How do you obtain a new title for a motorcycle which was abandoned by the lien holder? |
[Edit] |
Most states have a "quick title" or otherwise known as abandoned vehicle title service through the vehicle registration department in your state. They should be able to advise you. Another way to find out is to call a salvage yard and see hoe they title abandoned vehicles.
You can use a lean-sale company to initiate a lean on the bike in lieu of theoretical storage fees. When the bike defaults the lean it is issued a new title in the lien holder's name (you.) For expensive bikes it takes about 3 months. For less expensive bikes it takes about a month. The lien sale company charges about $75-$100. You can also initiate the lien yourself but the process is a little more difficult. The waiting period is to see if the actual owner of the property steps up and claims the bike, or contests the lien. They send notification to the address on the last title holder. If the bike has been out of the system for more than 5 years (California), registration information is dumped,k but they should still have the title holder on record. You still have to go through the lien sale process even if the bike is not registered with the state.
First answer by ID403427647. Last edit by Ramedia. Contributor trust: 21 [recommend contributor]. Question popularity: 117 [recommend question]
|
Research your answer: |



