Help
my mate might be buying a second hand bike, but it still has over 80% finace left on it. ive heard people saying that buying a bike wiht finace still on it isnt good at all? whats it all about? can someone explain plz :s
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finance
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#2
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Posted 23 June 2004 - 11:44 PM
from my understanding of it if the current owner still owes finance on the bike then the bike technically still belongs to the finance company so it can only be sold if the remaining finance is paid off.
#3
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Posted 24 June 2004 - 09:48 AM
ok in laymans terms.
your friend buys the bike and the seller doesnt pay off the finance company...your friend is responsible for the remaining finance as the bike is the property of the finance company.
its easier to just take over the finance payments :wink:
your friend buys the bike and the seller doesnt pay off the finance company...your friend is responsible for the remaining finance as the bike is the property of the finance company.
its easier to just take over the finance payments :wink:
#4
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Posted 24 June 2004 - 07:51 PM
Yeah unless the finance owed is more than the value of the bike which is the norm
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