My brothers looking at an x5 locally that hes intrested in but still has HPI on it how does it work if he buys it?
Guys said hel pay it off if hes buying but does it instantly go through ie can he cancel it etc after hes authorised it?

 

He should be able to do down the bank with the guy and pay the outstanding finance off there and then and then just give the bloke the difference.

 

Heard that story before, guy bought a Lexus for 2k, 1k owing on finance, fella said he'd pay car off with the sale money, he never, and 4 months later the finance company repossessed the car, he had to pay the owing 1k, plus recovery and storage fees to get it back.

I personally wouldnt do it, too risky imo

 

Thats what i kind of thought there def wont be any deals done unless theres proof there no finance remaining.

 

I bought a car with outstanding finance before, it's slightly more hassle than a normal deal but there's no real risk as long as you check it's all legit and deal with the finance company yourself.

IIRC all I needed was the car reg, agreement number and the owners name and address because the seller had already phoned to say I'd be calling to discuss payment... so phoned the finance company, explained that I wanted to clear outstanding balance on the Saturday, they gave me a settlement figure, I told my bank that I was planning to make the transaction that weekend (discovered that was irrelevant depending on account) and on tge Saturday I paid the small extra amount over the finance settlement figure in cash to the seller on collection/completion of docs.

If the owner is adamant that they want to do it after the deal is done then I'd walk away from the deal without a doubt.


Cheers,
Grant

 

When I sold a car with finance on it I rang the finance company with him there and he payed the finance of with a bank card then gave me the balance in cash.

I gave him the finance company details and when I got the paperwork saying it was cleared I sent him a copy.

Was about 7 years ago so things might be different now.

Dan