I sold my bike which has outstanding finance, what can i do?

[Blessyz]

I just got a letter from the finance company saying I should explain the change of registered keeper.

I had no idea I couldn't sell the bike. I only have 2 months left on the finance (although I sold it in March).

Do you think I will end up in court?

[essexplumber]

Nah they normally just write the debt off.

[Defcon5]

I assume you are still paying the monthly payments?

[tim0409]

Just pay the outstanding finance off.

[Blessyz]

Yes I'm still paying it but the finance company now knows. Is it just proper illegal or is it just like copying a DVD illegal

[hyperblue]

You should've paid the finance off when you sold it.

[IrrElephant]

Blessyz said:

Yes I'm still paying it but the finance company now knows. Is it just proper illegal or is it just like copying a DVD illegal

Good analogy

Not exactly illegal, did you inform the buyer it has outstanding finance? I would call up and settle what's left.

[Blessyz]

The bike was literally falling apart with rust, I got a lot less than was left on the finance

[Apache]

hyperblue said:

You should've paid the finance off when you sold it.

You don't have to so long as you inform both parties. It's common enough to sell or part ex a car to a dealer with a bit of finance.......they can usually pull your pants down a bit more.

[Chicarito]

You sold something you didn't own.... that's pretty naughty.

[surveyor]

they will let you off if you pay them in full.

Otherwise they will be very pissed off.

[hesnotthemessiah]

Blessyz said:

The bike was literally falling apart with rust, I got a lot less than was left on the finance

Blinkin ekkers!

You got less for the bike than two months finance payments!

[Blessyz]

No I actually sold it 7 months ago but they only just realised. I'm gonna be worrying about this all the bloody time now

[Monkeylegend]

hesnotthemessiah said:

Blessyz said:

The bike was literally falling apart with rust, I got a lot less than was left on the finance

Blinkin ekkers!

You got less for the bike than two months finance payments!

Said he sold it in March so must have had 9/10 months left to pay.

[hesnotthemessiah]

Monkeylegend said:

Said he sold it in March so must have had 9/10 months left to pay.

Doh!

[Fort Jefferson]

Blessyz said:

Is it just proper illegal or is it just like copying a DVD illegal?

Quote of the year.

[Ozzie Osmond]

No, AFAIK it's not "illegal" in the sense that you have done anything criminal, unless you set out to defraud the fianance company.

Neither is it like copying a CD or DVD which is certainly breach of copyright and can be criminal.

Most likely it's "breach of contract" with the finance company, for which their only realistic remedies are to chase you for the money or repossess the bike.

IMO best to just pay the outstanding finance asap.

[Blessyz]

I should of not paid it and let them have the tin can back

[DB89]

how does it work when wanting to give the car back/sell it when still owing money?

[Ozzie Osmond]

Blessyz said:

I should of not paid it and let them have the tin can back

They'd still chase you for the money.