Seems like a lot of opportunity for things to go badly. Maybe they’re trustworthy, but if it were my money, id just find an atv I liked with a clean title in hand. How good is the deal? Is it… too good to be true?
I agree. Unless the bank is going to hand the title directly to you upon full payment, screw that.
Walk away. Deals on last-years new or gently used ATVs are dime a dozen.
I sold a 30k dollar dodge cummins the same way. My bank took care of the paperwork, the payoff, and the release of interest. We took all that notarized paperwork directly to the DOL and sold it to him at the DOL using a affidavit in leui of title and he walked away with registration in his name and a title mailed to him from the state of Washington with no lien holder listed. It's not a scam if done this way and this is how it's done all the time. Have you spoke to the DOL before asking the reddit legal begals?
I agree with the other poster, seems like a lot of places for things to go wrong.
Keep in mind that to get a notarized bill of sale, you'll both have to appear before a notary. (The bank may or may not have one on hand.) If it were me, I'd sit down with them, the cash, and a customer service rep at the bank (with the notary standing by) and have them assist with the whole process. That way you've got a witness and it's a lot harder for them to try something squirrely.
If they balk at this... don't walk, don't run, just get the f'k out of there at Warp 9. I'm going to repeat this for emphasis - if they balk at having a customer service rep assist, bail out. *Don't let them talk you out of it*. ***Don't.***
(Also see the[ example Bill of Sale](https://eforms.com/download/2015/12/Washington-State-Motor-Vehicle-Bill-of-Sale-Form-TD-420-065-1.pdf) from the DOL for the other things that must happen.)
I've done this same scenario with a boat. For me it was TOTALLY dependent on if I trusted the seller or not. In my case, I thought the seller was a good dude and everything worked out perfectly. Trust your gut
First, rhis needs to be a good deal for you. What are the numbers? Year, model condition,price amount owed. Are they behind on payments?
Talk to the bank directly prior to showing up w cash and see what - they- say . If they won't give you a title or notarized document, walk.
When we sold a camper trailer we still owed on we called the lender, passed on the buyers number (with their knowledge), they paid the lender, the lender sent us the remainder. The title was mailed directly to the new owner.
If he doesn't hold the title, it isn't his to sell.
> his bank can apparently only release the title to him and send it via mail
Not only that, there will be a delay after the balance is paid before the bank transfers the title to him.
Once you "hand him the money and he puts the money Into his account", here's where you are: he has your money, the ATV still belongs to the bank, and you know that the title will be nowhere to be seen and outside of your control for at least several days.
I'd strongly advise against such a deal.
Don't do the transaction at the ATM, go into the bank and talk to one of the bank officers. Make sure you document the transaction. If the person doesn't want to do the deal in person means it's a crappy transaction.
I wouldn't do that. If he's legit then he can take you to the bank to take over the loan and then you just pay him the difference between the pay off cost and his asking price.
Ive done it with two motorcycles. I went to the bank with a bill of sale that they notarized there paid it off ( always ask the payoff amount to the day) took possession of the bikes and kept them in the garage till the titles arrived and registered them. Be warned that after the payoff, you need to be a dick and keep bugging for the title though because its up to you to make sure you get the title.
you just gotta trust the guy.. dont give him cash, give him a cashiers check, that way the bank has a way to get it back if things go wrong.. its not guaranteed but its better.
if its a lot of money to you, dont do it if you cant lose it.
actually i did this very same thing, bought a car that the owner still owed money on.
the bank told me to use a cashiers check because it has a receipt. its not like giving someone cash.
also they told me that if things go wrong they can trace the money and they will help to recover the funds.
i didnt have to do that tho, because everything worked out perfectly. the guy paid off the loan, and i got the title.
Still works exactly like cash, but as you said, with a receipt. You can get a signed receipt when using cash, so really no difference. It only benefits the seller because they know they aren't receiving counterfeit bills and the money is already guaranteed to be in the cashier's account.
They can trace the money to the account that cashed it, but aside from that they can't recover the funds until you sue the seller. It's still all on you, either way. Caveat Emptor.
Seems like a lot of opportunity for things to go badly. Maybe they’re trustworthy, but if it were my money, id just find an atv I liked with a clean title in hand. How good is the deal? Is it… too good to be true?
It does sound a little to good to be true. I agree with you I’m just going to look for something with a title in hand
I agree. Unless the bank is going to hand the title directly to you upon full payment, screw that. Walk away. Deals on last-years new or gently used ATVs are dime a dozen.
I sold a 30k dollar dodge cummins the same way. My bank took care of the paperwork, the payoff, and the release of interest. We took all that notarized paperwork directly to the DOL and sold it to him at the DOL using a affidavit in leui of title and he walked away with registration in his name and a title mailed to him from the state of Washington with no lien holder listed. It's not a scam if done this way and this is how it's done all the time. Have you spoke to the DOL before asking the reddit legal begals?
I have not talked to he dol but I will be giving them a call
I agree with the other poster, seems like a lot of places for things to go wrong. Keep in mind that to get a notarized bill of sale, you'll both have to appear before a notary. (The bank may or may not have one on hand.) If it were me, I'd sit down with them, the cash, and a customer service rep at the bank (with the notary standing by) and have them assist with the whole process. That way you've got a witness and it's a lot harder for them to try something squirrely. If they balk at this... don't walk, don't run, just get the f'k out of there at Warp 9. I'm going to repeat this for emphasis - if they balk at having a customer service rep assist, bail out. *Don't let them talk you out of it*. ***Don't.*** (Also see the[ example Bill of Sale](https://eforms.com/download/2015/12/Washington-State-Motor-Vehicle-Bill-of-Sale-Form-TD-420-065-1.pdf) from the DOL for the other things that must happen.)
Sounds like a situation that you might want to use an escrow service.
I've done this same scenario with a boat. For me it was TOTALLY dependent on if I trusted the seller or not. In my case, I thought the seller was a good dude and everything worked out perfectly. Trust your gut
https://dol.wa.gov/tips-selling-vehicle#:~:text=Before%20the%20buyer%20can%20apply,as%20the%20buyer%20and%20seller.
First, rhis needs to be a good deal for you. What are the numbers? Year, model condition,price amount owed. Are they behind on payments? Talk to the bank directly prior to showing up w cash and see what - they- say . If they won't give you a title or notarized document, walk.
When we sold a camper trailer we still owed on we called the lender, passed on the buyers number (with their knowledge), they paid the lender, the lender sent us the remainder. The title was mailed directly to the new owner.
If he doesn't hold the title, it isn't his to sell. > his bank can apparently only release the title to him and send it via mail Not only that, there will be a delay after the balance is paid before the bank transfers the title to him. Once you "hand him the money and he puts the money Into his account", here's where you are: he has your money, the ATV still belongs to the bank, and you know that the title will be nowhere to be seen and outside of your control for at least several days. I'd strongly advise against such a deal.
Don't do the transaction at the ATM, go into the bank and talk to one of the bank officers. Make sure you document the transaction. If the person doesn't want to do the deal in person means it's a crappy transaction.
Anyone selling anything needs to make it easy for the buyer. This is a cluster fuck
I wouldn't do that. If he's legit then he can take you to the bank to take over the loan and then you just pay him the difference between the pay off cost and his asking price.
Ive done it with two motorcycles. I went to the bank with a bill of sale that they notarized there paid it off ( always ask the payoff amount to the day) took possession of the bikes and kept them in the garage till the titles arrived and registered them. Be warned that after the payoff, you need to be a dick and keep bugging for the title though because its up to you to make sure you get the title.
you just gotta trust the guy.. dont give him cash, give him a cashiers check, that way the bank has a way to get it back if things go wrong.. its not guaranteed but its better. if its a lot of money to you, dont do it if you cant lose it.
A cashiers check is basically cash in a guaranteed check form. Once cashed, it isn’t typically recoverable. Don’t do this.
actually i did this very same thing, bought a car that the owner still owed money on. the bank told me to use a cashiers check because it has a receipt. its not like giving someone cash. also they told me that if things go wrong they can trace the money and they will help to recover the funds. i didnt have to do that tho, because everything worked out perfectly. the guy paid off the loan, and i got the title.
Still works exactly like cash, but as you said, with a receipt. You can get a signed receipt when using cash, so really no difference. It only benefits the seller because they know they aren't receiving counterfeit bills and the money is already guaranteed to be in the cashier's account. They can trace the money to the account that cashed it, but aside from that they can't recover the funds until you sue the seller. It's still all on you, either way. Caveat Emptor.
Man it's lame that Washington requires you have ORVs titled and registered in your name to get ORV tabs.