Suzuki Motor Credit - Stromtrooper Forum : Suzuki V-Strom Motorcycle Forums
General V-Strom Discussion Talk about all things V-Strom not limited to just one of the above models

 
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post #1 of 10 Old 06-06-2007, 02:23 PM Thread Starter
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Suzuki Motor Credit

Hi guys,

I have a line on a 2006 Wee but the owner still owes SMC on the bike. Does anyone know if these loans are assumeable or how quickly they can get you the title after the loan is paid off? I'm a little leary of giving him the money and then hoping that he pays off the loan, waiting on the title to reach him so he can sign it over to me, possibly leaving me stranded. Are these fears justified, or what?

Rick
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post #2 of 10 Old 06-06-2007, 02:33 PM
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Have your bank handle the transaction. Borrow what he owes, or what you are going to pay (even if you have the cash) and the bank will handle all the transfers making sure you don't get hosed.
post #3 of 10 Old 06-06-2007, 05:30 PM
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Smc ?

Quote:
Originally Posted by Trickyrick View Post
Hi guys,

I have a line on a 2006 Wee but the owner still owes SMC on the bike. Does anyone know if these loans are assumeable or how quickly they can get you the title after the loan is paid off? I'm a little leary of giving him the money and then hoping that he pays off the loan, waiting on the title to reach him so he can sign it over to me, possibly leaving me stranded. Are these fears justified, or what?

Rick
I think SMC is just a credit card with no leen on the bike.

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post #4 of 10 Old 06-06-2007, 06:22 PM Thread Starter
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Originally Posted by O-9 View Post
I think SMC is just a credit card with no leen on the bike.
That's what I thought too but here's the owners e-mail reply: "The lien holder is Suzuki Motor Credit. They said it could take a 7-10 days once they get the notice."

Not sure what he means by notice. Not sure how I want to proceed. The bank Idea was good also Shep.
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post #5 of 10 Old 06-06-2007, 08:50 PM
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I bopught mine through Suzuki credit. It is a credit card but they hold the title, I believe it was through HSBC. I paid mine off like 4 years early and it ended taking over 4 weeks to get the title. I kept calling and getting the run around. The claim was it took 2 weeks to process and then they only process titles once a month.

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Last edited by GGRJR; 06-07-2007 at 08:27 PM.
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post #6 of 10 Old 06-06-2007, 09:10 PM
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Suzuki Credit (actually HSBC) is horrible when it comes to releasing titles. It's not uncommon for our customers at the dealership to have us try to get them released once units are paid off.

Waits of 8-12 weeks are not uncommon...which is why we steer people to our local lenders.
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post #7 of 10 Old 06-07-2007, 01:09 AM
 
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hsbc SUX!!!! Use your local credit union to help you with the transaction. Avoid HSBC when ever possible.
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post #8 of 10 Old 06-07-2007, 06:45 PM
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I did one loan with Yamaha (which also uses HSBC) when they had a six-month free financing deal. It took me numerous phone calls and about three months to get my title when I paid it off during the six-month grace period.

There are folks who can act as escrow agents, holding the funds and handling the transaction until the title clears, but I don't know the details. If the person is trustworthy, you might offer to pay the loan off after you've verified that there are no other liens on the title, take possession of the bike, and then hold all or part of the balance which would go to the owner until the title is in your hands.

- Mark
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post #9 of 10 Old 06-08-2007, 08:14 AM
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We paid off Suzuki credit on my 05' V-strom yesterday.!!!!!! Wheeee... Now we'll see how long until we receive the title!!! It is a nice feeling though, to have it paid for!!!!

Gary

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post #10 of 10 Old 06-09-2007, 12:41 PM Thread Starter
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Thanks to all the replys. Wanted to look at it this weekend but the owner hasn't e-mailed me the directions to his house. All communications so far have been by e-mail, which also scares me some. Looks like I may need to move on and look for another one somewhere else.
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