Finance

[Teedyt]

Thinking of buying a used bike but is there any way of checking if it’s been purchased on finance ! I’ve seen a couple of levo sl’s from same seller with next to no miles on them ! And don’t want to end up with a finance company chasing me for other people’s debt

 

[steve_sordy]

It used to be that the Citizen's Advice Bureau (A UK org) would check for outstanding finance on cars. They may check finance on any asset, or probably nothing at all these days, but it won't hurt to give them a call.

The only positive suggestion I can make is to get the seller and you to sign a dated document that says the bike is as described, and that you are happy with it (to keep the seller happy), that £#### has been paid to the seller by you in exchange for a bike that was legally owned by the seller, and is free of finance or other encumbrances.

I am not a lawyer, those that are may chip in to say that this has no legal weight at all.
If it comes to a dispute over ownership, then I am aware that someone cannot legally do something that is illegal. So if the seller does not own the bike he cannot legally transfer title, ie sell it to you. So no amount of covering your arse with legal documents will protect you.

One more thing for us all to be concerned about when buying used bikes.

I've just had an idea! Contact eBay and ask them how to protect yourself from people selling a bike that is either stolen, not owned by the seller, or has an outstanding finance deal on it. They MUST have come across this countless times. I asked them a similar question when I was selling and they were very helpful.

 

[Hob Nob]

If it's the likes of V12 (which pretty much every one is) then it's an unsecured personal loan. Thus, it's not like car finance where you are liable, as its not linked to the item (other than a means to recognise the reason for buying).

So you have no idea - as there is nothing to 'link' it to the item. We don't have VIN's like cars, or a central government database with the information associated to them for people to check against.

Crack on & buy.

 

[7869hodgy]

Not sure what Cardabin is on about but I agree 100% with Hob Nob.

I always use 0% 12 months “buy now pay later” when I buy a new bike (why not let someone else pay for it for a while, invest the money & g make a bit of interest) It is not secured on the item. I am liable to pay whatever happens.

 

[Zimmerframe]

Not sure what Cardabin is on about

Probably a spammer just trying to get upto 10 posts so they can PM people with scams.

I'll click "report" so a mod can check them out.

 

[Moderator]

Not sure what Cardabin is on about but I agree 100% with Hob Nob.

I'll click "report" so a mod can check them out.

Off topic, but just for reference if anyones ever curious about what happens.

If you see anything suspicious, the report function is normally the best way to let someone know.

In this case

Has only posted once and is using a VPN address based in Las Vegas.

We normally check further from there and found

Joined within 10 minutes of the other post and used the same Vegas Internet address.

Both will be removed.

Thanks.

 

[Paulquattro]

One way to check whether a bike has been purchased on finance is to ask the seller to provide you with proof of ownership, such as the original purchase receipt or a transfer of ownership document. If the seller is unable or unwilling to provide this information, it could be a red flag that the bike has some kind of unresolved issue.

I would always ask for the original receipt too or walk away if it cant be provided .

Finance wise the above posts are correct bikes are not like cars and are basically unsecured loans so no attachment to the bike at all .

 

[Tooks]

A receipt showing that it was funded by finance shouldn’t be a red flag, as others have said no finance is secured on the bike anyway, certainly none that I’ve ever seen.

Once you’ve purchased it from the seller, however they paid for it, title passes to you as normal.

 

[irie]

A receipt showing that it was funded by finance shouldn’t be a red flag, as others have said no finance is secured on the bike anyway, certainly none that I’ve ever seen.

Once you’ve purchased it from the seller, however they paid for it, title passes to you as normal.

A valid receipt with the seller's name on it is evidence that it's not stolen.

 

[Tooks]

A valid receipt with the seller's name on it is evidence that it's not stolen.

Indeed, but receipts can be faked easily enough.

My point was that I’ve never heard of a finance purchased bike having a finance ‘marker’ on it, so people can be happy that they won’t be buying a bike owned by a finance company that may be taken away from them.

Now, buying a used bike purchased via a Cycle 2 Work scheme before the hire period is over is a different kettle of fish, according to the terms and conditions anyway.

 

[irie]

Indeed, but receipts can be faked easily enough.

Indeed, but in principle the seller on the receipt can be contacted to verify that the receipt is not faked.

 

[Tooks]

Indeed, but in principle the seller on the receipt can be contacted to verify that the receipt is not faked.

Of course, and you should always satisfy yourself that a receipt is legit.

Buy the seller, as they say, and walk away if you’re not happy.