Selling a car on finance.

Spicy_McHaggis

Foxy-Stoat wrote: »

Not unless the finance company has given him confirmation that the payment has been received and cleared.

Also, the finance is secured on the car, so the new owner would then be responsible.

I doubt it with a stolen debit card.

Foxy-Stoat_3

So if the buyer was:
Using a fake photo driving license as ID,
Managed to find a stolen debit card with enough money to pay for the car,
The debit card would of had to of not been reported stolen before the time of the sale,
The payment would not trigger a referral to the bank asking for authorization before the payment was accepted.

The OP would be lumbered.

Best sell to webuyanycarforlotslessthanitscurrentlyworth.com, just to be safe.

kevin63

Foxy-Stoat wrote: »

Best thing to do is call the finance company and ask for their call center opening hours and complete the sale then. They may well be open upto 8 or 9pm.

Once the buyer makes the payment over the phone you make the additional payment for the shortfall, ask them to email confirmation that the finance has been paid to you and the buyer. If I was a buyer, I would insist that written confirmation is received before driving off with it.

[/B]It would be in your interest to ask for the buyers driving license to check the address and their ID, note the driver number on the receipt and keep a copy. If the buyer is using a stolen debit card or anything like that you can show that you took some steps to confirm their ID.

Is this because you would then be liable for the finance? If that case, I'm not scared if they try to reverse the payment as the finance will be there responsibility?

kevin63

Opening hours: 9am-5pm Monday to Friday (Fleet satisfaction)
Opening hours: 9am-5pm Monday to Friday (Contract Hire and Finance Lease)
Opening hours: 8am-8pm Monday to Friday, 9am-5pm Saturday (All other products)

Looks like their opening times are rubbish and will be limited to a Saturday sale if I want to pay over phone / confirm with the finance company.

kevin63

My settlement letter states payment must be made via bank transfer so online banking would be needed - rules out fake debit card situation I guess.

mgfvvc

Could you go to a bank with the seller, have them withdraw cash and then immediately pay that cash into your own account?

kevin63

mgfvvc wrote: »

Could you go to a bank with the seller, have them withdraw cash and then immediately pay that cash into your own account?

Possible but if I was the buyer I wouldn't feel confident paying in technically what is cash.

Trying to find a situation where we are both comfortable and I think the best way round it is if the finance company is on the phone it seems.

Foxy-Stoat_3

kevin63 wrote: »

Is this because you would then be liable for the finance? If that case, I'm not scared if they try to reverse the payment as the finance will be there responsibility?

Yes, this is the only sure way that I would buy a car with outstanding finance on it.

kevin63

Foxy-Stoat wrote: »

Yes, this is the only sure way that I would buy a car with outstanding finance on it.

Makes sense, thanks for your help.