Buying a Ducati (private party) with a lien on it

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brownsugarxxx02

New member
Hello-
I am planning on buying a Ducati (used, private party) which is financed through Freedom Road Financial.
Upon speaking with Freedom, they have told me that when the bike is completely paid off, they will send the owner of the bike the title, and he will need to sign it over to me.

Since the guy will be using my money to pay off the loan, he won't be getting the title until 2 weeks after I've given him the money. What is my guarantee that he will still sign the title over to me after the fact.

Of course after I give him the cash I will take the bike, but what do I need to do to make sure this goes as smoothly as possible? Also, will I run into any trouble riding the bike around while waiting for the title?

I planned on doing a Bill of Sale, but am wondering if there are any other documents I will need to have completed.

I have tried calling the DMV, and AAA's DMV services, and they all seem just absolutely clueless. Unless of course I am not explaining myself correctly...


Thanks!
 
In one past sale, I went to the financial institution with the seller. Verified that the title was indeed there, paid for the vehicle with a check made out to the financial institution, at which point I got a receipt of payment for the loans payment in full. And a copy of the title. In one instance, I just was able to take the title with me since it was stored at the institution and we made plans to do so. Any difference in the sale price and the vehicle payoff was either covered by the seller at that time (in the case where he owes more than you're paying and the vehicle of course still needs to be payed in full) or the institution will cut the seller a check for the difference once your check has cleared.

Hope this helps...
 
Does this financial group have a location to go into? I called them and they made it sound like they only take payments over the phone or online. I wish he had this thing financed with a banking institution or credit union...
 
Pretty much any financial group will either have a branch or an affilliate that you can physically go into. The actual DMV title can be transfered anytime. I think what they are referring to as sending the original owner is not the ownership proof but proof of lien being paid off. Either way a bill of sale and going in with the owner to pay off the loan is highly recommended. Cover all bases as far as proof of lien being paid and transfer of ownership.
 
I bought my bike off of Navy Federal and the previous owner had it financed through there. Navy Federal was able to electronically generate a title that was at DMV a few minutes later.
The main issue you are going to have is you aren't resgitered as an owner of the bike so you can't have plates to ride it, that being said, what is waiting another 3 weeks if you get what you want?
And yes, make the check out to the financial institution.
 
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