new york: buying quad that isnt payed off?

[ny300exrider]

quick question for the new yorkers....guy wants to trade me his 07 450r for my 06 drz400s...i want to do it....he said it is registered but he's still financing it

can anything negative come out of doing this trade? i was under the idea that if a quad isnt payed off, then the new owner can't register it for himself until it is. also i was wondering...say i trade him, and he stops doing his payments....does anything happen to me?

this is EXACTLY what i was looking for and i dont want to pass it up, however...if i can get screwed by doing this i will pass it up

thanks

[Ghost-Rider]

Couldn't they repo the quad ?

[bradley300]

it depends, if it is still financed thru a manufactuer or bank then they can repo it if he quits making payments. if its on a credit card, i think you are OK

[TRX450RACER174]

I think either way Bank or Credit Card they still hold the Pink Slip until the dept is paid, The credit card is still a loan, I have a Honda Card and they held the Pink until i paid my loan off, and same with my Yamaha card so be careful, if he defaults and doesnt pay he has your ride and you have squat, You could also hold the Pink for yours until he is paid in full on his loan, ever state is different but you should still be able to register it you just won't own it until you get the Pink.

[jherbie28]

is it a straight up trade? if he owes on it, it might come back on you. dont know for sure but dosent sound like a good idea unless you are also paying him cash so he can pay it off and get a clear title. financed then that means the bank ownes it untill payed for in full.

[ny300exrider]

Originally posted by jherbie28
is it a straight up trade? if he owes on it, it might come back on you. dont know for sure but dosent sound like a good idea unless you are also paying him cash so he can pay it off and get a clear title. financed then that means the bank ownes it untill payed for in full. yeah it'd be straight up and he said nothing about paying it off beforehand....sounds like a bad idea to me. i already got jerked around for over a month from the drz, i could do without getting my quad repo'd for no reason as well...i guess ill just wait it out for something with a clear title.

[jherbie28]

yeah man sorry to give ya bad news but its not worth it:ermm:

[ny300exrider]

:( :( :( it must be fate lol

[gbcap]

you must have a clean title in your hand. if it still has a lean on it...he is responsible for that lean. if he stops paying they come get the quad and you have no leg to stand on.

[OutlawBill]

trust me the check is in the mail :devil: come too mind due not due it.

[Regular_Joe]

In NY cars, trucks, motorcycles get titles, basically any vehicle the gets inspected and is road worthy. All other vehicles do not use titles and use the registration. This applies to ATV, dirtbikes, boats, etc.

An ATV (or any offroad) registration may be transferrable or non-transferrable. Transferrable means the current owner provided sufficient evidence and NY thinks they are the rightful owner. Non-transferable means the current owner had issues during the registration process, and it is being investigated by the DMV. Generally once the information is verified a transferable registration is sent to the current owner. This non-transferable registration allows the current owner use of the ATV during the investigation process.

Overall though there is no method of identifiying a lein on an ATV via DMV. For road vehicles, it is added to the title. For ATVs, there is no title, and it isn't mentioned anywhere that I know of.

In this case you can probably buy it and everything will be legal about the transaction, but if they stop making payments the repo guy can take the ATV from you.

Usually in this case it is a cash deal. You go to the bank w/ him and the money. He allows you to go under his account so you pay the bank and get a lein release form. This way you know 100% that the lein has been covered, the debt is fully paid, and it can't ever be repossesed.

[m_townsgreatest]

maybe you could make up a form, that says if u trade and he stops making payments, that u get ur bike back. get it notarized and all that. That way if he does stop paying and the atv get repo'd. You have a document saying that the DRZ is still yours? i dont really know, Im just trying to give you ideas because it sounds like u want that 450

[Cr85rRida]

Wait for him to pay it off maybe?

[my88r]

doesnt sound good to me.:ermm:

[Regular_Joe]

He needs to get a dirtbike or personal loan that will use your dirtbike as the collateral. Then he uses that money to pay off the quad instead of buying the bike. Basically transferring from a loan against the ATV to one against the dirtbike.

[400exrider707]

These deals are way more work than they are worth. Coming from a New Yorker here, trust me. My buddy has been ripped too many times with leins and bikes with no titles its not even funny. Just stay away unless its a clean transferable title.

[ny300exrider]

yeah i hear ya 707...i bought this drz over a month ago, guy told me the lien release form(need it to register, states the bike is payed off) was on the way from the bank...still no form. i bought a bike and have had to ride it illegally because of this crap. i actually cant even sell or trade until it gets here....id rather not go through trouble like this again