trying to sell it to you doesn't own it at all, and never really did.  He's just a dead beat who is trying to sucker you.  Don't give him a dime.

If possible, contact the finance company(whose name should appear as 'Legal Owner' on the registration) and ask how much $$$ that they will take to release the title.

See if $1500+$(whatever)=deal

It isn't much better than a stolen bike the way it sits now.

Happy trails.