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Bank seized bike - Buy or not?

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  • #1

    Bank seized bike - Buy or not?

    Hey guys

    I am getting a good deal on a bank seized bike.
    I would like to know what are the risks of buying bank seized bikes. what to check & lookout for? Pl advice.
    Tags: None
  • #2
    Query approved and moved.
    (Been There Done That) x 3.25

    Comment

    • #3
      Its almost same as buying an used motorcycle; go through this thread & post any specific questions - http://www.xbhp.com/talkies/universa...sed-bikes.html
      Skill is what keeps you on a Motorcycle
      Awareness + Skill is what keeps you out of harm's way
      ATGATT + Awareness + Skill means you might Live To Ride another day

      Comment

      • #4
        even i have been intrested in this topic. would love to have some answers.

        there is a seized zma with a friend fo mine and i have my eyes set on that but even i wanted to know what exactly is the risk
        Suffering from Parked Motorcycle Syndrome

        Cant ride ? read this..
        http://MechMarvels.wordpress.com

        Repair manuals for Hero honda Hunk
        https://www.xbhp.com/talkies/do-your...eneration.html

        Comment

        • #5
          Usually finding a good bank seized bike is a tough job.
          Most seized vehicles go into three categories
          1) Seized without key - these bikes may be good but are without key, so they are sold cheaper
          2) Seized with key - Thrashed bikes where owners themselves 'forfit' the bike
          3) Seized clean bike - This is a rarity

          Most clean bikes are "reported" as without keys by collection agencies and are then passed out to dealers, vendors etc.

          So what you usually end up is a thrashed bike which has been abused a lot... but for the price it quotes it would still be a steal.

          Lastly, most vehicles are 'auctioned' they dont cater to individual buyers... so if someone is telling you that its a bank seized bike, be careful... just like they bluff its a doctors bike!
          Super CommuTOURer� - Talk less, Ride more

          .: FB :.|.: TW :.|*IG*| Ex           PowerDrift:.

          #Give thy opinion, write em, dont throw em
          #Everyone errs, accept it, defending/cribbing about it only makes it worse
          #Dont defend a manufacturer as if you work for them
          #Write. Think. If relevant hit submit. If not hit yourself
          #Be kind in your choice of words, you never know who would make you gulp em
          � Satyen Poojary

          Comment

          • #6
            I had two bank seized bikes in the past......."ICICI bank"
            A TVS Star city and a Yamaha Gladiator.
            TVS star city was in a very new condition.had run only around 1000 kms,cost me 18500/-.it is still with me and no problem at all....
            it was the best bet for 18500/-...even I got my papers within a month.

            But when I bought the Gladiator,it cost me 22000/-(around 10000 kms done).Engine wasnt in a good condition.The ex-rider had ripped it so hard.Imagine,10000 and only 1 servicing. I waited for 6 months,still they couldnot give my papers.I had to make them my self,costing 3000 extra.(the person had not even registered the bike).
            then my engine gave up,and again spent 5000/- on it.
            i rode it for another 6 months.then sold it for 25000/-(that was funny though). Total spent-22000+5000+3000+2000 (extra)=32000/-.sold at 25000. its almost 8000 for one year.wasnt still a bad bet,but I was lucky enough to find a person to take it.
            HH Dawn - TVS Star City - Yamaha Gladiator - TVS RTR 180 - Honda CBR 250R - Yamaha R3

            Comment

            • #7
              Here in bhubaneswar there are 2 to 3 dealers dealing exclusively with bank seized bikes.
              Most of the bikes atleast have one key. The bargain starts at a high price & it depends on your skill how much u can reduce.

              Then they separately charge 2500-3000 for getting the papers done telling that its a long process & everbody in the chain needs to be fed(bribed) & it may take 2-3months. Once the money is paid u r at the mercy of the dealer.

              They normally quote (80% cost of new) for decent condition bikes+3000 paper cost+3-6months waiting for paper in ur name+ illegally using the bike without papers in the meantime.

              Does anybody have any idea for how much they(dealers) actually win the bank auction for that bike?

              How does the bank actually make the auction & is it possible to know about it?

              Is is worth the hassle?

              Please share your experiences.

              Thanks

              Comment

              • #8
                Originally posted by srpsinu View Post
                The bargain starts at a high price & it depends on your skill how much u can reduce.
                Sounds very funny; in that case, why wouldn't one take it for free or Re 1?
                Skill is what keeps you on a Motorcycle
                Awareness + Skill is what keeps you out of harm's way
                ATGATT + Awareness + Skill means you might Live To Ride another day

                Comment

                • #9
                  Sounds very funny; in that case, why wouldn't one take it for free or Re 1?

                  What kind of childish reply is that? post something meaningful if u have to.

                  Comment

                  • #10
                    Originally posted by srpsinu View Post

                    Does anybody have any idea for how much they(dealers) actually win the bank auction for that bike?

                    How does the bank actually make the auction & is it possible to know about it?

                    Is is worth the hassle?

                    Please share your experiences.

                    Thanks
                    Technically the bank auction starts from an % of the outstanding loan amount.... so for example if a x % of downpayment was done, and y% emis paid... so the auction would start from Price - x% - y% .. if i am not wrong its illegal for banks to auction it about a fixed slab, but now I have been out of banking for quite some time...!
                    Super CommuTOURer� - Talk less, Ride more

                    .: FB :.|.: TW :.|*IG*| Ex                     PowerDrift:.

                    #Give thy opinion, write em, dont throw em
                    #Everyone errs, accept it, defending/cribbing about it only makes it worse
                    #Dont defend a manufacturer as if you work for them
                    #Write. Think. If relevant hit submit. If not hit yourself
                    #Be kind in your choice of words, you never know who would make you gulp em
                    � Satyen Poojary

                    Comment

                    • #11
                      No one seems interested anymore.
                      Thanks guys for the replies

                      Comment

                      • #12
                        Originally posted by srpsinu View Post
                        No one seems interested anymore.
                        Thanks guys for the replies
                        I thought the query has ben cleared!!!.. i mean if you want a bike that has been siezed, better get it via some good internal contacts with the bank. if you are taking it from a dealer, get something in writing so that you can catch his neck if he bails out later
                        Suffering from Parked Motorcycle Syndrome

                        Cant ride ? read this..
                        http://MechMarvels.wordpress.com

                        Repair manuals for Hero honda Hunk
                        https://www.xbhp.com/talkies/do-your...eneration.html

                        Comment

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