NEED HELP ASAP (new bike, I-K's fault)

poorbastard · Post by **poorbastard** » Sat Oct 13, 2007 2:39 pm

Being the internet nerd that I am, I was looking for bikes and came across something that interested me. (I-K's fault being that he got the R6 into my head)

2005 Yamaha R6
2,500 k's
$5400
Tocumwal NSW

I've emailed the guy to get all the details, vin, rego, etc etc and according to REVS:

THERE ARE FINANCIAL INTERESTS RECORDED AGAINST THE SUPPLIED VEHICLE
IDENTIFIERS
VEHICLE DETAILS MATCHED WITH RTA

So I am assuming there is finance outstanding against the vehicle. What can i do to protect myself if anything. The revs certificate you purchase says that you need it to legally protect yourself against repossession, but is it effective? Does anyone have any experience?

I shot an email to the guy and he seems very genuine, he originally wanted to take it to Germany with him but it costs too much to get it to europe, registered and etc. Baby is on the way and wife is in Germany already. Biggest problem is finance is outstanding and he goes overseas....which is why I would like to know if i can do anything to legally cover myself?

Help guys!!!

Felix · Post by **Felix** » Sat Oct 13, 2007 2:50 pm

The certificate DOES NOT mean it can't be repossessed from you if the REVS check shows it has money owing. If you buy it with money owing, then you accept the debt owing.

www.revs.nsw.gov.au/about/details.htm wrote:The second rule is that a purchaser who buys with actual or deemed knowledge of the existence of a financial interest takes title to the goods subject to any financial interest (meaning that a financier can repossess the goods).

So, while it may appear a bargain, it isn't. You buy it, you will risk having to pay out the rest of the loan.

Walk away and find something else.

Smitty · Post by **Smitty** » Sat Oct 13, 2007 2:54 pm

Felix wrote:The certificate DOES NOT mean it can't be repossessed from you if the REVS check shows it has money owing. If you buy it with money owing, then you accept the debt owing.

www.revs.nsw.gov.au/about/details.htm wrote:The second rule is that a purchaser who buys with actual or deemed knowledge of the existence of a financial interest takes title to the goods subject to any financial interest (meaning that a financier can repossess the goods).
So, while it may appear a bargain, it isn't. You buy it, you will risk having to pay out the rest of the loan.

Walk away and find something else.

as Felix sez

don't take on someone elses loan

Johnnie5 · Post by **Johnnie5** » Sat Oct 13, 2007 2:59 pm

well firstly a 05 R6 for $5400 with 2500 kays is bs

you need to find out exactly how much is owing on the bike , the seller needs a letter from the finance co about the payout figure

from there you can negotiate on the price

there is finance on the vehicle, there is nothing that can be done except to payout the finance , if it is not paid then it can be reposessed

the revs certificate is supposed to provide protection against reposesion if the cert says that there is no finance owing

poorbastard · Post by **poorbastard** » Sat Oct 13, 2007 3:04 pm

Disappointing, it sounded quite good, but it's definitely not worth the risk of taking on someone else's loan. Would've made my day to see it come up with no finance outstanding though.

Johnnie, $5400 @ 2500k is definitely unrealistic, but it was worth a try. He did give me the VIN and rego quickly so i could have a check.

Saki · Post by **Saki** » Sat Oct 13, 2007 3:28 pm

poorbastard wrote:Disappointing, it sounded quite good, but it's definitely not worth the risk of taking on someone else's loan. Would've made my day to see it come up with no finance outstanding though.

Johnnie, $5400 @ 2500k is definitely unrealistic, but it was worth a try. He did give me the VIN and rego quickly so i could have a check.

i spotted this one a few weeks ago, its BS if u compare it to any other R6 same era the standard price is around the $10k-$12k mark !!

Strika · Post by **Strika** » Sat Oct 13, 2007 3:38 pm

The only way you can gaurantee a clear title if there is an interest recorded in the vehicle is to find out who the interest is held with, find out what the payout figure is and pay that component to the third party who will issue you with a discharge notice.

However, this ad sounds like one of those suss overseas..send me the money first scams!!!

short n fat · Post by **short n fat** » Sat Oct 13, 2007 4:03 pm

Strika is spot on with this. If the guy is genuine (I'd be a bit suspect) he won't have any problems giving you details about the finance and let you pay out the finance to the company, and the rest (if any) to the owner.
I've done this before and it was no problem but I was dealing with a genuine seller.
regards Simon

poorbastard · Post by **poorbastard** » Sat Oct 13, 2007 4:53 pm

Have left him an email so lets see how things shape up. If anything happens, great, if nothing, no big loss.

I-K · Post by **I-K** » Sat Oct 13, 2007 5:46 pm

poorbastard wrote:Have left him an email so lets see how things shape up. If anything happens, great, if nothing, no big loss.

Good move. If the dude's 4real, as the kids say these days, chances are the finance hanging over the bike has already sent a pile of potential buyers running, so there could be a bargain to be had... but, at the same time, be Jason fucking Bourne about it; the slightest creak of something sus, get outta there.

If he doesn't produce the finance documents, or if the finance documents don't check out (eg. the finance is from someone with a name like All-Cayman Credit or the United Finance Company of Mauritius), pull the ripcord.

BTW, when I suggested R6's, I meant the original '99-'00 bikes.

poorbastard · Post by **poorbastard** » Sat Oct 13, 2007 8:12 pm

I know you meant the 99-00 and this is what i was specifically looking at, but come on, when $5400 for an 05 came up, how could i resist.

I was mostly having a look at 01's as I am in love with the their arse while the 99-00 are quite.....blindingly ugly?

Gosling1 · Post by **Gosling1** » Sat Oct 13, 2007 8:20 pm

poorbastard wrote:......while the 99-00 are quite.....blindingly ugly?

that comment is applicable to lots and lots of Yammies !!! Its weird - lots of their models get bashed with the ugly stick, but they can also produce the occasional stunner as well.......

Strika · Post by **Strika** » Sat Oct 13, 2007 9:02 pm

Gosling1 wrote:
poorbastard wrote:......while the 99-00 are quite.....blindingly ugly?
that comment is applicable to lots and lots of Yammies !!! Its weird - lots of their models get bashed with the ugly stick, but they can also produce the occasional stunner as well.......

That's kinda the same as why you're brother is such a good looking bloke??????

poorbastard · Post by **poorbastard** » Sat Oct 13, 2007 9:29 pm

Allright, have just scrapped the whole thing and decided not to go through with it. Wasn't quite right in my opinion and being in NSW made it even harder.

Will now go and sob in my corner and start looking for some cheap-o chookies to bash around the bush.

Shaman · Post by **Shaman** » Wed Oct 17, 2007 11:39 am

Bit of a shame - I sold a car a while back which still had finance on it - just got the guy to make the cheque out to the finance company and they sent me the leftovers.

If they don't let you do that, they're dodgy - walk away.

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NEED HELP ASAP (new bike, I-K's fault)

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