No you can't have my bike! - MVAgusta.net
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post #1 of 17 (permalink) Old 11-07-2010, 06:55 AM Thread Starter
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No you can't have my bike!

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...
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post #2 of 17 (permalink) Old 11-07-2010, 07:11 AM
lee
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Uh Oh. Keep a sharp eye for the "Repo" men.
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post #3 of 17 (permalink) Old 11-07-2010, 07:18 AM
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Damn. That's bad news.

Don't know about the laws in the UK, but if something like that happens over here the seller/dealership would be in big trouble. Not you, because you bought it "in good faith" from the dealership.
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post #4 of 17 (permalink) Old 11-07-2010, 07:33 AM
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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.

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post #5 of 17 (permalink) Old 11-07-2010, 12:04 PM
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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.
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post #6 of 17 (permalink) Old 11-07-2010, 01:22 PM
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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.

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Last edited by xeorex; 11-07-2010 at 01:26 PM.
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post #7 of 17 (permalink) Old 11-07-2010, 01:40 PM
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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.
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post #8 of 17 (permalink) Old 11-07-2010, 01:49 PM
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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.

B750 and B1078 RR both gone now.

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post #9 of 17 (permalink) Old 11-07-2010, 02:49 PM
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Quote:
Originally Posted by xeorex View Post
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.
It's the same thing here in Oz.

If you buy privately then you lose the bike/car.

If you buy from a dealership, it is law that the dealer clears all finance obligations which shields the consumer.

**Admin edited: I have you on ignore **
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post #10 of 17 (permalink) Old 11-07-2010, 04:10 PM
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Which dealer did you buy it from ? Was it there own srock or a "Sale or return" bike ?


Hope you get it all sorted.


A

If Barbie is so popular, why do you have to buy her friends ?
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