out standing finance - second hand car

ian6791

Good evening.

Just looking for some help please.

I have placed a small deposit on a car at a local garage today. However when I got home I paid for a vehicle check to find out the car had a finance agreement still outstanding. I feel a bit of a mug for not doing the check in the first place but it was a small deposit so not all is lost.
I am going to ring up and question this tomorrow with them, I just wondered if someone could confirm whether I'm within my rights to say I'm not purchasing the car unless the finance is all cleared before I pay anything else.

Also should they have told me about the outstanding finance or is it my responsibility to ask?

Many thanks.

DUTR

The finance will be cleared , if you were concluding a private sale, then you would have more of a worry.

gilbert_and_sullivan

Having seen first hand the chaos and individual financial tragedies that happen to customers when a dealership goes into liquidation, nothing is certain.

Almost certainly as the above poster states, the finance will be cleared and all will be well, thankfully the above scenarios were rare.

However even if rare you are right to be cautious, these often large dealerships were taking large deposits on cars only the day before they crashed, i've seen people who could ill afford these losses in tears there the very next day.

Nodding_Donkey

It could well be that the finance showing is a stocking loan. if you buy a car from a bona-fide car dealer you have good title.