PhilM

Tomorrow I'm off to view a BMW, owner seemed honest on the phone, answered any questions etc, though didnt mention the finance.

Anyway, I HPId it as a matter of course, and its showing outstanding finance. I'll go and view the car tomorrow anyway, as I could do with a look around a few anyway, and I havent driven the model yet.

So, how do you go about buying a car with outstanding finance?

I assume I'd have to ring the finance company tomorrow and check whether they still have an interest in it (get it in writing if its clear?). Whats next?

Say we agree a figure of £10k for the car, I assume I'd pay the finance company and then whatever is left to the owner?

Anyone done this before?

stickertone

yeh, you're spot on. if you do the deal you find out who the finance is with, you ring them up and ask for a settlment figure... this is what you will pay to them, you then pay the remainder to the seller. deal done.

RWD_cossie_wil

iTrader: (9)

Sounds right mate. 330d?

stevenebm

iTrader: (6)

yip i done it before.just went to bank and paid off the outstanding finance and gave the owner the rest.its weird tho that he never mentioned it to you.id be wary.unless he doesnt even know there is finance.

PhilM

It was the seller's missus I had on the phone as he was at work. Viewing is with the bloke tomorrow so will address the issue then.

The HPI check provided the finance company name, tel no & agreement number for the finance, so contacting them should be easy enough.

Thanks for the advice

Will, get on msn

Lambchop

iTrader: (1)

I'd view it and see if he mentions it before you do...

steanlol

I wouldn't say anything and wait and see if he does , if he doesn't then i'd ring him back up when you get home and see what he say's
He might know or might not but if he does and say's nothing then some unsuspecting buyer may end up without a car .

MikeR

Yes view and see if he mentions it, l sold a car with finace on it and the guy paid the settlement and me the difference, he was happy and so was l

Mike