Dealer not settled finance
 

I sold my motorbike to a dealer 200+ miles away through sellyourbike.com as it was the easiest way.
The guy (it's a 1 man company) came up last week and collected it in his van, agreed to settle the outstanding finance at the end of last week and left me the balance in cash.
I phoned the finance co yesterday to see if it had been settled and it hadn't so phoned the dealer. He said he was going to sell the bike on to another dealer (btw - he has it on his website and it says hpi clear) and that dealer will settle it?
My settlement figure is valid till november but in the meantime i'll still be having payments taken out of my account each month, i can't cancel the DD as it isn't the finance companies fault and i don't want to get a bad credit rating for missed payments.
What can i do? do i tell the dealer if he doesn't pay i'll report the bike as stolen (as he hasn't paid for it)? but he has the V5, MOT, both keys so it wont look that way?

Thought selling to a dealer would be hassle free as it has been in the past

maybe trading standards ,did you get a recipt?

dealr stealers comes to mind lol sorry had to

I did get a purchase invoice which he filled in, this shows the HP settlement figure.
He does/ did seem genuine, has quite a few bikes for sale on his website and is VAT registered.
Just bloody annoyed as he's gone back on his word to settle last week and don't want it to drag on otherwise i might as well have kept the bike :(

you know thease places are ment to be nice and easy to deal with, if it was me id go atleast to citizen advise beuro see what they say,write a letter for action to be taken this week or it will be taken further , but speak to someone in the know first to 100%know where you stand,just out of intrest what bike was it :)

Would the police not be interested (stupid question) as it's theft surely ?

Ring him tomorrow morning first thing and tell him if it's not settled by midday you'll be reporting it as a stolen vehicle. Also, tell your finance company what's happening and keep in touch with them.

Why on earth did you give your vehicle away without him first settling the finance?

A quick phone call to the finance company before you handed the bike over.

I'm sorry but this is stupidity at it's best

^^ what boro says :)

He's basically selling it for you, and making a profit, while you carry on paying it. Then when he goes to clear it, its cheaper for him as you've been knocking money off the outstanding amount. Nice to see someone supporting british businesses !

Theoretically the finance company still owns the 'bike. You could inform the HP company that you have disposed of the bike to the other bloke telling them his name and address and they may well claim the money from him.

Les

Until you have paid off all the money owed on the bike it still belongs to the finance company.

You've sold a bike which doesn't legally belong to you and it doesn't belong to the dealer you sold it to!!

If the finance company get ****ty about it you could both be in strife.

You need to pester the 'dealer' who's bought it and get him to pay it off asap!!

I sold my car back to the BMW dealership I bought it from with the agreement they were going to pay off the outstanding finance. Still took them 2 weeks to do so and coincidently paid it the same date that the next direct debit was due so BMW Finance got an extra payment for the week and a half it took them to refund me it.

I'm emailing him tonight saying i want it settling by monday at the latest or i want compensating for the next payment i have to make.

It was a Triumph Street triple R :)

http://i46.photobucket.com/albums/f1...ps5cfc6b81.jpg

nice she looks mint

Why would he compensate you? What's in it for him?

Yep it was :(

We agreed a price which included him settling the finance - if i have to make any more payments it'll come off his settlement figure so he'll be paying less than agreed

I think you need to get very tough, very fast

letter giving 7 days, then sue

otherwise why on earth would he pay his own money out and ruin his cash flow

you are in effect financing his business

he would much rather the person he eventually sells to settle the finance

(which would mean he bought the bike of you for a fraction of it true worth, a nice leveraged deal and he loaded you with the risk- he wasn't a retired banker by any chance)

I'd be taking a trip down there and getting it back regardless of distance! He hasn't a leg to stand on either as its still the finance companies and will be in your name. What's the dealers name and where are they?

No I mean why would be be willing to compensate you? I know why you want him to. Whats the threat or the motivation?

Easy, just cancel your direct debit payments to the finance company, the bike will come up red flagged and you can then tell your story to the police or who ever gets involved in things like this??

That could have a negative impact on the op's credit rating and thus more hassle in sorting that out.
I'm wondering if there's some sort of traders code of practice as I don't think it can be too uncommon for a garage to settle outstanding finance on one car in order to sell another.
I'd ask the brother in law as he's in the trade but he's away at the moment.

Nik.

If you haven't reported this as stolen yet, you are being taken for a ride.

That would be my motivation, call him, tell him he has 24 hours or it's being reported as stolen.

Call the finance company, tell them who he is, his business details etc and call the 101 number and make a record of it with the police, make sure they understand your just after it being recorded at the moment.

You can give him your crime ref number then too.