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buying a used bike w/o a clear title
Hey all,
A question I want to throw out for your feed back,
I have my eye on a used motorcycle, I've ridden it, and agreed on a price the only problem is it doesn't have a clear title. the current owner is making payments on it and can't get the title until I give him the money or wire it to the bank. The loan is with a credit union that doesn't have a branch around here so going there together and making the deal isn't an option.
The possible agreement at this point is to have him bring the bike to me and leave it with me. I'll wire the money to the bank, the bank will mail the title to him. he'll sign it over to me and mail it to me. this could take two to three weeks.
Is this a good thing to do? a scam? it is a gamble for me because I may never see the title. I'd love to get some perspective on this. and welcome your thoughts.
help me out here, do I do it or not?!
Sprintboy
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