In 1k negative equity on a PCP

NBLondon

motorguy said:

neilmcl said:

It will put some off yes, but not most.  

And as i said, the buyer needs to pay the finance company directly so that negates the problem you're describing.

Nah, I disagree. I think the perceived complication of this would put most potential buyers off, especially if it's just a run of the mill, easily sourced make of used car.

Well we'll have to agree to disagree then.

There are a percentage of people who prefer to buy private as they will get the same car for less.  Not many of those will be put off by paying the finance company direct.

Isn't going to depend on how savvy the potential buyer is?   I would instinctively be wary - but then I'd probably be coming here first to ask you guys if I needed to be...

GeordieGeorge

NBLondon said:

motorguy said:

neilmcl said:

It will put some off yes, but not most.  

And as i said, the buyer needs to pay the finance company directly so that negates the problem you're describing.

Nah, I disagree. I think the perceived complication of this would put most potential buyers off, especially if it's just a run of the mill, easily sourced make of used car.

Well we'll have to agree to disagree then.

There are a percentage of people who prefer to buy private as they will get the same car for less.  Not many of those will be put off by paying the finance company direct.

Isn't going to depend on how savvy the potential buyer is?   I would instinctively be wary - but then I'd probably be coming here first to ask you guys if I needed to be...

I can just see the possibility that I call the finance company, pay off the seller’s loan, and then they decide to play silly buggers and renegotiate, based on the idea that I’ve not paid “them” any money.

A transaction where I pay the seller money and they give me the car seems a better option all round.

motorguy

GeordieGeorge said:

NBLondon said:

motorguy said:

neilmcl said:

It will put some off yes, but not most.  

And as i said, the buyer needs to pay the finance company directly so that negates the problem you're describing.

Nah, I disagree. I think the perceived complication of this would put most potential buyers off, especially if it's just a run of the mill, easily sourced make of used car.

Well we'll have to agree to disagree then.

There are a percentage of people who prefer to buy private as they will get the same car for less.  Not many of those will be put off by paying the finance company direct.

Isn't going to depend on how savvy the potential buyer is?   I would instinctively be wary - but then I'd probably be coming here first to ask you guys if I needed to be...

I can just see the possibility that I call the finance company, pay off the seller’s loan, and then they decide to play silly buggers and renegotiate, based on the idea that I’ve not paid “them” any money.

A transaction where I pay the seller money and they give me the car seems a better option all round.

Words escape me.

facade

GeordieGeorge said:

I can just see the possibility that I call the finance company, pay off the seller’s loan, and then they decide to play silly buggers and renegotiate, based on the idea that I’ve not paid “them” any money.

A transaction where I pay the seller money and they give me the car seems a better option all round.

If the "seller" does not pay the finance company, the car is not theirs to sell, and you would have to either pay the finance company its value (so pay twice) or hand it back to them.

If you don't trust the seller to give you the car when you have paid the agreed price for it, then why would you trust them to pay off the finance?