Selling with outstanding finance.
06 April 2009, 05:59 PM
#1
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Selling with outstanding finance.
I have a motorbike with outstanding finance but am looking to sell.
Just spoken to my finance company ho only accept debit card payments and not credit cards. As my savings are tied up in Isa's and 60 day accounts etc (never touch them) i'm a bit stuck as they say.
Can i still sell with the finance and if so what's the normal procedure, obviously i will inform the purchaser it has finance and i will settle up once i receive payment. The bank have said they can fax a confirmation letter regarding payment pending clearence.
Has anybody bought a financed motor and if so any thing i should be aware of.
Nik.
Just spoken to my finance company ho only accept debit card payments and not credit cards. As my savings are tied up in Isa's and 60 day accounts etc (never touch them) i'm a bit stuck as they say.
Can i still sell with the finance and if so what's the normal procedure, obviously i will inform the purchaser it has finance and i will settle up once i receive payment. The bank have said they can fax a confirmation letter regarding payment pending clearence.
Has anybody bought a financed motor and if so any thing i should be aware of.
Nik.
06 April 2009, 06:24 PM
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I sold my scooby with finance on it. Took cash from the buyer, paid it into my account and settled the finance over the phone in his presence at the same time. All sorted in one go. But lucky to get him to go with that.
Until you have written confirmation, the finance is NOT finished.
Until you have written confirmation, the finance is NOT finished.
06 April 2009, 10:16 PM
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A similar arrangement would be great if i could make it happen.
Did you tell them about the finance before they viewed so there were no surprises or was it a 'by the way'
I will be upfront as i don't like wasting peoples time.
Nik.
Did you tell them about the finance before they viewed so there were no surprises or was it a 'by the way'
I will be upfront as i don't like wasting peoples time.
Nik.
I sold my scooby with finance on it. Took cash from the buyer, paid it into my account and settled the finance over the phone in his presence at the same time. All sorted in one go. But lucky to get him to go with that.
Until you have written confirmation, the finance is NOT finished.
Until you have written confirmation, the finance is NOT finished.
07 April 2009, 11:46 AM
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You will break the law if you sell it with outstanding finance, if any one does an HPI check it will show up. You could be in for a bad credit rating and the buyer could lose the bike as you dont have the right to sell something that doesnt belong to you.
Easiest way to sort this without falling foul of the law is to pop along to your bank or building socisety and get a short term loan or agree a small overdraft, pay the outstanding balance then sell the bike.
Easiest way to sort this without falling foul of the law is to pop along to your bank or building socisety and get a short term loan or agree a small overdraft, pay the outstanding balance then sell the bike.
07 April 2009, 11:48 AM
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Just for the future dont ever buy a car or bike with HP. Get a bank or building society personnal loan. Then the goods belong to you and are not tied to the loan directly. You can then sell the goods without any problems.
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07 April 2009, 12:45 PM
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Bit of a bold statement to make.
I rang Black Horse and they said i CAN sell the bike as long as the finance agreement is settled within 7 days which in the event of a sale it would be.
I don't need the loan as i have several savings accounts, a mixture of ISA's and 60 day access accounts. I was hoping to not remove money from them if i didn't have to hence my post regarding the finance.
I rang Black Horse and they said i CAN sell the bike as long as the finance agreement is settled within 7 days which in the event of a sale it would be.
I don't need the loan as i have several savings accounts, a mixture of ISA's and 60 day access accounts. I was hoping to not remove money from them if i didn't have to hence my post regarding the finance.
You will break the law if you sell it with outstanding finance, if any one does an HPI check it will show up. You could be in for a bad credit rating and the buyer could lose the bike as you dont have the right to sell something that doesnt belong to you.
Easiest way to sort this without falling foul of the law is to pop along to your bank or building socisety and get a short term loan or agree a small overdraft, pay the outstanding balance then sell the bike.
Easiest way to sort this without falling foul of the law is to pop along to your bank or building socisety and get a short term loan or agree a small overdraft, pay the outstanding balance then sell the bike.
07 April 2009, 12:47 PM
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07 April 2009, 01:12 PM
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yup I made him aware when he first called.
he turned up with 10k in his pocket, and went to the bank with us to withdraw 2k more. Paid it all into my account. I made the call and signed over the paperwork, he drove away.
All within an hour of him first turning up to view it.
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