2007 R6 - Under $5k
This is one of the more unique CL ads...lotsa grey areas, don't understand the deal myself, but FYI for the more adventuresome:
2007 Yamaha R6 (price is firm) - $4990 (Richmond)
Reply to: email@example.com [?]
Date: 2008-09-19, 9:20AM PDT
This bike is registered to me now, registration can be transferred to your name.
This bike is not an ICBC write off or rebuilt wreck. It is completely insurable. It has had some touch ups but no major repairs or crashes.
A "collateral lien" is registered against it. What this means is that a married couple used the VIN of the bike to secure a loan for a $12000 used Honda Civic. The couple have now split and the wife can't be reached. If the wife keeps paying for her car all is ok (which is the case). If she defaults on the loan, the bank takes her car and sells it for what she owes on it. There isn't much chance that the bike will be sought for reposession anyways because it does not belong to these people anymore and the present owner did not sign the lien with the bank. This bike did not have a lien on it when it was originally purschased.
This is not a scam. I can meet you and show you the bike, registration and lien search. Buy the bike and track it, part it out and keep some spares for yourself, up to you.
2007 R6, 7000kms, some minor touch ups have been done. Bike is in excellent condition and is mostly stock except for 520 gearing.
If you intend on meeting me to see the bike, plan on travelling to Steveston (Richmond).
In closing, I would like to than everyone that have contacted me for their time.
saw it for almost 2 months. he couldn't sell it as it's been there for a while.
too risky imo.
The collateral is on the bike not the car. If she defaults payment they will come looking for that bike regardless of who owns it. Collateral, I would say that bike belongs to the bank at the moment. I think the owner realizes the risk now and is trying to unload it as quick as possible as not to get burnt on it. And that would be why you do a lien check before purchase.
agreed, seen the ad a couple weeks ago... buddy cant explain himself enough to make it any clearer... got taken, now he's trying to unload quick.. not gonna happen..
Originally Posted by twisted
if someone were to hypothetically buy this bike and hypothetically never insure it and just turn it into a hypothetical track bike and never store it outside where repo men could get to it, would it hypothetically never get taken away even if the lady did default?
Not wearing pants.
You could do that....
...Or just buy another R6 frame with a legit VIN and clean title, swap it all over, sell the frame with lien on ebay for the same price you bought the clean one....