View Full Version : Crashed SV650 on finance HELP?!
Moojuicepez
30-08-11, 09:05 AM
Hi All,
I bought my first sv two years ago on finance over a 4 year period.
Some will know recently i had a crash. Unfortunately i wont be walking for a while and its now un-insured and un-taxed.
Id like to get rid but i still owe just under 2k on the finance.
What i would like to do is get rid of the SV, pay off the finance and then walk into suzuki next summer to pick up a nice new GSXR.
My bike is already fightered but now need a few bits replacing ( Radiator, tank, LHS switches, gear & clutch lever etc.)
What would be the best way to get rid? The engines sound. the frames straight and had recently been over hauled.
If anyone could help that would be great.
Thank you.
Moo
I don't see the problem... Sell the bike for as much as possible, pay your finance off, buy some pick'n'mix with whatever you have left and start again next year like you say.
Or if you can fix it cheap then do it and get rid but seeming as you can't walk... I'm guessing not to fix it.
Also can you not claim on insurance, are you only 3rd party?
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MisterTommyH
30-08-11, 09:52 AM
^ People tend not to want to buy bikes where the HPI check shows finance out-standing.
^ People tend not to want to buy bikes where the HPI check shows finance out-standing.
Could perhaps try to get a loan for 2k and pay finance off to sell...
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soccersmyth
30-08-11, 10:26 AM
Get a loan to clear finance is the best bet.
But if you cannot get a loan and cannot make the payments on the HP agreement,
contact the HP company NOW and keep them in the loop.
They will work with you.
The last thing they want is to have to re-posses the goods.
all the gear
30-08-11, 11:21 AM
hi ,once you have paid more than half the finance you can return the bike with no obligation to pay any further payments.
Ask you finance company or local citizens advice service
If it's been bought on finance aren't you meant to have it insured fully comp which would mean the crash damage is irrelevant.
hi ,once you have paid more than half the finance you can return the bike with no obligation to pay any further payments.
Ask you finance company or local citizens advice service
I would have thought the finance company would expect to be in to be in decent condition, if it's been modded & crashed they're not going to just happily take it & clear the finance. Have a read of your finance agreement & see what it stipulates.
twowheels
30-08-11, 01:43 PM
you dont fancy a nice gsxr track bike do you? swap swap?!! its got a V5! very sorted - sorry i just thought id put it out there as a need a bike for minitwins!!
SV650Racer
30-08-11, 03:46 PM
You can sell a bike on finance, its very easy. Get a settlement figure faxed/emailed or posted to you. Advertise the bike, the new owner then pays the finance company directly by debit card over the phone and then gives you anything extra owing in cash or if the bike doesnt sell for enough to cover the finance, you then make up the remainder, paying it off via debit card with the new purchaser present.
We do this for trade ins etc with finance outstanding.
You can sell a bike on finance, its very easy. Get a settlement figure faxed/emailed or posted to you. Advertise the bike, the new owner then pays the finance company directly by debit card over the phone and then gives you anything extra owing in cash or if the bike doesnt sell for enough to cover the finance, you then make up the remainder, paying it off via debit card with the new purchaser present.
We do this for trade ins etc with finance outstanding.
Was just about to say this, but you saved me the bother.
mister c
31-08-11, 07:43 AM
I bought The Triumph with HP outstanding. I paid the finance company the money & asked if this would cover the outstanding amount.
They told me that the policy wasn't with me so they wouldn't tell me. I had to trust the seller & paid it.
Moojuicepez
31-08-11, 03:13 PM
you dont fancy a nice gsxr track bike do you? swap swap?!! its got a V5! very sorted - sorry i just thought id put it out there as a need a bike for minitwins!!
If it didnt leave me with monthly payments and have a bike id not be able to ride on the road id certainly swap aha. How hard is it to put a track bike back on the road?
If it's been bought on finance aren't you meant to have it insured fully comp which would mean the crash damage is irrelevant.
It was fully comp insured but insurance is high enough as it is so when the bike was recovered i just sat in in the garage waiting to be fixed. that way i keep my no claims.
being a hit and run and the police not bothered i didnt have the drivers insurance details to do him on.
twowheels
31-08-11, 04:27 PM
probably better off getting a road bike for you mate if you after after a road bike in which case, it wil need tax, MOT, lights, indicators, a place to hang up the numberplate and youll not be able to take a pillion on it with the subframe it currently has.
Moojuicepez
31-08-11, 05:52 PM
probably better off getting a road bike for you mate if you after after a road bike in which case, it wil need tax, MOT, lights, indicators, a place to hang up the numberplate and youll not be able to take a pillion on it with the subframe it currently has.
Im going to end up fixing it to keep arent i :(
Im going to end up fixing it to keep arent i :(
Can you not just cut your losses, make a claim, get your money and buy another older sv (if you are only after one of them) and run it for a couple of year 3rd party...?
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arenalife
06-09-11, 11:36 AM
There's usually a few 0% credit card deals about (look at moneysavingexpert.com) and pay the finance off with that.
Dicky Ticker
06-09-11, 12:53 PM
Perhaps I am wrong---BUT--don't insurance companies contribute to a central fund covering uninsured drivers and untraceable vehicles such as hit and run?
Surely it is better to loose your no claims bonus[2yrs] than be well out of pocket --at least you have a saleable bike once it is repaired.
I take it the bike has been converted to street from a previous spill,there for returning it to the finance may not be an option.
You are between the devil and the deep blue sea.
Bluefish
06-09-11, 09:17 PM
you are probobly going to have to fix it to be able to sell it for enough to pay the finance off, should of claimed straight away on the insurance, that's what it's there for.
Bluefish
06-09-11, 09:20 PM
Can you not just cut your losses, make a claim, get your money and buy another older sv (if you are only after one of them) and run it for a couple of year 3rd party...?
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or make the claim, they will no doubt write it off, buy it back and fix it up, then sell it, then with the cash settlement they gave you plus the money from selling you should have enough to pay off the finance :-dd
metalmonkey
06-09-11, 09:20 PM
Perhaps I am wrong---BUT--don't insurance companies contribute to a central fund covering uninsured drivers and untraceable vehicles such as hit and run?
Surely it is better to loose your no claims bonus[2yrs] than be well out of pocket --at least you have a saleable bike once it is repaired.
I take it the bike has been converted to street from a previous spill,there for returning it to the finance may not be an option.
You are between the devil and the deep blue sea.
Yup there is MIB-Motor Insurance Bureau maybe worth looking into. I'm not sure what the process is though can't do any harm to find out if it will cover you in accident.
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