PCP - Handing back the car

jaydeeuk1

leespot wrote: »

I've purchased a car privately with finance owing. I paid approx £4000 for the car and the seller owed approx £5000. He wasn't too bothered about making a profit as it was part of his divorce settlement !

How it worked for us was, the seller showed me his settlement papers, we called the finance company, I paid £4000 to the company over the phone with my debit card, the guy I bought it from paid the remaining balance over the phone with his card, and the finance company confirmed on the phone (and really quickly by email) to us that it was clear from any finance with immediate effect. We both got reference numbers for our payments. The seller then followed this up with an email to me less than a week later, attaching a copy of the written confirmation of his finance settlement when he got it.

It can be done, like someone above has said, just needs a little legwork.

What would happen if you paid part of the balance, and then the seller wouldn't or couldn't pay the remainder? You can't take the car as it isn't yours, finance co wouldn't refund, and you'd end up being another creditor. Should have got him to pay first!

leespot

jaydeeuk1 wrote: »

What would happen if you paid part of the balance, and then the seller wouldn't or couldn't pay the remainder? You can't take the car as it isn't yours, finance co wouldn't refund, and you'd end up being another creditor. Should have got him to pay first!

It was 2.5 years ago, maybe he did or maybe I did - can't remember the finer details. My point was, it can be done...

sinizterguy

jaydeeuk1 wrote: »

What would happen if you paid part of the balance, and then the seller wouldn't or couldn't pay the remainder? You can't take the car as it isn't yours, finance co wouldn't refund, and you'd end up being another creditor. Should have got him to pay first!

Get him to make the first payment.

Then you pay the balance.

That way the whole payment is made .....

Seriously ?