Urgent - Car with Outstanding Finance

sevlow

Could anyone offer some advice with the following please;

I am considering the purchase of a car which has outstanding finance to be settled by the seller.

I have viewed the car at the sellers home and all seems above board. I have asked the seller to clear the finance before sale but their preference (due to their financial situation) would be for them to claer the finace AFTER sale. They have suggested that they would document their intention/agreement to settle any outstanding finance themeselves for our protection.

Does this have any creddibility and if not what are the alternatives for a seller who needs to dispose of the car to clear the debt.

Thanks

ariba10

If the car is on H/P I would not think it is legally theirs to sell.

Bossyboots

Is it possible for you to pay money direct to the finanace company?

I personally would be wary of buying this vehicle but then I don't trust anyone.

hilary1

I dont think you can sell something on HP until its virtually paid for, whether they give you a letter of intention or not.

Very difficult if you really want the car but I wouldnt take the risk myself.

Worst scenario, the HP company take YOUR car and you have to fight to try and get it back.

vansboy

Walk away NOW!!

There are plenty of other cars around that'll give you problems, WITHOUT buying one that's ALREADY presenting them to you - BEFORE YOU'VE GOT IT!!

VB

Cumbrian_Male

If you really want this car then tell the seller to get a settlement quotation from the finance company, then when you pay you raise one cheque payable to the finance company and send it to them yourself and pay him the difference.

bazza1603

Hi,

I bought a car like this and it worried me until the HP report came back as cleared. Mine worked out okay, but I wont do it again.

Best regards

Barry

PS will have a Moonstone Peugeot 206 SW 2004 for sale for about £5300 in a couple of weeks.

xycom1

Cumbrian Male is correct - pay the finance company what they are owed, and then the difference to the seller, then you own the car.

sevlow

Thanks for the advice.

I phoned the seller today and they have agreed to get a settlement figure from their finance company so that we can settle direct.

However do any of you legal or trade guys no if the purchaser can be indemnified against any claim from the hp company if they have a letter from the seller agreeing that the liability for clearing the finance rests with them?

Just interested for the future.