Ducati Sporting Club UK > Model Specific - Discussion, Technical Problems and Help > General Motorcycles only > buying a bike with outstanding finance on it - is this dodgy

[Carbon749]

Hi,

looking at buying a bike that the owner admits has outstanding finance on it. He says he will clear the finance once the bike is sold.

Having never (knowingly) bought a bike (or car) with outstanding finance on it I'm not sure of the pit falls or dangers.

Any (constructive) advice ?

[Glyn]

the way to do it is to pay the outstanding balance yourself
and give the seller the change
if he wont agree to this, he wasn't planning on paying anyway!

[Jools]

Yep, do as Glyn says. Get the documented settlement figure and make arrangements to pay it direct to the finance company.

They still legally own the bike until the debt is settled so if matey stuffed you and just didn't pay em they can reclaim the bike.

[itexuk]

I bought mine 3 weeks ago, see my thread.
http://www.ducatisportingclub.com/xm...2852#pid220500
Check log book is in his name etc, Ask for copy of settlement statement from seller, phone HP company and discuss paying off balance by credit / debit card. With me the HP company Black Horse set up 2 pass words one for them and one for me so that I new it was them and that they new it was me, I then phoned them from the sellers home pass words were checked, made payment and paid balance to seller. Got myself a bargain

[Half man half mole]

Is it dodgey - yes it is!

The excellent posts above will explain how to avoid getting shafted.

Mike

[Carbon749]

guys thank's for all the advice. All sorted now.