Dealing with a lien?

[Porkchop]

So as some of you have seen, my friend is selling his bike. He got trapped in the whole Suzuki credit card thing, and is just treading water right now on the thing. I felt bad for him, so I decided to help him sell it. Well we have seen a couple lowball cash offers, but nothing that he is comfortable with. His balance left is about $4400, which is pretty ass backwards. He is pretty comfortable with paying about $400 to get rid of it. Today I had a guy email me about possibly transferring the lien to him. I'm not very versed in stuff like this. Isn't that technically impossible? Doesn't this guy have to go out and get his own loan, and bring us the cash? Or can the lien be transfered barring credit approval from suzuki financial? I know its probably a pretty stupid question, but I've never owned a vehicle bought on a loan.

[tkevcu]

He would need to call Suzuki financial to see if transferring the lien is an option. It used to be more popular, but AFAIK a lot of financial institutions have stopped doing this.

If Suzuki agrees that it is an option, the buyer would have to pass a credit check with them, and they will have to approve the move.

The only time I have ever hear of transferring, is when the loan rate is lower than the currently offered rates... I'm sure there are other reasons... I just can't think of any.

[Kaneman]

Most Transfers of Interest (TOI) bring in an additional party to be responsible for the loan, but they do not absolve the original buyer of responsibility until the loan is paid off by the new owner. In other words, its just an after the fact co-signer.

Suzuki Financial's TOI dept (if they do that) will have all the specifics. I know Mercedes Financial did not tell customers that they weren't actually getting out of their loans, so have him be sure to read the fine print.

[ontwo]

So as some of you have seen, my friend is selling his bike. He got trapped in the whole Suzuki credit card thing, and is just treading water right now on the thing. I felt bad for him, so I decided to help him sell it. Well we have seen a couple lowball cash offers, but nothing that he is comfortable with. His balance left is about $4400, which is pretty ass backwards. He is pretty comfortable with paying about $400 to get rid of it. Today I had a guy email me about possibly transferring the lien to him. I'm not very versed in stuff like this. Isn't that technically impossible? Doesn't this guy have to go out and get his own loan, and bring us the cash? Or can the lien be transfered barring credit approval from suzuki financial? I know its probably a pretty stupid question, but I've never owned a vehicle bought on a loan.

You're correct

[skiergirl]

I sold a bike a few years ago I had a loan on, I met the buyer at his bank where he had financing all set up, we all signed paperwork. The bank transferred the money they gave him to the loan for me, then I wrote a check for the difference and it was done. Took 15 minutes....it's really not that hard at all if you are dealing with financial institutions, they take care of it all for you.

[ontwo]

I sold a bike a few years ago I had a loan on, I met the buyer at his bank where he had financing all set up, we all signed paperwork. The bank transferred the money they gave him to the loan for me, then I wrote a check for the difference and it was done. Took 15 minutes....it's really not that hard at all if you are dealing with financial institutions, they take care of it all for you.

We're some nice mofos :lol: