You’ve found the perfect bike and are getting down to the purchase but you discover that the seller still has finance amount remaining. What should you do next? We’ve outlined some key things to consider before moving ahead with your potential purchase.
What do I do if the bike I am interested in is under finance?
You will need to talk to the seller about how they plan on going about paying off their finance. Once you have made a deal you are both happy with, you can proceed with the sale. Please see our Selling a bike Under Finance article for more information on what sellers should do in these circumstances.
What if I buy a bike with an outstanding finance amount without checking?
If you buy a bike with an outstanding finance amount and the seller did not disclose this information to you at the time of purchase, then you will automatically be responsible for the debt and outstanding payments of the finance contract. You will also be at risk of losing the car if you cannot afford the remaining repayments.
We encourage all buyers to purchase a BikeFacts report before buying any used bike or yacht to check the finance status.
Why is a BikeFacts report important?
It will tell you if the vehicle you are interested in buying has any finance secured or owing, and by which finance provider.
The seller is denying that there is any finance remaining on the car
If the seller hasn't advised you that there is finance or is denying that there is an outstanding amount remaining on the bike where in fact there is, they are either purposefully defrauding you or simply unaware of the finance. In either case, it's best to walk away from this deal.