Buying a bike privately with outstanding finance
jamesclarkson
Posts: 3
Just looking at a new bike and considering a second hand option. Should I be concerned about the bike having outstanding finance? I assume that unlike a car, the bike is pretty much untraceable so there is unlikely to be any come back to me the purchaser?
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jamesclarkson wrote:Just looking at a new bike and considering a second hand option. Should I be concerned about the bike having outstanding finance? I assume that unlike a car, the bike is pretty much untraceable so there is unlikely to be any come back to me the purchaser?"Do not follow where the path may lead, Go instead where there is no path, and Leave a Trail."
Parktools :?:SheldonBrown0 -
It depends on how it's financed, if it's on HP they can claim it back, if it as bought with a loan then it's irrelevant.Currently riding a Whyte T130C, X0 drivetrain, Magura Trail brakes converted to mixed wheel size (homebuilt wheels) with 140mm Fox 34 Rhythm and RP23 suspension. 12.2Kg.0
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And if it is on the bike to work thing it is not theirs to sell."Do not follow where the path may lead, Go instead where there is no path, and Leave a Trail."
Parktools :?:SheldonBrown0 -
Fortunately, you haven't told anyone so you can maintain plausible deniability of knowledge of the outstanding finance...ah...err, except for us...err...and the lurkers.Viscount Grand Touring - in bits
Trek ZX6500 - semi-retired
HP Velotechnik Spirit
Brompton M6
Specialized Camber Comp0 -
Not being a cynical bastard like the rest of you, I assume he's just asking what the situation would be were he to unknowingly buy a bike still under finance.I don't do smileys.
There is no secret ingredient - Kung Fu Panda
London Calling on Facebook
Parktools0 -
cooldad wrote:Not being a cynical bastard like the rest of you, I assume he's just asking what the situation would be were he to unknowingly buy a bike still under finance.
It still comes back to who owns the bike. If it is the fiance company oops.
And yes they can be traced."Do not follow where the path may lead, Go instead where there is no path, and Leave a Trail."
Parktools :?:SheldonBrown0 -
nicklouse wrote:And if it is on the bike to work thing it is not theirs to sell.Currently riding a Whyte T130C, X0 drivetrain, Magura Trail brakes converted to mixed wheel size (homebuilt wheels) with 140mm Fox 34 Rhythm and RP23 suspension. 12.2Kg.0