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cheesemanpaul

Joined:

Nov 09

Posts: 12

cheesemanpaul says:

Bike on finance? help

HI folks, Need some advice please, I am interested in a zx10r, I have spoke to the chap who seems honest enough.  The bike is in his name and the log book is at the address where i would pick the bike up, He has told me it still has £3000 outstanding and has only not settled up already because he is waiting for a definate sale and the bike is 0% finance.  A quick google search suggests that he lets me settle the finance with a cheque at the finance company direct with the buyer present and pay him the remainder in cash.  Does thie sound like good practice? Really dont want to get spanked:unsure:

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  • Posted 3 years ago (10 June 2010 13:06)

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BUSA666

Joined:

Apr 09

Posts: 2758

BUSA666 says:

walk away

plenty more fish/bikes in the sea... at least then you can sleep at night knowing there is no come back.:wink:

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  • Posted 3 years ago (10 June 2010 20:59)
cheesemanpaul

Joined:

Nov 09

Posts: 12

cheesemanpaul says:

UP DATE

UP-date, spoke to the bloke tonight and he says he has sorted the debt with lloyds, the HPI should be clear tomorrow t time as they know he is selling the bike.  Could it go through on the hpi that quick? heard it takes about 2 week?

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  • Posted 3 years ago (10 June 2010 21:33)
old(ish)git

Joined:

Apr 08

Posts: 7993

old(ish)git says:

cheesemanpaul..

I too have a 0% finance agreement with K-care (financed by Lloyds Black horse) and you can pay it off early, and actually get a rebate,rather than a penalty.But the borrower must contact them in writing about his/her intention to do so.If the seller does this,you would need to get a copy of this letter to cover yourself. If he really wants to sell he should be willing to wait while all this is sorted.You could always turn it round, offer to pay him £3,000 .00 deposit and you take the bike and give him the balance when he shows you the clear HPI.

[This Reply has been modified by the Author]

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  • Posted 3 years ago (10 June 2010 22:25)
ninjachica

Joined:

Jul 08

Posts: 3460

ninjachica says:

Finance

If he has finance on the bike, then the company own the bike until it is cleared.

If it is a personal loan (eg through his bank, for any purchase) then he can sell it, but he will owe his bank.

He needs to ask the finance company for a letter of the outstanding amount.  He will get this really quick, and it will say what is left to clear. (+/- any interest).  You could then clear this with the company, and pay him the balance.

Best solution - he gets a personal loan, clears the bike finance, gets a letter from them to confirm it is paid off.  (Then it's up to him to pay his bank ~ or not)

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  • Posted 3 years ago (10 June 2010 22:59)
AdieR

Joined:

Apr 08

Posts: 2983

AdieR says:

DON'T DO IT

Absolutely DO NOT TOUCH IT if it has finance outstanding.

As others have said, the bike isn't his to sell until the finance is paid, it belongs to the finance company.

If you buy it, and the "seller" fails to pay up the remaining balance, the finance company CAN re-possess it from YOU.

Walk away from it, there's plenty more for sale with less risk. Thats what I would do.

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  • Posted 3 years ago (10 June 2010 23:37)
carbonni

Joined:

Jul 08

Posts: 455

carbonni says:

No need to walk away...

I don't really see the need to panic and run a mile from this seller just yet.

You said he's told you he's cleared the finance. That's ok but NEVER take his word for it. Ask for a copy of the settlement letter showing the figure he has/had to pay to clear the finance and ALSO a copy of the acknowledgement letter from the finance company to show the finance is 100% clear (this could take a week or two) - then ask him to call them while you're with him and give permission for them to talk to you to confirm the balance is clear.

Only then can you be sure that the finance is dealt with and the bike will be yours.
If you get any if's, and's or but's from the seller - then walk away. Don't be afraid to ask someone for proof of anything they say, it's your money and new bike that's at risk, not theirs.

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  • Posted 3 years ago (11 June 2010 08:08)

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