Buying Advice

Hi Everyone,

Just wondered if anyone has a bit of advice on a couple of bikes I am looking at...
The first is a K5, 4872 miles. Looks lovely, has V5 present and service receipts but no service book is present. The other is a 2007 K6 with less than 1000 miles and still has finance owing. What is the deal with a financed bike?
(have never had to deal with this before)
Should I give them a chance, or avoid like the plague?

Cheers for any thoughts!

had a friend who bought a car that the seller had finance owing on it (although he didnt tell him!!!), he missed a payment, and they reposessed the car from my friend.

so be cautious. that fact he has told you though........

by the way im new!

Hi. If a bike has finance outstanding the finance company involved has an interest as part owner. The seller will have a responsability to settle the finance if the bike changes hands, if not then the finance company will continue to have an interest in the bike and will be within their rights to take posession the machine.

Get a HPI check done (http://www.hpicheck.com/newfrontend/) will cost you about £20, this will show any outstanding finance & who the finance company is. Also, get evidence from the seller confirming that any finance has been settled before you purchase.

Good luck with your searching

The finance owing bit worries me. I'm really not at all rock solid on this one but accumulated horror stories have (perhaps incorrectly) led me to believe that a vehicle with finance owing is effectively owned by the finance company, and as such the seller is not necessarily allowed to sell the vehicle without the finance companies consent - it'd be effectively as if you'd bought stolen goods (no matter how innocently), the original owner can still come and reclaim them. At the very least I'd want to know who the finance company was and I'd want to speak to them directly to ascertain whether they knew that the bike was being sold and how that relates to you.

Missing service book wouldn't necessarily put a stop on the deal as I suppose they can get lost. I would want to double check that the receipts shown are from a garage you recognize, and I would want some money off as when you come to sell the bike yourself your potential buyers are going to have the same concerns.

There's a lot of choice around, SVs are plentiful, don't get rushed into anything, it might be worth just looking around a bit more for some more examples.

Tell them to get a loan to pay the finance off, there is a 30 day cancellation period for the loan...You give them the cash to pay of the loan within the cancellation period, happy days. Thats the only way I'd do it.

[rictus01]

Nothing wrong with either bike if that's what you're after, although you didn't put down what they were asking for each ? as price is very dependent on condition I'd examine them very carefully or take someone along who knows what to look for, check for obvious crash damage ( newbies bike, they get dropped, not the end of the world) and any non-standard parts and ask why they are there ?, then it's the durabales.

On the finance side of things have a look at the agreement and you'll find he/she probably isn't allowed to sell it without settling the outstanding amount strictly speaking unless the loan wasn't secured on the vehicle.

Cheers Mark.

Originally Posted by rictus01

Nothing wrong with either bike if that's what you're after, although you didn't put down what they were asking for each ? as price is very dependent on condition I'd examine them very carefully or take someone along who knows what to look for, check for obvious crash damage ( newbies bike, they get dropped, not the end of the world) and any non-standard parts and ask why they are there ?, then it's the durabales.

On the finance side of things have a look at the agreement and you'll find he/she probably isn't allowed to sell it without settling the outstanding amount strictly speaking unless the loan wasn't secured on the vehicle.

Cheers Mark.

The K5 is going for £2995 on Bike Trader, standard apart from a scorpion can.
The K6/2007 is at £2999 starting bid on ebay and £3,300 on MCN, standard apart from R & G crash bungs and a seat cowl. Have spoken to the K6 chap and he will provide proof of the finance being payed off.
It seems that a lot of K6/K7 bikes will still be on finance. I guess newbies buying their 1st big bike, keeping it for a year and then wanting something bigger?

[rictus01]

Once the finance is settled then the company will provide him with proof of ownership, that's the bit you want to see, not bank statements or anything, but of the two you should get the newer one for the £3k mark if it's in perfect condition, although if you buy it from Ebay remember the deal isn't binding if it's not exactly as described in the listing so take it with you, if it's not then open negotiations again, you may save a few £££, Oh and ask loads of questions and get him to reply threw ebays responce thing as it stores them all.

Good luck.

Cheers Mark.

Don't buy a vehicle with finance outstanding period. If he settles the finance fair enough. If not don't buy it.

The other way of buying something with fiance on it I have heard of is that you get the seller to give you the total outstanding amount on the bike still owed, get a statement from the fiance company showing still what is owed, if possibale speak to them to confirm this.

Then make a cheque out for the amount still owed with the fiance comapies name on it, and send it to them. Whatever is left pay in cash to the owner.

Then by doing it this way you know and have confimred that the fiance has been payed off.

As mark said get someone to look over the bike with you. Its worth doing a HPI check there are lots of stolen bikes out there and make sure the V5 matches what you in front of you.