buying a bike with existing finance on it

lancebond

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i'm looking at buying a new bike, the kid selling it has told me there is outstanding finance on it, he says it'll be paid off as soon as i've paid him.

now being the untrusting type, what happens if he doesn't pay it off... apart from losing the immediate ability to chew and/or walk?
 
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lancebond

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he's also claiming that

"It was taken out through the dealership and is still classed as a personal loan, tinklers have confirmed that"

obviously if it's a personal loan then it doesn't matter what he does, but if it's an HPI agreement then that means they can come and take the bike away from me?
 

Dieselman

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now being the untrusting type, what happens if he doesn't pay it off... apart from losing the immediate ability to chew and/or walk?

The finance company would come and reposess the bike.

Agree to pay the finance directly on the day of sale. The seller will have to give the finance company permission to deal with you, otherwise it's straight-forward.
 

Doodle

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From your PoV, the best option would probably be to pay finance company directly, and then give him the remaining balance. They are well versed in doing this, so it should not cause any problem.
 

EDZ649

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As above, I bought a car that had outstanding finance on it and I just paid the outstanding balance direct to the finance company and the remainder to the seller.

Make sure you ask the finance company to confirm in writing to you afterwards that they no longer have an interest in the vehicle.
 

jonnyboy

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^^what they said.
If he doesn't want to do it, run a mile...
 

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