Buying a bike privately with outstanding finance

jamesclarkson
jamesclarkson Posts: 3
edited April 2015 in MTB buying advice
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?

Comments

  • nicklouse
    nicklouse Posts: 50,675
    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?
    explain? are you looking at buying a stolen bike?
    "Do not follow where the path may lead, Go instead where there is no path, and Leave a Trail."
    Parktools :?:SheldonBrown
  • The Rookie
    The Rookie Posts: 27,812
    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.
  • nicklouse
    nicklouse Posts: 50,675
    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 :?:SheldonBrown
  • batmo
    batmo Posts: 277
    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 Comp
  • cooldad
    cooldad Posts: 32,599
    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

    Parktools
  • nicklouse
    nicklouse Posts: 50,675
    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.
    But then the small print of the finance agreement will need to be carefully read. Is it fiance with the bike as the collateral or is it a different loan ( personal).

    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 :?:SheldonBrown
  • The Rookie
    The Rookie Posts: 27,812
    nicklouse wrote:
    And if it is on the bike to work thing it is not theirs to sell.
    Indeed and not strictly on finance but being leased!
    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.

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