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HELP::REVS check question

Discussion in 'General Motorcycling Discussion' at netrider.net.au started by lukestuart1, Jun 29, 2012.

  1. Hey guys.

    About to pick up a bike tomorrow (have already paid a deposit) and i did a REVS check thisafternoon but there is one section that has me a bit worried:

    Secured Party Details
    Organisation identifier: 080151266
    Organisation identifier type: ACN
    Organisation name BOQ CREDIT PTY LIMITED





    What does this mean?
    Is there money still owing on this bike?
    The guy says that he did a REVS check on it when he got it (a few months ago) and the report said there was not any money owing on it.

    I just want to be sure before i pay the rest of it and pick it up tomorrow morning.

    Any help is greatly appreciated.

    Thanks,
    Luke
     
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  2. Ring the local RTA for translation, why gamble money away?
     
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  3. There is money owed to the bank of queensland
     
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  4. I purchased a revs certificate last year & it had in bold letters ' NO INTEREST REGISTERED' on it meaning the bike was not secured to a financial institution. I agree with smee it looks as though money is owed to BOQ
     
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  5. It certainly looks like money is owing, I would be very very careful. You should also check the PPSR http://www.ppsr.com.au/?gclid=COjQkKbB87ACFUKDpAodall5Cw This is a National register which is replacing the various state based schemes such as REVS. Most financiers have re-registered their security interests on this database already.
     
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  6. BUGGA!

    Well ill have to wait till Monday to get in contact with BOQ to find out the status of it.

    Thanks for the confirmation guys
     
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  7. Reckon you might have dodged a bullet on this one
     
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  8. As smee has said the bike has been registered as security against a loan, this doesn't mean you can't buy it but it does make it more complicated.

    If the guy selling it is the guy with the finance, you would just write 2 cheques---one to the financier for the amount owed and the balance to the seller, but as it looks like the guy selling the bike has no idea there was finance owing you would be advised to steer clear of it.

    Was it a GSXR-750 by chance?, had a situation similar to this at work recently.
     
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  9. Ye it was a 2010 GSX-R750
     
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  10. Seems like Mr seller went for a personal loan and listed the bike as an asset.
     
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  11. ok, just saw your location though and being Sydney I doubt it's the same one.](*,)

    Look on the bright side, better finding out in advance than when they come to repo it.
     
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  12. It means there is money owing as people have stated... However this happens alot in the car trade (I work as a Vehicle Broker) where loans have been paid out BUT the banks don't make contact and the bike still shows an encumbrance. Personally i would never buy any vehicle that showed an encumbrance unless it was from a licensed motor dealer as they have to guarantee clear title.
     
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  13. Cheers n00bis

    This is what im hoping for, ill be ringing BOQ first thing Monday Morning
     
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