Stupidly overpriced motorcycle for sale thread | Page 122 | GTAMotorcycle.com

Stupidly overpriced motorcycle for sale thread

Fransky said:
Can that bike even be sold? Doesn't the lien have to be paid off first?
Click to expand...
you can sell it, but the UVIP will say there is money owed on it. if you register it in your name the bank will come after you for the money or repoed the bike from you. i dont think it can affect your credit unless you agree to and qualify or them to transfer the loan into your name then mess up the payments.

but really, 14 grand owed on the bike, sounds like someone got 100% of the bike financed and never made a single payment.
 
EaZ8 said:
you can sell it, but the UVIP will say there is money owed on it. if you register it in your name the bank will come after you for the money or repoed the bike from you. i dont think it can affect your credit unless you agree to and qualify or them to transfer the loan into your name then mess up the payments.

but really, 14 grand owed on the bike, sounds like someone got 100% of the bike financed and never made a single payment.
Click to expand...

Probably wiped it out before they made a payment, sold it and stiffed the lender
 
Fransky said:
Can that bike even be sold? Doesn't the lien have to be paid off first?
Click to expand...

No one has ever explained to me why is it legal to sell vehicles with money owing on them. You would think this is simple consumer protection, but I think this is just more dealers influencing laws to discourage private sellers and buyers.
 
CafeRay said:
No one has ever explained to me why is it legal to sell vehicles with money owing on them. You would think this is simple consumer protection, but I think this is just more dealers influencing laws to discourage private sellers and buyers.
Click to expand...
not illegal to sell it technically. private sales the seller legally has to supply the UVIP (but rarely does) which would say if there is a lien on the vin.
when buying from a dealership they are required to clear the vehicle of all liens prior to selling it according to OMVIC guidelines.
 
EaZ8 said:
not illegal to sell it technically. private sales the seller legally has to supply the UVIP (but rarely does) which would say if there is a lien on the vin.
when buying from a dealership they are required to clear the vehicle of all liens prior to selling it according to OMVIC guidelines.
Click to expand...

So why isn't this law for private sales? I would never buy a vehicle without seeing the UVIP, especially in the GTA, you have no idea what a financial mess most people's lives are.
 
CafeRay said:
So why isn't this law for private sales? I would never buy a vehicle without seeing the UVIP, especially in the GTA, you have no idea what a financial mess most people's lives are.
Click to expand...
the law is that the seller is to provide the UVIP to the buyer, it also acts as a bill of sale however this is never enforced by the ministry also a lot of people declare a different value than the seller may have written down so they just buy a new one anyway.

personally i do buy them without the UVIP but thats because i see it far before i go see the bike or car.... i have a friend who works for used vehicle association (whatever its called....they write and enforce the rules for dealerships i think) so i have him run all my vins first before i even go see the bike or car, you wouldnt believe the bad titles ive come across.. up for repo, branded, some USA unregistered in Canada, incorrect mileage....all kinds of things. no clue what he does with the info on the cars and bikes i pass on but ive had him run quite a few over the years.
im lucky to have a buddy with that info, its saved me a lot of time and money over the years.
 
You must log in or register to reply here.

Back
Top Bottom