Buying a car with outstanding finance?
11-09-2007, 12:23 PM
#1
Part of the Furniture
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Buying a car with outstanding finance?
Help please! 
As per title, seller has stated that a car I'm looking to buy has outstanding finance. The seller intends to settle the finance before the deal completes, but how is this usually done, i.e. if the seller needs the cash from the sale first to pay off the finance?!
Seems catch 22 to me. Ta!
As per title, seller has stated that a car I'm looking to buy has outstanding finance. The seller intends to settle the finance before the deal completes, but how is this usually done, i.e. if the seller needs the cash from the sale first to pay off the finance?!
Seems catch 22 to me. Ta!
11-09-2007, 12:38 PM
#2
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I did this once before and I went to the guys house, payed in cash, he payed in at the bank while I was there and we then went back to the house where he rang Park finance up and payed the debt off.
Sorted.
Bit meesy but sometimes it gets you a cheap deal when they need the doh to pay off the finance.
Sorted.
Bit meesy but sometimes it gets you a cheap deal when they need the doh to pay off the finance.
11-09-2007, 12:48 PM
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You could also find out how much is owed then pay the owner the remainder and the finance company what their owed by card.
Id be on your guard either way though mate and i think id want to talk to the finance company myself (and check the number myself) as it could be George Abadubwengo on the other end of the phone.
Id be on your guard either way though mate and i think id want to talk to the finance company myself (and check the number myself) as it could be George Abadubwengo on the other end of the phone.
11-09-2007, 02:29 PM
#6
Legend
Get a settlement figure from their finance company and pay that company directly. Make sure you get proper receipts written up for your own sake.
You COULD do it the other way but sods law dictates you'll place your trust in someone and it'll fuck up on you!
You COULD do it the other way but sods law dictates you'll place your trust in someone and it'll fuck up on you!
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11-09-2007, 02:47 PM
#8
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Originally Posted by coswurv
juat pay by bankers draft and have it made out to the finance company then he has to pay them thats what we did once.
I paid Ł565 for my escort cossie back in 1998 to the owner and drove away in it. I then paid the other Ł1000's directly to the finance company a few days later. All with agreement from the Finance company who had been trying to get the car back for months.
(Had I been a wiser I should have called the finance company back once I had the car and given them the choice of Ł5K chearer else I leave it in London with the keys in the ignition....lol!)
11-09-2007, 05:35 PM
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Originally Posted by RS Specialists
as Paddy said call the company and get a settlement figure,then ask them for there bank deatuils for you to pay the outstanding amount straight in then pay the owner the balance,job done
11-09-2007, 06:52 PM
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Originally Posted by dojj
but the finance is normally going to be more than the car is worth, so how does that make sense again?
11-09-2007, 06:55 PM
#12
Originally Posted by dojj
but the finance is normally going to be more than the car is worth, so how does that make sense again?
Do you honestly think someone is going to say..
"I tell you what mate, the cars worth 6k, you have 8k left on it, I'll pay it off for you"...
think about it..
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