There is a hyper evo on #bay, the seller states "The bike does have outstanding finance on but this will be cleared once payment has been made." Alarm bells, yes?
A seller needing some of the money from the sale to settle the outstanding finance is not uncommon and I’m sure many transactions have been carried out successfully. Would I risk my hard earned cash with a total stranger posting on eBay that has no financial protection for miss sold vehicles ? IMO, no, absolutely not. Andy
I'd ask to see the finance statement. Pay that amount less to the seller and clear it myself which is what every dealer does.
Once you have spoken the seller, I imagine you contact the finance company who will advise you. If its a bike you want, its worth a phone call to check how the transaction can proceed?
The answer is above: get settlement figure and pay direct to finance company. Just because it has finance doesn’t mean the seller is looking to rob someone some may be but if you pay direct they can’t.
Totally normal. If you go ahead with it, get him to clear the finance whilst you’re with him and see proof. no dramas, very common.
Yep, as stated above, just pay the settlement figure direct to the finance company, if the seller resists then run, have bought multiple cars this way .... its not always a scam, some proper tin foil hat merchants in here !!!
Why alarm bells? the guy is being open about it. Speak with him, go see the bike if you want it, trust your judgement! I've bought three bikes with outstanding finance, with two, the guy cleared the finance in front of me after my transfer was confirmed, the other I paid off the Black Horse loan and he had the cash balance to give me. Got the bike I wanted in each instance. Go for it!
Guys here with more experience than me, 98.5 % of people honest and straight. All I am saying is the Finance company hold ROT (retention of title) Being there when it is sorted looks the safest
Either that or the absolute safest way is send the money direct to the finance company yourself, they will confirm receipt, pay balance to seller, get bike
You should contact the Finance people to see what they want. They own the bike afterall! It would be bad news to pay off someone elses loan and not get the bike, or be in some dispute about paperwork.
I bought my bike from an ebayer seller, who stated it had outstanding finance. I spoke to the finance company, they advised that I could clear his finance and they would send email proof, but most importantly to ensure I did this during normal business hours. All worked out fine, and he was a very honest guy, I believe it worked in my favour because the outstanding finance put most buyers off.
If doing the above. I’d want some security to make sure you don’t pay the guys finance and not have a v5 personally
Every sports car I’ve bought has had finance outstanding on it. It’s a simple process, if the guy doesn’t show documents with all the relevant info and doesn’t make a call to the finance company on loudspeaker to confirm everything, then walk.
You must make sure the finance is fully cleared. Stand over the guy as he transfers the money then ring finance company, Or as Petsmith says, ring the finance company and clear the balance yourself and pay the difference to the seller. You just have to make sure finance is cleared as it will never be yours if any finance outstanding and could be repossessed from you in the future.
