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Outstanding finance and motor purchase question
I hope someone can help, as I think I am a bit out of my depth.
I am in the process of purchasing a used vehicle, however, I have just discovered that the outstanding finance owing on the car is more than I am paying for it. Where does that leave me (polite answers only, please!)?
I am in the process of purchasing a used vehicle, however, I have just discovered that the outstanding finance owing on the car is more than I am paying for it. Where does that leave me (polite answers only, please!)?
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Comments
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Only buy it after the seller has paid off the amount.0
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Normally. You would use you car in the deal. They clear car off and you buy cat from them. Any money owed can be added to the new deal. It will in course bump your payments up but will be spread across the whole term.
Eg New car 10k
2k owed on old car
Finiace 12k over 4-5 years.0 -
Right in the **** penniless and car less. That is polite given the hole you are about to jump down
You loose BOTH.
Any more Questions ?Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
Walk away. Unless its a classic, no mainstream car is so rare that you can't find another that isn't on finance.0
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Don't walk way.........................................run. The finance company own the car.
Chap at work got a car that had finance cost him £1500 to pay it off.Google gives you answers use it.........0 -
OK Take all of that on board. However, maybe I am niaive, but seller seems genuine, and does need to sell. He has been totally up front about the finance situation. I want to buy the vehicle, and he wants to sell. What if I get him to get a settlement figure and then arrange to pay directly to the finance co., with him paying the outstanding difference, how would that be?0
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Still wouldn't do it. How are you to know its been done? His word? And if he is obviously short of money for paying for the car, just how well do you think he's been maintaining it?
And the best con-men are the ones who seem genuine and in desperate need to sell for <insert heart tugging reason here>.0 -
Pay the finance company directly, The problem is are they selling it because they cannot afford it and maybe missed payments
so extra charges could be mounting up.
As above dont bother. Its not worth the risk.Censorship Reigns Supreme in Troll City...0
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