Hire purchase legallity!

Cagiva Mito · Renault 5 Driver Joined: 29 Sep 2004 Karma :

Hey all,

Ok i've got a question for you guys. Im hopefully gonna sell my bike this evening but the problem is i've still got a bit of HP left on it (about £800) Am I legally obliged to tell the bloke there is hp outstanding or not? If the sale go's through I will be banking the money first thing tomorrow and paying the hp off!

Normally I am a very honest bloke but I need to sell this bike asap and think telling him about the hp would put him off buying it!

I have checked with my loan company and I can sell the bike as long as the remaining hp is paid to them within 10 days!

Would hp on a bike put you off? Am I legally obliged to tell him?

Many thanks

(yes you may of seen this in another forum, I posted it there by mistake)

tree1 · Two Stroke Sniffer Joined: 06 Jul 2006 Karma :

I wouldn't think you are legally obliged. And since you know you can and will be paying it off and the company are aware it's being sold, you shouldn't worry.

Bully27 · Borekit Bruiser Joined: 01 May 2006 Karma :

Why don't you just be honest with him, and ask him to pay the oustanding finance direct to the lender over the phone? At least then you won't jepordise the sale, and can he honest as well.

The lenders should be able to confirm that they no longer have any interest in the bike once payment has been received = peace of mind all round Very Happy

Check first though because not all lenders accept payment over the phone.
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Finglonga · World Chat Champion Joined: 27 Jul 2004 Karma :

Depends on the Finance.....

If its hire purchase you can't sell the bike as its not your bike yet untill you make the final payment.

If its a Loan you can sell the bike as if you stop paying the finance company will send the 'boys' round for property equal to the amount owed.
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Robby · Dirty Old Man Joined: 16 May 2002 Karma :

If I was travelled a fair distance to look over a bike, decided it looked good enough, so called up for an HPI check, and found there was still £800 of HP outstanding on the bike, I wouldn't be best pleased at all, and wouldn't even consider buying from the vendor.

If there's HP outstanding that I wasn't told about as a buyer, what else is dodgy about the bike?

Its a buyers market. You should inform the potential purchaser before they come to see it, and have paperwork to back up the fact that it is £800 to pay.

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

Good advice there Robby. When I got the Gixer there was 4k outstanding (black horse) the vendor was up front and I paid/cleared it over the phone (debit only not credit card) and paid the rest in cash to him. I was informed there and then that the finance was cleared.
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Mark_petty · Brolly Dolly Joined: 01 Jun 2005 Karma :

I think you should tell him.
From personal experience I have been messed about with HP on a car.
To cut a long story short I was told there was no HP on a car but there was. It took ages to sort it out and was very stressful, also if I see the guy (ex mate) in the street I will knock him out for the stress he has caused me and the missus.

Be honest straight away Thumbs Up

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fuzz · World Chat Champion Joined: 24 Mar 2004 Karma :

You should be honest with the buyer straight away. How would you feel if you had a new purchase reposessed because of outstanding finance from someone else? OK, so a HPI check will tell you if there's still money owed on it, but technically it's not your bike to sell until all payments have been made.

Maybe you could ask for the £800 as a deposit, get the finance finished, and get a HPI certificate to prove the bike is now yours. I'm sure if you're honest the buyer would be happier. If you don't mention it and he does a check himself, you won't get the sale at all.

https://www.oft.gov.uk/Consumer/Hire+purchase/default.htm
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Zimma · Wheelie Junkie Joined: 04 Feb 2002 Karma :

Just tell him, if there's nothing dodgy about it and you're honest he's more likely to do it. As the others have said, arrange a time with him to come when the HP people will be open and tell him when he comes that you can call the finance people, pay it off and he can have confirmation that there is no more finance outstanding Thumbs Up

Nothing dodgy about that at all, I wouldn't mind doing it if a seller asked. Thumbs Up

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