Bought car with outstanding finance how can i pay it off?

LolStevo

Hiya, iv bought a car and come to sell it only to find out that there is outstanding finance on the car! The man i bought it off says its with a debt company n the balance is £720 but how do i pay this off as i cant sell it with outstanding finance on it!

I obviously dont want to pay much more as i have already paid for the car!

I rang BMW financial services off the hpi report and they have advised me i need the man i bought it off to ring up to get settlement but to be honest i dont trust him now!

What can i dooooo???:mad:

ilovebanksMCMLXXXI

Hi

He wasn't legally allowed to sell the vehicle is BMW Finance still had an interest in the vehicle.

You've got two viable options really:

(1) Do as BMW have asked and somehow get yourself in a postion where you can get the last owner to cough up.

or

(2) Find yourself an understanding buyer and settle the finance yourself once sold. Technically BMW Finance would still want the previous owner to do this but if you send a cheque off with the finance agreement number written on the back, it would be cashed.

Ultimately, you're not in a very good position and don't have too many options - To get the last owner to pay you may have to threaten to take legal action - which you would be entitled to do in this instance.

Best of luck