Outstanding finance.

nomoregt4 · Nova Slayer Joined: 27 Apr 2009 Karma :

Afternoon amigos Cool

,
Does anyone know the score on buying vehicles with outstanding finance on them Confused

. The vehicle (bike) in question will be on sale at an auction house. No documents are available, which I'm guessing means no V5, MOT (past & present) & which also means I can't coontact the current owner to ash them about the bike's servicing & any possible accident history.

It has one owner from new, with the said owner having a personal loan to buy the bike in the first place.

I'm guessing the owner has defaulted on the payments, hense the bike being at the auction in the first place.

Will the potential 'next' owner be liable for any further payments on the bike Confused

This is what the vehicle check stated:

'The lender has no claim on or interest in the vehicle but has registered the existence of a personal loan as part of the Governments Responsible Lending drive. If you are concerned because the vehicle you are looking at has this type of finance, you should seek clarification from seller of the vehicle'.

Many thanks in advance for any help you can give.

Richard

Hetzer · Super Spammer Joined: 19 Feb 2007 Karma :

nomoregt4 · Nova Slayer Joined: 27 Apr 2009 Karma :

Just spoken to the finance company & they advised not to buy the bike & to call back on Monday & chat to their collections department Rolling Eyes

Is there any way of finding out how to contact the current owner Question

DVLA won't give out current owners details, even if the V5 were with the bike I could see the owners address on the V5 itself Rolling Eyes

& go make a visit Laughing

(I've done it in the past Laughing

)

I do have a few mates in the force though Thinking

Rich

Hetzer · Super Spammer Joined: 19 Feb 2007 Karma :

Kwaks · I'm not a fast rider Joined: 28 Jan 2006 Karma :

As it says the "lender", ie the bank has no claim on the bike, they only have a marker down because it was a personnal loan to purchase the bike. Might be wrong, but I believe the "Government Respnsible Lending" drive is voluntary, just a way of ensuring they know exactly what you spend your money on Wink

As Hetzer says, won't cause you any undue problems.
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Fallen Angel "Nae sniffing my seat now!!!!! "
www.cliqueycuntsmcc.co.uk
I AM NOT A FAST RIDER!!!!!!!!!

nomoregt4 · Nova Slayer Joined: 27 Apr 2009 Karma :

You may have to be forceful with the finance company, they'll bend any rule they can if they think there's a chance of screwing a bit of money out of somebody. The fact remains that they have no legal claim on the vehicle and the HPI tag has no legal legitimacy.

That was exactly what I was thinking Hetzer.

As it says the "lender", ie the bank has no claim on the bike, they only have a marker down because it was a personnal loan to purchase the bike. Might be wrong, but I believe the "Government Respnsible Lending" drive is voluntary, just a way of ensuring they know exactly what you spend your money on

As Hetzer says, won't cause you any undue problems.

Yeah Kwaker, thats how I understood the paragraph too, but you know what these banks are like Rolling Eyes

Maybe a quick call to the Citizens advice line would be an advantage Thinking

Rich

Kwaks · I'm not a fast rider Joined: 28 Jan 2006 Karma :

Trust me, there is absolutely no way the auction house would let the sale go through if there was any risk, not if they are a reputable firm anyway Thumbs Up

____________________
Fallen Angel "Nae sniffing my seat now!!!!! "
www.cliqueycuntsmcc.co.uk
I AM NOT A FAST RIDER!!!!!!!!!

JP7 · World Chat Champion Joined: 22 Dec 2008 Karma :

If you're buying from a reputable auction house there shouldn't be a finance interest attached to it. However, by the sounds of it the interest is only a personal loan which would be attached to the previous owner rather than the vehicle, and there should be no reason you should be liable for it.

Out of interest, what vehicle check did you do? It doesn't sound like a HPI check...

pa_broon74 · World Chat Champion Joined: 28 Mar 2006 Karma :

I'd be very wary about buying it. Its true that since its was bought with a personal loan (not finance) the bank shouldn't have any claim over it, but coupled with the absence of a V5 and other documents; I'd be suspicious.

I bought a KTM (in good faith) which was stolen. Put the claim in and there was finance on it from the past (but one) owner. I contacted the finance company (black horse) and they relinquished their interest, but I had a very hair three or four weeks waiting for them to do so. (Claim was a shade over 2K.)

Its just not worth the bother...

Thumbs Up

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Didn't catch anything.

Coxyzxr · Brolly Dolly Joined: 22 May 2008 Karma :

Don't mess with existing finance vehicles. It's normally a legal minefield that even most finance companies don't know their full policies and such.
Best thing is buy it and buy a correspondiong frame with V5 from the bay for likely < £100(depending on bike).

Swap the parts (or restamp the numbers if you're crafty) and you're done.

Dump the old frame.

HPI What? Laughing

The above is 'proof of concept' only. I'm sure the legalities of such endeavours are very questionable so I post for informational purposes PURELY!
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**WAS FITTED "WRONG WAY ROUND" !** CANT ACCOUNT FOR THE STUPID !

nomoregt4 · Nova Slayer Joined: 27 Apr 2009 Karma :

The check I did was just a RAC vehicle check thing. You know the ones where you find out if it's stolen, written off, colour changes, mileage confirmation, outstanding finance etc etc.

Funnily enough the finance is with Black Horse LTD.

I'm going to call the DVLA, & the auction house tomorrow to find out more about how the auction house have 'aquired' the bike & to also get the low down from the clumps @ the DVLA.

The only interest I have in buying the bike is to service it & sell it on, or I may on the very, very rare chance keep it Thinking

I went to the auction house a couple of months back to look at a 1998 Ducati Monster 900. I looked on the V5, wrote down the current owners address & paid her a visit as she only lived 20 minutes from me.

She told a pretty sad story, (illness in family & then & bankruptcy) which lead the bike to be at the auction. Told me nowt wrong with the bike as it was last on the road in 2004 & been kept in the garage ever since & all it would need was a full service.

She said that if I got the bike, she'd give me all the history paperwork & original exhaust pipes too Cool

.

It only had 7000 miles on the clock & one lady owner from new. It sold for £1100. Wish I had of increased my budget Rolling Eyes

Rich

Coxyzxr · Brolly Dolly Joined: 22 May 2008 Karma :

Hetzer · Super Spammer Joined: 19 Feb 2007 Karma :

nomoregt4 · Nova Slayer Joined: 27 Apr 2009 Karma :

Thanks for all the replies folks. I called Black Horse today & they said that they would put in a request to have the HPI marker removed & should take no longer than 48hrs.

Fingers crossed Thumbs Up

nomoregt4 · Nova Slayer Joined: 27 Apr 2009 Karma :

I went to view the bike today..................what a complete fucking waste of my time Evil or Very Mad

The bike had been in an accident. There was no upper fairing/headlight/bracket/instrument panel, the side fairings were fucked, & the petrol tank had even split & the bike in general was really dirty & grubby Shocked

I even called the auction house yesterday to see if they could give me the owners details (I know they wouldnt, but I thought I'd ask anyway) & I asked about the bike & not once did they mention the bike had been involved in an accident Evil or Very Mad

I'll know to ask that very question for next time Rolling Eyes

Rich

JP7 · World Chat Champion Joined: 22 Dec 2008 Karma :

That's an unhappy end. Sorry to hear it.