Safely buying a bike private sale that has a lien with a manufacturers financial company | Page 2 | GTAMotorcycle.com

Safely buying a bike private sale that has a lien with a manufacturers financial company

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Call Yamaha and see if they can send the current owner a payoff quote that is payable at a local bank branch. If that’s the case then carry on with the suggestions above the same way as if it was a bank loan.

*Disregard if what you just posted is true about Yamaha Finance being closed currently. I kind of doubt that but could be limited staff for sure.
 
blackcamaro said:
Call Yamaha and see if they can send the current owner a payoff quote that is payable at a local bank branch. If that’s the case then carry on with the suggestions above the same way as if it was a bank loan.
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According to the seller Yamaha financial is closed to customers at the moment. Not sure if that's true but yeah.
 
Well Yamaha finance is open. Gave him the number and got the guy to call. Ended up being a huge waste of my time in the end going back and forth.

Owes a lot more than it's worth, and doesn't even have the difference in cash to fully pay the lien if we gave him the asking price so my buddy can get the title. Bike isn't even here its stored 2 hours away.... didn't want to bring it here without a serious buyer. How can you be serious and commit without seeing it first?!

Way too much headache, even to save $2,000. Thanks for all the help anyways.

Oh kijiji.
 
KWDRZ said:
Well Yamaha finance is open. Gave him the number and got the guy to call. Ended up being a huge waste of my time in the end going back and forth.

Owes a lot more than it's worth, and doesn't even have the difference in cash to fully pay the lien if we gave him the asking price so my buddy can get the title. Bike isn't even here its stored 2 hours away.... didn't want to bring it here without a serious buyer. How can you be serious and commit without seeing it first?!

Way too much headache, even to save $2,000. Thanks for all the help anyways.

Oh kijiji.
Click to expand...

Translation: I told the wife I'd sell it.
 
Entirely NOT worth it from a time, effort, and risk standpoint to only save $2K.

I have NO patience for sellers who make it a miserable pain in your ass to actually be a buyer.

Walk away.

Dealers (and more importantly, manufacturers) will be desperate for sales in the weeks and months after they are able to reopen so there will probably be some deals to be had.
 
I'm glad you walked on that deal.
The title isn't his , in legal terms the bike belongs to "yamaha canada" . They issued the loan based on the security of there being a bike to repo if required, when he sells the bike and there is no 'security' , if he cant clear that lien with Yamaha, getting clear title doesn't happen. The lien exists and now its yours. This is why UVIPs are really important.

Going forward with so many 'poor decisions' being underwater there will be bass boats, 4 wheelers, bikes, travel trailers all hitting the market and all upside down on the finance. Due diligence folks.
 
The seller has to come up with some money to get the bike loan above water or find an idiot buyer. The seller can put a loan on another asset, sell another asset or borrow on his credit card. If he can't do any of the above he has enrolled in bankruptcy 101.

If he can add to a car loan or home mortgage it will hurt but he will reduce his monthly obligations. The longer he takes to resolve this the more it will cost him. It'll be a while and a lot of money before he has equity in the bike. Since the bike has a lien he must have insurance $$$ and therefore ownership costs. The financial effects of COVID 19 could be a nightmare as well.

The OP has passed on the deal but it's a good lesson for new buyers. Always have equity in purchases, especially toys. Your down payment should be at least the first years depreciation.
 
I bought my KLX with a lien on it from National Bank. The seller subtracted the lien from the negotiated price.

When I went to the MTO they would not transfer the title while there was still a lien.

I went to National Bank and they would not let me pay off the lien. I had to get the seller to give my his account info so that I could put money into the account. Then National Bank e-mailed him a letter to take to the MTO. After a few days of bugging him to take the letter I was finally able to transfer the bike into my name.

Having sent the money to National Bank and still not being able to register the bike in my name really sucked. Don't do it. Luckily my seller was an honest guy.
 
My general rule is that I never rush a purchase - and if something seems off or the seller is making things difficult I walk away. There's always another deal around the corner. Patience is key - emotional shopping doesn't always end well.
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