selling frame if bike is still on finance

john lynch
john lynch Posts: 81
edited July 2011 in MTB general
hi all, is it ok to sell a frame while the bike is still on finance???
lapierre zesty 714

Comments

  • nicklouse
    nicklouse Posts: 50,675
    may be may be not.

    personal finance it is OK just keep\on with the payments.

    Cycle 2 work no as it is not yours.
    "Do not follow where the path may lead, Go instead where there is no path, and Leave a Trail."
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  • *AL*
    *AL* Posts: 1,185
    Until the final payment is made, the item remains the property of the finance company, so legally the answer is no.
  • john lynch
    john lynch Posts: 81
    it personal finance
    lapierre zesty 714
  • The Northern Monkey
    The Northern Monkey Posts: 19,174
    edited July 2011
    *AL* wrote:
    Until the final payment is made, the item remains the property of the finance company, so legally the answer is no.

    I guess thats if you took finance specifically on a bike?

    If it was a personal loan it shouldn't matter I don't reckon.

    But, either way, as long as you keep up with payments or use the cash form the sale to pay off any outstanding balance then there shouldn't be a problem.

    Don't sell on ctw though!
    Santa Cruz Butcher
  • john lynch
    john lynch Posts: 81
    its the zesty 2011 brought the 50cm and its to big, to late to change also upgraded wheels, bars etc.
    lapierre zesty 714
  • mac_man
    mac_man Posts: 918
    Check the terms on your finance agreement... it should state who it belongs to and any small print regarding sale etc.

    If it's a loan then I'd say you're ok to dispose as long as you keep up the payments or pay it all off in one go.

    If it's on HP or some kind of lease then that would be trickier as, strictly speaking, it's not yours to sell as it belongs to the finance company. This why finance companies are legally able to confiscate cars from unsuspecting buyers who have bought cars with outstanding finance on them.
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  • john lynch
    john lynch Posts: 81
    hi, its a dealer finance like they do on sofas,tvs etc and not secured on the bike
    lapierre zesty 714
  • P-Jay
    P-Jay Posts: 1,478
    There isn't a finance deal available in the UK that will take a 'charge' over a Bike. Cars and Buildings are about the only things you can get secured finance on as a personal customer.

    So you can sell it, and they won't mind, but you can't give it back after 50% of the payment and write off the finance or moan to them if it breaks like you can with secured finance.
    Shocker Enduro
  • john lynch
    john lynch Posts: 81
    thank you!!!
    lapierre zesty 714
  • Graeme_aberdeen
    Graeme_aberdeen Posts: 156
    ive done it, as long as you make the payments then cool,, I mean the finance company dont care until you miss all the payments and they have to claim the bike back
    I like bike, bike is bike.
  • unsponsored
    unsponsored Posts: 40
    It would be like selling a car with HP on it. The finance company owns it.
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