2006-12-16 20:33:04 · 8 answers · asked by Richard W 1 in Cars & Transportation ➔ Buying & Selling
You would be taking over the payments. Buying any item with outstanding finance is money owed on that item and it must be paid off or be repo'd. The entity that holds the title won't care who has the physical ownership either. This can't be any kind of a deal as motorcycles don't hold much value compared to the loan!
2006-12-16 20:49:57 · answer #1 · answered by Ta Dah! 6 · 0⤊ 0⤋
Yes it can because the bike still belongs to the finance company.
Never buy anthing with outstanding finance on it unless the person can prove it is paid off. If buying something and the person states they are going to use your money to pay of the finance, ask to see their settlement figure from the finance company and give them a banker's draft or building society cheque made payable to the finance company for the settlement fifigure and pay them the balance as cash or cheque. That way they have to pay off the finance.
Unfortunately the finance company won't deal with you after the fact so only do this is you trust the person concerned and are convinced they are who they say you are.
One way to do this is to do a HPI check now for £35.95 (http://www.hpicheck.com/newfrontend/mcn/index.html) then pay the person and keep returning to the HPI check to ensure it shows up clear. Once the finance has been paid off the HPI check will automatically show this and you will know it is all sorted. If it doesn't clear then you can go back to the seller and have proof they have not sorted it out.
2006-12-17 04:40:11 · answer #2 · answered by Anonymous · 0⤊ 0⤋
yes anything with outstanding finance, whether the person who originally bought it or anyone else has it afterwards, owns it there is money still owed for that item and the bike could get repossesed if the payment isn't completed
2006-12-17 04:38:46 · answer #3 · answered by alfredo160584 2 · 1⤊ 0⤋
In the UK, Yes. If the finance company has lien (sic - it's a legal term that means something like "rights") over the bike, the lien pre and super-cedes any contract between you and the guy who flogged it to you. Sad but true.
2006-12-17 04:38:46 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Yes, if the finance ammount exceeds the value of the bike give it back to finance company, if not clear it off.
2006-12-17 04:36:29 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Yes if - the payments on that financing is not being made- or paid off=the title is not cleared=D
2006-12-17 04:37:24 · answer #6 · answered by Debby B 6 · 0⤊ 0⤋
if you buy abike without a hpi check then you wont have the brains to ride it anyway stick to your pram
2006-12-17 04:44:40 · answer #7 · answered by boy boy 7 · 0⤊ 0⤋
if you don't make your payments, yes, as it was probably used as collateral when you took out the loan
2006-12-17 04:35:25 · answer #8 · answered by Jenny A 6 · 0⤊ 0⤋