Selling a bike on finance

Tomzo47 · Brolly Dolly Joined: 29 Jul 2011 Karma :

Hi guys, after looking up insurance renewal prices for next year, it's looking about the same to insure the bandit as it is for a Triumph Sprint or even a 1200 Bandit, so I'm thinking of swapping my bike. Only issue is, there's still about 3 grand finance left on it. Now what I'd like to do is carry on with payments as I'm doing now, but change the bike over. Is it best to sell my bike, use the cash to pay off it and set up a new agreement, or if possible, swap the bikes on the finance policy? Anyone done this before? Cheers
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Ybr 125 > Bandit 650SA > GSXR 600 > Triumph Sprint St1050 > CB1300 > Z1000SX + FJ1200 (written off) > VFR750 >FJ1200

Maimboy · Two Stroke Sniffer Joined: 27 May 2011 Karma :

If you trade it in against another bike, the dealer will settle the outstanding finance and set you up a new finance deal. And they'll like you very much - they'll make money on the finance, on your trade in, and the new bike. Selling it privately is obviously not possible.

Wafer_Thin_Ham · Super Spammer Joined: 18 Nov 2005 Karma :

Alex A · World Chat Champion Joined: 05 Mar 2007 Karma :

Get a bank loan if you can. From 5%APR. Pay the balance on your current bike. Sell it privately. Buy a new one privately. By far the most cost effective route. And your new bike won't be tied up as security.

Rigga · World Chat Champion Joined: 29 Nov 2012 Karma :

totalllama82 · Crazy Courier Joined: 03 Jan 2011 Karma :

This of course assumes that the bike is worth what the finance company's settlement figure is.

Unless you put down a big deposit, it's unlikely they will be close.

Get your settlement figure first then ensure what you're looking to do is financially possible.
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Gone: Haotian HT125-8 / Yamaha YZF 600R Thundercat / Kawasaki ZX9R C2
Current: Kawasaki ZZR 1400 A7F

Polarbear · Super Spammer Joined: 24 Feb 2007 Karma :

Easiest, as in convenient and quick is to take it into the shop, point out the bike you want and get the dealer to sort out all the finance.

Yes you will pay more but all depends if you want to jump through hoops trying to sell yours with finance on because despite what people here say, 90% of buyers won't touch it when they do an HPI check.
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Victory Cross Country American tractor.

tbourner · World Chat Champion Joined: 17 Mar 2012 Karma :

If it's finance then it's not linked to the bike in any way, it will say on HPI that there's debt linked to it but that the finance company have no legal ownership or desire for the vehicle. Just sell it and do what you want with the finance.

Unless of course it's actually hire purchase, but it would have said that on the agreement with LOTS of strong warnings that your bike will be taken if you don't keep up repayments etc. You would KNOW if it was HP.
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Trev, now a biker?
Looking for first big bike.