Car with outstanding finance on it

Apples2

God almighty

http://forums.moneysavingexpert.com/showpost.php?p=45777404&postcount=15

49% apr on this car :eek::eek:

jonjamie1970

immoral_angeluk wrote: »

Is it Hire purchase or an unsecured loan?

Also be aware the law has changed now, even off road cars must have insurance by law.

Not if its sorned

lawrie28

jonjamie1970 wrote: »

On another note, I sold a car which still had finance on it, all you do is state this, when the buyer comes, he pays the finance company what you owe, so call them and he can then speak to them and confirm the settlement figure, he arranges payment over the phone, you then speak with the finance company and confirm the loan has been cleared and release the vehicle, its done all the time.

Do this.

Get a settlement figure first. then tell the purchaser to contact the finance company directly so they get a settlement figure themselves so they know your not pulling their leg.

CHR15

lawrie28 wrote: »

Do this.

Get a settlement figure first. then tell the purchaser to contact the finance company directly so they get a settlement figure themselves so they know your not pulling their leg.

For sure that would work but I wouldn't do that as a buyer.

I'm a born cynic, there are more scams in the car industry than you can shake a stick at.
How long would it take to copy exactly the finance document with an alternative phone number on it?

New buyer thinks he is ringing the Finance Company but is actually ringing the sellers mate.

Unlikely maybe - but not something I would risk throwing £7,000 at.

Cars got finance owing - Walk away.

lawrie28

CHR15 wrote: »

For sure that would work but I wouldn't do that as a buyer.

I'm a born cynic, there are more scams in the car industry than you can shake a stick at.
How long would it take to copy exactly the finance document with an alternative phone number on it?

New buyer thinks he is ringing the Finance Company but is actually ringing the sellers mate.

Unlikely maybe - but not something I would risk throwing £7,000 at.

Cars got finance owing - Walk away.

All the purchaser needs to do is to get a HPI report.

This will show which company has finance outstanding, an agreement number and also should give a contact number for the finance house.

So no need to see any paperwork, it can all be gained from the HPI check.

The only thing is that the seller will need to speak to the finance co to allow them to give the purchaser details of the agreement as per the data protection act.

I would also ask for the settlement figure and the payment details - bank account details - to be sent in the post/fax so I had them in writing and knew I wasn't sending the money where it shouldn't be.

Car got finance owing - use your brain, do things right, and buy a car at a good price - no need to walk away.

Apples2

The only way I would go anywhere near a car with finance outstanding on it is if I knew the seller.

I would turn around and walk off.