FabSwingers.com forum: Unpaid finance

By *onboy777 OP Man
over a year ago

Newark

Last year bought a 06 plate CBR 600 RR off a so called "friend" went to trade it in against a new car the other day only to be told its got finance outstanding. I wasn't too impressed to say the least but I've been in touch with my "mate" who told me some cock and bull story about how times were hard blah blah and how sorry he was but money was tight. Has anyone been in a similar situation or have any advice other than sending a couple of gorillas round to recoup my losses

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By (user no longer on site)
over a year ago

Think legally you are obliged to pay the outstanding finance,

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By *reelove1969Couple
over a year ago

bristol

maybe contact Trading Standards or Citizens Advice Bureau

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By (user no longer on site)
over a year ago

Always HPI check any vehicle before you buy it. don't the the chance even with mates.

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By *onboy777 OP Man
over a year ago

Newark

They still owe £3500 on it so it would make a expensive bike never thought of the C.A.B !! Thanks

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By *onboy777 OP Man
over a year ago

Newark

"Always HPI check any vehicle before you buy it. don't the the chance even with mates."

We learn the hard way but he was a proper mate been thru thick and thin together

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By (user no longer on site)
over a year ago

Sorry to hear about your misfortune, but if the finance is being paid the credit company will surely be wanting their goods back? Not sure if they seize the vehicle or not? If I was you I would seek advice on the this!!

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By *taffsfella1Man
over a year ago

Newcastle-under-Lyme

I would say you have a decent civil fraud case as omitting to tell you vital information is misselling.

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By (user no longer on site)
over a year ago

This comes up in my work a lot. This is where you stand:

If your 'friend' sold the bike to you or anyone and did not settle up the finance with the company, HE can be prosecuted (and probably will be now an HPI check - or similar - had been done and they will know about that!) and the bike can be seized from YOU and you will have NO comeback on anyone other than your 'friend'. Best of luck with that one, based on what you have said so far.

The ONLY get-out 'may' be if the amount outstanding is less than 1/3rd of the total finance on the bike - then there is an obscure rule which says the finance company cannot seize it (know someone who used exactly that one to get a finance company off his back when he fell seriously ill), but that only applies to the person who took out the finance (ie. your 'friend).

Sorry to say, now that they have been alerted through the vehicle check, it is not looking good for you....

Ted.

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By (user no longer on site)
over a year ago

Rock and a hard place, if you have any desire to keep the friend.

As long as he is making some payments then they won't look to hard at recovering it, but depending on the type of credit they may well have the right to repossess it from you if he stops making them.

I would suggest some peer pressure is your best way forward, discuss the problem when other friends of both of yours are around, try to get him to either clear the credit so you can sell it, or get him to buy it from you. Not ideal but probably more successful than taking him to court which will screw the friendship and probably not get you your money if he pleads poverty.

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By (user no longer on site)
over a year ago

"Always HPI check any vehicle before you buy it. don't the the chance even with mates.

We learn the hard way but he was a proper mate been thru thick and thin together "

Sorry to say but it doesn't sound like he valued your friendship in anything like the same capacity you did.

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By (user no longer on site)
over a year ago

Only help I can offer, the finance company will be looking to repo it but if they can't find it, they can't take it. You bought it in good faith so you can't be done but they still want their money. The V5 says registered keeper (you) not registered owner (the finance company) the bike probably owes more than its worth now.

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By *ezebelWoman
over a year ago

North of The Wall - youll need your vest

Ive removed posts - I know people are only trying to help, but please dont post sites that arent on the official list

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By *isscheekychopsWoman
over a year ago

The land of grey peas and bacon

If there is outstanding debt you are liable to the outstanding debt....the debt is linked to the veichle and not to the person...

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By (user no longer on site)
over a year ago

"Always HPI check any vehicle before you buy it. don't the the chance even with mates.

We learn the hard way but he was a proper mate been thru thick and thin together

Sorry to say but it doesn't sound like he valued your friendship in anything like the same capacity you did."

Exactly.

Oh if anything happens to the bike, the insurance will not cover you for your loss, since it's not actually yours. They will only pay out to the finance company.

Legally the bike isn't yours, and it's subject to being repo'd (they are not nice guys!), if they catch up with it and your friends doesn't pay the finance off.

Sorry to say - but your so called friend has lead you into a stinker!

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By *isscheekychopsWoman
over a year ago

The land of grey peas and bacon

Watch the ch4 programme called the repo man....

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By *cottishsexgoddessWoman
over a year ago

Glenrothes

Double check the situation as to transfer of title when it comes to a private sale. You, as the purchaser have no way of checking if there is outstanding finance on it, unlike a trader. Contact your local Trading Standards Department for advice. I know, because I worked for mine for 24 years.

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By (user no longer on site)
over a year ago

"Last year bought a 06 plate CBR 600 RR off a so called "friend" went to trade it in against a new car the other day only to be told its got finance outstanding. I wasn't too impressed to say the least but I've been in touch with my "mate" who told me some cock and bull story about how times were hard blah blah and how sorry he was but money was tight. Has anyone been in a similar situation or have any advice other than sending a couple of gorillas round to recoup my losses

Feel free to PM me as I went through this last year and had my car repossessed by the finance company

The garage did a hpi check and it.came up clean because the finance company had not registered the debt at the high court 1st thing I knew about when they came to collect my car

I didn't have £3759 to pay off the previous owners debt so had to let them take it, I took the garage to small claims court and they are paying me £150 a month until the debt is paid off will take years.

Gutted

Take your friend to court to recover your losses as believe me he's no longer a friend now

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By (user no longer on site)
over a year ago

"Double check the situation as to transfer of title when it comes to a private sale. You, as the purchaser have no way of checking if there is outstanding finance on it, unlike a trader. Contact your local Trading Standards Department for advice. I know, because I worked for mine for 24 years. "

Anyone can do a HPI check

search online for HPI check or checkthisreg will bring up plenty of reputable sites.

Infact you are advised to check any 2nd hand vehicle sales before you part with your cash.

eg..

Welcome, you have reached **removed**, the UK vehicle data checking site that can instantly check for outstanding finance / HP on any new or used vehicle, also if the car is recorded as a write off, recorded as stolen on the Police National Computer (PNC), vehicle ID, registration number changes and much, much more.

A full check costs just £19.99, is insured upto £30,000* and also comes with a full report that can be emailed to you instantly.

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By (user no longer on site)
over a year ago

Feel free to PM me as I went through this last year and had my car repossessed by the finance company

The garage did a hpi check and it.came up clean because the finance company had not registered the debt at the high court 1st thing I knew about when they came to collect my car

Gutted

Take your friend to court to recover your losses as believe me he's no longer a friend now "

Thats sucks! but least you got a result and are getting the money back (so long as they are in business).

The fact they are paying £150 per month doesn't look good though. Was there a reason/judgement for that?

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By (user no longer on site)
over a year ago

"They still owe £3500 on it so it would make a expensive bike never thought of the C.A.B !! Thanks

"
Ouch Ouch and Bloody Hell ouch

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By *adchickCouple
over a year ago

Cyprus

Is your mate still paying the finance?

The bike was never your mates to sell until the finance had been paid off.....he's sold the bike to you illegally, as he was never the owner.

Now i'm afraid its a waiting game when they find out the bike is no longer in his 'keeo'

The company will go to your mate first and if he refuses to pay them the full amount immediately, they will come to you for repossession.

Then it's a court battle against your mate to get your money back.

Sorry...

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By (user no longer on site)
over a year ago

just a quick one jonboy is he still paying it off because if he's not i would have though they would have knocked at you door before now ??

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By *ensualtouch15Man
over a year ago

ashby de la zouch

If you want to call a thief your mate well fair enough but bottom line is he is a con man , he needs to settle the amount remaining or take him to small claims , of course if he has nothing that is what you will receive .does he own his own home ?

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