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Joined: May 07, 2010 Posts: 299 Location: Gadsden, Alabama
Posted: Thu May 20, 2010 10:38 pm Post subject: Bonded title / abandoned title............
Has anyone here ever gone this route to obtain a title on a motorcycle?
I've run across a deal of sorts. A lady who has rental properties has all abandoned vehicles stored in a warehouse close to me.
There are 2 motorcycles in the lot and she'll give them to me if I'll first register them in my name (bill of sale will have such in contract form).......... One of them is a 1972 Honda CL100 and will not be a problem as anything older than 1975 doesn't have to have a title here.
The other is a 1996 NTV 650. This bike has only been in storage for 4 months. Turned on the ignition and hit the start button... she fired right up, and operated normally. I rode it around the warehouse roads and it runs out fine.
I really want the CL (I know, another one?!?! lol so I do), but to get one, I have to get both. What I'm wondering is whether or not the hassle with either bonded titles or abandoned titles or whatever is worth it? I haven't looked up any value on this bike and really don't care. It's got to be worth something. If I can get a title on it and sell it for the same amount or at least not LOSE money, and it not take months, then I'm interested. I really just want the CL.
Here's the story behind it:
She had to evict a renter who landed in jail and was unable to pay rent. Normally in these cases, she'll store their belongings until family or authorized friends can pick them up. In this case, the renter's damages to the property are in excess of $5000 in repairs and she's not releasing their property. I contacted the owner to see if he would sell the title (sell me the bike)......... Long story short, I have a title ($20) on the bike, but it's useless. The original owner sold it to someone who turned around and sold it to this guy.
The second guy never titled the bike and sold it to this guy. Trouble is, he signed the title over on the next line down (the lien holder part) and it's now useless.
DMV provided the info on the last titled owner. Tried to contact him, only to find out he's moved to South America and no one knows how to reach him, so that option's most likely out.
My last ditch is that I "can" have the wrecker service put a storage claim on it and then get a salvaged goods release, but this I AM familiar with and it's WAY too time consuming for me.
The CL it's self was left behind by someone who just moved out and left it there (along with 3 cars and a truck). This thing is in beautiful condition and I want it. It's been sitting for at least 2 years, so going to need some work one way or another, but there's no rust, the paint's still shiny on straight steel. The darn exhaust is still in beautiful condition.
She says a family member left it to the people who abandoned it and they moved out shortly after.
Had DMV run it as well and it's either always been an Alabama bike, or another state that didn't require titles. It was last tagged in 1976, somewhere in Alabama, but as there's no title search, DMV will not release info on the tag (if they even have it, but as it's not needed, they'll not release the info anyway).
So................ Has anyone filed for an abandoned title, or used a Title Bond to get a title? Though different states are going to be different issues, if you've gone this route, was it a big deal and did it take months?
Posted: Fri May 21, 2010 5:27 pm Post subject: Bonded title .
Hello Freaky_1 ; I don't know if the laws are drastically different in Alabama then they are here in Arizona , but I pursued a bonded title on a car here and it was really no big deal . Our stories are similar in that I also had a useless title due to legal issue over the correct year . Any way , when you get the bond to pursue the bonded title the bonding company is issuing insurance to the state in case of someone with a better claim showing up .Once the State issues the title to you , it's yours . But if someone with a better claim comes forward the bonding company will pay off the claim . If the bonding company thinks you have a risky claim then they will jack up the charge or won't issue the bond at all . You sound like you have a good claim and the charge should be based on the value of the bike . My car was valued at $1600.00 and so the bond was the minimum charge of $100.00 . I then took the bond to the DMV and had no problem getting the title . I did have to send a certified letter to the previous registered owners last known address and wait till it came back undeliverable . I don't know what different states might have different in their laws . Here in Az. it was fairly easy to get the bonded title . Hope this helps .
Joined: May 07, 2010 Posts: 299 Location: Gadsden, Alabama
Posted: Fri May 21, 2010 7:00 pm Post subject: Re: Bonded title .
tcanough wrote:
Hello Freaky_1 ; I don't know if the laws are drastically different in Alabama then they are here in Arizona , but I pursued a bonded title on a car here and it was really no big deal . Our stories are similar in that I also had a useless title due to legal issue over the correct year . Any way , when you get the bond to pursue the bonded title the bonding company is issuing insurance to the state in case of someone with a better claim showing up .Once the State issues the title to you , it's yours . But if someone with a better claim comes forward the bonding company will pay off the claim . If the bonding company thinks you have a risky claim then they will jack up the charge or won't issue the bond at all . You sound like you have a good claim and the charge should be based on the value of the bike . My car was valued at $1600.00 and so the bond was the minimum charge of $100.00 . I then took the bond to the DMV and had no problem getting the title . I did have to send a certified letter to the previous registered owners last known address and wait till it came back undeliverable . I don't know what different states might have different in their laws . Here in Az. it was fairly easy to get the bonded title . Hope this helps .
Thank you tcanough, I believe I'll go for it then. If nothing else, I'll have had a learning experience
If it all goes well, I might make an offer on a couple cars from her
At present, I'm only $20 in on the title and about $10 on fuel, so might as well give it a shot.
Posted: Fri May 21, 2010 7:39 pm Post subject: Bonded title .
You may just have found a pot of gold !! If you prove of value to this landlord in dispensing with some of these harder to sell items , well , you might be on the receiving end of some great business deals . Good luck to you .
Joined: May 07, 2010 Posts: 299 Location: Gadsden, Alabama
Posted: Fri May 21, 2010 9:06 pm Post subject:
To be honest, I've been getting items from her for quite some time now. Mostly electronics and the like.
Sell 'em on fleabay or craigslist and she gets 25%.
She knows I'm in the wrecker / towing business and offered me a deal on the cars a few days ago. I told her that I was fairly certain that we could do much better than scrap value................. blah blah.
Long story short, she's agreed to let me have all bikes from here out. Her offer, not my request. AWESOME!
The untilmate goal here is to sell off the cars (save for a couple I'm interested in) and keep plugging forward with the other gadgets and such.
I've created something of a small time business from moving (selling) left over items for people. It all started with her and she's given my info to others. We've just barely delved into this vehicle mess and already a couple shops have called. Looking forward to seeing where this goes.
Posted: Sat May 22, 2010 9:21 am Post subject: Bad title .
I also wanted to tell you about a motorcycle title that I had a nightmare getting the title for , because the seller signed [and filled out ] the buyer area and then filled out the seller area [after realizing his mistake ] . He then crossed out the info on the buyer area and initialed it . I was stuck and it wasn't notarized [I had already paid for it -Ebay] . Any way the dmv looked at it as the seller was holding a lean and wanted to also be on the title . Long /short , I had to get a release of liability form filled out by the previous owner and notarized , as well as error form filled out and notarized . So some of these title errors can be corrected [if you have the patience of " JOB" ] which I generally don't . It was a three week , several visit to DMV , additional expense , nightmare . By the way is anyone interested in buying a very nice 85' Yamaha ty350 with a nightmare earned clear title ?
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It's been sitting for at least 2 years, so going to need some work one way or another, but there's no rust, the paint's still shiny on straight steel. The darn exhaust is still in beautiful condition.
