Having trouble getting a motorcycle insured

So if $10k is owed, and you walk in and drop $10k in cash on the desk, they won't give you the title? I'm pretty sure that's illegal.

Umm....

FRAME SWAP?

spitfirebill wrote: I'm with Ranger. Charge them a lot. BOA has something up their sleeve.

Sorry. Yes I meant charge them for storage. Put a lien on it for storage charges and get it through a lien.

It may not work, but may get them off the pot. I also think what they are doing is illegal, but with the whole bail out, banks are not running at peak efficiency.

They are a Too Big To Fail bank which means the rules have all changed for them. They are a federally protected species.

As bad as they are with this I just read an article that said they were even worse with mortgages.

Datsun1500 wrote:

DILYSI Dave wrote: So if $10k is owed, and you walk in and drop $10k in cash on the desk, they won't give you the title? I'm pretty sure that's illegal.

They would have to take that. If he had the payoff in cash it would be a non issue. He is trying to get a loan through bank #1 to pay BOA off and bank #1 will not do the loan since they know it will be hard to get BOA to release it.

Get a signature loan from Bank B, pay off BOA with cash, convert signature loan to vehicle loan once in possession.

DILYSI Dave wrote:

Datsun1500 wrote: They would have to take that. If he had the payoff in cash it would be a non issue. He is trying to get a loan through bank #1 to pay BOA off and bank #1 will not do the loan since they know it will be hard to get BOA to release it.

Get a signature loan from Bank B, pay off BOA with cash, convert signature loan to vehicle loan once in possession.

If selling estate items to raise enough cash is not an option, I would do this one too - use an unsecured loan to get the payoff for BOA. And hope you don't have to reposess their furniture to make them give you the title.

I will never bank with BOA. Ever.

Question: is a probate judge involved? If so, maybe he can break the logjam. If not, I'm at a loss of what to do.

But as an estate executor myself, I think I need to warn you to keep EVERY piece of paperwork concerned and make DAMN sure the thing is locked securely. Here's why: right now that bike has no theft insurance. Homeowners' policies specifically exclude coverage on a registered motor vehicle. So if it disappears, BoA is going to look to you, the executor, to make it good.

Curmudgeon wrote: Question: is a probate judge involved? If so, maybe he can break the logjam. If not, I'm at a loss of what to do. But as an estate executor myself, I think I need to warn you to keep EVERY piece of paperwork concerned and make DAMN sure the thing is locked securely. Here's why: right now that bike has no theft insurance. Homeowners' policies specifically exclude coverage on a registered motor vehicle. So if it disappears, BoA is going to look to you, the executor, to make it good.

Yes, if that wasn't an issue it would have already disappeared.

Probate judge already out of the picture.

To the person that talked about paying it off, the issue isn't paying it off, it's getting a title from BOA in a timely fashion. Months to a year is what I've been told.

I'm still back to wondering how to get insurance on it in the interim so I can enjoy it.

Do you need the title to insure it? If you pay it off can you at least get some sort of Letter of Satisfaction from BOA? That should be suitable to then get it insured in your name.

If you're planning on keeping it, waiting for the actual title to arrive isn't that big of a deal as long as you have paperwork to support that you actually own it.

I'm not going to keep it. I don't "appreciate" Harleys and others of that ilk, but since it's here I'd like to drive it in the interim.

I've never needed the title to insure anything else, but now all the insurers are saying they will only issue insurance to the titled owner and won't issue insurance while something is in an estate.

DILYSI Dave wrote: So if $10k is owed, and you walk in and drop $10k in cash on the desk, they won't give you the title? I'm pretty sure that's illegal.

Yea, that's why I'm saying there's more to this story than is being told.

If $10k is the full amount owed, and $10k is offered, the bank cannot refuse the offer and the loan is paid off.

If $10k is owed, and the executor is offering $5k, the bank can refuse to accept the $5k offer.

As well the monthly payments.

If the monthly payments on the loan were say $300, and the debt has not been defaulted on, the bank cannot suddenly refuse to accept the $300 monthly payments, thereby forcing a default.

If the monthly payments on the loan were say $300, and the debt was defaulted on by the deceased or the executor, the bank may be allowed to refuse to accept monthly payments of $300, and demand payment in full.

There are some significant facts in this story not being told. And the executor of the estate wishes to enjoy chattels not of his own, for his own personal enjoyment, until such time as he tires of such personal enjoyment and enrichment. Something I am fairly certain he is not legally entitiled to do. Regardless of his having done this in the past.

carguy123 wrote: To the person that talked about paying it off, the issue isn't paying it off, it's getting a title from BOA in a timely fashion. Months to a year is what I've been told.

That doesn't sound right. Every time I've paid one off, if the title is held in that branch, I get it on the spot. If the title is held at a corporate office, I get it in a couple of weeks.

You are not listening foxtrapper and you are right DILYSI it's not right. It's not that they won't accept the money, it's you can't get the title out of them for months on months.

I've had attorneys, banks, buyers, etc. contact them and there's not a simple solution, but that's not the issue. I know that in time they will come back to me with a solution.

For the moment I do want to enjoy the bike. It's only been sitting in my shop for over 2 years now just gathering dust. I am responsible for it so I might as well get to use it until the economic climate changes and the Too Big To Fail banks have to follow the rules of the rest of the world.

So why will motorcycle insurance companies only insure for the titled owner and yet, cars, trucks, boats and jet skiis can be insured by the party in possession. I know these others can because I have either done it myself or given things over to friends for them to use and insure.

Silly me, I guess I got confused when you said:

"The only drama is with the lien holder (a big bank) who won't release the lien nor accept a payment."

and

"They won't accept a short sale even tho we've presented them with 5 at above market value for both"

If it's been sitting for 2 years, pay it off and wait the couple of months if that's what it takes?

I still can't believe that it takes any bank, even a bank as incompetent as BOA, a year to release a title on a loan paid in full.

EDIT -

http://www.bankofamerica.com/vehicle_and_personal_loans/index.cfm?template=faq_auto_rv_boat#29

BOA said: Once I pay my loan in-full, how long will it take for me to receive proof that the loan is closed and get my title? In most situations you can expect to receive your lien release, paid-in-full letter and title (if the title is available) within 7-10 business days after we receive and process your payoff. If the title is electronic or other conditions apply, our letter will detail the process to obtain the title and ensure that the lien release is properly recorded.

Dealers usually get special rules from the state with regard to registering/insuring/etc. vehicles before the title shows up. I can get a 30 day plate on a car bought from a dealer, but all I can get is a one-way, 2 day "transit" plate for a private sale.

BOA took over 3 months to produce a title for the BMW I bought from a private party out of state, and it had to sit unused, unregistered in my driveway that whole time. That's why I'll never buy a used car with an outstanding lien again, nor will I ever go anywhere near a Bank of America except to piss in their bushes.

foxtrapper wrote: Silly me, I guess I got confused when you said: "The only drama is with the lien holder (a big bank) who won't release the lien nor accept a payment." and "They won't accept a short sale even tho we've presented them with 5 at above market value for both"

Did you miss the part where I've said over and over all I'm really interested in was getting insurance on the bike?

racinginc215 wrote: I don't understand. I just insured a bike that I don't even have here yet yesterday not in my name or anything else. all I needed was a VIN number. then again I did it online and had nobody asking me questions. I'd hit progressive.com and see if they will insure it online. and don't mention it's in an estate.

I've gone to Progressing and they ask the name the bike is titled in and then turned it down. How'd you get past that question? I'm all ears!

DILYSI Dave wrote: If it's been sitting for 2 years, pay it off and wait the couple of months if that's what it takes? I still can't believe that it takes any bank, even a bank as incompetent as BOA, a year to release a title on a loan paid in full. EDIT - http://www.bankofamerica.com/vehicle_and_personal_loans/index.cfm?template=faq_auto_rv_boat#29

BOA said: Once I pay my loan in-full, how long will it take for me to receive proof that the loan is closed and get my title? In most situations you can expect to receive your lien release, paid-in-full letter and title (if the title is available) within 7-10 business days after we receive and process your payoff. If the title is electronic or other conditions apply, our letter will detail the process to obtain the title and ensure that the lien release is properly recorded.

That's what they say, but not what they do. I haven't found a bank that will follow in BOA's footsteps.

And I don't want to pay it off. I don't want the bike. I don't really like Harley type bikes. All I want to do is since it looks like it will be sitting for another year or more, I simply want to be able to use it occasionally. My wife won't even ride on it over 30 mph, there's not really a good back seat and with the extended forks it takes a mile to turn a corner.

Josh wrote: Dealers usually get special rules from the state with regard to registering/insuring/etc. vehicles before the title shows up. I can get a 30 day plate on a car bought from a dealer, but all I can get is a one-way, 2 day "transit" plate for a private sale. BOA took over 3 months to produce a title for the BMW I bought from a private party out of state, and it had to sit unused, unregistered in my driveway that whole time. That's why I'll never buy a used car with an outstanding lien again, nor will I ever go anywhere near a Bank of America except to piss in their bushes.

WHAT HE SAID!!

carguy123 wrote: Did you miss the part where I've said over and over all I'm really interested in was getting insurance on the bike?

You brought up the money first, and you've danced all over on it. You've contradicted yourself and spun all around.

I've simply noticed, and followed the trail.

If all you're interested in is insurance, why did you bring up the loan on the bike?

None the less, I'll post once again for you to read and know, that what you are doing is generally regarded as illegal. For the fun of it, I went and checked. Many states cover it quite specifically.

The fact that you've gotten away with it before doesn't make it any more legal or right. You're wanting to use property that isn't yours, for your own enjoyment. That is not a right or privilege of an executor. It is an abuse of power.

It's definitely NOT illegal and I've done no dancing. I'm a white guy, don't you know white guys can't dance?

I have a sheriff friend who suggested I ride it in the first place and an insurance agent who does it all the time on vehicles. We are not abusing our powers in any way. If we wanted to sell it the bike has to be able to be driven on the streets so people can test it. Since we know it is unsalable and the lender knows we have it and the lender refuses to pick it up even after legal notification they are taking the risk it will be caught up in a fire in our shop, stolen or otherwise lost.

racinginc215 wrote: I don't understand. I just insured a bike that I don't even have here yet yesterday not in my name or anything else. all I needed was a VIN number. then again I did it online and had nobody asking me questions. I'd hit progressive.com and see if they will insure it online. and don't mention it's in an estate.

I do business locally with my agent. He has told me I can insure anything I want to if i have a VIN, if I want to pay the premium. You have to pay to play.

carguy123 wrote: I have a sheriff friend who suggested I ride it in the first place and an insurance agent who does it all the time on vehicles.

Why aren't you using that agent to buy the insurance?