Buying bike privately that has money owed on it

**KelvinAng** · 23rd February 2010, 14:51

Yep seller seems like a straight up bloke. Two cheques wouldn't work as the finance company wants a bank transfer, so I drafted out a sales agreement basically saying the bike becomes my property the moment I pay out the debt (sum and account number as quoted to me by the finance company) and him the remainder. Once he signs the agreement I'll pay out the debt, give him the balance and once the finance company confirm money received and all's good I'll then collect the bike. I suppose there's an off-chance the seller may disappear the moment the bike is paid out but hopefully with the agreement he signs I can then say it is my bike and it has been stolen or that the seller committed a fraud.

**MSTRS:Me** · 23rd February 2010, 15:15

Can you find/decide on a mutually acceptable third party to hold the bike until all finances have been cleared?

**Genie** · 23rd February 2010, 15:15

sounds like it's going well, hold on with giving him the balance until you do the hand over of keys.....how cool you will have new bike for the weekend...all the very best.

**KelvinAng** · 23rd February 2010, 15:39

The balance is very, very low so it's like practically the entire sale price goes into paying the finance company. Having a mutually acceptable third party would be great if I've thought about it earlier! I guess the sales agreement would have to do as I'll have to make the payment to the finance company today. I suppose if the finance company really does hold onto the money for 10 days before "clearing it" like they said they would then I'll have to to get a third party to hold onto the bike while the finance clears.

**KelvinAng** · 26th February 2010, 08:52

Just to update the thread. Got me bike

Was a bit scary to be honest as the seller disappeared for a day

but it all turned out good.

**MSTRS:Me** · 26th February 2010, 08:56

good stuff.
Now...tell us all about it. With pics.

**KelvinAng** · 26th February 2010, 10:04

Pics, yes! To come after the weekend I reckon, right after I'm done house-moving and giving the bike a wipe down. Will prolly post it as a conclusion to my other thread:
http://www.kiwibiker.co.nz/forums/sh...alue-ramblings

Cheers guys for the suggestions posted on this thread, they're very helpful

**Genie** · 26th February 2010, 10:58

See I knew you would have that bike by the weekend, congrats. Genie knows these things.

You mention shifting and giving the bike a wipe down, I don't read anywhere about riding, I'm guessing that's a given?

Have heaps and heaps of fun on your new toy.