any help or advice appreciated, I have the 1198 in a shop awaiting payment and collection, the agreement is pay by the end of the month and collect when I can, payment is fine to do however I do have slight concerns that if we pay and the shop goes belly up where do we stand legally? I am unable to collect the bike until early January but must pay for it before then, stranger things have happened and I have seen horror stories regarding people losing everything but if it’s fully paid for and signed over to me can it be kept from me? I guess on deposit it’s only partly mine and not in my name so possibly vulnerable? Just a bit of a worry, the dealer has been there a good while though.
this happened locally, a garage went under due to VAT arrears. the story goes that the VAT man, or bailiffs, came in and padlocked the place while they cleared it out for auction and put a notice on the door, giving the owners of any vehicles within the building notice that they had x amount of time to reclaim the vehicles or they to would be sold.
I'd have thought if the business went belly-up, their assets could be frozen. If your bike is fully paid for and owned by you, it's not their asset, so you'd still be entitled to collect.
Get someone you trust to collect it for you when you pay perhaps ? What is stopping you collecting when you pay ?
It needs a service and valet, And I’m working away between Xmas and new year and just after new year, it’s just timing, bike has to go elsewhere when collected also
My "old" local dealer went bust while my then S4RS was in for part exchange. Fortunately, they had seen the writing on the wall and had set aside some money to cover the agreed sale price, so I managed to recoup the funds. Others were not so lucky.
Pretty sure this has been reported a few tikes and it can be difficult to get the bike/car back. More admin than risk of loss, but even so a PITA. Is it really a worry?
Have it labelled as soon as you pay and get proof - Property of................ and your address and contact number. All industry works this way to make it easier with Administrators - we have moved many JLR assets out of closed factories and removed them while the administrator was there, makes it simpler if asset tagged. Make sure you have the receipt for proof too.
I have nowhere to put the bike just something that came to mind, I did think if it was in my name paid for it couldn’t be held but I don’t know that, it’s a slight worry as it’s a lot of money
id go and get it mate asap if there is any doubt, id rather leave it in my garden with a cover over it than risk loosing it all together.
I’m guessing you’ve got to pay by the end of the month as the dealer wants to book the sale in this month/year? Pay for it, but as @Exige says get the dealer to put a large SOLD sticker on the bike complete with your details as the purchaser and the date of purchase, and get a proper receipt from the correct legal entity to whom you gave the money and from whom you bought the bike. Pay by bank transfer as well, not cash, there’ll be proof of payment then. If the dealer goes bust before you collect there’ll then be proof that particular bike ceased being an asset of the business on the date you paid in full for it. Within the business’ books it was replaced as an asset by your payment for it. Do that and there’s no way any receiver or bailiff can claim it belongs to the business and not you. It’ll be grand, don’t worry.
Sorry misunderstood the post. So you dolt own the bike yet but have a deposit on, will pay at end of the month but collect later? I'd get the dealer to do the V5 paperwork immediately when you pay, that way you will at least be on the title. Then as suggested huge SOLD sign and collect asap. Or...just insistent on paying amount when collecting. But then you do risk losing a deposit of they bomb
Is there any suggestion this shop is about to go under, or "words" you've heard or is it just an unfounded panic by yourself ?
