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Private car sale with finance outstanding need advice plse

trix2009
trix2009 Posts: 1 Newbie
in Motoring
Hi

Hope someone can give advice. I am buying a second hand car (private sale). I love the car and price ok but unfortunately the car has outstanding fincance left on it. Seller says he is selling the car to pay off the finance. How can i make sure i am not stung! I want to ensure 1. car is in my name. 2. that all the finance is paid off. Any tips plse.

Thanks

Trix

Comments

  • il638
    il638 Posts: 48 Forumite
    i wouldnt bother mate

    plenty of decent cars at reasonable price in current market which will suit your needs.
    i wouldnt risk it personally.
  • hartcjhart
    hartcjhart Posts: 9,463 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    my suggestion would be to contact the finance company and see if you can arrange to pay them directly by bankers draft and then any other money to the seller
    I :love: MOJACAR
  • standupguy
    standupguy Posts: 904 Forumite
    Ask to see the written settlement quotation from the Finance Company.

    look at the settlement date - you will need to pay the Finance company direct the amount they require and by the date on the settlement letter.

    Pay any difference to the seller.

    You are at risk if you rely on paying the seller and them settling the Finance - if they do not settle you could end up losing the car as you are aware of the outstanding finance
  • davemorton
    davemorton Posts: 29,084 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Car Insurance Carver!
    I sold my car last month and had this problem. Car still had quite a few £k left on finance, so when someone was interested, we agreed that I would get the settlement figure from the finance company, and then he would pay me via a bankers draft payable to the finance company. We both went to the bank together and paid the draft straight into the companies account. He then gave me the balance in cash. Stressful for both parties, but it worked out good in the end.
    The other option I gave the buyer was if they left me a substancial deposit, then I would clear the finance, and then they could get another HPI check done and see that it was clear, but your seller may not be in such a fortunate position.
    “Quis custodiet ipsos custodes?”
    Juvenal, The Sixteen Satires
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