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post #61 of 103 Old 01-05-2015, 11:52 PM
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Quote:
Originally Posted by shisoshin View Post
... as the woman who writes the cheques and sends them said, 'its your responsibility to check financial status before buying'...

in other words, i shouldnt have bought the motorcycle..

obviously, i should have phoned the rta and paid for
a full revs/ppsr check stating no financial interest,
before buying the motorcycle..

apparently it wouldnt matter if the seller assures you
that his loan on the motorcycle will be paid out, etc..
So basically the guy you bought the bike from blatantly lied to you in saying that his loan would be payed off & cleared with Honda Finance. Man, that really sucks... as if having the bike stolen wasn't bad enough, finding out that the previous owner screwed you is nothing short of a second kick to the groin.

I'm not suggesting you do this, but I think I'd have a very strong desire to go pay that previous owner a visit.
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post #62 of 103 Old 01-06-2015, 12:47 AM
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That really sucks. Bad things always happen to good people, and no good deed goes unpunished. So....maybe a bad deed would have the inverse effect.

Hope it all works out Shiso. I hate insurance companies for that reason. There aren't too many things more crooked than they are. Quick to take money; does everything in their power to avoid giving it back.
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post #63 of 103 Old 01-06-2015, 01:01 AM
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... I hate insurance companies for that reason. There aren't too many things more crooked than they are. Quick to take money; does everything in their power to avoid giving it back.
In shisoshin's case, it's not the insurance company who is putting the screws to him... it's the previous owner, by not paying off the lien holder as he said he would. If it wasn't for that fact, shisoshin would likely already have the insurance check for the full amount in hand.
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post #64 of 103 Old 01-06-2015, 01:03 AM
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Originally Posted by MotoMike View Post
In shisoshin's case, it's not the insurance company who is putting the screws to him... it's the previous owner, by not paying off the lien holder as he said he would. If it wasn't for that fact, shisoshin would likely already have the insurance check for the full amount in hand.
Yes, but that doesn't mean the insurance company isn't happy about that, or that they always try to find a way to not pay out...In fact, they're probably squealing with delight as we speak.
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post #65 of 103 Old 01-06-2015, 01:18 AM
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I'm not following you at all... this isn't that complicated.

It's not like the insurance co. will get to pay out less money... the total amount won't change, it's just that they will now have to cut two checks, one to Honda Finance and one to shisoshin, who will now be getting less money than he originally thought he would. Whatever the amount is that Honda Finance gets from the insurance company, is the amount of money that the previous owner will rightly owe shisoshin.
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post #66 of 103 Old 01-06-2015, 01:50 AM
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Quote:
Originally Posted by MotoMike View Post
I'm not following you at all... this isn't that complicated.

It's not like the insurance co. will get to pay out less money... the total amount won't change, it's just that they will now have to cut two checks, one to Honda Finance and one to shisoshin, who will now be getting less money than he originally thought he would. Whatever the amount is that Honda Finance gets from the insurance company, is the amount of money that the previous owner will rightly owe shisoshin.
I'm not making it complicated. I simply stated I hate insurance companies. That's plain. They also don't like to pay out. That's plain.

Nothing about Shiso's situation is simple. In fact, if the policy in Australia is what it sounds like, then what will happen is that the insurance company will pay the lienholder (Honda) the amount due left on the bike, and they now own the bike as Shiso has nothing linking the bike to his name for ownership. Therefore, only one check will be cut out from the insurance, and that's to Honda or whomever has the lien and AAMI will have complete ownership. The only way Shiso would get the bike back (if what he has stated is correct), would be to buy it from AAMI. They will pay him nothing because the bike isn't his. Regardless, they sell the bike without Shiso getting paid.

P.S. And of course the original owner would owe Shiso the remainder....but do you really think that's going to happen? I hope so, but seriously....it may have been the original owner who nabbed it back if they figured this out in the first place. People are just that evil.

Tis better to be thought a fool and remain silent, than to open one's mouth and remove all doubt.

Last edited by cbrlocal; 01-06-2015 at 01:59 AM. Reason: additional comment
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post #67 of 103 Old 01-06-2015, 03:00 AM
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So did the bank sit on it's rear for the three years or did he have a contract to pay them back in tiny amounts for more than three years? If the latter then the remaining debt shouldn't be too big. Anyway I would try to get that remaining money from the seller. You paid full price after all.

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post #68 of 103 Old 01-06-2015, 05:30 AM Thread Starter
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youre right mike, but i have no recollection of anything specific
about loans or repayments etc.. reference to it not mattering
what a seller says about loan repayments etc was a general
comment on the need to get that revs check before buying..

same for receipts which i had him sign, together with info
on both registration certificate sections sellers and buyers
fill in and sign before the sale can be made..

im assuming that any loan has been paid out or, that repayments
if any have been made according to contractual obligations..
otherwise someone would be knocking on my door for money..
which hasnt happened in the past 3yrs of ownership..

also, i cant buy the bike back from aami, as it doesnt exist
as property.. its officially stolen and unrecovered within
the 14 day period after which that status is confirmed
and registration transfers to the insurer..
they now own a stolen motorcycle..
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post #69 of 103 Old 01-06-2015, 05:46 AM Thread Starter
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schroeder - theres no indication of money owing or not, so far..
its just a database entry of interest in the motorcycle by honda finance..
which, you would assume, was entered when he signed the contract
3yrs ago..

a typical loan repayment on 5k residual at 6% over 3yrs at $150 month
would have finished repayment about now..

australia has pretty good consumer legislation
and my eldest daughter is a lawyer, so if it comes to that
then natural justice would acknowledge any debt or loss
to be sourced at the original seller/borrower..

hopefully it will be resolved for all when details on the status
of that database entry of financial interest come out..
that should be within the next few days..
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post #70 of 103 Old 01-06-2015, 10:07 AM
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Well, I hope it all turns out in your favor. As you said, maybe it's just an data error that is showing the financial interest, where the loan was actually paid off by the previous owner. One would think that had he not payed it off in due course, the bank would have come around knocking on his door for the money (or the bike), as it was his name on the loan contract and not yours.

It is surprising that Australia doesn't use a more straight forward system of motor vehicle titles. It sure would make buying a used vehicle from a private party a lot easier, and prevent something like you're going through from happening.
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