Does anyone know how it works when you buy a bike from someone and it’s got finance on it. The seller told me it’s easy the finance gets paid out of the purchase price. He’s being quite open about it all and said he’s done it before. Is this okay or should I walk away? Cheers
Hmmm, wouldn’t that mean you have to rely on him to pay the finance company after you’ve handed money over?
I don’t know the ins and outs, but I would prefer to give him the money, less the outstanding finance company and then you are in control.
No reason to walk away, just a very tricky situation in which you need absolute assurance that the finance has been paid off.
What i’d do is get him to phone the finance company with you and settle the debt there and then
Edit: I wouldn’t be so cynical about the seller, as you said, he is being open and honest. Just don’t walk away or hand over cash until the finance is paid off
Honestly if that was me, I’d walk away.
Absolutely do not take his word for it! honestly you give him the cash he does not pay off the finance the HPI company will take the bike back and there is nothing you can do about it.
Totally agree, he needs to clear the finance first, if he can't then walk away. There are always other bikes.
Honestly if that was me, I'd walk away.
Absolutely do not take his word for it! honestly you give him the cash he does not pay off the finance the HPI company will take the bike back and there is nothing you can do about it.
The Sleeper
Offer to pay the finance company there and then and give them the difference
Offer to pay the finance company there and then and give them the difference CurtisMe just paying devils advocate but what if he rings a mate, make takes details through paypal or something..
Yeah it’s possible…but you can mitigate by calling the company directly (from your own phone) and paying them from own bank account.
In any case, I avoid financed bikes with a passion… It would have to be a great price to consider it.
Might be paranoia but I just don’t want the hassle.
There’s other bikes out there mate, walk away
Can you find out if the finance is on the bike or a personal loan? I think Honda finance is considered a personal loan so the new owner isn’t liable for it. I’d want to speak to the finance company direct to find that out though.
I always go with the theory if in doubt walk away.
Shouldn’t be too difficult if you do it logically. Phone the finance company from your phone, with the seller present. He gives them all the data protection answers, gets a final settlement amount then hands phone over to you to settle the finance. You then give seller the remainder of the agreed sale cost. seller gives you a receipt for the full amount along with the V5 form green section (10).
And if the seller does not pay the outstanding finance, then you’re stuffed, as the bike is still legally the property of the finance company, I think. You can make an offer to the finance company, but I would get everything they say in writing or email before pain anything over. Don’t pay anything in cash to the apparent owner, even if he gives you a receipt.
I’d imagine when buying a mo’cycle, or anything else, on finance plan ‘A’ would be to keep it for at least the duration of the finance agreement. So what’s the reason for selling on early?
Have a V5 doesn’t necessarily make you the legal owner.
Finance should be paid off prior to handing money over unless you have a copy of the settlement details from the finance company and a proven way to pay this off.
If this is the case then make a payment to the finance company and anything left give to the seller.
DO NOT LEAVE IT TO THE SELLER TO PAY WITH YOUR MONEY.
Thanks all for your input. I went to see the bike today and it wasn’t up to much anyway. Been well abused so I walked away. But cheers all.
Incidentally you can learn a lot from that show, “Can’t Pay We’ll Take it Away.” They can’t repossess a car on finance as it belongs to the finance company and they love quoting, “A V5 is not proof of ownership, see if even says on it.” Good things to be mindful of. That and not defaulting on debt.