Outstanding Finance.

Reppyboyo · Nearly there... Joined: 15 Sep 2006 Karma :

Hi,

Im looking to purchase a Versys soon and have been in contact with a seller with a good deal on a 2010.
However he has admitted to me that the bike has finance against it and he will pay it off as soon as I pay him for the bike.
Quote : "finance outstanding is £3000 - which comes off upon purchase"

Also did a HPI check and sure enough it is financed but doesn't say the amount.
However the blurb in the details states this:

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.

The agreement type is listed as personal loan.

So would this bike be safe to buy without worry that the finance company(Black Horse) will claim it back?
Presuming the seller is true to his word and pays the finance off.[/quote]

bacon · World Chat Champion Joined: 09 Jan 2009 Karma :

willis1337 · Brolly Dolly Joined: 06 May 2009 Karma :

If the bike belongs to the finance company until they are paid ask the seller to see the statement showing how much finance they have left on it. Call the finance company to confirm the amount (you may have to have them there when you do this). Knock the balance off the price you are paying them. Pay the finance company direct yourself. If you don't pay they will reposses so this should be agreeable with the seller. Offer to give the seller proof of your payment to the finance company too.

Alternatively get the seller to pay the finance before you buy (how they do this is their issue if the above isn't acceptable). Check with the finance company they have indeed been paid before you part with your cash.

Failing the above you are risking the seller not paying off the finance (or recalling a transfer of funds or cancelling a cheque) and you losing the bike, then having to sue the seller for a refund under Sale of Goods Act (not worth it if they have no money).

fozzym · Brolly Dolly Joined: 14 Mar 2011 Karma :

Hi,

I've just bought a new ER6F through Kawa, the finance is with black horse, the good thing about it is its not HP (hire purchase) its an unsecured personal loan.

The difference in the two are that HP means the finance company own the bike until you make the final payment were as with a personal loan (unsecured) the finance company has no claim on the bike.

To be a 100% sure though might be worth giving black horse a bell.

Polarbear · Super Spammer Joined: 24 Feb 2007 Karma :

All black horse stuff is personal loans. They dont care what happens to the bike.
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Reppyboyo · Nearly there... Joined: 15 Sep 2006 Karma :

strag · World Chat Champion Joined: 08 Oct 2004 Karma :

I bought a GSXR in a private sale with outstanding finance. When I picked the bike up, the owner called Black Horse (I checked the number etc) and I paid the finance off via my debit card and paid the balance to him in cash. Very easy transaction and I knew there was no comeback.
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