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Taking on someone's bike finance

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matty1938
Derestricted Danger



Joined: 15 Jul 2017
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PostPosted: 16:51 - 15 Jul 2017    Post subject: Taking on someone's bike finance Reply with quote
Does this happen much over here? I read that it's illigal to sell a motorcycle or car that's on finance, but read that in the us you can take someone's on if they want to sell?

I've got the money to pay for a bike monthly but someone buy a nice black tick on my name by taking out 20k in it!!! So it's either find a pay monthly from somewhere that's in house finance (again seems only US do that) or will just have to plug away and save a year or so to buy a bike.

Thanks guys and sorry for Strange question.
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stinkwheel
Bovine Proctologist



Joined: 12 Jul 2004
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PostPosted: 16:58 - 15 Jul 2017    Post subject: Re: Taking on someone's bike finance Reply with quote
matty1938 wrote:

I've got the money to pay for a bike monthly but someone buy a nice black tick on my name by taking out 20k in it!


So what you're saying is there is you can't get finance due to a poor credit rating because someone else took out (and presumably defaulted on) a £20,000 loan in your name?

I should get that shit sorted out if I were you. Getting finance is going to be the least of your worries.
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matty1938
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Joined: 15 Jul 2017
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PostPosted: 17:28 - 15 Jul 2017    Post subject: Re: Taking on someone's bike finance Reply with quote
stinkwheel wrote:
matty1938 wrote:

I've got the money to pay for a bike monthly but someone buy a nice black tick on my name by taking out 20k in it!


So what you're saying is there is you can't get finance due to a poor credit rating because someone else took out (and presumably defaulted on) a £20,000 loan in your name?

I should get that shit sorted out if I were you. Getting finance is going to be the least of your worries.


It's sorted mate but it's put a mark on me which apparently ain't coming off for a while yet
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Ste
Not Work Safe



Joined: 01 Sep 2002
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PostPosted: 17:36 - 15 Jul 2017    Post subject: Reply with quote
Buy a bike from someone that's still in finance and when they stop making payments, the finance company will be wanting their bike back. Wink
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M.C
Super Spammer



Joined: 29 Sep 2015
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PostPosted: 18:22 - 15 Jul 2017    Post subject: Reply with quote
AFAIK you can clear the finance for the person you're buying the vehicle off of*, never heard of taking on someone else's finance (in terms of monthly payments).

*although enough people seem happy to flog vehicles with outstanding finance
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Polarbear
Super Spammer



Joined: 24 Feb 2007
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PostPosted: 19:17 - 15 Jul 2017    Post subject: Reply with quote
Why would a seller want to do that. All he gets from it is the risk of the nice big men in black suits coming round for money that you haven't paid. If you disappear with the bike, he's totally fucked and you have a free bike.
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Bozzy
Traffic Copper



Joined: 20 Dec 2015
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PostPosted: 19:39 - 15 Jul 2017    Post subject: Re: Taking on someone's bike finance Reply with quote
matty1938 wrote:
Does this happen much over here? I read that it's illigal to sell a motorcycle or car that's on finance, but read that in the us you can take someone's on if they want to sell?

I've got the money to pay for a bike monthly but someone buy a nice black tick on my name by taking out 20k in it!!! So it's either find a pay monthly from somewhere that's in house finance (again seems only US do that) or will just have to plug away and save a year or so to buy a bike.

Thanks guys and sorry for Strange question.


Arcane/Valerian are you back already?
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pinkyfloyd
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Joined: 20 Jul 2010
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PostPosted: 20:33 - 15 Jul 2017    Post subject: Re: Taking on someone's bike finance Reply with quote
Bozzy wrote:


Arcane/Valerian are you back already?


Possibly.

Defo one of the more retarded things I have heard, for Polarbears reasons.
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Rogerborg
nimbA



Joined: 26 Oct 2010
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PostPosted: 21:43 - 15 Jul 2017    Post subject: Reply with quote
https://i.imgur.com/kaNg18c.png
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Bozzy
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Joined: 20 Dec 2015
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PostPosted: 08:09 - 16 Jul 2017    Post subject: Reply with quote
Rogerborg wrote:
https://i.imgur.com/kaNg18c.png


No you're right, let's milk this one gently Laughing
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matty1938
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Joined: 15 Jul 2017
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PostPosted: 08:41 - 16 Jul 2017    Post subject: Reply with quote
It seems more plausible in America, you actually transfer it, but yeah, does sound messy, I've seen plenty of G & J zx6r for decent money so patience is key.
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Yorkshire Geek
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Joined: 02 Jun 2015
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PostPosted: 09:34 - 16 Jul 2017    Post subject: Re: Taking on someone's bike finance Reply with quote
matty1938 wrote:

It's sorted mate but it's put a mark on me which apparently ain't coming off for a while yet

That's not sorted then. If you're a victim of fraud that should be cleaned up and not form part of your credit record. You might have a short term protective registration with CIFAS but that only means lenders triple check your identity.

https://www.experian.co.uk/consumer/how-to-report-id-fraud.html
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Tracer1234
World Chat Champion



Joined: 13 Sep 2014
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PostPosted: 10:28 - 16 Jul 2017    Post subject: Reply with quote
matty1938 wrote:
It seems more plausible in America, you actually transfer it, but yeah, does sound messy, I've seen plenty of G & J zx6r for decent money so patience is key.


Did the council take your Honda again?
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P.addy
Red Rocket



Joined: 14 Feb 2008
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PostPosted: 21:54 - 16 Jul 2017    Post subject: Reply with quote
Tracer1234 wrote:
matty1938 wrote:
It seems more plausible in America, you actually transfer it, but yeah, does sound messy, I've seen plenty of G & J zx6r for decent money so patience is key.


Did the council take your Honda again?


Wouldn't buy a bike capable of doing more than 30 tbh, might get a fine.
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jjdugen
World Chat Champion



Joined: 03 Jun 2011
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PostPosted: 22:59 - 16 Jul 2017    Post subject: Reply with quote
Buy lots of cheap tat on E-Bay. Use Paypal, soon have your credit record A1 again. Credit rating agencies are yet another great con on Joe Public.
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Yorkshire Geek
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Joined: 02 Jun 2015
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PostPosted: 18:09 - 18 Jul 2017    Post subject: Reply with quote
jjdugen wrote:
Buy lots of cheap tat on E-Bay. Use Paypal, soon have your credit record A1 again. Credit rating agencies are yet another great con on Joe Public.

Not sure how you think that works but it won't make a difference. The credit reference agencies don't sell us a rating - they sell us your history and we create our own score based on the whole picture.

Retail credit ratings are a con, but the wholesale credit history side is honest and very hard to game.
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