Had a bit of a eureka moment today. Realised I have no love for the road anymore, love the blade, but the way I want to ride isn't for the road. Looking at other models on the net with lower spec, similar mileage etc I can get 5.5K-6K for it. Only owe 4.5K so that frees up some nice cash!!! Thing is how do I play it?
Having sold two bikes on finance privately here's my advice - get an exact settlement figure find out what the settlement arrangement is for example one bike was with Santander they insisted the buyer paid the finance off by paying the settlement in their account with your reference number to settle the finance. Close motor finance insisted the money had to come from me so the seller had to pay me then I paid the finance directly into their account. These deals work on a degree of trust some people will whinge at the finance but if you know the procedure to settle it that will win people round. Bottom line is it can be done just make sure you mention it in the for sale ad then people can't claim it was a surprise or shock etc. Hope that helps mate and good luck with sale...
Most bike finances I.e black horse when you get them new are in your name and not against the bike. So in theory you can sell the bike and keep the finance running if you wanted it all. Season 1 covered lol As said by nick, ring them up. Will tell you your deal
I bought a bike privately that had finance with black horse outstanding. I got all the information from the seller of the finance agreement and made direct contact with Black Horse - on the day I visited the seller to confirm bike was there etc and all fine, I called Blackhorse and use credit card to clear balance. Seller then called so he knew finance cleared. I then paid him about £500 (difference between what he owed and value) and left with bike. I had to make sure I went to get bike when finance company open to take payment Hope that makes sense but ask away if unsure on any of it
But did you have to do it this way mate? Sure you can just give the dude the cash and ride away... As said its normally a personal loan so finance company has no ties to the bike? Just the previous seller.... Might be wrong, but sure that was the case on last two bikes I bought?
The finance was on the bike, so I would not take a bike with outstanding finance incase the repo man appeared in future if the seller did not clear the finance. Depends if you trust the seller to clear it
That's my point mate, I don't think they can - as it's classed as a personal loan and doesn't matter if they clear the finance or not.
Jimbo is right HPI check will only show finance owing if borrowed with loan company against bike direct.......personal loans wont matter.
If your upfront and someone want the bike.......you ll settle to suit all parties...... buyer will normally pay finance company (If bike is on HP) and settle difference in cash.. Made enquires a few years back about a Audi A4.....seller was asking £12500......."small amount on finance" he said............"How much" ? I asked...............rang me back later that day.............."£12350" he said !
Been a couple of years since ive sold a bike with black horse finance but Black horse "rider loans" are personal loans. However the loan is secured against the bike and will come up on HPI report. This is different from hire purchase where the finance company own the vehicle. You have to let black horse know you plan to sell the bike. Only ever dealt with close motor finance a few times, usually when customer couldn't get BHF, but I think they are the same.
