buying a car on ebay that has an existing finance agreement/loan recorded against it

anasheed

hi..i have seen a vehicle on ebay the seller has quoted me the price if i want to purchase it...£3,500 for a 05 plate ford focus retail value approx £7,000 to £8,0000
that is nearly half price there are knocking off for a brand new car
the seller has not stated that the vehicle has finance agreement/loan on it..

i did a autocheck on the vehicle.. online
this is what it came up with

Finance Agreement Details
Finance companySANTANDER CONSUMER (UK) PLC
There is an existing finance agreement/loan recorded against this vehicle


where would this leave me if i bought the vehicle?
would i need to pay off the remainder of the loan out of my own pocket for this vehicle to be paid off to the finance company..

is that why there want to sell it so cheap?

thank you

pianeet

yes you or they have to settle the outstanding finance with santanda first ,you need a final valuation fee from the finance company as legally they own the car not the seller,personally i would not touch it with a barge pole,good job you done a vehicle check as you could have been seriously out of pocket

birchy

Seller should not really be offering it for sale as its not legally thiers. Youve been wise to do a vehicle check. I would leave alone unless seller has proof they have settled outstanding finance.

Bossyboots

Is there any way to bring this to the attention of other ebayers before someone not so savvy gets caught out?

mpython

You could mention it to Santander as well. If the numpty gets caught before selling it, that'd make them & others think twice before they do it again.

kevinyork

When I sold my last car a couple of years ago it had finance on it. The money from the sale would then settle the finance.

I had called the finance people first and asked if I could sell it and then settle the finance. They said yes this was how most people did it.

I was upfront about it with the buyer and gave them the details and told him I was to settle the finance with payment from the sale. He seemed OK and thats exactly what I did.

However, I can see this might appear risky since if the seller did not settle it the buyer wouldnt legally own the car.

Do you think a buyer could make any bankers draft for payment out to the finance company so the seller could only use it to settle the finance?

rach29

Post a link if you like or ask seller a question through E-bay, ie, Is there any finanace outstanding on this car? & lets see what he replies

astonsmummy

I wouldn't touch it with a bargepole, i used to work for santander (when it was first national) in the customer service department, and we used to get people phoning up saying they had bought the car and asked if finanaced had been settled and it hadn't so infact they had payed for a car that wasnt theirs, you cant guaruntee that the seller will pay the finance off.
Obviously not everyone is dodgy, but why on earth do they want half the value, the outstaning loan amount is probably more than he is selling for and the loan wouldnt be able to be transfered into your name to pay the rest of the loan, and tbh why would you want to, car finanace is a rip off.

anasheed

thank you for your help..i have asked the seller the question Is there any finanace outstanding on this car
just waiting for there reply..

the seller removed the auction when it had 9 hours left the bidding at that time was £6,700 reserve not met...
..and relisted it again yesterday

halojones

If it sounds too good to be true it usually is.

Well done for doing a HPI check, everyone should do this before parting with their money.

Inactive

Barge Pole and Don't touch .. spring to mind.

The seller is actually trying to sell something that is not legally his / hers to sell.