Buying a car with outstanding finance

monchaya

Hi everyone,

I am new to here but hope this is the right place to ask. I come across this car which costs £12995 and when I asked seller whether it is HPI cleared, he stated that it has outstanding balance on it. Apparently the outstanding balance is about the same as the price of the car (around £12990) and he agreed that he will get settlement figure from finance company. I offered the seller that on the day of picking the car up, I will make the payment with him being there at the same time (online or whatsoever), to the finance company and settle the balance off, we both would see that the settlement figure has been paid then he could hand me over the v5c and the keys then (and that the finance company would confirm in writing that the balance has been cleared off).

However, the seller stated that it's normal practice to pay for car before its delivered. He stated that I can pay for the vehicle the morning I pick up the car and later on that day when the finance company have received the payment by online instant payment, they will confirm by fax/email on the day and only when that confirmation comes through that we fill in the V5 and I can have the keys and take the car. I wonder how do you feel about what the seller suggested? Will I be in disadvantage? Only thing is as the price of the car is just about the same as the settlement figure, it means if I were to pay it all off in the morning, then he disappeared later on the day while waiting for the confirmation to come through, then I would be left with no money nor the car. I would like to ask what would be best approach in regard to this?

Thank you very much.

OddballJamie

Is the seller a dealer?

Is the car unusually cheap compared to similar examples of the same model?

tasticz

why take the headache/risk pay £500 more go somewhere else may be a dealer or even maindealer

david39

I see this is your first post but, if you have been reading these boards for some time previously, surely you must be suspicious that this is likely to go badly wrong and your worst fears will turn out to be true.

Don't put yourself in the position of risking £12,995 to save just a few hundred. You'll find a similar, safe deal at a reputable retailer who will also give you a guarantee.

albionrovers

If you need to post here then don't buy it.

londonTiger

dont bother, fid another car

monchaya

Thanks for your reply. After I posted I decided it was not worth the hassle. Went on and did more searched and found similar car with same price (same age with 5000miles more) but from main dealer with all the warranties and check etc. I decide to go for this car instead. For peace of mind.