Help car purchase

dean_ham

Hello a question, been to see a car asked all the questions and yes finance on it, now they told me to buy it I pay the loan off to the finance company and it is mine, I think that they should settle the debt and I then wiil buy it off them, sorry if it is long as I have never had a car with a loan on it.
Thanks for looking
Dean

Malestrom

The finance deal, as far as i'm aware, is with the people that signed it and only they can settle it and only once its settled are they legally allowed to sell the car. Currently the car doesn't even belong to them!

Gorgeous_George

I'd phone the finance company - making sure you confirm the number you call IS the finance company.

If they could afford to pay the car off, they probably wouldn't be selling it.



GG

Nile

Hello dean_ham

I'll move this thread over to the 'Motoring & Public Transport' board, where it should get more views and responses.

Hi, Martin’s asked me to post this in these circumstances: I’ve asked Board Guides to move threads if they’ll receive a better response elsewhere(please see this rule) so this post/thread has been moved to another board, where it should get more replies. If you have any questions about this policy please email [EMAIL="abuse@moneysavingexpert.com"]abuse@moneysavingexpert.com[/EMAIL].

Regards

Nile

xycom1

If the car has outstanding finance, then the correct way to proceed is that the buyer of the vehicle settles directly with the finance company and takes possession of the vehicle. If the sale price of the vehicle is more than the cost of the finance, you owe a bit more money to the seller - if the sale price is less then the seller will owe you some money (or you each pay the relevant portion to the finance company).

BenL

As the above poster has said, make 2 cheques out if that is what is required.

Get it all written down.

Talk to the finance company as well in the presence of the current owner as they will need to answer the questions to allow the information to be released.

Better still if they have a written settlement.

If you are looking for a mainstream car there will be plenty of others around that are straight forward buys.

The sellers maybe desperate if all they want for the car is for you to pay the finance off.

Since they bought the car they have paid depreciation, puts you right off buying a new car.

Ben