Buying a car with outstanding finance

nordmaroc

I wish to buy a car which has outstanding finance with a main dealer, the seller has been up front about it and has shown me the settlement. He cannot pay it off as has been laid off. I would normally walk away but i have been looking for a car with this exact spec for a while now. What’s the best way to proceed to cover myself. If i pay the money direct to the finance company and they send confirmation via email that its settled does that mean the car is legally mine or the sellers, he has given my name to them so they will deal with me directly.

Stubod

Yes, you should be able to pay of the settlement fee directly to the finance company and the difference to the "owner"....was going to do it myself once, but ended up going new instead. Just make sure you are dealing with the "proper" company and you have everything in writing...

nordmaroc

It’s with bmw finance and he sent me a copy of the settlement figure, I was thinking of paying the finance off in his house in front of him then taking possession of the car then he has agreed but only if bmw send a completion confirmation before I take the car, just worried with the way things are it will not be sent straight away.

clive0510

omg! do not get involved. let them sort out there problems and then you buy the car. alternatively go elsewhere.

lesalanos

Give them a call before you get there to see what time frames they are working to at the moment.  If they can tell you there and then that they no longer have an interest in the car then settle the difference with the seller and drive away.  There should be no issues 

nordmaroc

Spoke to BMW finance, they confirmed settlement figure and they are accepting bank transfers only, they normally only send out written confirmation but will send an email confirmation within 24 hours, if I take the v5 and get him to sign it over and collect the following day does that cover both of us..

The_Rainmaker

Get the seller to do the V5c transfer online whilst you are there, saves a lot of hassle and they aren't really dealing with paper just now.

MinuteNoodles

nordmaroc said:

if I take the v5 and get him to sign it over and collect the following day does that cover both of us..

Look at the image of the front page of a V5 below and tell me what the words in big at the top of the document say...

nordmaroc

Was thinking of taking the keys and he can block it in until next day.

BOWFER

clive0510 said:

omg! do not get involved. let them sort out there problems and then you buy the car. alternatively go elsewhere.

Why so scared?
It's perfectly fine and legit if the poor seller has been laid off and can't settle the finance before selling.
The OP pays off the finance and, as well as sorting the V5 online, gets a document from the seller confirming the sale.
Easy peasy.

AdrianC

nordmaroc said:

Was thinking of taking the keys and he can block it in until next day.

Oh, look. He had another set of keys.