Author Topic: Outstanding finance  (Read 2022 times)

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  • Offline 2shea

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    Offline 2shea

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    Outstanding finance
    on: Apr 25, 2018, 03.39 am
    Apr 25, 2018, 03.39 am
    Seen a beautiful a bike on here and I really want to buy it. Only there is outstanding finance on it. Buyer wants me to settle the deal with honda or pay money to him and then he pay honda?

    First things I suppose Id need is the settlement figure wanted by honda as in say £5000 or whatever it is so id know. I could transfer the balance owed on to the seller. Ideally the seller would settle any remaining money so he can just sell.
    Seller says that he'd have to move savings money around and it would be better for him if I played him so he could them pay it.

    Or just let the owner settle up the balance and when it's done buy the bike.

    Will honda issue the paper work with the outstanding balance and let them settle it and then I just by the bike off them. Which would be the best example for me?

    I'm just worried about maybe extra charges for settling early or some unforeseen circumstances.

    Pity because I would have transferred the money and got it shipped to Ireland and have it next week.

    Anyone here ever buy a bike with outstanding finance on it?
    If so how did you get on? And what was the best way to sort it out?

    I mean how long would it take to clear the remaining finance? Think it's PCP. How long would it take to get confirmation of no more finance remaining on the bike?
    Last Edit: Apr 25, 2018, 03.49 am by 2shea

  • Offline Yasko   england

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    Offline Yasko

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    Re: Outstanding finance
    Reply #1 on: Apr 25, 2018, 06.40 am
    Apr 25, 2018, 06.40 am
    One answer to many questions. The current owner of the bike is under contract with a finance company and irrespective of the standing of that owner the contract must be settled before sale or transfer of the bike.
    Bill

  • Offline Crosstourer

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    Offline Crosstourer

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    Re: Outstanding finance
    Reply #2 on: Apr 25, 2018, 09.02 am
    Apr 25, 2018, 09.02 am
    Or just let the owner settle up the balance and when it's done buy the bike.

    Yep, thats the only safe way, current finance on the bike is not your problem, otherwise walk away IMO  :038:

  • Offline Dave56   gb

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    Offline Dave56

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    Re: Outstanding finance
    Reply #3 on: Apr 25, 2018, 12.13 pm
    Apr 25, 2018, 12.13 pm
    *Originally Posted by Crosstourer [+]
    Yep, thats the only safe way, current finance on the bike is not your problem, otherwise walk away IMO  :038:

     :0461:
    "The more the miles, the bigger the smiles"

  • Offline David_S_Walker   gb

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    Offline David_S_Walker

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    Re: Outstanding finance
    Reply #4 on: Apr 25, 2018, 02.03 pm
    Apr 25, 2018, 02.03 pm
    Hello,

    I had a similar situation when selling a car some years ago. What I did was provide a figure to the buyer for the outstanding finance and he then provided two bankers drafts/guaranteed cheques for the finance amount and then the balance to me. I then settled finance immediately with the cheque and sent him the final letter from the finance company stating that it was no longer of interest to them.

    So providing that in this digital age cheque/drafts are still available this might be worth investigating as (and I stand to be corrected) the payment to the finance company can only be cashed by them? This should avoid the seller running off with the money? Although if it is the motorcycle listed recently - which looks a peach - on here I am sure that wouldn't happen!!

    Hopefully you can sort something and buy the motorcycle.

    Best regards,

    David :028:
    The Hokey Cokey - What if that is what lifes all about?

  • Offline Tonio50

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    Offline Tonio50

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    Re: Outstanding finance
    Reply #5 on: Apr 25, 2018, 06.49 pm
    Apr 25, 2018, 06.49 pm
    It would probably work out but it's not something that will happen as quick as you might like. If the bike is a peach it might be worth it :002:

  • Offline pistnbroke   england

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    Offline pistnbroke

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    Re: Outstanding finance
    Reply #6 on: May 15, 2018, 10.07 pm
    May 15, 2018, 10.07 pm
    I agree with Crosstourer and Dave56.
    keep it shiny side up !!!

     



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