Selling a bike whilst its on Finance - Help

Eddie Hitler · World Chat Champion Joined: 05 Nov 2007 Karma :

Oioi.

JUst after some advice on available options.

Im really considering selling up privatly and buying my first sports bike after 2 years on the FMX650. Ive been in this position about 3 times now.. I want to sell but cant due to the outstanding finance on the bike.

Has anyone done it before? I would rather not get a credit card to pay off the final amount (around £1400 last time i checked), or a loan.

I was at the point of just chopping it in, but i know i can get alot more selling privatly (also with the amount of mods i have done it would be a waste to chop it in).

If i stuck my bike up for sale stating its on finance but that it would get paid off as soon as i get the cash for the sale would i get any offers? Or would people steer well clear?

A confused Ed.

prawny1 · World Chat Champion Joined: 28 Jun 2005 Karma :

Talk it over with the financer, they would be the best to advise you on selling your bike, most of the time the amount you pay if you pay it in a lump some is less than what you think you owe because your not paying that extra interest thaat you would streching it out.

Pete. · Super Spammer Joined: 22 Aug 2006 Karma :

I would put nothing in the advert, and keep the reg number hidden. If you get any enquiries then you can tell them when they phone/email that x amount must be paid in a cheque made-out to the finance company and the rest paid to you. Naturally you should wait until the finance company clear the cheque before you release the bike.
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a.k.a 'Geri'

132.9mph off and walked away. Gear is good, gear is good, gear is very very good Very Happy

Eddie Hitler · World Chat Champion Joined: 05 Nov 2007 Karma :

Biker101 · Traffic Copper Joined: 22 Jan 2006 Karma :

When i sold my bike which was financed i just said nothing, didn't hide the plate. When the new owner rung up they asked if it was on finance, i said yes but will pay it off with the money and they were happy with that.
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Past: 06 Runner SP50 >>> 01 Varadero XL125 >>> 08 Kwak ER-6f >>> 05 CBR600rr
Present: 99 FZS600 Fazer

BorderHooner · Could Be A Chat Bot Joined: 29 Sep 2004 Karma :

Ok, this is what you could do.

Ring the finance company, ask if you can pay direct into their bank. Get written settlement.

Advertise bike. Explain finance. Go with new owner to bank, with letter, pay off finance. Done.
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Benelli. Happy as a pig in cacky.

gemma1675 · Scooby Slapper Joined: 20 Mar 2006 Karma :

My bike was on finance when I bought it.

No way was I going to trust the seller to pay off the finance with any cash I paid him!

So in the end, I went to his place and we rang the finance company. He gave them his agreement number and went through the security checks, and then I took over and paid the agreed amount by debit card. That still left a balance, which he then paid by debit card while I stood there. The finance company then confirmed to us both on the phone that the finance was settled.

Everybody's happy and I rode away.

Of course it does mean you have to do the handover at a time when the finance company are working - we went for a Saturday morning. But it was the only way we could see where we would both be protected.

HTH
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Suzuki SV650S K5

Nobody puts baby in a corner