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paying off the bike title Q.

Discussion in 'General Motorcycling Discussion' started by fubarcbr, Sep 16, 2007.

  1. just a quick one to any of you who actually own your bikes, i got mine on finance and they are screwing me on the payments. it doesn't matter if i pay of 10k the interest is still calculated for the whole loan with is a complete and utter load. i am getting of topic.

    i will be paying the bike of in a bout 5 weeks in cash and i have no idea about the title or what ever, can someone please explain what happens once i pay it off etc.
  2. No big hassle, gets done all the time.

    You call the lender and ask for a payout figure for a specific date.

    They should suspend your repayments (ask them to) and then either Bpay them or pay it off with a bank cheque however they want it.

    They will then send you a letter confirming all paid off and update the REVS (or equivalent) in about ten days.
  3. if you intend to pay off the loan early you should always take the option that has no fees for early payout usually has higher fees or interest but
  4. TC's right. Ring the lender, request a payout figure in writing.

    Pay it to them by whatever means you like. Request a statement from them of your repayments, interest, and a letter saying that they no longer have any interest in the vehicle.

    Unless you actually leased it, the vehicle should already be in your name - you're just cancelling your debt to the lender [or cancelling their interest in the property: same thing].