Car purchase - outstanding finance

jimsmith102

Hi everyone,

I have found a used car that I like.

Unfortunately, as the seller explained, it still has finance outstanding.

The seller is proposing that we together phone his finance company so that I can discover the outstanding finance to be paid off. I should then make out a bankers' draft to the finance company for the loan and pay separately for any excess for the car price over that. he suggests its better that I make the draft to reduce the chances that he somehow cancels the draft.

Of course, he really should just pay off the loan himself. However, am I being stupid for going along with this? Are there any obvious catches or is it just the hassle factor for me (which I must weigh against the hassle factor of finding another suitable used car)

Any advice kindly appreciated

Gorgeous_George

Personally, I'd walk away. However, if you go ahead, I'd recommend getting something in writing from the HP company (email in the first instance).

If you ring the HP company, make sure that it is them that you are talking to i.e., get the phone number yourself. Call me sceptical but it would be possible for an accomplice to pretend to be the finance company.

All this is to cover your own back. It sounds likely to be an honest seller but there's always a chance that it may not be and crooks appeasr to be honest too!

GG

jimsmith102

thanks for the quick reply - he did actually give me the no. of the finance company (GE) that I called independently and they confirmed there was an outstanding finance arrangement with the car. so I think I am set on that side (or not???)

what about the ins and outs of making the payment? any ideas? does a bankers draft in my name sound bulletproof?