Buying bike privately that has money owed on it

[KelvinAng]

I'm looking at this bike and am thinking of going through with the purchase, and so did a carjam report to see if it has money owed on it. It has, and through MTF.

The owner says the money (that I would be paying him for the bike) will be put towards paying off the debt. It's my understanding that if he does not, then the finance company has the right to repossess my bike.

So what do you guys think is the best way around this?

[Genie]

well done for checking it out, so many don't.
If it were me I'd be finding out how much is settlement figure and make a cheque out direct to them and give him the balance.
also, would have a wee chat with the finance company to check you can do that.
Have fun on the new bike

[KelvinAng]

If it were me I'd be finding out how much is settlement figure and make a cheque out direct to them and give him the balance.
also, would have a wee chat with the finance company to check you can do that.

Cheers for that, Genie! I called the company and the voice recording says they're closed today, so sent off an email hopefully they would be able to advice me. The two cheque method sounds good. I haven't thought of that... that's brilliant!

[JimO]

i wouldnt trust the seller to pay the finance on the bike, make sure this is settled before you complete the purchase

[CookMySock]

Yep, tell him to sort it out or no deal.

Steve

[scott411]

MTF will not give you the payout figure, he will have to get it for you, (privacy bullshit)

as said above, settle the finance yourself, and give him the balance,

alot of dealers use MTF so you may be able to do it though the dealer he brought it off,

[Hoon]

I went through the same thing. I drafted two bank cheques, one to the finance company and the other to the seller for the difference. If the seller accepts personal cheques then good for you, I wouldn't (unless as the seller I held onto the bike until they cleared). Also quote the loan account number on the finance co cheque just on the off chance that the seller has another loan and puts it towards that one instead - better safe than sorry.

[tigertim20]

I'm looking at this bike and am thinking of going through with the purchase, and so did a carjam report to see if it has money owed on it. It has, and through MTF.

The owner says the money (that I would be paying him for the bike) will be put towards paying off the debt. It's my understanding that if he does not, then the finance company has the right to repossess my bike.

So what do you guys think is the best way around this?

decide what you want to offer him (say 5k)
then subract what is owed from your offer (say 2k owed?)
tell him you will give him 3k, and cover the balance of the debt yourself.

thats what id do if i really wanted it.

[KelvinAng]

An update: the guys at the finance company wrote an email back saying they need the seller to call them up to authorise me access to his account, to which seller just did. Another email was then sent to request details on me settling the debt and hopefully I'll have a new-to-me bike soon

[Maha]

I'm looking at this bike and am thinking of going through with the purchase, and so did a carjam report to see if it has money owed on it. It has, and through MTF.

The owner says the money (that I would be paying him for the bike) will be put towards paying off the debt. It's my understanding that if he does not, then the finance company has the right to repossess my bike.

So what do you guys think is the best way around this?

I sold my Triumph with money still owing on it, the finace company ok'ed it (I told them I was selling it) the purchaser knew about the money owing so he got an aggreement drawn up for us both to sign. Which I happily did because im an honest bastard.

pic shows part of the agreement (I croped out the names and $'s)

He paid me the money, I settled the debt.

[3umph]

I sold a cage one and met the new owner at the finance co and he payed them then balance to me and took it away....

DONT take there word for it... we got stung once and that was from 2 owners before!!! luckly I got in contact with the scum and he ended in paying up and getting te bike back...

suggest you meet at the finance co and do the deal there...

[Bikemad]

well done for checking it out, so many don't.
If it were me I'd be finding out how much is settlement figure and make a cheque out direct to them and give him the balance.
also, would have a wee chat with the finance company to check you can do that.
Have fun on the new bike

yeah........what she said

[Flip]

Well I get sentimental about money, it's a Scotts' thing.

I would not buy a vehicle that had a interest logged against it, not worth the risk.

[sinfull]

Sounds like the seller's straight up, carry on with the two check deal and good luck with the new ride !

[R1madness]

I'm looking at this bike and am thinking of going through with the purchase, and so did a carjam report to see if it has money owed on it. It has, and through MTF.

The owner says the money (that I would be paying him for the bike) will be put towards paying off the debt. It's my understanding that if he does not, then the finance company has the right to repossess my bike.



So what do you guys think is the best way around this?

Pay the finance company the outstanding debt not the owner then settle the balance with him. Otherwise you will most likely end up with a repoed bike and no legal comeback on him.