Buying a bike with finance on it (privately)

[Jayy]

So, friend of mine is after a new bike, just sold his for cash and has been hunting for a little while and found the perfect bike... only problem is, the dude says it has outstanding finance on it but it's not an issue because it will be settled.

What is the etiquette here? He is really set on this bike but I don't want him to get stung.

[kgm]

Personally I don't trust other people. If he defaults on the payments then your friend stands to suffer. I'd want to see it paid off first.

[Jayy]

[dodsi]

You can see if the seller would phone up the finance company and settle via debit/credit card over the phone there and then as you are buying the bike.

If I had a vehicle on finance to sell then I would offer this to any potential buyer.

[johnsmith222]

If it's not anything special, then I wouldn't bother with the potential hassle with buying a bike the seller doesn't own yet.

[Rogerborg]

I'd walk away, but it's not really that hooky if everything else checks out.

Assuming that the seller needs Chumrade's money to pay it off, Chumrade could make the call and the final payment himself, essentially buying the bike from the finance ghouls, with the leftovers going to the seller.

He should at a minimum expect the call to be put on speaker. Not many scammers are going to be set up with a legitimate sounding mate who will run through the inevitable and interminable flowchart.

I wouldn't stress over it too much, or worry if the seller isn't too sure what to do - a slick sounding "Yeah, no worries, done it loads, mate" would actually concern me more.

Assume innocence, work it out like sentient adults, win.

Although I'd walk away.
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[goto10]

I've heard of buyers settling the finance at the point of sale - the seller calls up their finance company and the buyer pays off the finance, then pays the difference to the seller.
I don't think I'd be too comfortable with it myself (you'd need to know that you were definitely talking to the finance company and not his mate in the room next door) - but depends how badly he wants it.
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[secretagentmo...]

Find out who the finance company is then ring them on your phone at time of payment, let him settle finance and then pay difference!

[grr666]

Bought my ER6f in similar circumstances. 4k deal, all went through okay. Played out a lot like Rogers example.
No kitten fatalities.
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[kgm]

Roger's advice is sound. What kind of bike is it out of interest?

Personally I'd be waking away but if it's something interesting, special or a particulaly good, non-suspicious bargain I'd maybe consider it.

[lihp]

I've got a car on finance if your mate wants to buy that too
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[Az]

Personally, i'd walk away.

As already said, if the seller defaults on payments your mate can wave goodbye to his (or should I say their) bike - as that's the asset they'll be seizing.

Yes it's possible for it all go to well, but in my opinion it's not worth the risk. The phone call made to clear the finance could well be a dummy one.

Whatever bike it is, their will be another equally as good eventually.

[Dave70]

Could be legit, could not be.

Personally, I'd say thanks but, no thanks. Imo it's just not a risk worth taking, knowing that potentially some bloke from the finance company could turn up to collect their bike some day.
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[Flatbadger]

I had this a couple of months ago. Seller turned out to be a good egg but at the time I got an HPI check and the finance was mentioned on that, along with a phone number to ring the finance company which was Lloyds.

The seller needed to sell the bike as he had a kid now and needed a car. He didn't want to shell out to pay it off (or couldn't) and needed to sell the bike or have some prospect of it first.

So when he said he'd paid it off, I rang Lloyds using the phone number on the HPI check and made sure. Turns out I got a good deal with that, maybe a few others had walked away?

So that's my coolstorybro, get a direct number for the finance plus the reg number and do your own check when it's apparently paid.
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[Bozzy]

^^ what he said above.

HPI check bike, call finance company listed quoting reference number. Ask them if they still have a financial interest in the said vehicle.
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