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Discussion Starter #1
Let me lay out my predicament:

I purchased my bike from an out of state seller who I truly believe to be honest. He had the bike financed through Kawasaki and stated that HSBC serviced the loan. He paid the loan off the week before I purchased the bike and they told him that they would mail the title within 15 days. He said once he got the title he would sign it over to me and then mail it to me to complete. Hindsight being what it is I probably should have waited but I went ahead and bought the bike and received a So. Carolina official bill of sale. I spoke with my DMV and they stated that I could legally drive on the bill of sale for thirty days but I cannot receive a tag until I title the bike and it must be titled within 30 days or "significant penalties will be incurred". To make a long story short I now have one week before the thirty days are up, the seller states that he has contacted HSBC and it shows a balance of $0 and that the title is being "processed for delivery", and I am a nervous wreck about what to do. I have since learned that HSBC is notorious for taking forever to send titles. Has anyone had any experience with a situation like this or any advice about what I should do?
 

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Let me lay out my predicament:

I purchased my bike from an out of state seller who I truly believe to be honest. He had the bike financed through Kawasaki and stated that HSBC serviced the loan. He paid the loan off the week before I purchased the bike and they told him that they would mail the title within 15 days. He said once he got the title he would sign it over to me and then mail it to me to complete. Hindsight being what it is I probably should have waited but I went ahead and bought the bike and received a So. Carolina official bill of sale. I spoke with my DMV and they stated that I could legally drive on the bill of sale for thirty days but I cannot receive a tag until I title the bike and it must be titled within 30 days or "significant penalties will be incurred". To make a long story short I now have one week before the thirty days are up, the seller states that he has contacted HSBC and it shows a balance of $0 and that the title is being "processed for delivery", and I am a nervous wreck about what to do. I have since learned that HSBC is notorious for taking forever to send titles. Has anyone had any experience with a situation like this or any advice about what I should do?
Get the guy to write you a new bill of sale dated at the end of the first 30 days.
 

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Let me lay out my predicament:

I purchased my bike from an out of state seller who I truly believe to be honest. He had the bike financed through Kawasaki and stated that HSBC serviced the loan. He paid the loan off the week before I purchased the bike and they told him that they would mail the title within 15 days. He said once he got the title he would sign it over to me and then mail it to me to complete. Hindsight being what it is I probably should have waited but I went ahead and bought the bike and received a So. Carolina official bill of sale. I spoke with my DMV and they stated that I could legally drive on the bill of sale for thirty days but I cannot receive a tag until I title the bike and it must be titled within 30 days or "significant penalties will be incurred". To make a long story short I now have one week before the thirty days are up, the seller states that he has contacted HSBC and it shows a balance of $0 and that the title is being "processed for delivery", and I am a nervous wreck about what to do. I have since learned that HSBC is notorious for taking forever to send titles. Has anyone had any experience with a situation like this or any advice about what I should do?
He lied to you about the 15 days. I had HSBC for my 1st bike and they distinctly told me "30 days" to receive the title ONCE PAYMENT HAS BEEN PROCESSED. Thats how long it took. Read: Send payment = min two days, wait = 30 days, title traversing mail = 2-3 days.. 30+ days.
 

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Well call the DMV and see what happens if you don't get it within a week.
 

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Lesson learned; don't ever buy from a private party without title in hand!

I just bought a 650 this last weekend out of state, got everything registered on tuesday and went for 1st ride last night. Fun bike.

I would buy from someone that had a lean on bike, but it would have to be at a local lending institution so we could both walk in and take care of paper work at once.
 

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If a bike is not registered within 30 days, the penalty here in IN is $21...

Maybe they consider that significant?
 

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Get the guy to write you a new bill of sale dated at the end of the first 30 days.
+1, if the guy is actually honest and this is all HSBC's fault than this shouldn't be a problem.

My rule is usually that if title isn't in hand I look elsewhere.
 

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The clock will start ticking from when HSBC gives the title to the new owner and he signs the release, not from when you took the bike. The bike was legally not his to sell until HSBC signed the title over to him. Have him sign and date it with the current date once he gets it, and send it via something trackable (like FedEx).

Make sure he signs everything on the title he has to. The CA title has two spots in the front for the seller to sign - the release of interest and the odometer disclosure.

In the meantime, have him send you a screenshot of the 'paid off' screen with the VIN of the bike visible, so that you know it's all up-front.

BTDT, will NOT do it again.
 

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I would be more inclined to think it's a problem on HSBC's end. My first bike was financed through them. In less than 10 days from them getting paid off, I had a new title in hand, no more work needed. However, I had another bike financed through them and it was a PITA to get the title. The biggest problem is that they are using 2 title systems - paper and electronic. And they usually get it screwed up on the paper side, where the loan processor assumes that the title is electronic and sends the release that way to the DMV, but the DMV can't do anything without the paper. But then they screw up on the electronic side by NOT sending the proper notification to the DMV, so you still don't get the title in a timely manner.
 

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Discussion Starter #10 (Edited)
Thanks for all the advice. I am going to see if the seller will do another bill of sale to extend the 30 days. Hopefully everything will get taken care of soon enough.
 

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Discussion Starter #11
Just an update......the seller sent me a new bill of sale a few weeks ago and I got the title yesterday. Went to the tag office today and got my plate, the new title will be mailed in 2-4 weeks. I'm so relieved that everything worked out but I can't help but say that HSBC and their lien/title release process sucks.
 

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i'm glad you are home free.

i agree about buying from a private party only if he has a clear title in hand. i probably would never deal with a liened used vehicle.
 

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you lucked out big time. I had my bike financed through Sheffield Financial, and recently re financed. They said it was going to take 90 (yes, 90) days for the title to get to me so I could send it to USAA. USAA talked to them though, and ended up getting the title overnighted to me! LOL
 

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wow thats a weird process.. here in Canada you hold the title to your bike/car/home from day one, not the bank. There is still a lien if its financed of course, but the title remains in your name, and in your hand until any point that you become significantly behind in payments or whatnot.
 

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Discussion Starter #18
wow thats a weird process.. here in Canada you hold the title to your bike/car/home from day one, not the bank. There is still a lien if its financed of course, but the title remains in your name, and in your hand until any point that you become significantly behind in payments or whatnot.
Yeah, yeah and you have free universal health care too....stop rubbing our faces in it!!!:)

(just joking, I mean no offense)
 

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wow thats a weird process.. here in Canada you hold the title to your bike/car/home from day one, not the bank. There is still a lien if its financed of course, but the title remains in your name, and in your hand until any point that you become significantly behind in payments or whatnot.
are you referring to the registration or the title? in the US, two documents are typically required (ok, i s'pose it may vary from state to state):

1.the title, or what we call a pink slip, is not handed to the buyer if financing is part of the deal; the pink slip is mailed to the owner/borrower after the loan is paid off.

2.the registration accompanies the license plate, and is renewed every year, and it legally verifies who the owner is (which the title does also).
 

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are you referring to the registration or the title? in the US, two documents are typically required (ok, i s'pose it may vary from state to state):

1.the title, or what we call a pink slip, is not handed to the buyer if financing is part of the deal; the pink slip is mailed to the owner/borrower after the loan is paid off.

2.the registration accompanies the license plate, and is renewed every year, and it legally verifies who the owner is (which the title does also).
For vehicles there is only 1 document here, the registration (we generally call it the ownership) is all we use, whether its paid cash or financed there is no other documentation.

For our homes, there is a title or "deed" and again, it was in my possession within a few days of buying my house, even though I won't have it paid off for over 20 years..

Yeah, yeah and you have free universal health care too....stop rubbing our faces in it!!!:)

(just joking, I mean no offense)

yes... the universal health care is nice lol.. maybe if you guys stopped giving obama such a hard time you could have some too eh? :laugh:
 
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