Need some advice on buying a used Storm from a private party. - Triumph Forum: Triumph Rat Motorcycle Forums
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post #1 of 12 (permalink) Old 05-08-2012, 08:23 AM Thread Starter
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Need some advice on buying a used Storm from a private party.

So I have located a potential Thunderbird, it's a 2011 Storm and the guy just wants to get out from under it. I'd essentially just be paying off his loan, which is through Freedom Road.

I've never bought a vehicle from a private party before, where they still had a loan...any advice on the easiest way to go about it? Would I basically give him the money, in a cashiers check made out to his lender...her gives me the bike and a bill of sale...and then he mails me the signed over title when he gets it? Or, is there a better, safer way to do it?

I haven't decided if I am paying cash, or financing it myself...I imagine that if I finance it, things become even more convoluted? Or, can the finance companies work together, where my bank just pays his bank off and then his bank mails my bank the title?

Any advice is appreciated. Hoping it works out, as it would be a good deal for both of us.

Thanks,
Andy
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post #2 of 12 (permalink) Old 05-08-2012, 11:38 AM
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If your not finacing it I would assume you would need to secure a notorised sale transaction before paying his loan off. That way he cant wiggle out of it when the title shows up by claiming you didnt buy it.
I do belive if you finance it your bank will make the payment directly to his bank but not sure on the specifics of the title transfer.

Best bet is probably to contact his bank and ask what needs to be done.

here is the contact for freedomroadfinacial I think they are the most used by triumph dealers at least here in the US

www.freedomroadfinacial.com 1-866-455-7623
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post #3 of 12 (permalink) Old 05-08-2012, 12:51 PM Thread Starter
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Originally Posted by paulfun View Post
If your not finacing it I would assume you would need to secure a notorised sale transaction before paying his loan off. That way he cant wiggle out of it when the title shows up by claiming you didnt buy it.
I do belive if you finance it your bank will make the payment directly to his bank but not sure on the specifics of the title transfer.

Best bet is probably to contact his bank and ask what needs to be done.

here is the contact for freedomroadfinacial I think they are the most used by triumph dealers at least here in the US

www.freedomroadfinacial.com 1-866-455-7623
Thanks man, I appreciate it. I'll call them and see what they say. At this point I am leaning towards just paying cash so I don't have to mess with a loan...but I will still need to make sure I get the title after the fact. Hopefully it works out, as it sounds like the deal would be beneficial for both he and I.

Andy
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post #4 of 12 (permalink) Old 05-08-2012, 02:31 PM
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Actually, financing thru your bank or credit union is easier, since your bank knows the process and the burden is on them. Make sure you get one that is no prepayment penalty, if you don't need to their money. Pay it off.
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post #5 of 12 (permalink) Old 05-08-2012, 04:19 PM Thread Starter
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Originally Posted by rockDAWG View Post
Actually, financing thru your bank or credit union is easier, since your bank knows the process and the burden is on them. Make sure you get one that is no prepayment penalty, if you don't need to their money. Pay it off.
I'll call my bank too then, and see what they say.

It was my local dealer who gave this guy my info. He knew I was looking for a tbird, and this guy apparently wanted to sell his, so he gave him my info. I checked with the salesman and he said the guy bought the bike from him last year, and is a good guy...so that eases my mind a little. At least someone has a history with him and vouches for him.

Thanks all.

Andy
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post #6 of 12 (permalink) Old 05-08-2012, 08:45 PM
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Storman?

"Make the check out to the individual and make them handle the paper work on their side"

Are you sure about that??

I have not purchased anything that way but I know I would not make anything payable to the individual. I would make it payable to the bank that holds the lien and have the account number on the check. This ensures the payment goes to them and the title will be released. My assumption here would be if they didnt pay the bank with the check you make to the individual the bank would just reposes the bike from you as they are the first lien holder and leave you with the hassel of having to go after the individual for the money.

Maybe the dealership can make the transaction easyer as they have a working relationship with freedomroad finacial?
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post #7 of 12 (permalink) Old 05-08-2012, 11:53 PM
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Stormman that has got to be the worst advice I've ever heard. I would never hand a check over to a private seller without a title in hand. That is absolutely absurd.

There is a very easy way to handle this that covers everyones interests. Go back to the dealer that referred you to the seller. Have them handle the transaction for a fee. Basically they buy the bike from the seller, process the title work, and sell the bike to you. Back in the day when I sold cars I did this for people. It was easy money for the dealer, and takes all the headaches out of the process for both the buyer, and the seller. I'd expect that they will charge a few hundreds bucks for this service, and believe me it is money well spent.
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post #8 of 12 (permalink) Old 05-09-2012, 12:17 AM Thread Starter
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Originally Posted by Lantesh View Post
Stormman that has got to be the worst advice I've ever heard. I would never hand a check over to a private seller without a title in hand. That is absolutely absurd.

There is a very easy way to handle this that covers everyones interests. Go back to the dealer that referred you to the seller. Have them handle the transaction for a fee. Basically they buy the bike from the seller, process the title work, and sell the bike to you. Back in the day when I sold cars I did this for people. It was easy money for the dealer, and takes all the headaches out of the process for both the buyer, and the seller. I'd expect that they will charge a few hundreds bucks for this service, and believe me it is money well spent.
I thought about that as well. I am calling my bank tomorrow to see if they would handle all of the title and paperwork if I were to get a loan through them. If they can't or won't, then I'll pay cash and either have the dealer process the transaction, or I'll get a notarized bill of sale and send a cashiers check directly to his lender for his payoff.

The dealer vouched for the guy, so I am no longer as concerned as I was prior...but still, until I have the title you never know.

Thanks all for the advice, really appreciate it. Hoping to have a new (to me) Storm in the garage soon!

Andy
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post #9 of 12 (permalink) Old 05-09-2012, 07:25 AM
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I think using the notary will be a bit more cost effective.

Another thought would be once you cover your self with a notarised bill of sale or even if the notary simply makes you a lien holder on the title till its released from the bank. You might think about using an electronic transerfer of the funds this might help speed things up with the releese of the title.

No matter what I wouldnt put any payment in the sellers name till the title was in hand even if I was paying more than what was owed the bank for the bike.
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post #10 of 12 (permalink) Old 05-09-2012, 08:59 AM Thread Starter
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Quote:
Originally Posted by paulfun View Post
I think using the notary will be a bit more cost effective.

Another thought would be once you cover your self with a notarised bill of sale or even if the notary simply makes you a lien holder on the title till its released from the bank. You might think about using an electronic transerfer of the funds this might help speed things up with the releese of the title.

No matter what I wouldnt put any payment in the sellers name till the title was in hand even if I was paying more than what was owed the bank for the bike.
Agreed. I ran some numbers last night and decided to pay cash. He only wants the payoff, so I'll give him a cashiers check made out to FreedomRoad in the amount of his payoff and get a bill of sale notarized at the same time. I'll also take delivery of the bike at that time. When he gets the title in 1-2 weeks, we can meet up again to notarize the transfer.

I think this will be the safest, easiest way. He seems like a good guy, and the dealer vouched for him...so I feel pretty comfortable with it. I'll post an update, hopefully when I have a 2011 Storm.

Thanks again all.

Last edited by RDMC_Sage; 05-09-2012 at 10:34 AM.
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