Two points that I don't think anyone has mentioned:
1) You need to make sure that the bank account details you are given for the Finance Company are actually FOR the Finance Company and not the seller's account or his mate's.
2) If the seller has negative equity (he owes more than the car is worth) he needs to either give you the cash or you both have to make your transfers simultaneously. You don't own the car till ALL the finance is paid off.

Ownership of the car doesn't change just because the seller has taken your money - He isn't the owner so has no legal right to sell or pss on good title. In such a case it is up to you to PROVE that you are an innocent buyer and that could be very difficult as it is kind of like proving a negative.
While the Finance Company won't repo from an innocent buyer in a private sale, they can if you buy from a garage and it is then up to you to recover your money from the trader.
Also the Finance Company is under no obligation to remove their noted interest from HPI in a particular timescale and that could make it interesting if you want to sell the car.

 

Surely u don't think the VERY simple process that has been documented is "too hard". I wish my life was so simple that I thought a quick call and settlement to the finance co. was too tricky and I would admit defeat.

Bought my evo 6 tme when it had like 15k finance still on it. I paid £19k to the guy on the spot, it arrived in his account and he sent a cheque with the balance to the finance co. as I was there with him. So it was a cheque and not even as secure as the method mentioned by Pete and the others. I was in his lovely house, which was directly across the road from the pub he ran. So basically if he had done one (I never ever ever thought he would as he was a good chap and known on the MLR) .. I could have come back and either burned him to the ground, or taking £20k worth of something else. I am also going to again clearly state that at no point did I ever consider he was going to "do one". I am just talking my experience through.

Cheers and go for it - if u want the car go get it. Finance is hardly rare on anything worth more than £8k

RW

 

I think some people are missing the point here.

Just because it all went smoothly for you, doesnt automatically make it safe and easy.

Unfortunatly its a common scam, with various different methods used, so all steps should be taken to make it as 'less risky' as possible.

Some people are too trusting. Or maybe its that some people are too suspicious who knows. If you go with the later, then you cant go far wrong. If your too trusting, then you could easily find yourself being a victim of a scam, as its these people that they aim for.

No way would i go into a bank and pay the money into someones account. Or neither would i trust someone to pay their finance off by watching them put a cheque in the post box.

At the end of the day having said that, all private sales have an element of risk attached to it. Its just a matter of going for the easiest option.