Buying a vehicle which has a PCP agreement on it

DigbyD

Hi folks,
Been looking at a new (pre-loved) car, private sale.  When I did a vehicle check before going to look at it the check showed a PCP agreement in place and gave details (the contract number, the finance company & number to call - the number has changed and the new number “is not currently taking incoming calls”).

When I spoke to the seller he disclosed details of the finance contract without any prompting from me and has suggested that either I can pay the agreement off and give him the balance or I pay him the money and he’ll pay off the finance whilst I am there.  I’ve tried contacting the finance co via their on-line contact page but you need to be their customer and login before you can access the form.

Never bought anything on HP or PCP so no idea of what is best and struggling to find advice - anyone been in this position before able to help?

TIA

prowla

The way a PCP deal works is that the lender/dealer gives a final valuation to establish the settlement amount.

Going off-piste with the owner with it not paid-up on the understanding they'll sort it seems to be a risky business to me.

neilmcl

As above, I wouldn't even consider this until you have seen a copy of the final settlement figure from the finance co. and a means to contact them to pay it off.