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Buying Car with Existing HP - Help

peelprincess
peelprincess Posts: 38 Forumite
in Motoring
We are looking at buying a used car (3 yrs old) from a private seller (through Auto Trader). Problem is, we are financing it through a personal loan and they have outstanding HP on it. The current owners are saying they will settle the HP with the money we are paying to buy the car.

I don't know whether this is a big risk or if it is the norm. How can we ensure that they will settle the finance on it - or can we not? If they end up not settling for whatever reason and the car gets repossessed - have we any comebacks?

Help please!!!
Proud to be dealing with my debts :money:

Comments

  • vaio
    vaio Posts: 12,287 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    two cheques or bank drafts......one to the owner, the other to the HP company
  • peelprincess
    peelprincess Posts: 38 Forumite
    I would've thought this would be the norm though - wouldn't most private sellers still have finance outstanding on a newer car, and not be able to settle it until they had received the funds from the sale?
    Proud to be dealing with my debts :money:
  • Cumbrian_Male
    Cumbrian_Male Posts: 1,513 Forumite
    1,000 Posts Combo Breaker
    vaio wrote: »
    two cheques or bank drafts......one to the owner, the other to the HP company

    Don't do it any other way!!
    I have a cunning plan!
    Proud to be dealing with my debts.

This discussion has been closed.
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