Boring topic sorry: Selling bike still under PCP

[Bikeybikeface]

So I have a motorbike under PCP and I want to sell it but I owe around 3,000 which I will pay off with the money I get from the buyer.
Now, rules say I must pay off the pcp before I sell it but I can’t pay it off until I have the money from the buyer...catch 22
So my plan is, get the money off the buyer, go straight to the bank and pay off the remaining PCP on the same day, send off the log book that day. That should tally with records right?
PCP will be paid
Buyer will have legally owned bike. All in the same day. It’s not like PCP will ask for a time frame is it.
Is this possible? Has anyone done this before?

I wouldn’t approach it this way personally if you can help it. I would get a cash advance from my credit card, clear the PCP and then pay off the credit card with the funds from the sale.
Appreciate this may not be an option for you though.
Is it a private sale?

If you do decide to do it this way, I wouldn’t send the log book off to the buyer until the PCP finance company have sent written confirmation to you that your debt is cleared. It may take a few days for funds to clear and for them to tally up their records.

Yes that’s what I was thinking, that the PCP clearance won’t clear straight away.
I do have use of a credit card but fees would cost around £140 and I’m trying to wiggle my way out of paying that. I may have to suck it up though.

That’s a lot of money for a transfer? My card is fee free but 4% apr interest for the life of the loan. If the loan is only a few days you’ll pay barely anything. How is your credit rating if you don’t mind me asking? Have you got time to take out a new credit card for this purpose only?
If you found a fee free cash transfer deal it shouldn’t cost you as much?

And purely for my own interest, what bike is it? I used to have a little 125 a few years back. Had a great couple of summers zipping about on that thing

Can/will the buyer do checks before buying? If so wouldnt they see the PCP and not buy?
I know you arent trying to scam them but it might look like it

I used to work in arrears for a vehicle finance company and it was very common for people to do this, nobody really cared as long as the finance was paid off in full. Sometimes buyers would even call up to pay us directly so that they knew it was paid.

You can get the PCP company on the phone and the buyer will speak to them and make a transfer direct to them, cutting you out of the process.

Call your finance company in the morning, they'll do this every day, my brother sold a car like this at Christmas and said it was no problem

PCP will be paid
Buyer will have legally owned bike. All in the same day. It’s not like PCP will ask for a time frame is it

If you have no other means of paying off the PCP first, I second contacting your financier and running your plan past them as they must deal with this a lot.

Having the buyer pay them over the phone while you're together with the bike sounds sensible, although you'd probably want to clear it with the PCP provider in advance - if I were buying a vehicle still on finance, I'd worry if the seller was in any way vague about how it was going to work or about whether the finance provider was ok with the plan.

Thanks for the info, The buyer offered cash but maybe I’ll ask for it to be paid straight to my bank so I can sort it straight away.
@Ethelfleda it’s a Kawasaki Z900, I love it but I’m looking for something more sporty for the track

it’s a Kawasaki Z900, I love it but I’m looking for something more sporty for the track

Nice! Well I hope you get sorted and find the bike of your dreams