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

pinkgem

its perfectly fine to buy a car on finance so long as either you or the seller pay the finance off

myself and OH purchased a mini cooper s that had finance outstanding, we got a bankers draft made out to the finance company for amount outstanding and gave the seller the remainder in cash

we went with the seller to post the cheque to the finance company

Inactive

pinkgem wrote:

its perfectly fine to buy a car on finance so long as either you or the seller pay the finance off

It is not " perfectly fine " to buy or sell anything that is subject to a Hire Purchase Agreement.

The item is on Hire not owned until settled in full, you may well have gotten away with it, however that doesn't mean others will be so lucky.

geo555

If someone is offering a car worth £7000 for £3500, you are not going to get it. It the usual scam. They are say they are abroad, desperate to sell and you must do a bank transfer and they will get it delivered to you. You will never see the car and never see your money again.

See this for sale at £4000
http://cgi.ebay.co.uk/2005-FORD-FOCUS-2-0-TDCi-Titanium-3dr-Diesel-Hatchback_W0QQitemZ180086756222QQihZ008QQcategoryZ9844QQrdZ1QQcmdZViewItem

Now this, for sale at £14500

http://atsearch.autotrader.co.uk/www/CARS_popup.asp?searchform=&modelexact=1&lid=search_used_cars_full&photo=1&state=none&sort=3&hassearched=Y&make=FORD&min_pr=75&source=1&model=FOCUS&max_pr=&agerange=7&mileage=&miles=1500&trim=titanium&keywords=tdci&postcode=tw18+1rs&ukcarsearch_full.x=37&ukcarsearch_full.y=15&ukcarsearch_full=SEARCH&start=5&distance=27&adcategory=CARS&channel=CARS&id=200704267759331

pinkgem

Inactive wrote:

It is not " perfectly fine " to buy or sell anything that is subject to a Hire Purchase Agreement.

The item is on Hire not owned until settled in full, you may well have gotten away with it, however that doesn't mean others will be so lucky.

having worked in the motor trade i know that it is perfectly fine to purchase a financed car providing the finance is paid off in full by either the buyer or seller

some people cannot afford to pay their finance off before they sell a car, they need the money from the sale of the car to do so.

pinkgem

anyway regarding the OP, I don't understand why seller offered to sell to you for £3500 if reserve was not met at £6700?

also i didn't know the seller could remove a listing when there were 9 hours left. I thought it had to be done before there were 12 hours left.

Inactive

pinkgem wrote:

having worked in the motor trade i know that it is perfectly fine to purchase a financed car providing the finance is paid off in full by either the buyer or seller

.

Wrong i'm afraid, it is actually illegal for the original buyer to sell the car before the finance is settled in full.

So as I said before, you obviously got away with it, others may not be so lucky.

Certainly not to be advised as " perfectly fine ".

pinkgem

Inactive wrote:

Wrong i'm afraid, it is actually illegal for the original buyer to sell the car before the finance is settled in full.

So as I said before, you obviously got away with it, others may not be so lucky.

Certainly not to be advised as " perfectly fine ".

You say it is "illegal" for the seller to sell their car before the finance is settled, so what am I supposed to have "got away with" then since I was the buyer?

2 of my families long established business in the motor trade have always purchased cars on finance by making out a cheque payable to the finance company and the remainder (if there is any) is paid to the customer

inkie

In reponse to the OP - I would throw it back to the seller of the car, and ask them waht their intention is re: the finanace agreement that is outstanding. I would suspect that they would shy off then.....
They cannot sell anything that does not legally belong to them.

Snooze_Control

I'd just like to point out that you're ALL WRONG and don't know what you're talking about! Sorry to be so blunt!

If you buy a vehicle that has outstanding finance on it unknowingly then legally :

1. The finance cannot take it off you.
2. You do not have to pay any/all of the outstanding finance.

The most the finance company can do is ask you for details of where you bought the car from, ie. name, address, telephone numbers etc and then legally they have to leave you alone unless they can prove without doubt that you knew in advance of purchasing the vehicle that it had outstanding finance on it.

SC

Inactive

pinkgem wrote:

You say it is "illegal" for the seller to sell their car before the finance is settled, so what am I supposed to have "got away with" then since I was the buyer?

2 of my families long established business in the motor trade have always purchased cars on finance by making out a cheque payable to the finance company and the remainder (if there is any) is paid to the customer

(1) You got away with the deal going through OK, some may not be so lucky.

(2) A Motor Trader will always check with the Finance Company the outstanding settlement figure before making such a purchase, any Motor Trader worth their salt will not pay the balance to the original buyer until they have legal title to the vehicle.