Buying Car with Existing HP - Help

peelprincess

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!!!

vaio

two cheques or bank drafts......one to the owner, the other to the HP company

peelprincess

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?

Cumbrian_Male

vaio wrote: »

two cheques or bank drafts......one to the owner, the other to the HP company

Don't do it any other way!!