Outstanding finance on car we want to buy, help please.

xxdeebeexx

Hi, my son (19) wants to buy a car that has/had £2600 owing on it.

The seller was upfront about it and promised to pay off the lump sum. He told us which dealership he originally bought the car from .

He has now told us that the finance has been settled.
How do we know, for sure, that the outstanding money has been paid off?
Is an HPI check all it takes?


tia


dx

BeenThroughItAll

xxdeebeexx wrote: »

Hi, my son (19) wants to buy a car that has/had £2600 owing on it.

The seller was upfront about it and promised to pay off the lump sum. He told us which dealership he originally bought the car from .

He has now told us that the finance has been settled.
How do we know, for sure, that the outstanding money has been paid off?
Is an HPI check all it takes?


tia


dx

HPI may take a while to be updated. Ask the seller to provide a copy of the settlement confirmation from the finance company, then ring them, pass the phone to him for him to go through security and tell them they're allowed to talk to you, then ask them to confirm again.


If he can't/is unwilling to do so/hesitates, my personal advice would be to walk and find another car.

JJ_Egan

Walk away if in doubt .

harveybobbles

Phone the finance company and ask them.

The other option would have been to pay the finance yourself and give any extra to the seller.

ie the car is for sale at 4000.. outstanding finance is 3000... so YOU pay the finance compnay the 3000 and give ther seller 1000.

whatmichaelsays

Contact the finance company and ask them for a declaration that they no longer have a financial interest in the car - they will happily provide this in writing.

forgotmyname

make sure you google the finance company details and not phoning his mate who is pretending to be them.

xxdeebeexx

forgotmyname wrote: »

make sure you google the finance company details and not phoning his mate who is pretending to be them.

Thanks , its Ford Finance.
Apparently I need the agreement number and the car reg and they will fax me the document.


Now, who do I know that might have a fax machine?


dx

Buzby

Tell them you will accept a PDF. A fax machine is a rare beast these days.

harveybobbles

Post Officve usually charge you a quid for use if their fax.

colino

As well as checking finance at source, use all of your senses when buying a car. How high a proportion of the cars value is the £2600? Is it a plug they have run out of patience/money keeping on the road?

xxdeebeexx

colino wrote: »

As well as checking finance at source, use all of your senses when buying a car. How high a proportion of the cars value is the £2600? Is it a plug they have run out of patience/money keeping on the road?

Mmm, he's selling the car for £3,100 there does seem a lot of outstanding finance on that small amount.


He's a Primary school Teacher who has just got a job abroad


' Is it a plug they have run out of patience/money keeping on the road'
Not quite sure what you mean by this...


dx