StevoD Posted August 17, 2017 Share Posted August 17, 2017 So I had a Honda cbr650f on finance with Honda I got made redundant past week so made moves to reduce out goings, so approached a few local dealers and agreed on a price on Wednesday the 2nd of August. So the Figures Agreed price for bike £5,150 Amount owed on settlement £4,265.29 and the balance in my pocket.The Dealer agreed to pick the bike up on Friday evening 8pm 4th August. Upon collection, he gave me a cheque for my portion of the sale and a written statement that he would pay the Finance settlement by August 8th. I get this Email on August 9th"Hi Steven, We have had trouble sorting the finance out for this bike, can you please send the letter from Honda detailing the financial details." so I sent the Documents again and questioned what the issue was and got no reply.on the 10th of August, i noticed the bike was listed on Autotrader so I asked if the finance had been cleared to which I got a reply of "Hi Steven,Yes, the finance was paid and cleared yesterday." Well every day this week i have phoned Honda to find out if it has been cleared and it hasn't the Dealership has closed for 2 weeks for refurbishment with no person taking phone calls, I have got the mobile number and called the guy who I have been with dealing with who is in France whilst the refurb is going on and he states the balance was paid by bank transfer last week.so where do i stand on this? Quote Link to comment Share on other sites More sharing options...
Jay84 Posted August 17, 2017 Share Posted August 17, 2017 The outstanding is against the bike, not you, so if he bought that bike, doesn't the debt go with it? That's why dealers do HPI checks to ensure they don't purchase a car with outstanding finance. Notify the DVLA (DVSA?) that you are no longer registered keeper with the small yellow part of the log book you kept and it'll no longer be linked to you...I think Quote Link to comment Share on other sites More sharing options...
Ekona Posted August 18, 2017 Share Posted August 18, 2017 Nah, Steve still has a contract with Honda to pay for the bike, so Honda will just carry on chasing him for the money. His agreement will also say that the bike is not his until the finance is paid off, and that he's not legally allowed to sell the bike before paying it all off, so they could also chase him for breach of contract however that's never going to happen as long as he keeps paying the finance off. Which I wouldn't want to be doing when I don't have the bike any more... 1 Quote Link to comment Share on other sites More sharing options...
Jay84 Posted August 18, 2017 Share Posted August 18, 2017 Oh ok. I wasn't sure so thanks for the clarity 1 Quote Link to comment Share on other sites More sharing options...
Ekona Posted August 18, 2017 Share Posted August 18, 2017 No worries. Quote Link to comment Share on other sites More sharing options...
rabbitstew Posted August 18, 2017 Share Posted August 18, 2017 It may well then depend upon the finance company. I bought a motorbike years ago which the owner had on finance. I did an HPi check on it months later and it still showed outstanding finance. I actually called up the finance company in question and spoke to them and they said that regardless of what HPi showed I had no reason to worry as the finance was actually against the previous owner and not the bike. Quote Link to comment Share on other sites More sharing options...
RickyZ Posted August 18, 2017 Share Posted August 18, 2017 Just out of interest why didn't they pay you all the money agreed on the bike and you clear the finance yourself? Quote Link to comment Share on other sites More sharing options...
Jay84 Posted August 18, 2017 Share Posted August 18, 2017 9 minutes ago, RickyZ said: Just out of interest why didn't they pay you all the money agreed on the bike and you clear the finance yourself? I assumed this was standard practice too Quote Link to comment Share on other sites More sharing options...
ZMANALEX Posted August 18, 2017 Share Posted August 18, 2017 2 hours ago, RickyZ said: Just out of interest why didn't they pay you all the money agreed on the bike and you clear the finance yourself? Because the garage would have no guarantee that the previous owner would settle the outstanding finance. Quote Link to comment Share on other sites More sharing options...
Ekona Posted August 19, 2017 Share Posted August 19, 2017 We did have the dealer pay us the money direct via BACS to our account for the Mini we sold to them, but the guy was sat in our house and we confirmed it was in our account then promptly rang Mini finance and paid it off before he took the vehicle, so it can happen. Very rare though, as Alex correctly points out it's a big risk for them. I just have a very very trusting face Quote Link to comment Share on other sites More sharing options...
Jay84 Posted August 19, 2017 Share Posted August 19, 2017 5 hours ago, Ekona said: I just have a very very trusting face Really? Where do keep that? Must in a drawer somewhere at home I guess. 1 Quote Link to comment Share on other sites More sharing options...
ilogikal1 Posted August 19, 2017 Share Posted August 19, 2017 5 hours ago, Jay84 said: Really? Where do keep that? Must in a drawer somewhere at home I guess. Usually in his handbag... 2 Quote Link to comment Share on other sites More sharing options...
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