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Claiming an abandoned bike

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Matt, As someone about mentioned, the bank probably does not know where the heck the thing is located. Perhaps, let them know and tell them you might be interested in buying it from them if they can clear up that title thing for you. They probably have to run through a couple of hoops to exercise the lien and take ownership so they can sell the "assert".

They probably have a loan default with no possibility of recovery and any money they get would be a bonus. It would also clear up some paperwork that they would have to keep track of forever. Most likely a win for them.

Just a suggestion.

Gerry
 
^^^What he said. Contact the lein holder and offer to buy it. If they have already written off the debt you are golden. If it' is still an active recovery then you can see it at auction :)
 
Find out how much is owed in it first so you can low ball them

Sent from my SGH-T989D using Tapatalk
 
Ballparking it - if the guy bought it new in late 2010/early 2011 and the lien was placed in mid-2012, he probably made no more than 12 payments, meaning he still owes more than the bike's current value.

I don't want it that bad. My idea was to get it for a song, fix it up, ride it for a bit and flip it.
 
Matt Rain said:
Ballparking it - if the guy bought it new in late 2010/early 2011 and the lien was placed in mid-2012, he probably made no more than 12 payments, meaning he still owes more than the bike's current value.

I don't want it that bad. My idea was to get it for a song, fix it up, ride it for a bit and flip it.
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You never know until you try, the bank might just want to get the missing bike off the books.

This has been one of the most interesting threads recently!!
:happy1:
 
I doubt they'll just write it off that early in the collection process, but I suppose I got nothing to lose.

If I don't hear back from the cops today, I'll call the bank tomorrow and see what they say.
 
The bank may write down the loan as uncollectable, but there is still a guy in the city with a credit record (but who cares) and the VIN # would be registered with a lien on it. It would stay that way I believe to prevent just such a idea that you buy a toy, hide it and wait for the loan to be written off.

At some point if there was enough money involved they would give the case to a repo group that would find the vehicle, and they are really good at this stuff, obviously not enough money for the bank to chase very hard.

As a banker friend told me, banks dont want cars/boats/bikes/houses, they want the cash and interest for financing the toys. Real estate brokers and lot dealers they aren't.
 
updates OP, Updates.
 
Cop replied to my email, said he forwarded the info to his "Communications" team. Weird.

Guess I should call the bank ASAP before they learn of the bike's location.

Damn you Mod McLennan for making me do the right thing.
 
Matt Rain said:
Cop replied to my email, said he forwarded the info to his "Communications" team. Weird.

Guess I should call the bank ASAP before they learn of the bike's location.

Damn you Mod McLennan for making me do the right thing.
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The bank won't talk to you about the bike or lean.

I bought a bike from a cop that had a lean on it. He paid off the lean then I was to pay him. I called his bank to make sure the lean was gone but they wouldn't talk to me. He had to get a letter from them stating the lean was paid.
 
AC said:
The bank won't talk to you about the bike or lean.

I bought a bike from a cop that had a lean on it. He paid off the lean then I was to pay him. I called his bank to make sure the lean was gone but they wouldn't talk to me. He had to get a letter from them stating the lean was paid.
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Friend of mine ran into the same thing. He bought a bike that he didn't realize had a lien on it. He tried to register it which is when he found out. So he called the bank to find out how much the lien was for and maybe pay it. They refused to tell him anything because that would be a violation of the original buyer's privacy. In the end he had to buy a new frame and swap everything over so he could register it.
 
Left a voicemail to the lender on Friday, quoting the lien number. I doubt I'll hear back if I don't follow up.
 
unL33T said:
Friend of mine ran into the same thing. He bought a bike that he didn't realize had a lien on it. He tried to register it which is when he found out. So he called the bank to find out how much the lien was for and maybe pay it. They refused to tell him anything because that would be a violation of the original buyer's privacy. In the end he had to buy a new frame and swap everything over so he could register it.
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So he defrauded the lein holder
 
Track Bike


<---- **** disturber

Matt Rain said:
Yeah, unless the bank will take 500 bucks for it, I'm not touching it.

Woulda been a nice simple project. Oh well.

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kellen said:
So he defrauded the lein holder
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Guess so. Maybe if they had actually let him pay it, he wouldn't have. It was a 10 year old ZX6R so couldn't have been worth a whole lot, anyway.
 
unL33T said:
Friend of mine ran into the same thing. He bought a bike that he didn't realize had a lien on it. He tried to register it which is when he found out. So he called the bank to find out how much the lien was for and maybe pay it. They refused to tell him anything because that would be a violation of the original buyer's privacy. In the end he had to buy a new frame and swap everything over so he could register it.
Click to expand...

And people still say that a UVIP isn't that important.....
 
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