anyone know about finance agreements?

Keir · World Chat Champion Joined: 11 Apr 2006 Karma :

A mate of mine has found a bike they want but the hpi check is showing finance outstanding.
HPI says:

Finance company: BLACK HORSE
Contact number: 0870 6091685
Agreement number: XXXXXXXXXXX
Agreement type: Personal Loan
Finance bike description: SUZUKI

Am i correct in thinking that this bike is ok to buy as the finance is a personal loan not HP or vehicle loan?
Whats the difference?

cheers
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Mr.Everready · World Chat Champion Joined: 28 Mar 2003 Karma :

If it was a personal loan then the bike wouldn't be mentioned. It's showing up on HPI because it is against the bike.
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flat spot · World Chat Champion Joined: 29 Aug 2003 Karma :

Phone Black Horse, the finance may have been settled. If not walk away. They will take the bike off him the the guy with the finance defaults.

ken · World Chat Champion Joined: 12 Oct 2006 Karma :

The facts: if it's a personal loan someone can buy the bike of him/her with no problems as it's the lonee that is responsable to pay the money that he loaned, HP hire purchase means it's the finance companys vehicle untill paid in full, before anyone picks up on this yes there is the two third rule. but that doesn't apply to this question..

Another way of putting it, if you went to the bank and borrowed the money to buy a car/bike and you default on payments is the bike/car the banks? NO, same applies here its just that the bike shop that sold him the bike sold him money...

kc
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Finglonga · World Chat Champion Joined: 27 Jul 2004 Karma :

Yes but if it was secured on the bike then the bike can be taken away if the original purchaser defaults on payments.
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Keir · World Chat Champion Joined: 11 Apr 2006 Karma :

ken · World Chat Champion Joined: 12 Oct 2006 Karma :

you don't secure a personal loan on a bike fingalonga...

The bike is ok to buy Keir_K3 if it's a loan... if you pm me the agreement Number I will check it out for you.
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Mr.Everready · World Chat Champion Joined: 28 Mar 2003 Karma :

So why is the bike even mentioned then ?
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ken · World Chat Champion Joined: 12 Oct 2006 Karma :

The loan was applied for at the garage where the bike was bought, the money was borrowed for the bike, but not against it, remember the words personal loan, money was loaned to the buyer for the purchase of buying the bike. a personal loan is not secured on the purchase... as a secured loan is.
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Mr.Everready · World Chat Champion Joined: 28 Mar 2003 Karma :

Why is it showing on a HPI check then ?

If it's a personal loan in theory it has nothing to do with the bike.
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Ste · Not Work Safe Joined: 01 Sep 2002 Karma :

By personal loan thats probably something to do with that it's a loan that was made to a private individual rather than a business or whatever.

If it were a 'personal loan' as such then it wouldn't show up on the HPI register, the fact it's showing up means that its secured against the vehicle so it's one to steer clear of until they've got the finance clear and can provide proof. Let me guess... this one is being offered quite cheaply and appears to be a bit of a bargain?

Find a different bike.

Finglonga · World Chat Champion Joined: 27 Jul 2004 Karma :

Keir · World Chat Champion Joined: 11 Apr 2006 Karma :

ken · World Chat Champion Joined: 12 Oct 2006 Karma :

Having just spoken to Black-horse for kier this morning, the loan was taken out with the dealership. And the bike registration No was registered on the agreement paperwork for the purpose of the loan (hence on the hpi report). They have said that if they find that if he/she has sold the vehicle they would be looking for a settlement within 30 day’s.
so I rang our black horse rep. he said they cannot take the vehicle back if he sold it. But would put pressure on the borrower to pay the debt back. But that if he didn’t default payment their was nothing they could do.

They could not take the bike back, if he daufalted because it was a loan to buy the bike and was not secured on it. (words from the balck-horse rep)

but do you want the hassle kier?
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Keir · World Chat Champion Joined: 11 Apr 2006 Karma :

thanks ken, ill pass it on. He pressing the bloke to get it paid and provide proof before purchase anyway.

thanks very much!
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Current : '08 Yamaha FZ1s
Previous: '99 Honda CBR 600FX, 03 ZX636 B1H, 99 Fazer 600 (red), 02 GSX-R 600 K2, 00 SV650s (red), 2008 ZX10R, 97 Bandit 1200N, 04 ZX6RR K1H, 04 GSX-R 1000, 98 Fazer 600 (gold), 05 Madness 110 Pit bike, 04 CR125R, 00 SV650s (black), 06 KTM 625 SMC, 99 SRAD 600 track bike, 03 SV650, 98 Bandit 1200N, Bandit 600SY, 03 GSX-R 600 K3, 01 GSX-R 600, 01 Fazer 600 (black), VFR 400 NC30 x3, 78 Honda Dream, 00 Speedfight 50