geordiegooner

as above i'm thinking of px'ing my focus st for a golf gt tdi but the guy who's golf it is still owes nearly 2 years on the finance.anyone know what the crack is on deals like this if he doesnt pay the remainder of the finance off,does the debt stay with him or stay with the car .
thanks for any help on this

Paulo P

You have to get him to pay off the finance and show you proof that he has done so or you could liable for it because it stays with the car. In this case it's better to be safe than sorry.

capricougar

i m sure if the car is on H.P hire purchase, the car belongs to the hp company, until the debt is paid, so still have claim on car, if it is financed by a loan, the debt is to the borrower. Iwould not toutch it until it is paid off!! eitherway.

charlie luciano

iTrader: (3)

Avoid bruv get one that don't have finance left on it


Luciano

geordiegooner

i think its on hire purchase,the cars in ireland aswell and was going to meet him at the ferry port but thats a 4 hour drive for me aswell .

capricougar

NOOOOO

Christian and Beccy

iTrader: (14)

Easiest way is for him to get a settlement figure on the finance and you pay for the car, less the amount outstanding on the finance. Works well for both parties that way.

RS Grant

iTrader: (1)

Usually buying a car with finance outstanding isn't a problem... he needs to request a settlement figure and let them know that someone will be clearing the balance, give you the HP agreement details so you can phone up and clear the finance.

If the car is advertised for 10k and there is 5k outstandanding on finance. You pay 5k direct to the finance company to clear balance and then 5k to the seller in the normal way, cash, bankers draft etc.

With your PX deal, I think this will get pretty complicated if the guy doesnt have the cash available to clear his car finance, so maybe best to move onto another deal mate.


Cheers,
Grant

geordiegooner

the value of my focus st is more than the value of the golf so i wouldnt be paying anything towards his car he's paying extra towards the focus so would have to clear the finance then pay me the extra in price of the focus.

RS Grant

iTrader: (1)

...please make sure you have called the finance company personally and got written confirmation sent to you direct that all finance is cleared before you do the deal.


Cheers,
Grant

geordiegooner

someone off pf hpi it for me and have given me the finance details ect so will wait till the guy rings me today as he's suppose to be sorting the finance out and will see what he says about it,then i will ring them to see if he's talking bull or not.
thanks

imnoteasy

i sold a bike on finance, i rang the finance company and the guy paid the finance company over the phone while i was there, he then gave me the rest in cash,
job done was easy

B16JUS

As above its a easy process

you pay the finance over the phone and give difference to him in cash, sometimes it easier than carrying loads of cash or mucking about with drafts etc.

if its the other way round and he owes more on finance than its worth then you still pay it and he gives you the difference in cash

J

geordiegooner

my cars worth more than his so,
a- he would have to give me the difference ie Ł2000
b- he would have to pay his finance off

i'm not paying anything in the deal.

MarkyMark

and if he doesnt pay the finance off, he is left with a nice shiney new focus st to go sell and pocket the cash, you are left with 2k and a car that is still owned by the finance company,

it sounds like a good deal, and you know the old saying, if its too good to be true.....

the fact he is in ireland means you wont be able to go find the car if there is a problem, hardly around the corner ha,

geordiegooner

cheers for the help everyone,so until his finance is paid off the st aint going anywhere.

geordiegooner

well he's rang the finance company and has to ring back tomorrow for his amount still outstanding so if he pays that off fingers crossed the deal might still go ahead.

fordsportjay

iTrader: (6)

just make sure you get written confirmation from the finance company that he has settled the finance and they have no further interest in the car.

you would be surprised just how many cars come in to me as p/x,only to find there is still finance outstanding-some people dont even know as its owed by the previous owner from a while back

geordiegooner

fordsportjay
just make sure you get written confirmation from the finance company that he has settled the finance and they have no further interest in the car.

cheers defo going to do that,as said it would be a 4 hour drive to meet him off the ferry and i'm not travelling that far to be told its not paid off.