Noob Buying Bike Liens/Release letter?
 

hey guys so this will be my first time buying a vehicle and i have a few questions
i bought carproof verified bc on the bike i was gonna buy turns out there is a lien on it but it doesnt say if its paid off yet(should it say discharged if it was?) The seller bought it brand new so its not hard to believe that he might have financed it. im just worried that he didnt pay it all off yet.
heres what it says

******PPSA Security Agreement *******
reg date. APR 09 / 2007 Length 6 Years Expiry date APR 9/2013
Secured Party: Laurentian Bank Of Canada etc..

BAse Debtor : ASDJAEOAWIEUAWOIE

Minus a few details

i gave the bank a call and they said it couldve been paid off but they cant verify it becuase im not the seller. But they did say that if it was paid off there should be a release letter that the seller should have from the bank
Can anyone chime in here and tell me what a release letter looks like? i dont want him to give me a fake release letter and then im SOL
anyone got any advice for me?

of course ill have a pre purchase inspection dont also but im more worried about this lien

TIA

When I financed my bike through the dealership I received a notice in the mail from Honda Financing indicating that my account was paid in full.

If the lien was indeed paid off, the owner should have a letter from the bank indicating their interest in the lien has been fulfilled. Then again, it could be fake. Go to the bank with the seller to verify.

If the Carproof says it has a lien, it probably does.

Work something out with the owner of the bike. Give him an offer he can't refuse (but don't lowball him! LOL!) If he's not willing to work with you, run away from that shit as fast as you can. Besides, the seller should have been straight up and honest about that kind of stuff. I tend to walk away from sellers who don't tell you the truth. You are better safe than sorry. Liens are not a joke.

My letter looks like this.

http://members.shaw.ca/baybeejay/paid.gif

^ THANK YOU

search "lien" - i went through a similar situation as you except i bought a car (thread should be from June 2011).

Some smart ass wanted to know why I asked too many damn questions re: lien...

i remember trying to buy a bike off this guy who had his lien through Laurentian Bank Of Canada. he insisted that i pay him, so he could repay the bank, then he'd transfer the papers to me. fuck that LOL.

instead, i found another bike, but it had a lein on it as well. the seller paid it off, got a letter from the bank and sent that to me, indicating the bike was free from the grips of the bank.

Just out of curiosity what bike is it that you're looking at?

I remember looking at a bike and did a lien check as well and the Laurentian Bank of Canada came up. Or is this a common bank associated with liens?? sorry if it's a noob question.

07 Gsxr
i do think laurentian bank does financing but i only glanced at their website
i read your other thread and it gave me some info i thanked that post so you dont feel left out haha:D
im meeting with the seller on monday so ill probably go to the bank with him and get this all sorted out. I think there is a laurentian bank downtown
Google Maps

Laurentian Bank is a major financier for motorcycles/scooters. They are a major bank based out of Quebec.

Perhaps you can just call the bank. Better safe than sorry.

you can only call so much, some banks are a bitch and say sorry, i can't tell you cause it's confidential.

Tell the guy there is a deal, have him sign the release ICBC form transfer of title, but insist you want him to call the bank WITH you on the phone, have it on paper that it's released before you give him all the money.

I did that. I took the dude at the bank, paid the BANK directly, the guy covered the rest of the lien. by then i already had the paperwork all signed so it was good to go.

When I was selling my car and my car had a lien on it, we met up and I called BMW financial services on speaker phone for him to hear clearly exactly how much is owed, then he made a bank draft directly to them and a seperate one to me for the difference, that way he can have a peace of mind and you know you won't be screwed over.

bump
so this is about the same bike
he paid off the debt and the release letter is on its way, gonna call the bank when i see it to make sure its legit.
but another question would you guys buy a bike if it only came with 1 key?
TIA

Well, I don't see why not, unless the guy knows where you live and he plans on stealing your bike after and parting it out but I would say the chance of that is pretty slim

k i guess i was just paranoid
thanks

I would get a disc lock just in case. If he has the extra key he won't be able to move/ride off with the bike if there's a disc lock.

And if he doesn't have the extra key, a disc lock is always a good investment for bike security imo.

Good call on the disc lock. Make sure you buy the reminder cable so you don't try to ride off with it on still.