is this a dodgy bike deal?

[bunter]

found a bicycle on gumtree brand new but about £250 cheaper than normal price, he said in the ad it was an unwanted present but I found out from him later that he bought it on interest free credit to get the cash from a sale as it would be cheaper than getting a loan from the bank so he could 'pay off his holiday'.
what happens if I take the bike and he stops paying the HP? would they try to trace the bike or just take him to court? he only has my mobile number. he's said he will give me the receipts and warranty.
what do you think?

 

[vernon]

Search your conscience for the answer.

 

[Venod]

I have no idea of the legalities if you bought the bike but I do like his enterprise.

 

[TheDoctor]

Don't do it.
Why would you buy something from someone who's already lied about it?

 

[TheDoctor]

I have no idea of the legalities if you bought the bike but I do like his enterprise.

You call it enterprise, I call it dishonesty. There's not a cat in hells chance that he'll make any payments to the bike shop / credit supplier.

 

[Peteaud]

depending on the deal, it is not his bike to sell.

Many finance companys own the goods untill the final payment.

Stay clear imho

 

[Venod]

You call it enterprise, I call it dishonesty. There's not a cat in hells chance that he'll make any payments to the bike shop / credit supplier.

You know the guy ?

 

[Brandane]

Don't touch it with a ten foot pole.

what happens if I take the bike and he stops paying the HP?

The bike belongs to the finance company right up until the time when the loan is paid off, so they WILL want it back from anyone who happens to have it.

That's the best case scenario, the other possibility is that it is stolen. Even if it is unused it could have been stolen from a shop, warehouse, lorry in transit etc...

 

[Cubist]

Consider this. The guy has been economical with the truth so far, but you now know he is selling something he has obtained on tick. If he is unscrupulous as circumstances suggest he is most likely, once he has sold the bike to you, to report it as stolen so that he doesn't have to keep up the repayments on it, or so he can claim on his household insurance, or possibly both. There is (admittedly an outside) chance that this chain of events will be investigated, and you will become entangled in it. You will have to try very hard to try and convince anybody investigating the matter that your actions were honest under the circumstances.

 

[steve52]

buying condones theft and fraud, im against it. but it seems to be the way we run our country (well sometimes)

 

[Cubist]

You know the guy ?

It doesn't matter whether he knows him or not. It's dishonest. If you admire this, would it be "enterprising" of me to bring my bolt croppers along to wherever you park your bike and sell it on to raise a bit of cash?

 

[Venod]

It doesn't matter whether he knows him or not. It's dishonest. If you admire this, would it be "enterprising" of me to bring my bolt croppers along to wherever you park your bike and sell it on to raise a bit of cash?

Did I say I admire or condone his actions ? The Doctor sad " There's not a cat in hells chance that he'll make any payments to the bike shop / credit supplier." for all I know the guy could make all the payments required, I was curious to know why The Doctor thought he would not make any.

 

[Cubist]

I have no idea of the legalities if you bought the bike but I do like his enterprise.

I was combining your admiration of the man's actions in this post, with your apparent defensive reaction to the Doctor's assertion that the guy was likely to be engaging in a scam.

 

[Venod]

I was combining your admiration of the man's actions in this post, with your apparent defensive reaction to the Doctor's assertion that the guy was likely to be engaging in a scam.

Same as The Doctor you assume too much without knowing all the facts.

 

[yello]

Personally, I think the seller's been remarkably upfront about his real reason for selling! He had no need to change his story (from the ad) at all.

That said, it's a 'cunning ruse' that I personally would want no part in. Steer clear.