Finance advice

**jimdaworm** · 20th October 2005, 13:00

I have recently been looking at a CBR 600 I had it checked out and its been serviced by the owner, shop says its all good.

We agree on a price and I tell the owner I just need to do a check to make sure no money is owed on it.

He says he got it on Finance and can pay off whats owed but need the money from me to do so.

How do I proceed here?

I am just about to go see a community Lawyer.

**Sniper** · 20th October 2005, 13:03

Don't do it because if he doesn't pay, you may end up with no bike. I have seen it done so its not an urban myth.

**ManDownUnder** · 20th October 2005, 13:03

Originally Posted by jimdaworm

I have recently been looking at a CBR 600 I had it checked out and its been serviced by the owner, shop says its all good.

We agree on a price and I tell the owner I just need to do a check to make sure no money is owed on it.

He says he got it on Finance and can pay off whats owed but need the money from me to do so.

How do I proceed here?

I am just about to go see a community Lawyer.

1) Go with him and pay the final amount off yourself (take that amount off the amount you pay the owner of course)
2) Make sure there are no other debts outstanding on the bike
3) Pay the balance to the owner ONLY when you are satisfied
4) Take possession

MDU

**Oakie** · 20th October 2005, 13:46

Originally Posted by ManDownUnder

1) Go with him and pay the final amount off yourself (take that amount off the amount you pay the owner of course)
2) Make sure there are no other debts outstanding on the bike
3) Pay the balance to the owner ONLY when you are satisfied
4) Take possession

MDU

Yep. Seen it done that way recently by a finance company financing the purchase of a bike that the seller still had money owing on to his finance company. (Company wrote 2 cheques, one to clear money owing to the seller's finance company and the second (for the balance) to the seller.)

Seemed to work alright

**Bartman10** · 20th October 2005, 13:54

Yep...

Go with him to finance company office.

Check to see what finance is owing.

Pay finance company directly and get a recipt.

Check to see if no other finance is owing in PPSR (personal property secruities register). (auto check etc)

Hand over the rest of the money ONLY when you are satisfied and get a recipt.

Take home message: PAY FINANCE COMPANY DIRECTLY. Don't trust him to do it, or you could end up with no money and no bike.

**Bartman10** · 20th October 2005, 13:55

PS Are you going to sell the RG?

How much?

**Slingshot** · 20th October 2005, 16:05

Yeah, I agree with all of the above. That's what I did when we brought our first bike.
Make sure you get receipts, both from the finance company and him (even if it's just written out on a piece of paper with his signature).

I take it you've got finance sorted, if you need advice flick me a PM.

Is this the CBR that that you looked at in the weekend? If it is then you'll love the bike...they're wicked fun and the perfect step up IMHO.

**HenryDorsetCase** · 20th October 2005, 16:11

Originally Posted by Bartman10

Take home message: PAY FINANCE COMPANY DIRECTLY. Don't trust him to do it, or you could end up with no money and no bike.

absolutely right......

also be careful of any GENERAL security agreement that charges "all present and after acquired personal property" You might need a release from that financier as well. they should provided it because the Financier on the bike will have first crack in any event.

www.ppsr.govt.nz

you might have to be a registered user (it defaults to a login screen for me...)...... not sure. but check.

**jimdaworm** · 26th October 2005, 18:04

Sorry for taking so long to reply, Thanks for all your great advice. I went to Sawyers (Who the bike was financed though) with the owner and asked them the best way for me to do it.

I ended up getting a bank cheque for the outstanding balance owed to Sawyers (after getting the owner to sign a reciept which stated what was to happen.)

All sorted

Thanks slingshot but I had the money in the bank

I am now the proud owner of a cbr 600

For those who didnt see any other threads about it!