Dealing with a lien?

Porkchop · 08-18-2010, 08:35 PM

So as some of you have seen, my friend is selling his bike. He got trapped in the whole Suzuki credit card thing, and is just treading water right now on the thing. I felt bad for him, so I decided to help him sell it. Well we have seen a couple lowball cash offers, but nothing that he is comfortable with. His balance left is about $4400, which is pretty ass backwards. He is pretty comfortable with paying about $400 to get rid of it. Today I had a guy email me about possibly transferring the lien to him. I'm not very versed in stuff like this. Isn't that technically impossible? Doesn't this guy have to go out and get his own loan, and bring us the cash? Or can the lien be transfered barring credit approval from suzuki financial? I know its probably a pretty stupid question, but I've never owned a vehicle bought on a loan.

tkevcu · 08-18-2010, 08:47 PM

He would need to call Suzuki financial to see if transferring the lien is an option. It used to be more popular, but AFAIK a lot of financial institutions have stopped doing this.

If Suzuki agrees that it is an option, the buyer would have to pass a credit check with them, and they will have to approve the move.

The only time I have ever hear of transferring, is when the loan rate is lower than the currently offered rates... I'm sure there are other reasons... I just can't think of any.

Kaneman · 08-18-2010, 10:09 PM

Most Transfers of Interest (TOI) bring in an additional party to be responsible for the loan, but they do not absolve the original buyer of responsibility until the loan is paid off by the new owner. In other words, its just an after the fact co-signer.

Suzuki Financial's TOI dept (if they do that) will have all the specifics. I know Mercedes Financial did not tell customers that they weren't actually getting out of their loans, so have him be sure to read the fine print.

ontwo · 08-19-2010, 10:14 AM

Quote:

Originally Posted by Porkchop

So as some of you have seen, my friend is selling his bike. He got trapped in the whole Suzuki credit card thing, and is just treading water right now on the thing. I felt bad for him, so I decided to help him sell it. Well we have seen a couple lowball cash offers, but nothing that he is comfortable with. His balance left is about $4400, which is pretty ass backwards. He is pretty comfortable with paying about $400 to get rid of it. Today I had a guy email me about possibly transferring the lien to him. I'm not very versed in stuff like this. Isn't that technically impossible? Doesn't this guy have to go out and get his own loan, and bring us the cash? Or can the lien be transfered barring credit approval from suzuki financial? I know its probably a pretty stupid question, but I've never owned a vehicle bought on a loan.

You're correct

skiergirl · 08-19-2010, 10:57 AM

I sold a bike a few years ago I had a loan on, I met the buyer at his bank where he had financing all set up, we all signed paperwork. The bank transferred the money they gave him to the loan for me, then I wrote a check for the difference and it was done. Took 15 minutes....it's really not that hard at all if you are dealing with financial institutions, they take care of it all for you.

ontwo · 08-19-2010, 11:04 AM

Quote:

Originally Posted by skiergirl

I sold a bike a few years ago I had a loan on, I met the buyer at his bank where he had financing all set up, we all signed paperwork. The bank transferred the money they gave him to the loan for me, then I wrote a check for the difference and it was done. Took 15 minutes....it's really not that hard at all if you are dealing with financial institutions, they take care of it all for you.

We're some nice mofos

08-18-2010, 08:35 PM	#1
Porkchop 125GP Champion Join Date: Aug 2008 Location: Worthington, OH Moto: Empty Garage Posts: 3,418	Dealing with a lien? So as some of you have seen, my friend is selling his bike. He got trapped in the whole Suzuki credit card thing, and is just treading water right now on the thing. I felt bad for him, so I decided to help him sell it. Well we have seen a couple lowball cash offers, but nothing that he is comfortable with. His balance left is about $4400, which is pretty ass backwards. He is pretty comfortable with paying about $400 to get rid of it. Today I had a guy email me about possibly transferring the lien to him. I'm not very versed in stuff like this. Isn't that technically impossible? Doesn't this guy have to go out and get his own loan, and bring us the cash? Or can the lien be transfered barring credit approval from suzuki financial? I know its probably a pretty stupid question, but I've never owned a vehicle bought on a loan. __________________ *Coming soon? 2010 Ducati Monster 696 - Sold 1984 Honda VF500F - Sold 1999 Yamaha R6 - Sold

08-18-2010, 10:09 PM	#3
Kaneman AMA Supersport Join Date: Nov 2008 Location: Odessa, TX Moto: 2000 Honda CBR1100XX Blackbird Posts: 4,931	Most Transfers of Interest (TOI) bring in an additional party to be responsible for the loan, but they do not absolve the original buyer of responsibility until the loan is paid off by the new owner. In other words, its just an after the fact co-signer. Suzuki Financial's TOI dept (if they do that) will have all the specifics. I know Mercedes Financial did not tell customers that they weren't actually getting out of their loans, so have him be sure to read the fine print. __________________ 1982 Honda XR80 - blown motor, 1993 Kawasaki ZX6D - sold, 2001 Suzuki Bandit 1200S - sold, 1984 Honda Magna - sold, 2001 Kawasaki ZRX1200R - blown motor, 2007 Suzuki DL1000 V-Strom - totalled, 2003 Yamaha FZ1 - sold, 1994 Honda Magna - sold, 2001 Honda CBR600F4i - sold, 1998 Suzuki DR350 - stolen, 1989 Honda Super Magna - sold, 2007 Yamaha Stratoliner, 2000 Honda CBR 1100XX Blackbird

08-18-2010, 08:47 PM	#2
tkevcu Trailer Queen Join Date: Aug 2010 Location: Richmond, VA Moto: 919 Posts: 17	He would need to call Suzuki financial to see if transferring the lien is an option. It used to be more popular, but AFAIK a lot of financial institutions have stopped doing this. If Suzuki agrees that it is an option, the buyer would have to pass a credit check with them, and they will have to approve the move. The only time I have ever hear of transferring, is when the loan rate is lower than the currently offered rates... I'm sure there are other reasons... I just can't think of any.

08-19-2010, 10:57 AM	#5
skiergirl Gixxer Girl Join Date: Jan 2009 Location: Kyle, TX Moto: 05 GSXR 750 & 06 YZ250F Posts: 1,424	I sold a bike a few years ago I had a loan on, I met the buyer at his bank where he had financing all set up, we all signed paperwork. The bank transferred the money they gave him to the loan for me, then I wrote a check for the difference and it was done. Took 15 minutes....it's really not that hard at all if you are dealing with financial institutions, they take care of it all for you.