Selling a bike with outstanding finance

[greenhornet]

I bought a YBR125 Custom at the end of May on the Yamaha 0% finance deal but I'm going to sell it after getting my full licence (doing mod 1 on Tues) as I'm about to take on other financial commitments.

Anyone have any advice on what is the best way to go about it? Paying off the finance in one go will be difficult, can I have the buyer pay off the remaining figure to the finance company?

[bencav]

Easiest way

-Get a settlement figure from finance company (Amount yo owe them)
-Sell bike
-Pay finance company the money back, making up any shortfall yourself.

You will only have a short time to do this as the loan is secured on the bike, if you sell the bike, you haven't got the security anymore. I know blackhorse and Santander allow (or did a few years back) 28 days to settle the account from date of sale.

A third party, unless they are a dealer, cant pay money into a finance account.

Hope this helps a little, bear in mind it is from personal experience only!!

Ben

[craigs23]

[Ste]

[instigator]

I found a buyer for my Versys and on the day of the sale, got him to phone up BlackHorse and pay the agreed sale figure off the loan outstanding for the bike. And then I went on the phone and paid off the remainder, there and then. V5c signed over shortly after.

[greenhornet]

Thank you gents, much obliged.