Chip
if you were to sell me a car,we would both go the bank to pay the finace company direct,
we would proably go in the car i was buying,you would drive as you would know were the bank is and were to park
after paymnet is made you would hand me the keys and i would drive it home,whats the probelm in that
OR we would go to the bank in MY car leaving your car on your drive,paymnet made we would go back to yours do the V5 exchange goodbyes and i would go home
what could be more simple

 

Sounds fair enough providing the seller is happy with that arrangement mate, thanks for (eventually) helping out with an answer to my queries.

Just a case of "buyer beware" being a little more true than a normal sale I guess.

 

It's defo been sold back to the search.

 

Ah well, that solves that one then.

Still, useful thread, I've certainly learned from it

 

Giving that answer in the first place? Or just agreeing with the 3 or so people that already said it?

 

I'm glad I asked as normally I would see something like that on a advert and instantly say no to it.

 

fpmsl!

 

Likewise.

Plus from a pyschology point of view its been interesting seeing how someone who clearly feels intelectually inferior to someone else reacts when that person asks for assistance, it doesnt occur to them that someone who is so clearly brilliantly inteligent could possibly not know something that a less clever person like themselves has managed to learn over the years so they go into a mega defensive mode and start assuming its a trick from the nasty clever person

 

Helen
dont let finance worry you,if you find another car you like justy call them and ask if there is anyhting owing unless like the one you have missed states it,you will find most people think,its up to them to setlle the money owing when its sold,it isnt its up to YOu as the buyer
so ask for s settlement figure,the owner only need to call the finace company to get this aslo the bank details of the account to pay into
once you have this figure,go and look at the car,go on a day when the banks are open,
arrange with your bank that you may tranfering a sum of money that day,this will stop any alarm bells ringing when you go into the bank
go to the bank with the owner,either in your car or the one you are buying,
pay the money,job done you have cleared the finance,it is something not to be worried about as you may miss out on a bargain
followed corretly there isnt a problem

 

Pete, who will hold the V5 on a car with finance?

How easy is it for someone to end up buying a car with finance on it, without realising that there is?

I must admit its not something I have ever checked for specifically when buying a car, if its a higher value car I will do the normal HPi checks, but I've never really thought much about the finance side of things. (which is silly of me im sure!)

 

There must be loads out there Helen around that price range, i was thinking of selling my 182 for not much more than that.

 

Indeed my mate only wanted just over 4k for his 182 and that was last year too, and with about same miles, maybe even less. Only one owner.

 

the owner of the car will have the V5 if they dont thats another story,it is so easy for someone to buy a car thats full of finance,its up to the buyer to check first,even though its ilegal to sell a car that has outtanding finance as in the eyes of the lae they dont really own it untill its paid in full,the term is HP,which is hire purchase,you are basically hiring the car untill its purchased
this is why when ever buying a car that has finance never let the owner settle it YOU must do this then YOU know its paid,hence both the buyer and the seller going to the bank togeather,at one time you could settle the paymnet over the phone with a card payment but this was stopped only direct payment into the finance companies account is acceptable

 

get a cheaper 306 gti6, with the money saved, put some AP's on and TB's

 

Definately something we should all be very aware of by the sounds of it.

Although wether its HP or not depends on the type of finance sold in the first place, personally we do more with PCP than HP these days.

Any idea what the score is with buying a car with PCP on it? Is it still the same?

 

If it's a fleet car, quite often the V5 will be in the name of the finance company, not so much any more though.

As we know though, the name on the V5 does not necessarily mean the legal owner!

It's very easy to do if you go through it properly and Experian/HPi check everything you buy. It's not uncommon that problems arise AFTER it's been checked that don't show up originally, but as long as you do the check yourself [it annoys me when people ask on here for others to do "free" checks] then you will have an indemnity and Experian/HPi are respsonsible for sorting it out.

As an example, we quite often buy cars from maindealers where there's the possibility they are on a stocking plan. Due to human error, they may not show immediately so can be on AFTER they've been checked.

Traditionally, it's harder to get Finance on older cars. companies like santander/Black Horse often have a policy that the car must not be more than 8 years old at the end of the agreement term. That's not to say companies won't do it on older stuff though so it's worth checking EVERYTHING out that you buy.

 

Or a cheaper clio and do the same.


She was meant to be buying a "trackday shitter" to hammer the fuck out of and not care if she crashes it, where as that one she is looking at there is so pretty will land her in tears if it gets so much as scratched never mind bounced off a barrier

 

Great advice Paddy, very through

 

I can't see how it'll be any different if the person is selling before the end of their agreed term. They'd get a settlement figure in the same way.

At the end of the term with regards to the agreed value [I know there's an acronym for it but can't remember googled: GMFV] again, that should work the same way as a settlement figure.

We don't buy a lot of cars from private customers so haven't had any exposure to PCP but I'm interested to find out more if anyone knows?

As you know chip, my knowledge of finance sales is limited [I have a bitch to deal with the selling ] and it's interesting and important to know all the angles so that it avoids mistakes!

 

.....until the guy says thanks for bank transfer, see you later!!!!

Yes i know that can happen when you hand the cash over, but at least you have something tangible to get back if you can! People have used this method for scams before so its certainly not risk free at all.

I suppose ot all depends how comfortable you are that they are 'genuine' when you get there, or if anything smells fishy. Id just look for another personally.

 

Like anything mate, its simple until something goes wrong. Like i said above, this method has been and is used as a scam and im sure it will continue to do so. Luckily for you it was genuine and went ok, just like 99% of the time im sure. But the risks are there and you cant ignore that, even if its a very small chance. Just like the risk is there in taking 10 grand cash to buy a car off someone you dont know.

 

Guarenteed future market value, yes mate, although you seem to have it in the wrong order

 

Yes, back to trawling the internet to see what I can find, just a shame that one was the exact colour I wanted and I cant seen to find any more within the right price range


No, want a Clio, my mind is made up

I sooooooo wont cry

 

Bollocks!

There were nearly tears at national day when H98 lost 3rd gear!



"TWAT!"

 

i bought a several years back which had 18k finance left. Got the seller to get a final settlement figure and then got a bankers draft payable to the finance company and sent it off myself and paid the seller the difference

 

dont forget this!

 

Not 3rd gear again

 

I was looking for that


Im sure l will see it later

 

Why do people say this, l sold a car that had a bit of finace on it to pay and all the buyer did was call the finace company and pay them job done, that way they know it was paid of and so did you the seller, l can say also that was considerably more than a clio will cost what he paid, it was no harder or long winded then calling a private seller, if anything it could be used to knock the price down more

Mike

 

Piss off you lot

 

People say this because theres a risk that the seller could just say 'thanks for paying my finance off, see you later'. Ok i know its a slim chance, but thats all a scammer needs to do you over. It does happen, even if 99% of the time, its genuine. despite what people think, scammers can be very clever, which is why they can 'make' massive amounts of money.

When it comes to buying cars off a private man, its better to be suspicious than not to be. Its always the people that are not, that end up getting scammed.

 

Dave, e-mail coming your way

 

Can I have the email too

 

no

 

 

Cheers Matt


Very nice got all the bits so no need to purchase any other bits, and even another set of wheels with 888


Mmmmm we will see

 

I really want

 

another thread turning to muck.

regarding the finance, its the easiest transaction

Pay the remaining finance over the phone then hand the remaining over in cash.

I think its a easier way as doesnt involve taking loads of cash about etc

just make sure you use your phone and you call them then pass them to the seller who passes them back to you that way you know its all ok

 

happened to us with the LCR!

We bought it, had a cheap hpi which didnt give HP report but didnt think a thing about it til we got a letter demanding money.

ended up having a right fuck on proving we were an " innocent buyer "

They wrote it off after we sent off copies of receipts, and the website we bought it off etc, the lad was from other end of country as well, so thankfully that made it slightly better, id hate to have thought what would have happened if it was a local car....

Absolute nightmare situation imho!

Sarah

 

When i bought my escos it had £5k outstanding on finance so i went and paid the finance company direct and gave the seller the remander of the agreed price and all was well. I only paid the for my peace of mind so there nothing wrong with it just make sure you pay the finance company and get a reciept. All the finance details should be on the hpi report as mine were it was very easy to do.