HP on bike... Illegal to sell

[TFU] Thegoon84 · 26 Apr 2017 at 12:20

Searching for a decent price MT07, came across one on ebay, no bids... However this on the description:

The previous owner bought it on HP therefore it comes up on the HPI check as finance, I have not had any issues on this at all as he seems very trustworthy and also his farther is the guarantor, he still owes £2366 over 14 months.

I thought it was illegal to sell a bike with HPI on. I do like the bike and could probably get a big discount. However what would happen if the guy didn't pay the HP, I'm not prepared to take any risk tbh. But just wanted some guidance from you guys.

I don't take risks so I wouldn't go for this as I work on the bases of worse case scenario. I treat everyone selling as tho deep down their scum.

So how does HP work if the bike sold on?

Rroff · 26 Apr 2017 at 12:26

Dunno the ins and outs of it but my manager's son had a car taken away because it had finance on it that the previous owner stopped paying.

tom_e · 26 Apr 2017 at 12:29

You'd lose the bike with no come back.

Never buy a vehicle unless you've got proof the finance has been paid off.

TallPaul_S · 26 Apr 2017 at 13:03

This, you wouldn't actually own the bike. The guy could decide to stop paying and you be up **** creek withouta bike.

IC3 · 26 Apr 2017 at 16:01

Skip it, bike showing that it's on finance and he's selling it. Logic...

TripleT · 26 Apr 2017 at 16:19

It should be straight forward to buy still even with finance. He just needs a settlement figure and then you pay the finance company what is owed and any excess to him.

Perfectly legal to sell a car/bike on finance, just needs to be done right.

tom_e · 26 Apr 2017 at 16:21

TripleT said:
It should be straight forward to buy still even with finance. He just needs a settlement figure and then you pay the finance company what is owed and any excess to him.

Perfectly legal to sell a car/bike on finance, just needs to be done right.

It sounds like he's buying it off the guy who bought it off the guy who financed it, don't walk run away.

Captain · 26 Apr 2017 at 16:23

Avoid, a cheap bike is not worth the hassle.

Captain · 26 Apr 2017 at 16:24

TripleT said:
It should be straight forward to buy still even with finance. He just needs a settlement figure and then you pay the finance company what is owed and any excess to him.

Perfectly legal to sell a car/bike on finance, just needs to be done right.

This is an option but I wouldn't pay 3k off someone's finance and then £1000 to him in cash for eg.

TripleT · 26 Apr 2017 at 17:36

tom_e said:
It sounds like he's buying it off the guy who bought it off the guy who financed it, don't walk run away.

Yes that sounds mental

[TFU] Thegoon84 · 27 Apr 2017 at 08:13

tom_e said:
It sounds like he's buying it off the guy who bought it off the guy who financed it, don't walk run away.

No I've no real intention of buying it.... Just curious from a legal point where I'd stand.

Minibiker · 29 Apr 2017 at 15:00

As it still has finance it technically is still owned by the company not the rider of the bike until finance is paid off... I've always been told our standing finance must be paid off before selling the bike

Tefal · 2 May 2017 at 09:53

[TFU] Thegoon84 said:
Searching for a decent price MT07, came across one on ebay, no bids... However this on the description:

I thought it was illegal to sell a bike with HPI on. I do like the bike and could probably get a big discount. However what would happen if the guy didn't pay the HP, I'm not prepared to take any risk tbh. But just wanted some guidance from you guys.

I don't take risks so I wouldn't go for this as I work on the bases of worse case scenario. I treat everyone selling as tho deep down their scum.

So how does HP work if the bike sold on?

If he stops paying theyll rock up and take the bike.

If you want it for the road not worth it its not his bike to sell its the finance company.

If you're going to use it strictly as a track bike.

Bin the reg and drill the rivets out of the ID plate/grind any serials and then it's not an issue

Known a few people sell thier bikes on finance to track teams/track riders.

As its never getting the log book updated they don't give a **** if a finance company is looking for it.