inspiredskyepro Posted April 25, 2014 Report Share Posted April 25, 2014 Am i able to sell my bike even though i have it on finance? i know i will still have to pay for it each month but is it against Finance rules to sell it? Be great if someone could answer my question..Thanks Guys! Quote Link to comment Share on other sites More sharing options...
*gentlydoesit Posted April 25, 2014 Report Share Posted April 25, 2014 I'd think you can, check the small print in your credit agreement to confirm. Quote Link to comment Share on other sites More sharing options...
Lord Banks Posted April 25, 2014 Report Share Posted April 25, 2014 Depends, if its just shop finance then yes, but if its through the Cycle to Work scheme then no. (well you can, but you have to tell them and then repay it all back in one). Quote Link to comment Share on other sites More sharing options...
N.Wood Posted April 25, 2014 Report Share Posted April 25, 2014 Out of interest what are your repayment details? How much per month / lump sum etc? Quote Link to comment Share on other sites More sharing options...
Pashley26 Posted April 25, 2014 Report Share Posted April 25, 2014 (edited) If it is a secured hire purchase agreement, no. As it is a bike finance for a specific product, I KNOW you cannot sell it. As the finance company owns it, not you. If it was an unsecured personal loan you got from the bank, crack on. And no "Lord Banks" you cannot do it with a cycle scheme, your company own the bike. Edited April 25, 2014 by Pashley26 Quote Link to comment Share on other sites More sharing options...
inspiredskyepro Posted April 25, 2014 Author Report Share Posted April 25, 2014 But how could they find out i had even sold the bike? Through the warrenty of the parts on the bike? Out of interest what are your repayment details? How much per month / lump sum etc? Im paying £90 a month at 0% Intrest Quote Link to comment Share on other sites More sharing options...
Pashley26 Posted April 25, 2014 Report Share Posted April 25, 2014 (edited) I can't believe you even asked that... You cannot sell it until you pay it off, because you don't own it. If the bike ever went missing and the police got involved, or if you stopped paying them they would find out. But either way, you shouldn't. Edited April 25, 2014 by Pashley26 Quote Link to comment Share on other sites More sharing options...
anzo Posted April 25, 2014 Report Share Posted April 25, 2014 Is this a motorbike? If so, it would come up with a check if the potential customer were to check it - also, wouldn't this void the insurance for the potential new owner? Quote Link to comment Share on other sites More sharing options...
inspiredskyepro Posted April 25, 2014 Author Report Share Posted April 25, 2014 I can't believe you even asked that... You cannot sell it until you pay it off, because you don't own it. If the bike ever went missing and the police got involved, or if you stopped paying them they would find out. But either way, you shouldn't. Calm down.. im not going to stop paying finance am i who would do that.. Is this a motorbike? If so, it would come up with a check if the potential customer were to check it - also, wouldn't this void the insurance for the potential new owner? No man its a Pushbike Quote Link to comment Share on other sites More sharing options...
anzo Posted April 25, 2014 Report Share Posted April 25, 2014 Call the finance company and ask for a settlement figure. If you can afford it, pay it and then you will own the bike. You can then sell the bike and perhaps recover some of your settlement costs? Quote Link to comment Share on other sites More sharing options...
inspiredskyepro Posted April 25, 2014 Author Report Share Posted April 25, 2014 Call the finance company and ask for a settlement figure. If you can afford it, pay it and then you will own the bike. You can then sell the bike and perhaps recover some of your settlement costs? yeah thats a good idea actually, i was going to sell the bike and then pay the finance off either way Quote Link to comment Share on other sites More sharing options...
Pashley26 Posted April 25, 2014 Report Share Posted April 25, 2014 Lots of people do that, stupid people who don't read their SECCI' or PCE documents. Quote Link to comment Share on other sites More sharing options...
inspiredskyepro Posted April 25, 2014 Author Report Share Posted April 25, 2014 Lots of people do that, stupid people who don't read their SECCI' or PCE documents. I shall contact them tomorrow and see what they have to say for themselfs Quote Link to comment Share on other sites More sharing options...
Sam Nichols Posted April 25, 2014 Report Share Posted April 25, 2014 At the end of the day the only place you're going to find the answer is in the contract. If you can't be assed to read it or you haven't looked at after it - call the company and ask them. None of us can give you answer that you should rely on because none of us have access to the contract. Quote Link to comment Share on other sites More sharing options...
Pashley26 Posted April 25, 2014 Report Share Posted April 25, 2014 (edited) If there is a contract then it is HP and you can't... Lots of you know what I do, and have done for a living. I take a financial conduct authority regulated assessment once a month to have to do my job. If I say it is HP and you can't sell the goods, a phone call to the finance company is a waste of your time, money and my own time. If you aren't going to listen, I don't know why I bothered answering your question. The question you will have signed to say you understood when you took out the contract. You can't sell the goods until they are settled because you do not own them. Edited April 25, 2014 by Pashley26 Quote Link to comment Share on other sites More sharing options...
monkeyseemonkeydo Posted April 25, 2014 Report Share Posted April 25, 2014 Most 0% deals allow you to pay the balance early with no charges but I imagine if there's interest involved there'll be an extra charge for paying off early. Quote Link to comment Share on other sites More sharing options...
Pashley26 Posted April 25, 2014 Report Share Posted April 25, 2014 (edited) Most 0% deals allow you to pay the balance early but I imagine if there's interest involved there'll be an extra charge for paying off early. Not true, to offer a nought percent product there has to be no fees other than for a missed or late payment, repossession or draft of the agreement. They can only charge pro rata interest, at the same rate as the regulated agreement. There is no completion or early repayment fee on 0% deals, 0% interest is 0%APR. Edited April 25, 2014 by Pashley26 Quote Link to comment Share on other sites More sharing options...
monkeyseemonkeydo Posted April 25, 2014 Report Share Posted April 25, 2014 Not true, to offer a nought percent product there has to be no fees other than for a missed for late payment, repossession or draft of the agreement. They can only charge pro rata interest, at the same rate as the regulated agreement. There is no completion or early repayment fee on 0% deals, 0% interest is 0%APR. I'm not sure you're actually saying anything there at all (note I've edited my first post or clarity). Quote Link to comment Share on other sites More sharing options...
Pashley26 Posted April 25, 2014 Report Share Posted April 25, 2014 I'm not sure you're actually saying anything there at all. They can't charge anything on an interest free deal unless he misses a payment or they reposess... Quote Link to comment Share on other sites More sharing options...
monkeyseemonkeydo Posted April 25, 2014 Report Share Posted April 25, 2014 They can't charge anything on an interest free deal unless he misses a payment or they reposess... Which is what I said isn't it? Although I imagine some companies may put in an early repayment fee into 0% deal contracts just for the hell of it. Quote Link to comment Share on other sites More sharing options...
inspiredskyepro Posted April 25, 2014 Author Report Share Posted April 25, 2014 Which is what I said isn't it? Although I imagine some companies may put in an early repayment fee into 0% deal contracts just for the hell of it. why has this simple question turned out to be one big arguement..jesus christ i was only asking a question as i was not the person who purchased the bike. Quote Link to comment Share on other sites More sharing options...
bing Posted April 25, 2014 Report Share Posted April 25, 2014 I would consider jardo to be an expert on this, seen as it what he does for his daily job, selling cars on finance to people 1 Quote Link to comment Share on other sites More sharing options...
GavLawson Posted April 25, 2014 Report Share Posted April 25, 2014 Strictly you're probably not supposed to, but I would get a settlement figure, sell the bike then when you have the buyers cash settle the finance. I don't think you should keep paying monthly payments for something you no longer own. I know its not that common but if the new owner insures the bike there is a good chance the finance company will find out you've sold it. Quote Link to comment Share on other sites More sharing options...
inspiredskyepro Posted April 25, 2014 Author Report Share Posted April 25, 2014 yeah and i respect what hes has wrote to me but he spoke to me like im some sort of retard which there is no need too.. Thanks for the answers people 1 Quote Link to comment Share on other sites More sharing options...
Sam Nichols Posted April 25, 2014 Report Share Posted April 25, 2014 That's Jardo for you. 1 Quote Link to comment Share on other sites More sharing options...
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