Buying private car with finance advice please

p1tse

The finance is with Lombard as the seller told me and my hpi check came up with it.

I've agreed to pay directly to the finance company, is that the right thing to do and over the phone in the presence of the seller?

I'm with barclays bank, can I pay more than £10k to finance company as I know if it was bank transfer bacs would only be £10k. Other option is pay finance company part credit card which I would be happy with.

What do I get as confirmation as all cleared, if I'm not policy holder?

forgotmyname

When your ready to do the deal phone the finance company up using your phone and put the speakerphone on
so you can hear the conversation.

Get the exact price with any discounts and fees. Explain your selling/buying the car and you will be paying the finance off
with the payment method you have chosen.

I would ask for written confirmation the finance has been cleared to be sent to the seller and the buyer.

Not sure if thats the right way but thats what i would do.

p1tse

Thanks

Seller has called it off

Hammyman

Sounds like you got off lucky. I suspect they were hoping for an idiot to come along who'd give them the money and trust them to clear the finance.

p1tse

For future reference would I need to see a settlement letter?
I got the agreement number from a HPI check I did which obviously can cross reference.

Also good shout on confirmation letter after, but obviously would like to check straight after.

It wasn't dodgy, the seller agreed this process too, but I think he's holding out for more money. I gave him more or less book money value.

Oh well.

p1tse

Update, looking at another private car which has finance against it by Santander. Do you know the process, if they accept credit card etc.

clangnuts

I wouldn't buy a car with outstanding finance. Why take the risk?

p1tse

why not, when it's a good car, spec, price and you agree the deal that paying off the finance company and both sign sale agreement?