Buying a Big Bike, whose current owner has it on finance?

[Don Mega]

I wouldn't touch a bike or car that was still subject to finance, period. Just too many ways to get ripped off.

OP should bear in mind if the "wealthy Thai" has agreed to pay off the loan, said person may just be telling OP what the OP wants to hear. How will the OP confirm the loan has been paid off before he travels 600 km to finalise the deal?

The seller can send a pic of the book in his name via sms.... only way to do that is to clear the finance.

[lovelomsak]

An important safety thing to do. Get the amount of the loan payment settled before you go to the bank. Do not pay cash for anything pay with cashiers cheque from your bank. Get the green book in your name the same day.Any problems cal bank put hold on cheque.

[Don Mega]

An important safety thing to do. Get the amount of the loan payment settled before you go to the bank. Do not pay cash for anything pay with cashiers cheque from your bank. Get the green book in your name the same day.Any problems cal bank put hold on cheque.

That's assuming the finance company/bank has the book sitting there already printed in the sellers name that can be taken to the LTD to transfer.

I'll bet in 99.9% of the cases they do not and for them to present a book in the sellers name will take a few days/weeks to do so.

IMHO buying a financed vehicle (car or bike) requires the buyer to place a lot of trust in the seller to complete the transaction over a period of time (A week or 2)... assuming the seller needs the buyers money to pay out the finance ofcourse.

Edited April 7, 2016 by Don Mega

[B1ade]

Glad the OP got it sorted.

I have been in this situation with a car. For anybody in future with this problem this is my experience which may help. Myself and the seller went to the bank, clearing the finance was all fine, got receipts, the Only sticking point was that it could not be put in my name immediately, the book was in the banks name "care of" the financee, we were told it Must go in the sellers name first and then transferred to me after - not sure if it was the banks policy or a motor registration policy. The bank agreed that I was the only person who could collect the book as I was worried the seller may go and grab it and I would never see them again. So it required 2 visits, 1 to pay the loan and 1 to collect the book 2 weeks later, then I went to the previous owners place for them to sign it, job done. Bit of hassle but it is possible.

[jacko45k]

If he is a wealthy Thai I am unsure why he has the bike on finance!

Do not let your obsession with a particular bike make you take risks, and I do see risk here.

[jacko45k]

An important safety thing to do. Get the amount of the loan payment settled before you go to the bank. Do not pay cash for anything pay with cashiers cheque from your bank. Get the green book in your name the same day.Any problems cal bank put hold on cheque.

Can a cashier's cheque be blocked like that? The money has already been taken from your account and is no longer under your control.

I have used them but they were held by my lawyer until completion of sale.

[lovelomsak]

An important safety thing to do. Get the amount of the loan payment settled before you go to the bank. Do not pay cash for anything pay with cashiers cheque from your bank. Get the green book in your name the same day.Any problems cal bank put hold on cheque.

That's assuming the finance company/bank has the book sitting there already printed in the sellers name that can be taken to the LTD to transfer.

I'll bet in 99.9% of the cases they do not and for them to present a book in the sellers name will take a few days/weeks to do so.

IMHO buying a financed vehicle (car or bike) requires the buyer to place a lot of trust in the seller to complete the transaction over a period of time (A week or 2)... assuming the seller needs the buyers money to pay out the finance ofcourse.

That's a no brainer. As I said in a previous post.Have the seller arrange a meeting with the bank and make sure the green book is there. If it is 2 week wait that's what has to be done.Inform the seller the bank must have green book present at meeting.or no sale.until it is there.

[Don Mega]

An important safety thing to do. Get the amount of the loan payment settled before you go to the bank. Do not pay cash for anything pay with cashiers cheque from your bank. Get the green book in your name the same day.Any problems cal bank put hold on cheque.

That's assuming the finance company/bank has the book sitting there already printed in the sellers name that can be taken to the LTD to transfer.

I'll bet in 99.9% of the cases they do not and for them to present a book in the sellers name will take a few days/weeks to do so.

IMHO buying a financed vehicle (car or bike) requires the buyer to place a lot of trust in the seller to complete the transaction over a period of time (A week or 2)... assuming the seller needs the buyers money to pay out the finance ofcourse.

That's a no brainer. As I said in a previous post.Have the seller arrange a meeting with the bank and make sure the green book is there. If it is 2 week wait that's what has to be done.Inform the seller the bank must have green book present at meeting.or no sale.until it is there.

catch22 though cause If the seller does not have the coin to clear the outstanding debt as the finance company/bank will not have the book updated to the sellers name until outstanding amount is paid.... then you wait 2 weeks for the book.

[lovelomsak]

An important safety thing to do. Get the amount of the loan payment settled before you go to the bank. Do not pay cash for anything pay with cashiers cheque from your bank. Get the green book in your name the same day.Any problems cal bank put hold on cheque.

That's assuming the finance company/bank has the book sitting there already printed in the sellers name that can be taken to the LTD to transfer.

I'll bet in 99.9% of the cases they do not and for them to present a book in the sellers name will take a few days/weeks to do so.

IMHO buying a financed vehicle (car or bike) requires the buyer to place a lot of trust in the seller to complete the transaction over a period of time (A week or 2)... assuming the seller needs the buyers money to pay out the finance ofcourse.

That's a no brainer. As I said in a previous post.Have the seller arrange a meeting with the bank and make sure the green book is there. If it is 2 week wait that's what has to be done.Inform the seller the bank must have green book present at meeting.or no sale.until it is there.

catch22 though cause If the seller does not have the coin to clear the outstanding debt as the finance company/bank will not have the book updated to the sellers name until outstanding amount is paid.... then you wait 2 weeks for the book.

ok I understand now. I didnot know the lender registered it in their name. I thought it was kept in the buyers name they just held the green book.I thought it was the same as a chanote. They just held it. Only done this with property assumed it was done the same. Odd though do you not think they register a motorcycle which is worth a few hundred thousand or even a few thousand,but with property worth thousands to millions they do not bother.

Edited April 8, 2016 by lovelomsak

[lovelomsak]

Glad the OP got it sorted.

I have been in this situation with a car. For anybody in future with this problem this is my experience which may help. Myself and the seller went to the bank, clearing the finance was all fine, got receipts, the Only sticking point was that it could not be put in my name immediately, the book was in the banks name "care of" the financee, we were told it Must go in the sellers name first and then transferred to me after - not sure if it was the banks policy or a motor registration policy. The bank agreed that I was the only person who could collect the book as I was worried the seller may go and grab it and I would never see them again. So it required 2 visits, 1 to pay the loan and 1 to collect the book 2 weeks later, then I went to the previous owners place for them to sign it, job done. Bit of hassle but it is possible.

I am curious about the book being in the banks name. When you received the book did it show the history of the bank having ownership. I have never seen a book with the bank as registered owner in the book so am interested,how they do this.When i bought our house we had to wait for chanote from Pitsanulok where they are kept. But we waited till it was at our bank then went to pay and get chanote. No had to wait. Is there the option of waiting for bank to have green book ready at bank before you go?Also our chanote showed no record of the bank ever registering ownership..Did the green book show bank registration?

[canthai55]

Always bought bikes new, but this is how it worked for our cars. Original buyer goes to the finance company for the money to buy the car. First name in the Blue book is the bank. Pay off the loan in full. Buyers name is the second name in blue book. We bought both cars from the original owner. Our name is the third name in Blue Book.

[lovelomsak]

Always bought bikes new, but this is how it worked for our cars. Original buyer goes to the finance company for the money to buy the car. First name in the Blue book is the bank. Pay off the loan in full. Buyers name is the second name in blue book. We bought both cars from the original owner. Our name is the third name in Blue Book.

Thanks for that. I appreciate it. I am happy to learn these things.Now I know.

I always buy cash too,and buy new so never dealt with this

Edited April 10, 2016 by lovelomsak