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No you can't have my bike!

2K views 16 replies 14 participants last post by  wheatley 
#1 ·
Opened some post yesterday to find a very impolite and accusatory letter from a motor finance company, asking how & when I got their MV F4, that's seemingly now registered as mine...

GRRRRRRRRR!!!

"From an MV Agusta dealership in exchange for a very large payment. Go away, talk to them or even better chase the twit you loaned the money to" was the essence of my reply.

If they think that I'm simply going to give them the bike because their customer's defaulted on what's left of an old loan they can go jump!

Meanwhile, I just can't remember where my bike lockup is since that nasty crash on my Kwak the other week...
 
#4 ·
That wouldnt fly in the US. If you hold the title and bought it outright, they shouldnt have any legal recourse against you. But then again, I dont know the laws in UK very well. Good luck either way.
 
#5 ·
If you bought from a dealership in the UK then they have breached the selling regulations regarding bike with finance on them. Contact the FSA and make them aware of what has happend.

I had a similar problem when I sold a bike to a dealer with outstanding finance the agreement was for them to pay the finance and give me a check for the remaining value of the bike. About 2 months later when I applied for finance on another bike I found out that there was still outstanding finance on my previous bike, the dealer had already sold my old bike with outstanding finance. Called the dealer in question and they appologised and paid it off there and then after being threatened with a report to the FSA.
 
#6 · (Edited)
There was a program on TV about this but the only cases where I seen them taking the vehicle was from a sale made where no dealers were involved. The finance company is apparently in its right to take the bike for the repayment of the loan. Reason why it is so important to check that there isn't any loan outstanding before buying a second hand vehicle in UK.
 
#7 ·
First thing - have a quiet (friendly) word with your dealership - it may be something to do with the previous ownership, in which case they should have sorted it out, or it may be something fraudulent - nothing to do with them.

Try to establish exactly what has happened before it all goes pear-shaped. The law where someone buys even a stolen vehicle in good faith is unclear in certain circumstances.

You don't need to have a CCJ (County Court Judgement) against you - which could affect your whole life obviously. The dealership should be able to verify your position but don't let it slide.
 
#8 ·
In the USA The lender will hold the title till it is paid off in full and then the title will go to the next owner/dealer. The title should have been released before the bike was sold.
 
#13 ·
I think you need to take proper legal advise. Don't just stick your head in the sand and refuse to confront the issue. If they legally held the title to the bike and it was sold then that sale is void and they still own it. If they decide to pursue it you'll get the court and bailiff costs on top. Failing to submit to a court order could land you in legal trouble.

You need to engage with the dealership before it becomes more than a matter of the value of the bike. It was their responsibility to ensure it was theirs to sell, but just because you bought it in good faith will not make it yours in the eyes of the law. Easiest option is for the dealer to admit liability and pay-off the loan company, but that would leave them out of pocket unless they chose to chase the person they bought it from. That's who's ultimately in the wrong, but if you ignore it, it could be you who ultimately loses out.

Si

PS. It wouldn't hurt to run an HPI check on your bike now. It could be that it comes up clear and the loan company have made a mistake.
 
#15 ·
I would take the letters from the finance company to the dealership you bought the bike from...I would get an appointment to sit down with the owner of the dealership...and get this resolved. There is no way that once you have informed the dealer that you should have to do the running around. It is their responsibility. In the mean time I would send a recorded delivery letter to the finance company informing them that you are referring the matter to the dealer...
I definitelty would not get involved in fraught conversations with the finance company by telephone...

It is in short time to cross the T's and dot the i's

If this doesn't work and short curt letter to the dealer asking them if they would prefer to pay your legal expenses should this come to court may expedite things..but try the friendly route first.....and a personal appearance can't be beaten..
joe
 
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