If this is the case, he does not have the right to sell them and transfer title/ownership. What happens if he misses some payments, and the bank repos the atvs? You will loose them.

 

TRUE but he has a personal loan out on them. I dont know how or what the difference is. I have talk to another person that has a loan out on their atv and they have the title in their posession. SO do you think if I get the titles that it would be better?

 

If that's the case then the bank can take them from you. And your out all mony you paid for them. Sound's A bit fishey to me. I'ed stay clear of this deal. Just my personal opion. Good luck on what ever you decide.

 

If the bank has the title, the bank owns them. No way around that. You may ask him if you can talk to the bank about them. At the very least, you need to find out from him what he owes. If you're paying him, and not the bank, you can expect to ride them for a short time.

Also, beware of if he sells them to you, and reports them stolen to the bank. Then he's really gotten you into something.

 

If the bank holds the titles, then it's a secured loan, with the ATV's as collateral. Nothing wrong with this. However, there is a big difference with the seller saying that there are no titles vs him saying that the bank holds the titles. If the bank does hold the titles, then this is very common - I know that I have bought cars that have a loan out on them as well as sold cars that I still owed money on. Still a pretty easy process - Arrange the sale to take place at the bank - you, the seller and a loan rep all in the same place at the same time. You'll cut a check, the bank will get their share and give you the titles and any remaining balance to the seller. If you are buying for less then he owes, then the bank will require extra money from him before releasing the titles to you.

Still has the same bottom line - you really need to find out the title status before spending any money.

Jaybee

 

AWESOME RESPONCES GUYS THANKS ALOT!!! I am really going to reconsider buying these the more and more i think about it and what the seller said the more and more fishy it sounds.

 

But what if he HONESTLY did not get a title with the quads. How would he go about getting one. I have heard several people say they never received titles just bill of sale with a new/non nockoff atv.

 

never buy anything without a title. if you do, do it at the bank, have everything officiated. very common practice.

no credible financial institution is going to release a title until the contract is fulfilled. nothing i have ever owned worked this way. i paid them off, i got the title. if someone buys something like this and doesnt get a title for it - it is either stolen or the deaer did not turn in the paper work properly when it was sold. this happend to my cousin. the dealer didnt turn in the paperwork to yamaha and when it was paid for he never got a title. yamaha told him they never received anything from the dealer...to make a long story short, the dealer did this to several people and withing weeks the dealer forwarded his stuff to yamaha then yamaha sent him the title. that dealer is now under new management. some states, however, dont require a title but i cant see a bank not wanting it as security and then giving it up to you when you fulfill the contract.

 

Well... I ended up not getthing them. I know I will kick myself in the butt but i know i saved my self some headace in the long run. It seems that the bank does have the titles. I found this out buy calling them to tell them that i couldnt buy them without the title and the wife answered and told me why he couldnt find/have the title.

Thanks for all your help guys!!!

 

If you would have bought them,chances are he would have reported them stolen, Inorder to collect the inc. if he had it. And later you would have been fighting to clear your name. Best to keep everything up & up.