Would you buy a bike that had finance owing ?

[Mr.Everready]

Was ready to travel a very long way to look at a bike this weekend.
Obviously I'd HPI it before I went but the guy has now told me that it "yes, has finance owing"
He says that with my cash he would pay off the outstanding balance and even give me a written guarantee that he would pay it off. Not that means anything !

So, would you trust someone you don't know ( or even do know ) to pay off finance ?
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the undemocratically unelected mod of the Scottish section

[mr.z]

Um, no, and he can't sell it because as far as the law is concerned its still belongs to the finance company, tell tim to use a credit card to pay it off then you will, you dont have any gaurentee that he will pay it :/

A mate was buying a bike last year and his mums boyfriend just happens to own a bike dealership, he hpi'ed it and it had £2000 oweing! so they phoned him up and questioned him, he payed it off (they got recipts) and its all sorted... but he would have payed out for a bike that the company could (quite legaly) take off him...

scumbags
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>RidingSkills<->Tech Tips<->MyBikes<

[zx636]

Simply NO

very risky no matter what the seller says. Walk away and look elsewhere. With it so close to the 2005 bikes coming out the second hand market is dropping like a stone and 2004 new bikes are following close behind.

I was offered a 2004 R6 . 2000 under list, £99 deposit, 5 years 0%, £500 dianese leathers and an Aria lid thrown in and insurance at less than I am paying on my zx6. Could have haggled more I think,

[stinkwheel]

NO!
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“Rule one: Always stick around for one more drink. That's when things happen. That's when you find out everything you want to know.”
I did the 2010 Round Britain Rally on my 350 Bullet. 89 landmarks, 3 months, 9,500 miles.

[Mr.Everready]

Whats list on a R6, £7500 ?
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the undemocratically unelected mod of the Scottish section

[Ste]

No, no and no!! The finance means that the bike is owned by the finance company and they can come and take it if he doesn't pay them their money back. Tell him to get a loan to pay the finance off and then you'll be interested in buying it. HPI checks are recommended before buying a vehicle as if you buy a vehicle with outstanding HPI then you stand to lose the car to the finance company, so don't even consider handing over money for a vehicle which has finance outstanding!!

[TheShaggyDA]

Personally I wouldn't, but if you wanted to, I'd get the details of the company who the debt was owed to, contact them, and agree to make out a cheque for their part directly to them.

I've been caught before where someone offered to take over the remaining finance on a van I owned, only to find they didn't continue payments and I was liable for the debt. I repossesed the van, and it wasn't worth enough to cover what was owed. Needless to say I've learned my lesson when it comes to finance - make sure you are getting exactly what you have agreed and there's no "hidden" third party with a more significant claim on the goods.
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Current: CB500 Previous: CB100N, CB250RS, XJ900F, GT550, GPZ750R/1000RX, AJS M16, R100RT, Enfield Bullet

[i:6e3bfc7581]But still I fear and still I dare not laugh at the madman...[/i:6e3bfc7581]

[zx636]

Finance contracts are not all the same. In some cases once two thirds has been paid the finance company cannot repossess but have to claim the balance owing via the small claims court from the OWNER. That would be you sir.

[zx636]

Was down to 5700 for the r6 so your idea on list is about right. Wait a few weeks or so and they may be giving them away with cornflakes or buy 1 get 1 free.
Its a buyers market at the moment

[Mr.Everready]

Im on the lookout for a 12 - 18 month old R6 or ZX6.
The Ninjas a re a decent price 2nd hand but the R6's are still high.
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the undemocratically unelected mod of the Scottish section

[zx636]

Sit back and wait. A lot zx owners who want a change will change over to the 2005 model as its so different from the current bike.

The new R6 is supposed to be good but I think the 2005 ZX is going to be the bike for 2005.

[Fortuna]

[Demonic69]

If the HPI showed it clear then he may not know what he's on about. He may have an un-secured loan for the bike, but finance should show on the HPI.
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Back on a Blade. Just feels so right.

[Mr.Everready]

I was actually thinking that. I'll give him a call this evening to make sure that it is finance and not a loan.
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the undemocratically unelected mod of the Scottish section

[zx636]

Walk away and find another bike.

[Demonic69]

Why? If the HPI's clear then the bike has no finance attatched to it.
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Back on a Blade. Just feels so right.

[Fortuna]

If it's a loan he has no worries.
Do an HPI just to be sure. If it's clear then no worries.
They will chase him for the loan.

[Mr.Everready]

Called him last night. It's finance he's got on the bike so it's a no go.
Got my eye on another bike already, only 300 miles away
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the undemocratically unelected mod of the Scottish section

[Demonic69]

Where abouts mate?
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Back on a Blade. Just feels so right.

[Mr.Everready]

It's in Harrogate, near your neck of the woods by the looks of the map.
Going to view first thing Saturday morning if it doesn't sell in between times.
Leaving here Friday evening and get a room at Scotch Corner.
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the undemocratically unelected mod of the Scottish section