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hey all. I'm a former rider until I had kids and hopefully with get back into it soon, but I'm here to ask a question and hopefully get some good feedback. I have a friend who bought a yamaha virago about 8 years ago. he lost his job and didn't make any payments. he has the bike and it has 5000 miles on it. hasn't been riden since he bought it. its in perfect condition, but the bank holds the title. he found out through a credit agency that the bank charged off the account. basically, they aren't looking for their money anymore because its been so long. So my question is this: what can be done with the bike? I friend is lazy, and the bike will end up sitting in his basement for ever. Is this thing only good for parts now, or is there anyway to register this and get in on the road? any suggestions would be appreciated. I can't stand seeing this great bike just wasting time in a basement. thanks again. Jim PS: if this is only good for parts: does anyone know the best way of going about doing that? thanks,
 

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Each state handles these things differently. Consult your local DMV and see what needs to be done. In some cases, the eight years of acummulated bureaucratic momentum may not be worth the effort to stop.

You could also get a junk frame off eBay and transfer all the other parts over.
 

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Call the Lein Holder and tell them you saw the bike for sale in Craigslist and the owner posted the VIN. Give the VIN to the Lein Holder to verify that they even have the title. At that point, Ask what you can do to make a deal to release the title. It's, at the very least, worth asking. Since the loan was a write off they should be willing to sell you the title for a fee as long as you have a notorized bill of sale from the orginal owner. Offer something like $100 or so for the title or a letter of release of lein and a bill of sale from the Lein holder so you can re-title it in your state.

REALITY- find something else to play with. It will consume time.
 
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