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Selling a bike on finance
Posted: Tue Mar 01, 2022 3:16 pm
by Numnut
My 790 is on pcp, and I've had an offer to buy it that might be too good to turn down. That said, the guy is about 300 miles away and will be sending a bike mover type service.
We've come to discuss clearing the finance when the bike's picked up, and the buyer would prefer that I clear it before he transfers any money to me. I'm not keen as that puts all the risk on me if he pulls out.
What's a reasonable course of action in these type of situations? I suggested he transfer the money once his bike mover is happy with the bike, then I'll pay everything off while they're still there.
Re: Selling a bike on finance
Posted: Tue Mar 01, 2022 3:48 pm
by The Spin Doctor
Have you checked what you'll be expected to pay back to clear the PCP first?
Re: Selling a bike on finance
Posted: Tue Mar 01, 2022 5:03 pm
by weeksy
Numnut wrote: Tue Mar 01, 2022 3:16 pm
My 790 is on pcp, and I've had an offer to buy it that might be too good to turn down. That said, the guy is about 300 miles away and will be sending a bike mover type service.
We've come to discuss clearing the finance when the bike's picked up, and the buyer would prefer that I clear it before he transfers any money to me. I'm not keen as that puts all the risk on me if he pulls out.
What's a reasonable course of action in these type of situations? I suggested he transfer the money once his bike mover is happy with the bike, then I'll pay everything off while they're still there.
Yours seems a reasonable solution. But so does his, for him anyway. It's a tricky one.
Re: Selling a bike on finance
Posted: Tue Mar 01, 2022 5:09 pm
by Yorick
Ask for a non refund deposit of £500.
Re: Selling a bike on finance
Posted: Tue Mar 01, 2022 5:21 pm
by Mussels
That stinks of a scam.
How does he propose to send the money to you?
It would be more normal for the buyer to clear the finance and transfer the remainder to you, that way the buyer knows they won't get a collection agency knocking on the door.
Re: Selling a bike on finance
Posted: Tue Mar 01, 2022 5:25 pm
by Yorick
Mussels wrote: Tue Mar 01, 2022 5:21 pm
That stinks of a scam.
How does he propose to send the money to you?
It would be more normal for the buyer to clear the finance and transfer the remainder to you, that way the buyer knows they won't get a collection agency knocking on the door.
Not sure if I'd buy a bike on finance.
Re: Selling a bike on finance
Posted: Tue Mar 01, 2022 6:28 pm
by Trinity765
I thought PCP was practically loaning a bike in that you don't own it until you make the last "balloon" payment and rather than make that last payment most people get a new bike on a new PCP deal?
Re: Selling a bike on finance
Posted: Tue Mar 01, 2022 6:31 pm
by Dodgy69
Is your name on the log book. ?
Re: Selling a bike on finance
Posted: Tue Mar 01, 2022 6:54 pm
by Trinity765
Dodgy knees wrote: Tue Mar 01, 2022 6:31 pm
Is your name on the log book. ?
Yes it will be.
Re: Selling a bike on finance
Posted: Tue Mar 01, 2022 6:56 pm
by Count Steer
Numnut wrote: Tue Mar 01, 2022 3:16 pm
My 790 is on pcp, and I've had an offer to buy it
that might be too good to turn down.
How loud would sir like the alarm bells?
Re: Selling a bike on finance
Posted: Tue Mar 01, 2022 7:10 pm
by Numnut
Cheers for the responses.
It’s not that much of a good offer!
Yep my name is on the log book, and I know the settlement figure.
I like the idea of a non refundable deposit. My real concern is that I clear the finance and then the buyer changes their mind!
Re: Selling a bike on finance
Posted: Tue Mar 01, 2022 7:12 pm
by Numnut
Mussels wrote: Tue Mar 01, 2022 5:21 pm
That stinks of a scam.
How does he propose to send the money to you?
It would be more normal for the buyer to clear the finance and transfer the remainder to you, that way the buyer knows they won't get a collection agency knocking on the door.
He’s suggesting transferring all the cash once his bike mover has got here. He does seem genuine, but then they always do!
Re: Selling a bike on finance
Posted: Tue Mar 01, 2022 7:15 pm
by rusty
Another option is that instead of paying you and you paying the finance company, the buyer pays off the finance then transfers the remaining balance to you.
That way the finance is clear and he knows it.
Re: Selling a bike on finance
Posted: Tue Mar 01, 2022 7:18 pm
by Count Steer
Numnut wrote: Tue Mar 01, 2022 7:12 pm
Mussels wrote: Tue Mar 01, 2022 5:21 pm
That stinks of a scam.
How does he propose to send the money to you?
It would be more normal for the buyer to clear the finance and transfer the remainder to you, that way the buyer knows they won't get a collection agency knocking on the door.
He’s suggesting transferring all the cash once his bike mover has got here. He does seem genuine, but then they always do!
Without wanting to sound paranoid, there have been cases where transfers have been made, then reversed out. I don't know how you might do that but it appears to be possible. Cash isn't reversible.
Re: Selling a bike on finance
Posted: Tue Mar 01, 2022 7:22 pm
by Couchy
Trinity765 wrote: Tue Mar 01, 2022 6:28 pm
I thought PCP was practically loaning a bike in that you don't own it until you make the last "balloon" payment and rather than make that last payment most people get a new bike on a new PCP deal?
Nope, you own in in the same way you own a bike on HP. They just make the last payment a bigger one. What you are describing is finance lease which is normally business only.
There’s a lot of confusion over PCP but it’s just simple finance in a different way, like a loan or HP you can settle whenever. The trick is never to hand it back either pay it off, sell it or part ex it.
Re: Selling a bike on finance
Posted: Tue Mar 01, 2022 7:24 pm
by Horse
Include an Almax chain and fuggoff big lock in the price, wrapped around the bike.
When you're sure everything's financially kosher, send him the key.
Re: Selling a bike on finance
Posted: Tue Mar 01, 2022 11:45 pm
by Taipan
I dont know anything about PCPs but if it's like finance it's not yours to sell, as its the property of the finance company. So no way would I pay someone for a bike and rely on them to settle the finance. If they didn't pay it off and the finance company repossessed the bike, I'd be out of pocket! Are there still companies providing escrow for such deals?
Re: Selling a bike on finance
Posted: Wed Mar 02, 2022 7:03 am
by Dodgy69
Ateotd, I wouldn't buy anything that still has finance attached, why would he. ???
Re: Selling a bike on finance
Posted: Wed Mar 02, 2022 7:10 am
by weeksy
Dodgy knees wrote: Wed Mar 02, 2022 7:03 am
Ateotd, I wouldn't buy anything that still has finance attached, why would he. ???
Well, sometimes that's how it works. It won't have financed attached in the above scenario, the OP will pay it off at the time of sale. Obviously it's a slightly complicated one as the OP can't pay it off in advance as he won't risk it, but if the buyer has his van bloke outside then it's fairly safe to say he's serious.
The problem comes with timings.
Getting the buyer to pay off the finance is arguably the easiest answer.
Re: Selling a bike on finance
Posted: Wed Mar 02, 2022 8:45 am
by Numnut
weeksy wrote: Wed Mar 02, 2022 7:10 am
The problem comes with timings.
Getting the buyer to pay off the finance is arguably the easiest answer.
Indeed - made all the more difficult by the finance company only accepting a card payment from a card in my name.
I think the reality is that there are risks on both sides and were it possible to do something face to face no one would have a problem, but doing this sort of thing over distance requires an element of trust and understandably there isn't any. I think if I want to sell it, I'm going to need to clear the finance. It'll make everything a lot more simple. Though keeping the crazy bike might just be the best thing to do!
Cheers for your thoughts though
