Would you declare a security interest?

[Squiggles]

On a trademe ad?

Was asked for my opinions on a nice R1 thats on trademe and decided to try the txtb4ubuy thing, bingo, its got some form of security registered to it, undeclared... sure its possibly nothing/something that they're going to clear off before sale, but would you declare it?

[Monsterbishi]

I would, it's a recipe for bad feedback if you don't.

Personally, I'd just have something along the lines of:

"This vehicle has a security interest registered against it which will be cleared before ownership is transferred to the new owner."

[Grub]

Not sure what you mean by "declare" it but many vehicles on trademe of course have security registered against them if they were financed. That's not unusual. Nasty's new GPZ500 was one such vehicle.

What we did was spend the $25 on a VIR (but there's a thread somewhere here that gives you the $2 Ministry of Economic Development option). That told us the finance company and the ID number of the security. Nasty rang them and the vendor up, they agreed on a plan whih was that she would pay the finance company what was owed on the bike ($800) and the balance to the vendor. The finance company talked to the vendor about the amount owing, they agreed and the deal was done.

Just a note about process.
- We paid the finance company
- We waited for a formal advice that the security was now cleared
- We then waited also for that advice from thr registrar of securities (Min of Economic Development)
- Paid the vendor

[klyong82]

Yes I would if I was selling a vehicle but I will ensure that it will be paid off before change of ownership. Always good to be honest if not the new buyer will be hounding you everyday.

Alternatively you could also use the process as how Grub described....So Squiggles this R1 wouldn't happen to be a red and white colour one and going cheap too?

[BMW]

I would, it's a recipe for bad feedback if you don't.

Personally, I'd just have something along the lines of:

"This vehicle has a security interest registered against it which will be cleared before ownership is transferred to the new owner."

agreed. You have to build up trust and lieing is no the way!

[SVboy]

I think it just a matter of honesty-I would never put that stress into a buyers life. i know there are that dont care..... Very impressed with the due diligence you guys showed when buying the Kawa-and it paid off.

[Shadows]

I wouldn't declare it in the ad but any body expressing interest in the bike would be told early on.

[breakaway]

It just so happens that sometimes insurance companies 'forget' to take off the security on completion of a successful transaction. So the seller might genuinely not know.

[Toaster]

It would pay to sort out any PMSI registered unless you want to be humped like a randy dog's wet pillow when the financier catches up with the new owner and people start coming after you.

[Renegade]

I wouldn't declare it in the ad but any body expressing interest in the bike would be told early on.

what they said, it may put people off the car\bike immediatly

[Pancakes]

If they haven't said it on the ad it may not be all bad but if you ask the question on trademe or give them a call and they don't offer the info and let you know they can supply proof of the amount owing I'd give it a miss.

I work in a big company doing vehicle finance by the way.