Buying a car still on finance

Options
2

Comments

  • Scrapit
    Scrapit Posts: 2,304 Forumite
    First Anniversary Name Dropper Combo Breaker First Post
    Options
    Mercdriver wrote: »
    It might not be theirs to sell, but Motorguy has suggested the correct procedure.
    It's not a procedure. It's a course of action but still not there's to sell so no guarantee that the finance company will go with it. With that in mind my original advice still stands. Find another.
  • motorguy
    motorguy Posts: 22,479 Forumite
    Name Dropper First Anniversary First Post
    edited 19 January 2019 at 3:20PM
    Options
    Scrapit wrote: »
    It's not a procedure. It's a course of action but still not there's to sell so no guarantee that the finance company will go with it. With that in mind my original advice still stands. Find another.

    Its "theirs".

    Yes the finance company will. Happens all the time. Easily done.

    If its the right car at the right price, then this is a simple step to sort out.
  • Mercdriver
    Mercdriver Posts: 3,898 Forumite
    First Anniversary Name Dropper First Post
    Options
    Scrapit wrote: »
    It's not a procedure. It's a course of action but still not there's to sell so no guarantee that the finance company will go with it. With that in mind my original advice still stands. Find another.

    https://en.oxforddictionaries.com/definition/procedure

    cf 1.1

    And it is still not theirs to sell, but as far as the finance house is concerned, once they have the cleared funds in settlement of the agreement, they really couldn't give a monkey's toss.
  • Scrapit
    Scrapit Posts: 2,304 Forumite
    First Anniversary Name Dropper Combo Breaker First Post
    Options
    So your saying it is there's to sell?
    Hmm.
  • Mercdriver
    Mercdriver Posts: 3,898 Forumite
    First Anniversary Name Dropper First Post
    Options
    Scrapit wrote: »
    So your saying it is there's to sell?
    Hmm.

    I'm not even saying it is theirs to sell. However, finance companies accept payment from anyone to remove their interest in the vehicle, so ownership isn't relevant when the payment is made.
  • debtdebt
    debtdebt Posts: 949 Forumite
    Options
    Scrapit wrote: »
    Not there's to sell. Plenty of other fish etc. Etc. Many many reasons not to young'un. Hth

    So based on your advice people who have cars on finance or with secured loans on them can't sell said car until the full term of the loan has been paid off and concluded? Absolute rubbish. What do you think happens when people decide to change their cars mid term and go to a dealer? The dealer takes the car in part ex and rolls the finance onto the new deal.

    As others have said, OP if you like the car, make sure you pay off the finance yourself and get written confirmation that it's settled.
  • Scrapit
    Scrapit Posts: 2,304 Forumite
    First Anniversary Name Dropper Combo Breaker First Post
    Options
    debtdebt wrote: »
    So based on your advice people who have cars on finance or with secured loans on them can't sell said car until the full term of the loan has been paid off and concluded? Absolute rubbish. What do you think happens when people decide to change their cars mid term and go to a dealer? The dealer takes the car in part ex and rolls the finance onto the new deal.

    As others have said, OP if you like the car, make sure you pay off the finance yourself and get written confirmation that it's settled.
    Where did I say can't? The point being if one car has outstanding finance then there's a extremely good chance there will be an equal if not identical vehicle without for sale. Path of least resistance.
  • motorguy
    motorguy Posts: 22,479 Forumite
    Name Dropper First Anniversary First Post
    Options
    Scrapit wrote: »
    Where did I say can't? The point being if one car has outstanding finance then there's a extremely good chance there will be an equal if not identical vehicle without for sale. Path of least resistance.

    There may well be, but if the car is otherwise the car you want, why walk away and try and find that other car where ever it happens to be and maybe have to endure looking at 10 duff ones until you find it?

    Whats the difference between moving money over to the finance company and moving money over to a seller?

    The path of least resistance would actually be phone the finance company and pay them rather than go on a wild goose chase looking for another equal / identical vehicle.
  • shaun_from_Africa
    shaun_from_Africa Posts: 12,858 Forumite
    Name Dropper First Post First Anniversary
    Options
    motorguy wrote: »
    The path of least resistance would actually be phone the finance company and pay them rather than go on a wild goose chase looking for another equal / identical vehicle.

    And then if you do find another suitable vehicle, a sensible buyer would pay for an HPI check to make sure that the vehicle wasn't still on finance, something that wouldn't have to be done in the OP's case.
  • debtdebt
    debtdebt Posts: 949 Forumite
    Options
    Scrapit wrote: »
    Where did I say can't? The point being if one car has outstanding finance then there's a extremely good chance there will be an equal if not identical vehicle without for sale. Path of least resistance.

    "Not there's to sell"

    You backtracking, illiterate buffoon.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.4K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.8K Spending & Discounts
  • 235.5K Work, Benefits & Business
  • 608.4K Mortgages, Homes & Bills
  • 173.2K Life & Family
  • 248.1K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards