Seller owes Sheffield $$ - how to proceed?

[VStarRider]

Hello - just bought a Spyder in a private sale today.

The seller has it financed through Sheffield Financial. This is not like going to a local bank, meeting the seller, paying off the loan, getting a printed lien release, etc, etc. Sheffield is based in North Carolina and does not have branches.

How do I proceed with a transaction like this?

 

[Chasinsparks]

Call Sheffield in the morning and ask them how to proceed. You may be able to send them the payoff amount and give the seller his cut. I would also get a notarized bill of sale with detailed description of what is to take place.

 

[MONK]

Sheffield seems to be the BRP/Can Am finance company. My RT is financed through them. I've never done business with them although I do live in NC. I asked the dealer if there was someone else (just to further compare interest rates). He said they were the only option.

 

[Sarge707]

I have done several through them. They have the Title so you need to ask them how you get it?

 

[VStarRider]

I have done several through them. They have the Title so you need to ask them how you get it?

No, in New York, the owner gets the title, whether it is financed or owned outright. I will call Sheffield in the AM and get some direction from them. Thanks.

 

[carbonation]

Normal course would be pay seller, seller pays off note, seller receives title, forwards to you.
You need a contract, signed and notary seal.
If the seller doesn't pay and follow through, it's gets ugly at that point.
You may opt to issue checks to finance company and seller to try and make it harder to cheat.

 

[IdahoMtnSpyder]

No, in New York, the owner gets the title, whether it is financed or owned outright. I will call Sheffield in the AM and get some direction from them. Thanks.

It'll still have to go to Sheffield to have them release the lien, won't it?

 

[ndspyderlover]

the seller should pay off the loan and get the title [with the lien released] and then transfer it to you. if he doesn't have the cash to do that he cold get a short term note from his bank and then pay them off when you pay him for the Bike. it is risky to pay for the Bike before you get the lien released. like I said in past threads I am an ex banker.

 

[VStarRider]

I called Sheffield and my credit union. The best course of action was to have my credit union send the check directly to Sheffield. Once it is in the mail, the seller will sign the title over to me. At this point, the lien is still on the title. I cannot register it, he cannot sell it. Seller is out of the loop when it comes to the loan being paid off. Once the loan is paid off, I will go and get the Spyder and await the lien release in the mail from Sheffield. I have a notarized bill of sale, using a template provided by the NYS DMV, from the seller outlining all of this. He owes less than the balance due, which is good. I will give him cash for the remaining balance.

 

[ARtraveler]

I called Sheffield and my credit union. The best course of action was to have my credit union send the check directly to Sheffield. Once it is in the mail, the seller will sign the title over to me. At this point, the lien is still on the title. I cannot register it, he cannot sell it. Seller is out of the loop when it comes to the loan being paid off. Once the loan is paid off, I will go and get the Spyder and await the lien release in the mail from Sheffield. I have a notarized bill of sale, using a template provided by the NYS DMV, from the seller outlining all of this. He owes less than the balance due, which is good. I will give him cash for the remaining balance.

Glad to hear you are on the way to getting the issue solved. At least your not getting shafted out of your money. :yes:

 

[VStarRider]

Just to close the loop on this ... my credit union offered Second Day Air to get the check to Sheffield ... it arrived 5/14 ... his loan balance showed $0 by the end of the business day and the Spyder was in my garage, title in hand, by 7:00pm, same day. Turned around a transaction with a lienholder in three days ... not bad!

 

[ARtraveler]

Thank you for posting the final outcome. Not everyone is kind enough to do that. :yes: