Found an '02 SJ I'd like to buy, but the current owner still owes $3500 on his Yamaha card. I live in Maine which does not require a title. I'm just not sure how to go about buying this thing legit. The owner says he will write me a bill of sale and I'll be fine, but how do I know he will pay his card off? The SJ can be bought for less than $3500, so it obviously won't be paid off right away. All I need to register it is a bill of sale (I checked), but if he doesn't pay his card off, is the Yamaha repo man gonna come banging on my door?
How do I buy this?
- Thread starter SIDEWAYZ
- Start date
- Location
- Jersey
have him give you the account information for the yamaha card, contact them directly tell them you are purchasing the ski and would like to pay off the balance on the card and have the title sent directly to you.
sounds a little fishy though as the guy still owes 3500 on a 7 yr. old ski that cost maybe 500 new
sounds a little fishy though as the guy still owes 3500 on a 7 yr. old ski that cost maybe 500 new
- Location
- Melbourne, FL
if it's a yamaha card does that mean that it's just like a credit card purchase or is the ski collateral for the loan? If it's just a CC, then what he owes doesn't matter to you.
Mark44
Katie's Boss
- Location
- 100% one place
I wouldn't deal with it till it was paid off and he had a clear title to sign over to you, any other way......... run away.
Mark44
Mark44
accbr
addicted
- Location
- Lexington, KY
It's just like a credit card purchase. There shouldn't be a lien on the jet ski, so it doesn't matter what he owes on the card. Just check the HIN to make sure it comes up clean.
dbrutherford
Parts Whore
- Location
- Fairmont, WV
Well here is my $0.02 on this topic. In August 2004 I bought a Kawasaki 700 V-Force 4-wheeler on a Kawasaki Credit Card. The card was issued through Retail Services ,a major credit card company for places like Best Buy ect... I also believe they did mortgages and other types of loans.
Well the quad had some strange financing deal on the card where the interest rate for the first two years was 3.9%, then 6.9% for the next two, and then 18.9% after that. If I defaulted at any point in tim and made a late payment they would jump the interest up to like 27% or something rediculus like that.
The card was a credit card and worked just like any other credit card. I only ever used it to purchase some parts at the dealership, and the new purchase of the quad. At first the minimum payments were $39 a month. Then after the two years were up, the min payment jumped to $137.
Like most stupid who buy things on a whim on credit, I didn't have the money to buy it out right, hence the Kawasaki Card... I paid $100 a month on the quad for a year before getting in over my head in debt. So I cut back to only paying the minum $39 and then when it jumped $137 a month.
I finally paid the quad off last August before the interest rate jumped again to the 18%. I paid it off in 8 months, paying around $525 a month. So my point is, he probably hasn't been paying very much each month on the ski so he owes a lot more than its current value.
Also once I never had a title to my quad. After I paid it off, I called up Retail Services and said I would like my title please. They mailed me a WV title, the state I bought the quad in, with the lein portion signed off on and notarized. This was even though I lived in another state at the time and they had that other address on file. So whoever is the issuer of the ski has the title still would be my guess.
I would suggest to the guy to get another credit card and balance transfer the whole amount onto that card. Then the ski would be "paid off" in the eyes of Yamaha or whoever is the issuer of the card the ski is on. Then he can get the title and you can buy the ski. He can then choose to do whatever he wants to do with the cash you will pay for the ski.
But I wouldn't just give him the cash for the ski and get no title. Even if you are in a no title state, it could cause you problems registering the ski. Plus people aren't as likely to help you out once they get the cash in their hands. I had that happen to me over a dirt bike once.
The guy was all cool when I bought it, then three years later I wanted to trade the bike in to the dealership and the original owner wouldn't return my phone calls. Five years later I run into him and he all cool and wants to give me the title then. Well he never had the bike paid off when I bought it and I never asked for the title being a dirt bike. I had already sold the bike privately with no title so I didn't care anymore. The guy I sold the bike to... yeah he bugged me for the title as well even thoug him told him up front I didn't have it.
Another point to be made, I know here in WV, you can go buy a dirt bike or ATV and not pay the sales tax on it. If you don't pay the sales tax, they will not give you teh title to the bike/ATV. I personally would rather have the title. Regardless, all vehicles/bikes/skis/ect... should have an MSO.
Point of all this, don't buy anything that is supposed to have a title without the title! he is probably broke and in debt and needs the cash. I doubt the ski would get paid off if he had your cash. Like mentioned before, who takes 7 years to pay off a ski?
Well the quad had some strange financing deal on the card where the interest rate for the first two years was 3.9%, then 6.9% for the next two, and then 18.9% after that. If I defaulted at any point in tim and made a late payment they would jump the interest up to like 27% or something rediculus like that.
The card was a credit card and worked just like any other credit card. I only ever used it to purchase some parts at the dealership, and the new purchase of the quad. At first the minimum payments were $39 a month. Then after the two years were up, the min payment jumped to $137.
Like most stupid who buy things on a whim on credit, I didn't have the money to buy it out right, hence the Kawasaki Card... I paid $100 a month on the quad for a year before getting in over my head in debt. So I cut back to only paying the minum $39 and then when it jumped $137 a month.
I finally paid the quad off last August before the interest rate jumped again to the 18%. I paid it off in 8 months, paying around $525 a month. So my point is, he probably hasn't been paying very much each month on the ski so he owes a lot more than its current value.
Also once I never had a title to my quad. After I paid it off, I called up Retail Services and said I would like my title please. They mailed me a WV title, the state I bought the quad in, with the lein portion signed off on and notarized. This was even though I lived in another state at the time and they had that other address on file. So whoever is the issuer of the ski has the title still would be my guess.
I would suggest to the guy to get another credit card and balance transfer the whole amount onto that card. Then the ski would be "paid off" in the eyes of Yamaha or whoever is the issuer of the card the ski is on. Then he can get the title and you can buy the ski. He can then choose to do whatever he wants to do with the cash you will pay for the ski.
But I wouldn't just give him the cash for the ski and get no title. Even if you are in a no title state, it could cause you problems registering the ski. Plus people aren't as likely to help you out once they get the cash in their hands. I had that happen to me over a dirt bike once.
The guy was all cool when I bought it, then three years later I wanted to trade the bike in to the dealership and the original owner wouldn't return my phone calls. Five years later I run into him and he all cool and wants to give me the title then. Well he never had the bike paid off when I bought it and I never asked for the title being a dirt bike. I had already sold the bike privately with no title so I didn't care anymore. The guy I sold the bike to... yeah he bugged me for the title as well even thoug him told him up front I didn't have it.
Another point to be made, I know here in WV, you can go buy a dirt bike or ATV and not pay the sales tax on it. If you don't pay the sales tax, they will not give you teh title to the bike/ATV. I personally would rather have the title. Regardless, all vehicles/bikes/skis/ect... should have an MSO.
Point of all this, don't buy anything that is supposed to have a title without the title! he is probably broke and in debt and needs the cash. I doubt the ski would get paid off if he had your cash. Like mentioned before, who takes 7 years to pay off a ski?
snowxr
V watch your daughters V
- Location
- Waterford, MI
BUY IT. His Yamaha card is a credit card it his name. The ski doesn't have a lein on it. Yours free and clear, and he owes them $$ regardless if he has the ski or not. He should have title paperwork (or MSO depending on state regs) from the original purchase. Yamaha doesn't hold on to it untill it's paid off.
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Yamaha keeps the title to the ski until the card is paid off, even then the title is a PITA to get, it took over 2 years to get mine. Not sure if the ski is considered collateral or not, I would call Yamaha financing and make sure. If he defaults on the card and they come to repo, you could loose your ski, just my .02.
Mark44
Katie's Boss
- Location
- 100% one place
vitalikol
Jetski-Snowboard
- Location
- Pennington,NJ
I bought my SXR from a guy in Connecticut. He owed $4000 on ski at time of buying. I just paid him $4200 and he wright me notarized bill of sale. I never get a title, but I registered it with bill of sale without any problems. And guy at DMV said if I want to sale it I just need to do same thing : wright notarized bill of sale.
if the dmv runs the #'s and it shows a lien from a finance co. they will not register it. at least in ca. i had it happen on a 550 the shop on file with the lien was out of business,and probably had been for a long time. they still wouldn't let me register it good thing it was only a 550. i won't buy anything without a title unless it's for parts. and if he does owe on it and they find you and take it back then your out a lot of money.
- Location
- Melbourne, FL
It's probably worth 3k-3500 I guess. A super deal would be closer to 2700. I'm surprised he still owes on it. An 02 would be about 6 or 7 years old.
slickchaos
Chaos on a SJ
- Location
- Mass/NH
there is a SJ for sale on the CT craiglist.. go check it out.. might be a ride for you but might be less hassles and less questions
One is sold, and the other isn't quite what I'm looking for, thanks though! :biggthumpup:
jetsport484
Are we there yet?
- Location
- Lake Hartwell, SC
Check and see if there is a lien on the ski through Yamaha. (Not every state requires a title, not sure if yours does. EVERY STATE IS DIFFERENT. Know your states laws.) otherwise its just a credit card and not your problem, as long as you have a bill of sale. I have a honda card and they did not lien my CRF450, But they did lien my CBR600. The Important thing is...Does the ski in question have a lien on it? Does your state require a title or bill of sale? then go from there.