buying a watch with remaining finance

dxbguru

I'm looking to buy a rolex from someone who purchased it a year or so ago on finance, he told me it has about 8 months of payments remaining which he says he will keep up with anyway. Is this safe? does it work like finance on cars? do I become liable for payments if anything goes wrong?

Apples2

It isn't his watch to sell if the finance is secured on the watch.

Quite how they would track down a watch though is anyones guess (unless you try to register it).

dxbguru

he got it through goldsmiths and finance is through barclays which goldsmiths arranged.

Thrugelmir

Apples2 wrote: »

Quite how they would track down a watch though is anyones guess (unless you try to register it).

Requires servicing?

smitchy73

I would offer to pay off the outstanding finance directly for him, then give him the difference, that way you are covered, if it is like Omega, you are supposed to have your watch serviced every three years to uphold the lifetime guarantee, if you send it in for servicing there could be a hold on it if your friend didn't pay it off.
I've seen quite a few official responses to a similar question in regards to selling a car with outstanding finance, getting the buyer to pay the outstanding finance directly, then giving the difference to the seller. Seems the correct thing to do in my opinion.
What is the watch(apart from Rolex) and have you checked against other places to see if you're getting a good deal.

dxbguru

isn't this a bit like using a credit card to pay for something, aren't the 2 separate? if you went in to curries and got all your appliances on a Loan and then sold them later on, the credit/loan is with the original purchaser right?

Tiddlywinks

With Hire Purchase, the finance may be 'secured' on the item and ownership of the item may not fully transfer until the final payment.

Why is it beneficial to buy *this* watch in particular?

How much of a saving is there on buying it new?

dxbguru

Its in very good "near new" condition and I'm saving over a £1k on retail.

catmc

i would pay off the money outstanding to put your mind at ease you dont know what will happen in a few months with your friendship .they are selling the watch for a reason to get money what if they dont pay it off and you need the watch repaired they might keep it not worth your friendship

jellie

Pay off the loan direct with Barclays - if you give it direct to him, he might be tempted to keep it which could cause problems if you want to have it serviced.

Make sure he gives you the original certificate of authenticity. I'd get a signed receipt from him as well.

Weird_Nev

Apples2 wrote: »

It isn't his watch to sell if the finance is secured on the watch.

Quite how they would track down a watch though is anyones guess (unless you try to register it).

Thrugelmir wrote: »

Requires servicing?

Rolex keep incredibly good records of their watches by serial numbers. You "register" them with rolex, like a car. You shouldn't buy an unregistered rolex, because it's quite probably fake or stolen.

They will know who should have their watches at any given time.