take over honda payments on atv - Honda TRX Forums: Honda TRX 450R Forum

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Old 01-10-2011, 06:08 PM   #1 (permalink)
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Default take over honda payments on atv

I might buy another atv but the owner still owes on the atv. If i buy the atv off of him theres no guarantee he'll sign the title over to me when he gets it or EVEN pay honda off. Does honda transfer ownerships of an atv I don't want to lease it I have the cash.

Bottom line I'm just skeptical if i buy it and something bad happens...thanks
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Old 01-10-2011, 06:23 PM   #2 (permalink)
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I pretty much did the same thing with my bike.. The guy still owed on his bike but he gave me the registration and everyhing on the bike and when he payed it off we put the title in my name...

If you get a bill of sale with his signature and registration i think you would be fine...
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Old 01-10-2011, 06:27 PM   #3 (permalink)
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I pretty much did the same thing with my bike.. The guy still owed on his bike but he gave me the registration and everyhing on the bike and when he payed it off we put the title in my name...

If you get a bill of sale with his signature and registration i think you would be fine...
and if he doesnt pay off honda, i get screwed dont i?
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Old 01-10-2011, 07:06 PM   #4 (permalink)
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no you shouldnt if its in his name throw the bank and he sells it thats should be his deal not yours but make sure u get a bill of sell not somthing that is just wrote on a peace of paper.. u should be able to go to a tag office and tell them the deal and they could tell u the right to do it. imo.
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Old 01-10-2011, 07:59 PM   #5 (permalink)
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Honda owns the quad not him. My opinion is that it could end bad for you if you go thru with it and he doesn't pay it off. But I am no expert.
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Old 01-10-2011, 10:37 PM   #6 (permalink)
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Honda owns the quad not him. My opinion is that it could end bad for you if you go thru with it and he doesn't pay it off. But I am no expert.
thats what im thinking...

Here is a good scenario I've come up with though.

Say I send Honda finance a cashier check for what is owed on it. Then pay the seller the balance of what hes asking. When or if he doesn't send me the title. I'll have my notarized bill of sale and just be able to file for a lost title with the dmv.
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Old 01-10-2011, 10:45 PM   #7 (permalink)
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from my experience i found out that honda does not play with there titles to bikes. before i got my bike from my cousin he went through the same thing buying it from a guy that still owed more than he sold it for.. the only thing that saved mt cousin is that he already had the money but still went to bank and got loan for the amount so it would show what the money was for. i would just make sure that you leave a paper trail in case something happens
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Old 01-10-2011, 10:51 PM   #8 (permalink)
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from my experience i found out that honda does not play with there titles to bikes. before i got my bike from my cousin he went through the same thing buying it from a guy that still owed more than he sold it for.. the only thing that saved mt cousin is that he already had the money but still went to bank and got loan for the amount so it would show what the money was for. i would just make sure that you leave a paper trail in case something happens
would a bank really give a loan on an atv? I dont think honda finances used vehicles. I mean I'd finance it if I could then pay it off in the first month?
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Old 01-10-2011, 10:52 PM   #9 (permalink)
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the way it works, is if her still owes money on the quad, then you go to the bank and get a certified bank cheque to buy the quad.... before you can do that, you NEED the VIN!!!! for the bank otherwise no certified cheque... after thats all done, the bank will notice there is a lean on the quad by doing a vin search.. and therefore HIS name AND the NAME OF HIS BANK will be on the cheque.
with it like that, he has no choice but to use the cheque to pay off the quad as its half his money and half the banks. he cant just cash it, it HAS to go somewhere into his bank account/ loans

its how it works in canada... your not insured even with bill of sale up here that if they repo his quad... but they sold it... they come and find the quad and take it from you. and your **** outa luck , they take the quad and he keeps the money.


you can take whatever sized loan out you want, i think i took a line of credit out once for only liek 1800 bucks once.
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Old 01-10-2011, 10:54 PM   #10 (permalink)
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the way it works, is if her still owes money on the quad, then you go to the bank and get a certified bank cheque to buy the quad.... before you can to that you NEED the vin for the bank otherwise no certified cheque... after thats all done, the bank will notice there is a lean on the quad and therefore HIS name AND the NAME OF HIS BANK will be on the cheque

its how it works in canada... your not insured even with bill of sale up here that if they repo his quad... but they sold it... they come and find the quad and take it from you. and your **** outa luck , they take the quad and he keeps the money.
****... so as long as i have a certified check made out to honda it should be fine with a bill of sale or no?

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Old 01-10-2011, 11:00 PM   #11 (permalink)
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****...

its easy, just ask the owner for the vin otherswise the bank cant lend you the money... he gives you the VIN, they do a check up on it, aswell as his first name, then they say, oh boy, he still owes 2000 dollars on the quad... the bank will say, well i'm going to put the sellers name AND the banks name on the cheque, that way the PROPER thing is done and the quad is paid off, and its out of his hands and your problem free from it getting reposessed, becasue what someone stated earlier.... he doesnt own the quad, the bank does until its paid off... if it doesnt get paid off... they come lookin for it.



he financed it through honda FOR SURE??? before you buy, make a bank appointment with a loans person... its free, and ask all the questions you want.
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Old 01-11-2011, 02:00 AM   #12 (permalink)
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Whats I would do is Find what bank he has the loan under more then likely it would be hsbc which is also Polaris < go figure that one.but Find out what bank it is and see how much he owes on or let him show a last statement.also if you want the bike find a lien guy in that area that will be able to put a lean on the bike and get you a duplicate title..just for instance i sold my bike with money still owed on the bike I gave the new owner my registration and keep my plate also made a bill of sale when I had the rest of the money to pay off the bike I payed it off and gave the new owner a lean release paper work from Honda. In new york u do not get titles for atv you use your registration as your title
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Old 01-11-2011, 02:11 AM   #13 (permalink)
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I took over payments on my 400 from a friend who is now disabled. I make the monthly payments to Honda over the phone. But, I have known this guy for years and he is a close friend. When its payed off the title will still go to him and have to be transfered over to me. Depends how well you trust this person. I would defineatly make the payments or pay it off yourself though so you have some kind of record.
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Old 01-11-2011, 10:19 AM   #14 (permalink)
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Originally Posted by MC400EX View Post
I might buy another atv but the owner still owes on the atv. If i buy the atv off of him theres no guarantee he'll sign the title over to me when he gets it or EVEN pay honda off. Does honda transfer ownerships of an atv I don't want to lease it I have the cash.

Bottom line I'm just skeptical if i buy it and something bad happens...thanks
I bought my Honda cash. But, I bought my raptor and my kids kfx on a Yamaha and Kawasaki card. I just sold the raptor with a couple grand still owed on my card. I donít know how Honda works it but the others give you credit then you use that credit to buy what ever you want. They donít care if itís a quad or a 100 cases of oil. If you default they donít want what you bought they want cash. If he borrowed the money from a bank then it can be another hole story. If thatís the case call that bank and check into it.
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Old 01-11-2011, 08:17 PM   #15 (permalink)
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I bought my Honda cash. But, I bought my raptor and my kids kfx on a Yamaha and Kawasaki card. I just sold the raptor with a couple grand still owed on my card. I donít know how Honda works it but the others give you credit then you use that credit to buy what ever you want. They donít care if itís a quad or a 100 cases of oil. If you default they donít want what you bought they want cash. If he borrowed the money from a bank then it can be another hole story. If thatís the case call that bank and check into it.
So how did you give the title to the buyer of the raptor?
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